A few days ago, the SBA opened the Targeted EIDL Advance Program that offers a $10,000 grant to all businesses. Prior to this, it was only offered to businesses that had applied for an EIDL Loan. The application can be found at the following link.
ThHis web address also includes the application for the additional Supplemental Targeted Advance which provides an additional $5,000 for a total of $15,000. If you have already received the first $10,000, you may now apply for the additional $5,000.
This is a grant rather than a loan that needs to be forgiven or repaid on an amortization schedule. These grants are also non-taxable.
That’s right. Free money.
In order to qualify for the first grant, a business must be located in a low income area as defined by the SBA. When you put in your address on the application, it will tell you whether or not your location is considered low income. If you are not in one of those low income areas, there is no way for you to get either of these grants.
You will also need to be able to prove that your income was down 20% over an eight week period between 2020 and 2019. The application requires you to put in your monthly sales figures. The supplemental advance requires a 30% reduction in sales over the period.
If you do not qualify, there is no way to appeal.
Let me leave you with this.
Today is the Summer Solstice and Chicago is once again open. After the last sixteen months that we’ve been through, take some time to enjoy yourself. There’s nothing like summer in the city.
I don’t know what floats your boat, but get out and get it done. Ride a bike, do some gardening, or take your kids to the park. Let’s remember that this has been tough on them as well.
Spend some time with your significant other. Enjoy some “we” time at a favorite restaurant, the movies, or just some time outside enjoying the weather.
But most of all, take some time for yourself. Being an entrepreneur is a strange job. I’m constantly surrounded by people, but always know that I’m alone. When there is a real problem, there aren’t a lot of people that I can rely on. I know that it’s up to me.
In order for me to be at my best, I have to take care of myself. Without that, I’m no good to my employees, my clients, or my family.
We give until it hurts. Like it or not, that’s the job. But in order to do that, we also need to give to ourselves.
Spend some time taking care of yourself.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and i remain,
Accounting Solutions Ltd.
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