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Old 04-11-2020, 02:46 AM
  #10  
crazybeard
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Originally Posted by tprice View Post
You are talking at about the PPP

The other one is the EIDL which is a “non repayable loan” (grant ) that you can apply for. That one is VERY simple and takes about 5 minutes on the SBA website
let's clarify this some.

it is an advance for the EIDL loan of "up to" 10k which whatever amount they advance you won't have to repay, even if you don't qualify for the loan.

so what we don't yet know is:
- when the hell anyone will get it because it was supposed to be in 3 days but hasn't been
- how much you will get
- this is per taxable entity aka EIN/ TIN so some people may qualify multiple times
- what requirements need to be met later on to qualify for non repayment/grant status, if any. Some possible Ex: you actually have to apply with an SBA lender and accept a loan if offered, or complete an application which is SBA reviewed by a certain date.

I admit I don't know many details, but it seems nobody does yet. So just be aware it may not be be $10k and who knows what devils are in the details.