$10,000 Grant for Small Businesses during Coronavirus
As of today, Monday, within 3 days of a request, the SBA will deposit $10,000 into your bank account. The money is available through the SBA's EIDL program. The SBA uses the word grant and not a loan. According to SBA's guide, "The advance does not need to be repaid under any circumstance." However, the payments must be used for:
- Providing paid sick leave to employees; - Maintaining payroll; - Meeting increased costs to obtain materials; - Making rent or mortgage payments; or - Repaying obligations that cannot be met due to revenue losses.
This grant is in addition to the PPP loans from SBA. For more information, click here.