According to the indictment, Robinson submitted two fraudulent applications in the name of ATeam LLC, which is a dance company, for: (1) a PPP loan for approximately $1,502,000; and (2) an EIDL for approximately $150,000. He doesn't know if … EIDL consists of two parts: 30-year, 3.75% term loans of up to $2 million, and “advances” that are really outright grants of up to $10,000. EIDL Grant stems from an EIDL Grant Application process approved by the Cares Act. They have told banks that they will start processing new PPP applications on Monday, April 27 at 10:30am EST. EIDL Grant There are two parts to the Economic Injury Disaster Loan (EIDL) program: the EIDL grant of up to $10,000 and the EIDL loan. Percent of Entrepreneurs that applied for EIDL primarily to access the $10,000 advance. It included $310B in PPP funding and $60B in EIDL funding of which $10B if for the grant portion of EIDL. But weeks after applying for EIDL, Brown said he received only a $3,000 advance on the loan, which isn't enough to cover even one month of business expenses. But LALATE has found a myriad […] EIDL aid can be rolled into a PPP loan — businesses can qualify for both so long as they are not used for the same thing, and they must be used … EIDL Updates As Of July 2020 July 16, 2020 - 5:24 pm The SBA has reopened its Economic Injury Disaster Loan (EIDL) program. Any updates on the EIDL emergency grant will be posted here and the post will be updated regularly. The CARES Act also authorizes the SBA to provide EIDL of up to $2 million to eligible small businesses experiencing financial disruption due to the COVID-19 pandemic. The call was among SBA lenders to provide greater clarity on the management of approved and Get updates from a self-reported data set In a report this week, the SBA provided a state-by-state breakdown of the Economic Injury Disaster Loans it has approved, showing almost 27,000 loans for a total of $5.6 billion as of Sunday. The advance, part of the federal government’s $2 trillion economic stimulus package, would not have to be paid back, even if businesses were ultimately turned down for an EIDL loan. Breaking News!!! In addition to establishing the PPP, the Coronavirus Aid, Relief, and Economic Security Act allowed the SBA to provide up to $10,000 of a borrower’s EIDL financing upfront as a grant. The Cares Act provided for $10,000 (exactly) to be paid to each bsuiness Update April 21: Even though I put 0 employees, I got $1000 from the SBA EIDL program! On Reddit, u/kitehigh911 said they applied on March 16 and received their full EIDL funding yesterday. CRITICAL UPDATE: As of Friday, April 24, the new bill authorizing $370 billion to the PPP and EIDL programs has been signed by the President and now we are waiting on the SBA to let us know when they will be processing new EIDL Advance applications. LOS ANGELES (LALATE EXCLUSIVE) – EIDL emails to applicants will be sent as early as April 7 and payments are coming as early as April 9, SBA representatives are telling customers, LALATE can exclusively report. Last week, the U.S. Small Business Administration (SBA) approved requests from both Missouri and Illinois for assistance through the federal agency’s disaster loan program. Kyle Westaway There was also a great deal of confusion over the forgivable $10,000 advance on the EIDL. As of April 24, SBA has disbursed nearly $8 billion in loans and $4.8 billion in grants, falling $4 billion short of the original EIDL allocation. There are some exciting updates on the EIDL Grant and Loan Program Please like, share and subscribe today. Check that out. The SBA continues to release additional information surrounding the EIDL … Reddit has a great eidl thread. What follows are updates regarding the EIDL and PPP loans along with links to an informative webinar and helpful spreadsheet. Lizzie Fletcher, Congresswoman representing the 7th District of Texas, and Tim Jeffcoat, District Director of the U.S. Small Business Administration Houston District Office, put on a webinar today to provide an update on the SBA … Senate passed the bill, and it's expected to get through the House and be signed into law shortly. Newburg Update for 5/14/2020 – PPP & EIDL SBA Loan Updates Tanya Tower 2020-11-16T15:23:47-05:00 May 14, 2020 | PPP- Tracking Your Payroll Costs and Eligible Expenses Timing of your payroll. After passing a $2 trillion stimulus bill a few weeks ago, congress is moving on another $500B bill, mostly for additional funding to the PPP loan/grant program for small businesses. Update on EIDL (Economic Injury Disaster Loans) This information was collected a on recent call with the Office of Disaster Assistance. Read about the most recent updates to small buisness programs, the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP). SBA’s EIDL process guaranteed up to $10,000 in accounts within three days of request. Economic Injury Disaster Loan Advance (EIDL Advance) Small businesses, sole proprietorships, independent contractors, self-employed persons, private non-profits, and veterans organizations that have been impacted by the Coronavirus/COVID-19 may be eligible for the EIDL and receive an advance of $10,000 within days of getting approved, and this loan advance does not have … Here is the timeline: March We released a previous article covering the initial details of the Economic Injury Disaster Loan (EIDL) program, which can be found here. We analyse and summarize anonymized self-reported data shared by small businesses. EIDL LOAN Progress Tracker Millions of small businesses have applied for the $150,000 EIDL LOAN. Four individuals were charged in an indictment for their alleged participation in a scheme to submit at least 35 fraudulent loan applications seeking over $5.6 million in COVID-19 relief guaranteed by the Small Business Administration (SBA) through the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief and Economic Security … Chase Business Ink 20k PenFed Plat Rewards VS 25k NFCU Go Rewards12k BECU 25k Chase FU 6k NFCU Flag 12k Disco IT 11k Amex BCE 1k Gold Delta Skymiles Biz 5k Amazon Prime 6k USBank Cash + … Check that out. I spoke to the SBA. Since then SBA has been under fire by Congress from digressing. Apply, and you could get up to $150,000 in funding for your small business. 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