[UPDATE] - No SBA EIDL Grants in Second Stimulus HEALS Act - WHAT YOU NEED TO KNOW! 4k

Описание: The Republican proposed HEALS Act has been out for a little over a day now, and I have had some time to digest it. Will we see more EIDL advances, EIDL grants or loans, what about increased PPP? All this and more in today's special video.

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So, what does this mean for EIDL? Sadly, it looks like EIDL is the bastard stepchild that nobody loves. I guess the SBA screwed it up, so bad neither party want anything to do with it.

What about the other bill that I covered in    • UPDATE - SBA EIDL GRANT $10,000 FOR ALL Sm...   - will this get passed? Currently, as it stands, it is not even on the floor to be voted on. If you guys want this bill passed, you need to call your Senators and demand more EIDL allocations.

I know some of you have asked in the comments if you can still apply for a loan through EIDL, and the answer is, yes, they are still accepting applications for the loan. The only part that is closed is the advance grant portion. See my video that covers if and why you should accept the loan.

Moving over to PPP, which I know some of you guys do not like, but it serves a purpose, anyways, in this bill, there is a second round of PPP authorizations.

Then to make matters more confusing, Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, and Senator Susan Collins (R-ME), a senior member of the Senate Committee on Appropriations and Committee on Health, Education, Labor, and Pensions, introduced their own bill called the Continuing Small Business Recovery and Paycheck Protection Program Act.

The Continuing Small Business Recovery and Paycheck Protection Program Act would:

Long-term Recovery Sector Loans: Create a guaranteed long-term, low interest working capital product by improving the terms of 7(a) loans for seasonal businesses and businesses located in low-income communities. The loans would equal 2x the borrowers' annual revenues, up to $10 million, with a maturity of up to 20 years at an interest rate that is fixed at one percent to the borrower. The bill would allow businesses with 500 employees or fewer and have seen their revenues decline by 50 percent or more in the first or second quarter this year compared to the same quarter last year.

PPP Second Draw Loans: Provide funds to allow the hardest-hit small employers – those that have seen their revenues decline by 50 percent or more in the first or second quarter this year compared to the same quarter last year – to receive a second PPP loan. The bill would limit these second forgivable loans to entities with 300 or fewer employees and create an additional set aside of funds for businesses with ten or fewer employees to ensure equitable access to forgivable loans. The bill includes a $10 billion set aside for community lenders to access second draw funds.

Personally, I think this second bill has a reasonably high chance of being approved in the interim. At the same time, the broader HEALS Act is being negotiated and might give businesses the shot in the arm they need.

What I find interesting is the increase in SBA 7(a) loans, which are almost a replacement for the EIDL loan program in this context. It will give a business up to twice last year's income as a loan with a fixed 1% interest rate for 20 years. This is huge and is something that, if passed, I will most definitely apply for with my business. Come on, 1% interest for 20 years is unheard of.

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