Second Stimulus Eidl Grant

Congress has allocated another 20 000 000 000 in eidl grants advances in the new stimulus bill.

Second stimulus eidl grant. Eidl grant is now closed second stimulus check update the free 10 000 sba eidl grant has been closed. Can you still get the sba eid. The second stimulus bill the economic aid to hard hit small businesses nonprofits and venues act has been passed by congress and signed into law by president trump.

A total of 5500 pages. After that date your business is required to pay half the taxes by the end of 2022 and the other half by the end of 2023. The second stimulus bill extends payroll taxes for another year to january 1 2022.

It also clarifies that you don t have to pay taxes on the loan forgiveness or grants. What does that mean. This includes the following programs.

Eidl grant update breaking. Called eidl advances they offered 1 000 per employee to qualifying businesses up to a maximum of 10 000. A guide for small businesses by brendan tuytel on december 23 2020 in the last days of 2020 the us government passed a stimulus bill packed with benefits for small businesses.

The intent was to quickly give small businesses up to 10 000 in emergency funds. Mention of the free 1 000 to 10 000 eidl grant but with changes page 2191 no more than 25 employees suffered an economic loss of not less than 30 percent unless you re an agricultural enterprise. The previous incarnation of the eidl grant was introduced in march 2020 through the cares act to augment the sba s longstanding eidl loan program.

You could boil a cup of tea sit down and enjoy a read through the 5 000 plus page bill. These were called eidl advances but they were essentially grants because they didn t have to be repaid. The sba has yet to release official guidance for the new round of eidl grants so there are still some questions remaining about the application process and what you ll need to qualify.