5 Things to Know about the SBA's $10K Grant Program
Did you catch CompTIA’s LinkedIn Live with Amy Kardel, vice president of strategic workforce relationships at CompTIA and an MSP owner, discussing how to apply for a $10,000 grant from the U.S. Small Business Administration (SBA)? Solution providers are on the front lines making sure everyone is able to work remotely, but as a business owner, it’s important to stay up to date on the programs that are available to keep small businesses up and running.
Here are five tips about the Economic Injury Disaster Loan (EIDL) program, including the $10,000 grant.
- All small businesses in the U.S. are eligible to apply for the Economic Injury Disaster Loan (EIDL). Small businesses are typically defined as having up to 500 employees, but there are exceptions.
- As part of the loan program, an advance of $10,000 will be transferred by ACH within three business days. Yes, the $10,000 is a grant, i.e., “free money”—it’s a grant that is buried inside a loan product. It’s the same application and there’s no cost to apply.
- Apply now even if you don’t need the money. It’s better to have applied and not need the grant or loan, then need it and not have applied. There’s no obligation to take the loan if you are offered it, and the $10,000 grant does not have to be repaid.
- Contact your local SBA office for help. Keep in mind that their operations have been impacted by the pandemic, but they are there to help you. Find your local office.
- Share this with your peers! If you know other small business owners, pass this valuable information along.