Part of the stimulus passed last week included a unique provision in it…
For all small businesses and independent contractors, there is the available of $10,000 in FREE money if you have been impacted by the economic situation. And it applies to gig workers, independent contractors and freelancers, too!
If you’ve been impacted by this quarantine stuff, here’s what do to. Apply for an Economic Injury Disaster Loans. (Don’t worry, you don’t actually have to accept the loan because you’re also essentially applying for a $10,000 grant.)
During that application process you can request for an emergency advance of up to $10,000.
That money will be sent even before a loan is approved. The first $10,000 is essentially a grant.
Even if a loan is not approved, you get to keep the $10,000 advance for free with no penalties.
If you ask for more and the loan is granted, the difference in the loan amount and the $10,000 becomes a loan with interest capped out at 4%. Thus, if you want/need the loan then you can get it. But if you’ve been impacted, you should apply for the $10,000 in forgivable money.
However, is one catch – there is only $10 billion available for these grants/loans. If you do the math and divide by $10,000 per applicant, only 1,000.000 businesses can get these… And there are an estimated 45,000,000 small businesses/ independent contractors. So it could get competitive.
How to Apply
There is a streamlined application on the Small Business Administration’s web site and filled out. It took me about 10 minutes apply.
Then click on "apply for assistance." For most of you, you’ll select the option: Applicant is an individual who operates under a sole proprietorship, with or without employees, or as an independent contractor.
The application is different for sole proprietors such as realtor’s vs small businesses such as us. During the application process there is a checkbox to request an advance of $10,000. Remember, you don't need to take the rest of the loan if you don't want it. The key is to get the $10,000.
MAKE SURE YOU CHECK THE BOX TO REQUEST THE $10,000 ADVANCE!
After you apply, you may be contacted by the SBA to provide other documents such as the ones below. But be sure to do this ASAP because once they give out all the grant money, it’s over.
Optional forms: it is recommended that you fill these other forms out just in case the SBA requests them.
a. Personal financial statements b. Request for transcript for tax returns
c. Schedule of liabilities d. Additional filing requirements form
Again, upload as part of the application a signed statement, "Please provide an emergency $10,000 loan in advance." Also noted that in the description box type "Disaster Relief Loan"
NOTE: There is not a ton of information available yet as to exactly how this program will be administered. But it’s worth applying now if you have been impacted by these strange times. This is based on what we think the program looks like after reading the legislation. SBA may roll out new guidelines over the next few days. But it’s worth getting in line for right now.
Whenever you're ready... Here are a few ways we can help you legally get money to buy a house
Get Down Payment Assistance with up to 4% in grant
Qualify for Zero Down Home Loan
Qualify for Low Down Payment and Stop Paying Rent
Find out Which Program you qualify Here
Qualify for Zero Down Home Loan
Qualify for Low Down Payment and Stop Paying Rent
Find out Which Program you qualify Here
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