New $10,000 EIDL Grants: Do You Qualify?

Congress has allocated another $20,000,000,000 in EIDL grants (advances) in the new stimulus bill. If the President signs the legislation, new EIDL grants will become available. It appears these grants are meant to fill a gap for businesses that may not have received the full $10,000 EIDL grants described in the CARES Act.

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. The SBA later determined that those grants would be made in an amount of $1000 per employee. Many business owners felt cheated. In addition, the funds available for grants were exhausted before all eligible businesses received them. This new legislation appears to fix these problems.

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