EIDl Grant & Loan… Here in the Kwak Brothers, we’ve been following the SBA EIDL loan and the grant program for sometime. We’ve been giving you live updates as well as changes to the program along the way. We’ve even showed you how to apply for the EIDL Grant and the loan. In this video, we’re going to answer ALL of your latest questions about the EIDL grant. Also, I’m going to explain why I think you’re not getting anything from the EIDL Grant. Enjoy…
EIDL Loan Contract Breakdown:https://www.youtube.com/watch?v=sJbMtGF420Q EIDL
Loan What can you Use It For: https://www.youtube.com/watch?v=wn69aTgE3Yg
Learn how to pay off Your mortgage FASTER: https://www.youtube.com/watch?v=3f-ebCjeH8o
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If you applied for the SBA EIDL Loan or the EIDL Grant, you probably have ton of questions and you’re waiting on the updates. In this video, I’m going to take the first half of the video to answer your questions and comments from our previous videos! Couple of reminders about the SBA EIDL Loan and the EIDL Grant program: 1. SBA EIDL and the PPP (Paycheck Protection Program) are two separate programs. The PPP is forgivable while the EIDL is not. Only the grant portion is considered “forgivable” 2. EIDL Loan is ONLY for existing businesses. Not new businesses. You must have been in business for the last 12 months as well as you’re generating income from the business. 3. EIDL Loan usage has some rules… You MUSt follow them – otherwise, you’ll be in default.
Here’s the full breakdown video: https://www.youtube.com/watch?v=wn69aTgE3Yg 4.
The EIDL Grant is given to you as a grant. You do not have to pay it back. The grant is based on how many employees… up to $10,000. 5. If you’re applying for more than $25,000 for the EIDL loan, you will need to pledge your entire business as collateral. 6. EIDL Loan application process does involve a credit check! 7. The EIDL is for Economic Injury Relief… It’s NOT meant for you to expand your business, buy a new property, or to buy a new car. PLEASE GUYS… don’t take advantage of the EIDL unless you’re actually hurting. There are businesses that actually need it.