$10,000 EIDL Update
When and How To Obtain These Funds
Congress has allocated another $20,000,000,000 in EIDL grants (advances) in the new stimulus bill.
WHAT DOES THIS MEAN? Review the table below to determine what this might mean for you!
First time applicants are eligible for up to $10K.
Second time applicants maybe eligible for up to $10K if you never received an EIDL Grant or did not receive the full $10,000. You may be eligible for the remaining balance of the $10,000.
- SBA Originally stated the portal would open 1/17/21
- SBA will provide Updated Guidance within the next few Days
- PORTALS ARE NOT OPEN – PLEASE STAY TUNED AS RTW WILL PROVIDE UP TO DATE INFORMATION AS IT IS RECEIVED
WHAT IF I NEVER APPLIED FOR EIDL?
If you have not previously applied for EIDL, you may apply at SBA.gov. In addition, we anticipate you may be considered for the full $10,000 targeted EIDL grant but we do not have details on that process at this time.
WILL I HAVE TO REAPPLY IF I RECEIVED AN EIDL GRANT FOR LESS THAN $10,000?
If you already applied for an EIDL loan or grant, it appears the SBA will reach out to you directly with more information about how to apply for the full grant—regardless of whether you were approved for the loan or grant in the past.
The legislation requires the SBA Administrator to notify those who received a previous EIDL grant as well as those who applied but did not get a grant because funds were exhausted. It does not specify how that notice must be given. Until the SBA releases further guidance, we do not know a specific date when this will take place. We will update this article when more information is available from the SBA.
DO NOT WANT THE LOAN, JUST THE EIDL GRANT?
If you just want an EIDL grant but not a loan, understand that you do not have to accept an EIDL loan if you are offered one. Some business owners choose to accept the grant but not the loan and that is perfectly fine.