eidl grant application | The Kwak Brothers

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February 9, 2021

EIDL Grant Update – Bad News… and some good news!

Hey everyone, here’s the latest EIDL Grant Update (Feb 6th, 2021). Now, my update is little bit late to the party but I still want to share my perspective on the latest EIDL Grant update. I do have some bad news but also some good news to share about the EIDL Grant. (Targeted EIDL Advance) Apply For your 1st PPP Draw Loan: https://www.womply.com/kwakbrothers?utm_source=kwakbrothers&utm_medium=marketing_email&utm_campaign=ppp&utm_content=leadgen Low Income Community Check: https://www.arcgis.com/home/item.html?id=92e085b0953348a2857d3d3dac930337 So… here’s the latest update with the EIDL Grant (Targeted EIDL Grant). The SBA has announced last week that they will not open the portal to new EIDL grant applications. But instead, they are going to work with existing applicants who applied for the EIDL last year prior to December 27th 2021. Bottom line, you cannot apply for the SBA EIDL Grant any longer. So there are two groups of people that the SBA will invite as far as the SBA EIDL Grant. 1. EIDL Applicants who applied before December 27th 2020 but did not receive the EIDL Grant. 2. EIDL Applicants who received partial grants and did not get the full qualified amount of up to $10,000. The SBA has already started emailing qualified and eligible applicants since February 1st 2021. However, you can still apply for the 1st round of PPP (Paycheck Protectio Program) which is a forgivable loan as long as you use it for the correct purpose and within guidelines of expenses. You can apply for your 1st round of PPP here: https://www.womply.com/kwakbrothers?utm_source=kwakbrothers&utm_medium=marketing_email&utm_campaign=ppp&utm_content=leadgen
February 9, 2021

Can I Apply for Multiple EIDL & PPP?

Can I Apply for Multiple EIDL & PPP? In this video I will answer that question after hours and hours of research to see if I can. Since I own multiple companies, I wanted to see if I could apply for EIDL & PPP for each one! BUT there was some obstacles in the way that I breakdown here in this video! 0:00 Intro 1:00 Visual breakdown for multiple EIDL & PPP loans 2:00 Affiliate rules 5:31 General rules for multiple EIDL & PPP loans 7:54 The short answer for EIDL & PPP loan Thanks to Womply for working with us to provide amazing HELP when applying for the PPP! You can apply for the PPP with Womply here: https://www.womply.com/kwakbrothers?utm_source=kwakbrothers&utm_medium=marketing_email&utm_campaign=ppp&utm_content=leadgen Sign up For Gusto: https://gusto.com/d/samuel4386 Are you looking for the EIDL Explanation? Here is the video: https://www.youtube.com/watch?v=2qdtqjysmuw Are you looking to apply for the PPP? Here is the video: https://youtu.be/Gy2O1a_sB0E
February 9, 2021

EIDL Grant Update – NEW Date for Grant Release

Hey Everyone! Here’s the latest EIDL Grant & EIDL Loan update for small business owners. We finally have a date as to when the EIDL Grant is expected to open! The EIDL Grant application will open soon but I want to address questions that you may have about the EIDL Grant program and the EIDL Loan! I’ll provide all the updates and more! SBA EIDL FAQ: https://www.sba.gov/sites/default/files/2020-09/COVID%20EIDL%20FAQ%20FINAL%20APPROVED%20Revisions%20091420-508.pdf Now, here are a couple of the questions I’ve received about the EIDL Loan and the Grant: 1. Can I apply for the EIDL Twice? If your loan application was declined, you have 6 months to be reconsidered. But do not re-apply! You’ll just need your original application number to be reconsidered. If you applied for the EIDL Grant but didn’t get the full $10,000 – you CAN be eligible to receive an additional grant. This is also true if you didn’t get the grant at all. 2. Can I get an Increase on the EIDL Loan? Yes, you CAN get an increase on the EIDL loan! You can also have multiple SBA loans for different purposes.
February 9, 2021

EIDL Grant: $10,000 Grant Update & Status (Jan 5th 2021)

EIDL Grant & EIDL Loan… I have a little bit of an update for you guys on how to get access to the $10,000 EIDL Grant and what the SBA is doing… I’m also going to provide a little bit more clarity on who qualifies for the SBA EIDL Loan. After hours of research on this, here’s the latest update for you. The COVID Package: https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-116HR133SA-RCP-116-68.pdf The bill starts at page 2184 of the omnibus bill. (SEC. 331.) Now, very first on the top, here are the entities (or types of businesses) that qualify for the EIDL program. (1) AGRICULTURAL ENTERPRISE. (2) COVERED ENTITY – located in a low-income community AND – suffered economic injury of at least 30% in any 8 week period AND – and employs no more than 300 employees. Definition of Low-Income Community: https://definitions.uslegal.com/l/low-income-geographic-area/ (3) Verification Process (Page 2188) – The SBA may request tax returns of the business, (c) VERIFICATION.—In carrying out this section, the Administrator shall require any information, including any tax records, from an entity submitting a request under subsection (b) that the Administrator determines to be necessary to verify that the entity is a covered entity, without regard to whether the entity has previously submitted such information to the Administrator. Once the SBA re-opens the portal/application for the SBA EIDL Grant, I will provide another update!
February 9, 2021

EIDL Grant… Beware of these Scams

With the return of the EIDL Grant and EIDL Loan programs, a new surge of scammers has returned to prey on business owners! So, in this video, I’m going to give you some signs to watch out for so that you don’t fall into the hands of the scammers. I’m also going share how you can get legitimate help when applying for the EIDL Grant and the EIDL Loan Program. Explanation of the EIDL Loan Program: https://youtu.be/2qdtqjysmuw 1:31 False Representation of SBA. Very often, you’ll see social media profiles or even youtube channels with a picture of the SBA logo. Pretending to be the SBA soliciting for help. Be VERY careful as these social media profiles might be scammers looking to scam you. 2:33 Asking Sensitive Information over the phone. If the person on the phone is asking for your full social security number, EIN, address, or any other information that they can identify you with, hang up the phone. Again, these scammers may pretend to be with the SBA to obtain information from you. 3:24 Asking for an Up-front Fee 4:23 Suggesting that you should Lie or Skew the numbers 5:05 Make Sure You’re on the Right Website If you see any other website links (especially ones that are not secured – not HTTPS), chances are, they are NOT the SBA. 6:00 Practicing law or giving you tax advice If your “helper” is giving you tax or legal advice without actually being a licensed professional. (i.e. making you create an LLC and a corporation) 6:58 If you smell something shady… speak up! Get a second opinion on the process. Okay! So Here’s how you get real help for your SBA EIDL application or even your PPP application., 8:02 Talk to a local licensed professional This could be your attorney, accountant, bookkeeper, or a financial counselor that can actually represent you because they are licensed to do so. If you are a business, you should already have an accountant or an attorney that can help you with the EIDL application. 9:09 Review Your Application before Submitting Before submitting your application, be sure that YOU review them and make sure that all information is truthful, accurate, verifiable. 9:32 Fees are disclosed before you sign up Fees should be paid upon successful application. It’s okay that some attorneys charge you a small retainer upfront. 9:54 Your Professionals Need to Protect You If you ever share your private information such as credit information, your licensed professionals should understand that there are laws set in place to protect your information. Some laws also suggest that your private information be deleted after a certain period of time. 10:38 Don’t be afraid to ask any questions…