When the pandemic first hit, the CARES Act created funding for the SBA to provide a $10K grant to all businesses.  Due to the funding running low, the SBA had to make a stipulation to reduce the amount to $1K per employee.  If you were a company affected by this stipulation and did not get your full $10K, you will be able to reapply for the difference as soon as the SBA website is ready to accept those applications again.  As of right now, the site is not accepting these applications yet.

As a reminder, this is not the EIDL Disaster Recovery Loan.  This is a separate grant. Based on the new COVID Stimulus package, this grant will not be taxable income to your business.  Please reach out to our COVID team if you have any specific questions.  Read more on the SBA EIDL page – Click here.

December 29, 2020