Stimulus Package Update Eidl

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

Stimulus package update eidl. The size of the payment decreases for people who earned more than 75 000 in the 2019 tax year. 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. An entity must apply during the covered period january 31 2020 to december 31 2021 and this includes an entity that applied for funding prior to december 27 2020.

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. Today s discussion. The entity is located in a low income community.

To be eligible for the targeted eidl program funds. Called eidl advances they offered 1 000 per employee to qualifying businesses up to a maximum of 10 000. When eidl economic injury.

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. The legislation also includes 600 stimulus checks per person including adults and children. That means a family of four would receive 2 400 up to a certain income threshold.

Included in the stimulus package that congress passed this week is funding for more eidl grants for small businesses. By way of background the cares act that was passed march 27 2020 included a grant or advance for those who applied for an eidl loan in the amount of up to 10 000. Based on legislation guidance available as of december 23 2020.

Eidl jan 03 2021. Below are details of small business provisions of the new stimulus package and as importantly. In the new 900 billion stimulus package that was signed into law on december 27th 2020 there is new eidl grant funding available.