EIDL Loan Applications Closed But Funds Still Available in 2022 With 5 New Grants
The SBA has stopped accepting new EIDL Loan applications but funds are still available for pending SBA EIDL Loan applications in 2022. We also discuss 5 NEW small business grants that are available.
LINKS TO SMALL BUSINESS GRANTS
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The SBA has stopped accepting new EIDL loan applications since December 31st, 2021. Now, other YouTube channels are saying that it’s over, you can no longer get the EIDL of loan money, you can no longer get the EIDL grant money, and you can no longer get the EIDL increase money; we’re going to show you that this is not true. We are also going to show you 5 small business grants that are still available and that you can apply for them today if you want to. So that’s what we’re going to talk about in this video.
Hello from FreedomTax accounting, we are an accounting firm where we have been providing quality tax and accounting services now for over 20 years. If you’re new to this channel, we provide strategies for small business owners so they can achieve their financial goals.
We are recording this video on January 5th, 2022. We always emphasize the date on the recording on any video relating to the EIDL and PPP programs, because these programs are constantly changing, so there may be things we discuss in this video that can change as soon as tomorrow. That’s the importance of subscribing to our channel, that way you’re always up to date with the most current and correct information relating to these SBA loan programs.
First of all, Happy new year, happy 2022! We pray that you have a blessed new year in 2022. This is the first video that we are recording in 2022. We did take a couple of days off to spend with the family and to rest before it gets a little bit crazy here in our tax and accounting office, due to tax season starting in a couple of days.
So, once again, let’s go to the content. As you know, the SBA has stopped accepting new EIDL loan applications since December 31st, 2021; we’re going to show you how you can still get money from the EIDL loan program. In one second, we’re also going to show you 5 small business grants that are still available. They’re not from the SBA, but if your business still needs financial help, these grants may help you get more financial help for your business.
So, yes, you can still get EIDL loan funds and let me show you how. The SBA has stopped accepting new EIDL loan applications since December 31s, 2021, but the SBA will continue processing loan applications and reconsiderations in 2022, until the funds run out. Basically, if you already have an EIDL loan application number, that means that you did apply for the EIDL loan before December 31st, the SBA is going to continue processing your loan application this year, and if you are in a reconsideration process, they are going to continue processing the reconsideration process during 2022, until the funds run out. This is contrary to what other YouTube channels are saying, that if you did not get the loan before December 31st 2021, that you will not get the funds; this is not true. The trick is that you have an EIDL loan application number before December 31st 2021; if you have that, the SBA is still working on your application, so don’t give up.
Now, you can also still get EIDL advance or grant money. The same thing as the loan; if you already have an EIDL loan application number, then your advance or grant application is still processing, but right now you cannot just apply, submit a new application to get the grant, because that was closed on December 31st 2021. Now, the SBA will continue processing the $10,000 Targeted Advanced or the grant applications in 2022, until the funds run out.
Now, the SBA did say that they will not continue processing the additional $5000 Supplemental Targeted Advance in 2022. So, if you haven’t received the $5000 supplemental Targeted grant from the SBA, that you will not get; they have stopped processing those applications, but you can still get the $10,000 targeted Advance grant, because they are still processing those applications in 2022, until the funds run out.
Now, if you already got any EIDL loan and you want to apply for an increase, you can still apply for increase; or if you haven’t received the EIDL loan but it’s processing and you get the EIDL loan at some point in 2022, you can still apply for an increase, because the SBA rule says that you can apply for the EIDL loan increase up to two years after the loan origination date or until the funds run out. So, you can still apply for and increase if you need it.
Now, let’s talk about the five small business grants that are still available and that you can apply for them:
The first one is the Merchant Maverick Opportunity grant. These are $10,000 grants that are going to be given out to restaurants and food service businesses. I am going to put a link to all these grants on the description of this video, so you can go to their website and fill out the applications.
The second grant that’s available is the SoGal Foundation Grants. These are $10,000 and $5000 grants to businesses that are owned by black women. Once again, the link to this grant is going to be in the description of this video.
The third grant is the Inclusive Backing Grant. These are $5000 grants for small businesses that are located in older or historic commercial districts in your area.
The fourth grant that is still available is the America’s Seed Fund. These are grants for early-stage technology companies.
The fifth grant is the Nav.com Grants. These are grants up to $10,000.
Once again, the links to all these 5 grants we’re going to put in the description below.
Before you call our office, at this time we are not providing assistance to apply for these grants, but the links to the grants are going to be in the description of this video, so you can apply for them. Right now, we are only providing consultations relating to the EIDL, if you need a consultation on how to use the funds. Right now, we’re also still providing PPP forgiveness application services.
Remember, we are a full-service firm of taxes and accounting, if you need help with your personal taxes, business taxes, bookkeeping, payroll, if you want to start a new business, if you have troubles or tax problems with the IRS, we can help you. This is our contact information below and we are authorized by the federal government to do tax returns in all 50 US states.
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