We May Get the Full $10,000 EIDL Cash Advance After All! EIDL Bill is Making Progress

The new EIDL bill is gaining some traction with multiple co-sponsors joining the bill! This is great news!
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A new bill was introduced by Senator John Cornyn and Jacky Rosen out of Texas and Nevada introduced a new bill this week titled “Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act (S.4227)”

This bill is big news for small business owners, independent contractors, and gig workers because it means more funding for the EIDL program, which COULD mean the $10,000 cash advance could be making a comeback.

The bill is in the very early stages, but here are some of the key points.

The bipartisan Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act (S.4227) would:
• Provide $100 billion in appropriations for EIDL;
• Provide $80 billion in appropriations for EIDL Advance;
• Prohibit the U.S. Small Business Administration (SBA) Administrator from placing maximum caps below $2 million on Economic Injury Disaster Loans, which have a maximum loan amount of $2 million, as established by the CARES Act. Under the bill, all eligible small businesses shall receive EIDL funding in the amount calculated using SBA’s current EIDL formula, up to $2 million;
• Prohibit the SBA Administrator from placing limitations on the Economic Injury Disaster Loan Advance. Under the bill, all eligible small business shall receive the full $10,000 grant provided by the CARES Act, regardless of size;
• Require EIDL Advance grants to be disbursed to eligible small businesses within three business days of request and not be contingent upon approval for an Economic Injury Disaster Loan; and
• Require SBA to submit a monthly report to the House and Senate Committees on Small Business and Appropriations on 1) the status of the Disaster Loan Account, including obligations, allocations, and amounts undistributed/unallocated; 2) allocations, obligations, and expenditures for all open disasters; and 3) an estimate of when available appropriations will be exhausted.

Overall, the bill would solve a lot of the current issues that we are experiencing with the EIDL program. Like, arbitrary caps placed on the loan, no cash advance (and certainly not a $10,000 advance per the CARES act), and would provide much-needed transparency to the program as a whole.

This bill could be a game-changer to the recovery of the Pandemic, so I would encourage you and everyone you know to do your part in letting your senators and your congress members know that you want this bill passed!

So, below you can find a number of resources to turn to in order to get in touch with your respective government representatives.
https://www.senate.gov/general/contact_information/senators_cfm.cfm
https://www.congress.gov/members?searchResultViewType=expanded
https://www.sbc.senate.gov/public/index.cfm/feedback#form_DA99787B-84BE-4DD3-BD05-F98CD5FB01AD

Make sure to contact your representatives and let them know you NEED this passed! I hope you guys enjoyed this video and I hope it gave you some valuable information regarding the EIDL program. I will see you guys in the next one!

How-To Apply for the EIDL: https://youtu.be/WvcHrY3rwbc
Read the Bill HERE: https://www.congress.gov/bill/116th-congress/senate-bill/4227/cosponsors?searchResultViewType=expanded

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I am not a CPA, attorney, lender, or financial advisor. The content in these videos should not be construed as tax, legal, or financial advice...etc, and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a YouTube video for entertainment purposes ONLY. IF stocks or companies are mentioned, Aubrey may have an ownership interest in them – Please do not make buying or selling decisions based on Aubrey’s videos. If you need advice, please contact a qualified professional.

#EIDL #GRANT #StimulusMoney

Видео We May Get the Full $10,000 EIDL Cash Advance After All! EIDL Bill is Making Progress канала Aubrey Janik