How To Get the Full $10,000 EIDL Grant This Time


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In the new $900 billion stimulus package that was signed into law on December 27th, 2020, there is new EIDL grant funding available. Whether you already received an EIDL grant, you were rejected for an EIDL grant, or you received part of the EIDL grant, you may be able to get the full $10,000 EIDL grant.

We outline the latest information below to bring you up to speed, and include our most recent video (recommended!). If you don't want to figure all this out on your own, we calculate this for free on the Skip App, available on the App Store or Google Play, or search "Hello Skip".

YouTube's thumbnail image for the video.

What is the EIDL Grant Program?

The Economic Injury Disaster Loan Program (EIDL) has long been a part of the US Small Business Administration (SBA). Traditionally these loans, between 2.75% and 3.75%, have been intended for businesses affected by, for example, flooding or wildfires or civil unrest. During the pandemic, all small businesses became eligible.

The EIDL Grant program was a new provision in the March 2020 $2.2 trillion CARES Act. The intent was to quickly give small businesses up to $10,000 in emergency funds.

These were called EIDL Advances but they were essentially grants because they didn't have to be repaid.

Several million businesses applied for EIDL loans and as part they could also check the box for an EIDL Advance. Qualifying businesses received $1,000 per employee.

However, the $20 billion in funding for this ran out in the summer so the EIDL grant program has been closed ever since. Until now...

What is the new EIDL Grant Program?

In the new $900 billion stimulus package there is approximately $40 billion in total for EIDL grants, according to the reading of the legislation. The exact distribution procedures and rules will be determined by the SBA in the coming days. Here's what we know so far.

Full $10,000 EIDL Grants Are Available To Those in Low-Income Communities

These are called "Targeted EIDL Grants" in the legislation and if you have a small business under 300 employees or a side-hustle with 1099 income (as opposed to W2 income), you'd qualify if:

  1. You are in a low-income community (What's a low-income community? See below.)
  2. Your gross revenue over an 8 week period between 2019 and 2020 has declined by 25%. This should be the same 8 week period in each year. See SBA guidelines for specific details.

How Do You Know If You're in a Low-Income Community?

The rules according to the IRS are somewhat complicated, but here's a summary:

  • Either you live in an area that has a poverty rate of over 20% (can be census tract or metro area);
  • Or you live in an area where median household income is less than 80% of the state median household income

If you don't want to figure all this out on your own, we calculate this for free on the Skip App, available on the App Store or Google Play, or search "Hello Skip".

Once you download the app, click the Track EIDL Grant Progress. You'll be able to see if your region qualifies under this provision and see if any action is necessary. This is for illustrational purposes and you should verify your address qualifies based on SBA guidelines.
Screenshot of new EIDL Grant Tracker on the Skip App

EIDL Grant Funding Is Also Available For People Who Didn't Receive EIDL Grants in the First Batch

The second bucket of funding, according to the legislation, is for people who applied in the first batch but did not receive advances or first-time applicants.

As the legislation is written, it is unclear if the SBA will allow people to "top-up" to the full $10,000 EIDL grant, as was originally intended in the CARES Act, or whether the SBA will continue it's $1,000 per employee policy.

As clarity around this evolves, regarding new and existing EIDL grant applicants, we will keep you posted.

In the meantime, if any action is needed, and you have download our free Skip app (App Store or Google Play), we will alert you.

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