As of Tuesday, March 2nd, here's everything you need to know about the latest EIDL Grant progress and PPP loan progress. Thanks for tuning in and we hope your week is off to a great start.
Latest Targeted EIDL Grant Progress
According to our data — and our independent YouTube survey — around 30% of you have been invited to apply for a Targeted EIDL Grant. The SBA continues to send out emails to prior EIDL grant applicants, so if you're still waiting stay tuned. It's likely they'll increase the pace this week and next week.
After you fill out the Targeted EIDL Grant application, you'll be invited to sign a tax authorization form on your SBA portal. We did an in-depth post on that, the final step before getting the extra Targeted EIDL Grant in your bank account.
Additional EIDL Grant Funding in New Stimulus Package
On Saturday, the House passed the $1.9 Trillion stimulus package, and it is likely the Senate will vote on it this week. It's expected to pass and then go to President Biden for his signature. In this stimulus package is an additional $1,400 direct payment for most Americans. There's also funding for education, vaccines, state and local governments, and more.
Also of note is that there's $15 billion for additional Targeted EIDL Grant funding. This would mean you could get up to $15,000 in total for the EIDL Advance program. We're following this legislation closely and will keep you posted.
Additional PPP Rule Changes To Benefit You
There's been significant PPP news in the past week, which increases people who are essentially eligible for PPP forgivable loans. (Remember, these are essentially grants since they're forgivable).
The SBA changed rules so independent contractors and self-employed individuals can now use their gross income when calculating their potential loan amount instead of their net income. In addition, there's a 2 week window we're currently in where PPP applicants with less than 10 employees are getting priority. This is another effort to speed up the help that goes toward small businesses and self-employed individuals.
If you haven't applied yet, you can submit an application via Funding Circle or via Bluevine. You can even apply via both, and see which one is able to fund you first.
Additional National and Local Grants Are Available
There are several new national grant programs and several other regional programs as well our team has done a round-up on on the app. This includes a new $20,000 national grant that we covered a few days ago. It's available for Skip Plus members but you can start a free 15-day trial if you're interested in checking out. Tap "See New Grant Opportunities" on the app's Dashboard screen to see the latest grant opportunities. It will give you a leg up especially programs that have limited capacity or are first-come, first-served.
Additional Stimulus Checks Proposal
Today, 10 Senators proposed recurring stimulus checks be including in upcoming legislation. We discuss this in today's YouTube video below as well as other notable PPP loan and EIDL grant updates.
