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EIDL Grant or The Economic Injury Disaster Loans Grant is an assistance program of the federal government under the Coronavirus Aid, Relief, and Economic Security Act. The said program is supervised by the U.S Small Business Administration (SBA) and serves as an extension of the Economic Injury Disaster Loans.What happened to the EIDL advance program?
Previously, as part of the SBA’s Economic Injury Disaster Loan (EIDL) program, small businesses could apply for an EIDL grant of up to $10,000 as an advance on their EIDL loans. These advances were treated as tax-free grants and did not need to be paid back. The EIDL advance program funds were exhausted and are no longer available.What is the $10K SBA EIDL grant?
What Is the $10,000 SBA EIDL Grant? By Heather Bant on February 7, 2021 Previously, as part of the SBA’s Economic Injury Disaster Loan (EIDL) program, small businesses could apply for an EIDL grant of up to $10,000 as an advance on their EIDL loans. These advances were treated as tax-free grants and did not need to be paid back.Are targeted EIDL ADVANCE grants taxable income?
The American Rescue Plan of 2021 provides $15 billion in additional funding for the special Targeted EIDL Advance grants. It directs that Targeted EIDL Advance funds will not be included in taxable income. 3 Here's what you need to know to apply for an EIDL and information about the new Targeted EIDL Advance, in case you qualify: