How To Prepare for $10K EIDL Grant Application

if you're wondering about the timing of the new eadl application and the new ppp round two stay tuned this brief video is for you hey everyone it's ryder from skip i hope you're doing well it's january 2nd i hope your year's off to a great start and i hope your weekend is off to a great start okay let's dive in here are the questions everyone has been asking do i need to do anything to get the full 10k eidl grant how do i find out if i'm eligible under the low income provision and when will the application go live the sba has not issued final guidance yet that's the most important thing i want to say but in this video i'm going to show you how to be one of the first whatever form or rules the sba releases i'll tell you how to be one of the first to apply and why that's so important many of you know this is the form that went live on march 29th we are expecting any day now for our new form to go live as always thank you so much for subscribing and supporting our channel also stay tuned until the end you may know we are donating all of our youtube revenue to subscribers of our channel hit subscribe we've given away over fifteen thousand dollars i think in the over the last six months we're trying to do everything possible to help on christmas day we gave away 10 100 amazon gift cards on new year's eve we gave away 10 100 amazon gift cards we're gonna do the same this coming week as well just subscribe and important announcements about that at the end of this video so stay tuned okay i just want to say off the bat our team literally checks the sba website throughout the day all day every day so we are on top of what's happening we've read the legislation i have read all of the legislation as it pertains to eidl ppp and some of the other important benefits you may recall back i think in august i read a couple thousand pages of the heroes act to try to get attention to the heroes act to get it to pass yes that's what i look like here it's rare that i go on camera i mostly do the screencasts because it's quicker to get out the information but anyway that was back in august i've read the legislation this time around and i want to point out a couple important things for you to keep in mind but first on the sba website as it says eidl advances are no longer available of course in the new law that was signed into law six days ago last sunday there's targeted eidl advances for small businesses but basically you need to be in a low income community have suffered an economic loss of greater than 30 percent and employ not more than 300 people those are the main things here is why it's so important to move quickly 20 billion dollars isn't that much for the demand we saw in the first go-around you know if you're curious sba publishes all their data of course it's never enough we always want more data and why things are taking so long this is based on the eidl loans and there were almost four million loans approved that's a fraction of the eidl grants we tracked over a hundred thousand people's eidl advances as part of our tracker tool we estimate there were almost 10 million eidl grant applications i mean that's nuts let's say all of those 10 million applicants more or less it's not exact but that's our guess got one thousand dollars that's ten billion dollars right there let's say they all got two thousand dollars that's the 20 billion dollars right there that doesn't account for the people that got the full 10k the average we saw in our data was a little under four thousand dollar eid l advance in the first go around so that's 40 billion right there let's say all 10 million applicants got 4 000. so even though this is fresh funding there is a limit to what can be given out and the second point is the timing of the application in the first go around was very quick on the 27th of march president trump signed into law the cares act at midnight on the 29th the new form went live basically this page went live at midnight on the 29th some of you were on it right away that was 9 p.m on the west coast so we know a lot of the west coast folks were still up and pounced on this new application again that happened so quickly we certainly expect there will be some news this week okay here's why you need to get in line this is our free skip app available on the app store and google play search hello skip links right at the top of the description the idl grant tracker over 10 000 of you have already signed up for it so the 10 000 of you that have you will get alerts as soon as the new form or rules go live as soon as we know what's what is it going to be the same form is it going to be a new form is it going to be a new process entirely we don't know the sba is figuring that out as we speak the over 10 000 of you who've signed up in the first couple days are gonna get alerted first again this will show a few things number one currently no action is needed as soon as there's action needed we will update that we will also give you an alert as well so you don't miss out on the new form number two you can see if your address qualifies i showed this briefly in the past video but you can quickly see the data but if you put in another address here let's say 3600 broadway in oakland that happens to be in a low income area so when you update the tracker it changes to yes your address qualifies so that's a way to quickly see if you qualify for the most important provision if you're located in a low income community under the targeted eidl advance where you are eligible for the full 10k again the rest of the talk that you may be seeing about everyone will be eligible for the full 10k that's all talk right now based on the legislation there's no mention of everyone being entitled to the full 10k we're hopeful that maybe the sba will change their rules and say sure you can reapply you can top up but that is not in the law and it is up to the sba to decide how best to distribute the funds based on the data i just showed there is a strong indication that they will keep the same rules they did in the first go around 1k per employee except for the targeted eidl areas if you are in a low income community so that's the first thing if you use the app you can quickly see if you qualify that's the most important thing and the second is if there's any action to be taken now since thousands of you jumped on this right away i will say because we push this very quickly in some cases you may need to force close the app and reopen whether you are on the app store or google play this allows for the app to update to the latest version i just want to mention that and i apologize for it in case the app crashes let's say on the first open it's an easy fix just force close it and everything should work smooth part of this is because we didn't expect this much demand on the app in the first couple days we're so happy to have this out if you have any issues with the app please leave in the comments i would love to hear i will personally address them if you have any issues and if you want to see something else please let me know in the comments i'll also show you the two other trackers we have the stimulus tracker this is good news almost five percent of people have gotten their new stimulus check based on our self-reporting here so this is also on the app you can quickly calculate how much you'll get so if i put down two dependents here and updated the app i would see that my second stimulus check amount goes up you can share this with others as well it goes a long way because this is free maybe you're not ready to commit to a free app so if that's the case at least subscribe to this channel so we can keep you up to date with videos but if you want the fastest alerts just get the free app in the app store finally in vaccine news no progress you may be aware that the us is being criticized now for the slow rollout of the vaccine this 3 million number has not changed in a few days and this is based on cdc information so obviously we're hoping that picks up you know the reopening of the economy is based on many things but one of the biggest things is how quickly can people get vaccinated and continue to follow rules in your city or state here's what it looks like on the app store and google play no action needed yet but please if you do one thing from this video set yourself up to be alerted first you can subscribe to other channels there are so many great channels out there meet kevin clear value tax so many others that have good information but if you want to be the first to pull the trigger and submit the eid l grant application and see if you qualify check out the app by the way if you click more info here as well we update this daily too to give you some peace of mind you can see how many times we check and post updates there too so it's another quick way to check and give you peace of mind later today on the app we are also going to talk about the ppp round two especially some of the rules in the second go around how to know if you qualify and as i mentioned later this week we will have a ppp tracker right in the app as well so if you're thinking about applying for a pvp loan whether you have done it before or not we highly recommend it it's definitely worth doing it whether you have a small business or self-employment stay tuned as always thank you so much for subscribing and supporting our channel last thing before we go you know we've given out free money now to over a hundred folks those are subscribers of this channel who've won some of our hashtag skip stimulus money since we've decided to continue this i'd love to know in the comments as well if you've won once should you be eligible to win again i'd love to hear your thoughts you know maybe it's you can only win once a month or once every six months feel free to share in the comments also if you have any questions about eidl ppp specifics or any questions about the app stay well stay healthy and have a good rest of the weekend [Music] [Music] you

Channel: Skip

Views: 79,032

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Length: 9min 36sec (576 seconds)

Published: Sat Jan 02 2021