As of late Sunday evening, the website for the SBA EIDL loan application has changed.  Applicants are now able to request the $10K advance/grant and are receiving a 10 digit confirmation number.  The ADCPA has reached out to SBA to see if everyone must apply or reapply through this new website.  It was too late to receive an answer yesterday and we don’t know when one will be received.  Since the grant funds are limited, we are recommending

If you have not applied, NOW is the time.

If you have already applied, do so again as a precaution, unless we hear otherwise.  Even if there is no need to reapply for the full loan, this may be the new process to request the $10K grant.

USE THIS NEW LINK:  https://covid19relief.sba.gov/# .

Look for the 10 digit confirmation number (example #350023500)  as assurance you have properly completed the process. 

Information you will need:

1. All Business Information – such as Legal Name, Address, Federal ID # (EIN),etc.
2. Your Name, Date of Birth and SSN, Home address and Cell #, etc.
3. Annual Fee Income from 2019 and annual cost of sales from 2019.
4. Date the practice was established – date current ownership began.
5. Fees Charged to complete the EIDL Application or Agreed Upon, place $0 for now.
6. You do NOT need any Tax Information nor Tax Returns at this time.

There are already discussions that they may increase the allocated $10 billion depending on needs, as Pelosi has been interviewed that more support is needed.)  

This does not change the PPP 7(a) loan application.  That will be done directly with your private bank.  Begin contacting them to see if they will be providing this loan and if they have the process ready or a waiting list.