Read on Twitter
The gov't is prepared to allocate $10,000 to small businesses affected by COVID - to include Black owned small businesses.
Every Black-owned business with or W/OUT employees or with or W/OUT a legal designation should apply.
Don't count yourself out
Here is how to apply ==>
Every Black-owned business with or W/OUT employees or with or W/OUT a legal designation should apply.
Don't count yourself out
Here is how to apply ==>
Black owned businesses are more likely to have no employees, one operator & revenues LESS than $100k!
The Economic Injury Disaster Loan ( #EIDL) has a provision that can award a $10,000 cash advance from the Small Business Administration to COVID affected small businesses.
The Economic Injury Disaster Loan ( #EIDL) has a provision that can award a $10,000 cash advance from the Small Business Administration to COVID affected small businesses.
Who qualifies?
Sole Proprietors- did not INCORPORATE the business. Do not have an LLC, etc. Sells products & reports income on personal taxes
Independent Contractors- contracted to do work by another business - Uber, Lyft, Instacart/Shipt, etc
LLC, LLP, Corp- biz owners
Sole Proprietors- did not INCORPORATE the business. Do not have an LLC, etc. Sells products & reports income on personal taxes
Independent Contractors- contracted to do work by another business - Uber, Lyft, Instacart/Shipt, etc
LLC, LLP, Corp- biz owners
Nonprofit owners qualify too - 501c3, 501c4, etc
You do not need any collateral - so you don’t have to put up your house
No personal guarantee needed - if the business becomes unable to repay the debt then the individual is NOT personally responsible
You do not need any collateral - so you don’t have to put up your house
No personal guarantee needed - if the business becomes unable to repay the debt then the individual is NOT personally responsible
Here’s what to expect, it takes 10 minutes.
Apply: https://covid19relief.sba.gov/
Page 1.
Choose 1:
Less than 500 employees
More than 500 employees
Sole Proprietor or Independent Contractor
Cooperative
Employee Stock Ownership Plan (ESOP)
Agricultural Business
Private Nonprofit
Apply: https://covid19relief.sba.gov/
Page 1.
Choose 1:
Less than 500 employees
More than 500 employees
Sole Proprietor or Independent Contractor
Cooperative
Employee Stock Ownership Plan (ESOP)
Agricultural Business
Private Nonprofit
Check what applies, if any apply at all (none applied for me):
Not engaged in illegal activity
Delinquent on child support
Does not present live performances in an excessive sexual manner
Gambling
Lobbying
Not engaged in illegal activity
Delinquent on child support
Does not present live performances in an excessive sexual manner
Gambling
Lobbying
Page 2 questions include but are not limited:
Business Legal Name -
Trade Name - if you do biz under a separate name
Employer Identification Number ( #EIN) - use your social security number if you do not have an EIN, not having an
EIN does not disqualify you
Business Legal Name -
Trade Name - if you do biz under a separate name
Employer Identification Number ( #EIN) - use your social security number if you do not have an EIN, not having an
EIN does not disqualify you
You will also need to provide numbers from past 12 months before 01.31.20 -
Gross Revenue - sales before expenses are deducted
Cost of Goods Sold - cost of buying or making your product/service
Nonprofit (if applicable) Cost of Operation - cost of doing business on a day-to-day
Gross Revenue - sales before expenses are deducted
Cost of Goods Sold - cost of buying or making your product/service
Nonprofit (if applicable) Cost of Operation - cost of doing business on a day-to-day
Other items to consider:
Your principal business address (this can be your HOME address)
Your biz email - (i.e. can be a gmail)
Date business established - look at incorporation date
Know your business category
# of employees - even if you are the only one & not full-time
Your principal business address (this can be your HOME address)
Your biz email - (i.e. can be a gmail)
Date business established - look at incorporation date
Know your business category
# of employees - even if you are the only one & not full-time
The app does ask questions about past criminal history. There is no guidance about if past criminal convictions will EXCLUDE you.
You can still submit the application if you say yes.
Make sure to CHECK this box - I would like to be considered for an advance of up to $10,000
You can still submit the application if you say yes.
Make sure to CHECK this box - I would like to be considered for an advance of up to $10,000
You will need to input your financial information. If you have a business bank account, input it. If you do not, enter your personal but prepare to account for the cash advance if you get it.
You will need to provide this:
Bank Account
Account Number
Routing Number
You will need to provide this:
Bank Account
Account Number
Routing Number
I'm teaching this in my Black Wealth Group tonight and answering questions, I also spoke about this during a FREE COURSE at http://skillhouseu.com
If you need more support, I do consult too. Email me. #LinkInBio
If you need more support, I do consult too. Email me. #LinkInBio
