SBA disaster loan

[riverwed070707]

I'm so lost on the qualification criteria for these loans. Nothing on how the amount is determined, what forms or documentation is needed to apply, having to prove hardship, nothing. Guess you just go through the application and hope for the best? From the SBA guide:
These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.

[AJSimon]

Curious why they call it a "loan advance?" Is it just in absence of having anything else to call it?

[~bs]

they're just calling it that. It's a grant.

The EIDL is purely subejective on the part of SBA. Many people are going to get shafted, there isn't enough funds to provide large loans and/or grants to everyone applying.

[kork13]

I'm not sure I buy that it's a grant... The fact that they're couching it as a forgivable loan (and the fact that it's... you know... the US Gov't) makes me question the reliability of that supposed assurance. Seems like there are/will be/could come to grow a number of caveats that may prevent some businesses from actually receiving the loan forgiveness.

But hey.... I'm just a cynical fed....

[~bs]

They can call it what they want, but it's basically a grant.

Whether your EIDL is approved or not, the advance does not have to be repaid and you should receive it within days following a successful EIDL application,

[james.hendrickson]

I applied a while ago - I think the SBA and the banking system is overwhelmed. My bank won't return emails and the SBA has been radio silent on my application. As near as I can tell, very few people have received any funding.

[Singuy]

Haven't received anything right now. I did hear that the grant is based on how many employees put down? Waiting for the grant so we can pay our part timers some money.

[riverwed070707]

For those of you that have applied, what paperwork did you need to submit? Just tax returns? P/L statements?