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2nd draw of eidl
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sand85
Posted 2/8/2021 15:07 (#8816688 - in reply to #8816502)
Subject: RE: 2nd draw of eidl


C IL

Kind of.


If you live in a certain low-income census blocks the SBA is supposed to make up the difference between what you received and the original $10k max amount.  How, I'm not sure but guessing direct deposit into your bank account w/o notification to you.  If you had not yet applied the first time I believe there was another open period that began a couple three weeks ago.


For tmrand, the original conceptual framework was

step 1: immediate EIDL grant of either $10K or any amount they decided upon or finally $1K per employee.  This was intended to make payroll at the end of the week back in early April to keep people off of unemployment but the SBA program of course was overwhelmed and crashed and and took a month to figure out at least.

Step 2: PPP loan to keep people on payroll through mid-June while the economy stabilized. Again, demand overwhelmed SBA and unemployment rose although some folks made this work.  New major rule revisions in April, June, and December 2020 so far.  December revision is what re-opened the EIDL window.

Step 3: through your original EIDL grant application you might could apply for the EIDL loan (not grant) which was intended to replenish working capital.


Of course nothing came out much in order and SBA is still working on it.  



Edited by sand85 2/8/2021 15:13
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