Stimulus Package Eidl Grant

This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.

Stimulus package eidl grant. What s in the stimulus package for small businesses ppp loans and cultural grants. In this 4 minute read. The eidl grant can be used to cover most operating expenses including rent utilities and fixed debt payments.

In other words if you got a 10k eidl grant advance in 2020 you had to subtract that amount from your ppp loan forgiveness amount. Low income is defined as an area with a poverty rate in excess of 20 or an area where the median household income falls below 80 of your state s median household income. The bill earmarked 20 billion for eidl grants which are grants of up to 10 000 for small businesses alongside the 284 billion earmarked for forgivable ppp loans.

The eidl grant is coming back and qualifying businesses may indeed get the full 10 000 minus any grant already received even if they were turned down previously or were locked out because. Ppp 2021 284b stimulus package. Congress has allocated another 20 000 000 000 in eidl grants advances in the new stimulus bill.

In the new 900 billion stimulus package that was signed into law on december 27th 2020 there is new eidl grant funding available. Expands the economic injury disaster loan eidl program provides 40 billion to extend the small business administration eidl grants through december 31 2021 and sets aside 20 billion for employers in low income areas with 300 or less employees who experience at least a 30 economic loss allowing them to receive a 10 000 grant. Businesses in low income communities that received an eidl can get a grant equal to the difference of.

The qualification rules for eidl grants have changed in this round from the first round of eidl grants also known as eidl advances in the cares act. Whether you already received an eidl grant you were rejected for an eidl grant or you received part of the eidl grant you may be able to get the full 10 000 eidl grant. Included in the stimulus package that congress passed this week is funding for more eidl grants for small businesses.

Borrowers in low income areas who have already received an eidl advance under 10 000 are eligible to receive a second advance that is the difference between the first. 284 billion of new ppp funding for 2021. This will no longer apply.