Extra $1,000-10,000 Stimulus Checks [Details!] (EIDL Grants)

if you have a side hustle or small business you could qualify to get up to ten thousand dollars via the eidl grant program which is coming back in two different parts hey everyone me kevin here over 60 percent of americans have some form of a side hustle and you could get an extra stimulus check of between a thousand dollars and ten thousand dollars for some of you if you already have you can actually get more we'll talk about those details if you have a small business or side hustle now keep this in mind maybe you already have a job maybe you work at apple you're an engineer you're a cop you're a firefighter but on the side you drive uber you do ebay and you make a profit you day trade you do photography whatever you've got some kind of side hustle where you're making money heck maybe even you're a landlord you could probably qualify as a small business to receive an additional ten thousand dollars or as low as one thousand dollars and we'll talk about those details as a completely free small business grant this program is coming back if you have already gotten a grant like this there are going to be some special rules that mean only some of you are going to actually get a second check or sort of a larger check let's explain exactly how this works first keep in mind that congress has to pass the second stimulus package which they are expected to do tonight if you make money through a small business or side hustle you're going to have two ways to get this new grant money and i want to be very clear here this is a grant you do not need to take a loan you don't have to accept a loan this is not a forgivable loan you don't need a corporation you don't need an llc you don't need anything special all you literally need is you your taxpayer identification number and you saying that you make money from some kind of side hustle under the table money probably isn't going to work because there's a new provision now that they might check your tax return okay but if this sounds like you and you want free money and you want more of a stimulus check than the 600 crap they're giving us and you have a side hustle this is for you all right method number one and i'm going to go through two methods here so if the first one doesn't sound like it's you we'll stay for method number two okay very important all right method number one you can get a full ten thousand dollars no matter how many employees you have even if you don't have any employees you can get a full ten thousand dollars even if you've already previously gotten a thousand dollars let's say as a grant you can get that rounded up to ten thousand dollars if you are located in a low income community and you've suffered an economic loss of greater than thirty percent for an eight week and you have 300 or fewer employees so let's unpackage this the first thing you have to know is what a low-income community is if you are not in a low-income community this method won't work you're going to have to go on to method number two which we're going to get to in like 30 seconds so hang tight so if to determine whether you are in a low income community you can look at this screen right here take a screenshot of this a low income community is an area where the poverty rate of attract is at least 20 so if you're in an area where the poverty rate is 20 boom low income community or the income in your neighborhood or county is less than 80 percent of either the state median income or the county median income if you read this and you pause it'll make more sense but for right now this is what you do if you're going for method number one you have to determine that you are in a low income community if you are check the next thing that you're going to do is you're going to determine between march 2nd 2020 and december 31st 2021 this area right here you want to look at different eight-week periods so we shouldn't even draw in that whole segment here we're going to look at just one specific eight week period in this range right here so let's say right here that's eight weeks if our income right here in this eight week period eight week period was 30 lower than our income in an eight-week period before march 2nd but in 2019 or the beginning of 2020 then you qualify for part number two and you're good that means you can now qualify for up to ten thousand dollars as uh an individual business owner so you don't need to have ten employees it could literally be you alone and you could get up to ten thousand dollars if you've already gotten an eidl grant of let's say a thousand dollars they didn't give you the full 10 because you said you had one employee but you qualify for this you'll be able to appeal to the sba and say give me my full 10 grand and they will send you an extra nine thousand dollars if you got two they send you an extra eight you just have to qualify for again the poverty rate or the income for your area and that eight week reduction in income just eight weeks that's all they're going to look at that's how you're going to get a full ten thousand dollars of completely free money that you do not have to pay back that is method number one all right now let's move over into method number two for method number two what they're doing is they're actually providing and and i this morning i didn't see this segment so or this section so this is new information this is great they are going to provide an extra 20 billion dollars into the pot opening up the eidl portal again this provides up to ten thousand dollars it's very likely that the sba is going to say they're going to give you one thousand dollars per employee just like the last time if you have already gotten an eidl grant i do not believe you are going to be able to apply again so you're not going to be able to double dip but if you have not gotten the eidl grant you can apply and try to get that one thousand dollars per employee remember what i mentioned earlier you are your own employee of your business so you are one if your wife works with you you already you have two employees you pop that into the form you should get two thousand dollars one thousand dollars per employee we expect this to reopen up i'm sure we'll get more guidance and rules from the sba but this is what's in the bill they've got two methods to get money here method number one again thirty percent decline and low income community you can get up to ten thousand dollars no matter how many employees you have the second method is probably going to be one thousand dollars per employee so you're going to want to pay attention to this no matter which method you're in unless you've already gotten a grant and you don't qualify for section one then you're probably not going to get any more uh eidl money but otherwise you're going to want to pay attention to updates from the sba on this because these are some big changes here and this morning i only read the targeted eidl portion but there is also a regular eidl portion so that is a good update there is also a change for those of you who got the ppp if you got the ppp previously your forgiveness was actually let's say you got a ten thousand dollar ppp loan they would subtract whatever eidl grant you got from your forgiveness well this new bill actually repeals that so if you got the ppp and the eidl grant you get full forgiveness and the eidl grant which is kind of neat so those are the changes that we have so far on eidl grants in this bill this section literally took me three hours to digest this was a lot if you find that found this helpful make sure to share this with somebody that you think would benefit from this now in order to apply for these programs and the application period this bill hasn't even passed it right so we're a little bit premature but i do see that the application is open for this i imagine the application is going to have to change a lot especially if you're trying to go with method number one if you're trying to go with method number two the application might be the same thing but the application is up at covid19relief.sba.gov it is going to end up being first come first serve i'm not sure if they're going to do a whole new application once this bill passes so we will see either way uh covet19relief.sba.gov if that's too hard to remember because you're driving or whatever just go to medkevin.com1000 and it just redirects you to covet19relief.sba.gov so that's everything we know about the e-i-d-l grants in the stimulus package number two bottom line of all of this whole thing if you're in a low-income community and your income's gone down 30 for eight weeks you can get up to ten thousand dollars even if it's just you working a side hustle which is awesome if you've already gotten an eidl grant and you're not in a low income community you're done you're not gonna get another one i don't believe i do not think you're going to get another one stay tuned to these updates i'll let you know if it changes but there's nothing in the text that indicates we can double dip unless you're in a low-income community where you can now appeal to round up even if you didn't get a grant in the past but you're in a low-income community and you have that 30 decline you can get the full 10 000 that method number one is really great really liberal for for providing that full ten thousand dollars a method number two works if you've never gotten the grant in the past and you want to now get the grant perfect that's what we got in this video again if you found it helpful consider sharing consider subscribing and folks we will see you in the next video thanks for watching you

Channel: Meet Kevin

Views: 418,776

Keywords: second stimulus check, stimulus check, stimulus check update, stimulus check 2 status, stimulus check 2, stimulus package, stimulus update, stimulus checks 2, stimulus bill, stimulus checks, stimulus 2, unemployment stimulus, stimulus check second, 2nd stimulus check, second stimulus check update, second stimulus updates, congress, clearvalue tax, clear value tax, trump, stephen gardner, gardner, new stimulus package, pelosi, second stimulus check timing, new stimulus bill, new

Id: g0yhiWEUl00

Length: 9min 39sec (579 seconds)

Published: Tue Dec 22 2020