MONTHLY GROSS RECEIPTS EXAMPLE HOW TO
MONTHLY GROSS RECEIPTS EXAMPLE FULL

That's the earnings before expenses are taken out. The criteria is that for any 8 week period after March 1, 2020, if gross earnings were more than a 30% loss compared to the same 8 week period of the year before, you would qualify. This time around you need much more specific week by week numbers. In the original application, you only needed to have information off your 1099 from 2019. The economic loss piece gets a bit trickier.

MONTHLY GROSS RECEIPTS EXAMPLE HOW TO

You can get more details about what it means to be in a low income area and how to find the specific details for your area here. For most of us who are 1099 contractors, that's your home address. Your business address needs to be in a low income tract. If your business is part of this first round, has received an advance before and you do have a lot of employees, chances are you already received the maximum. You have to have less than 300 employees.įor those of us who are independent contractors with Doordash, Uber, Instacart, Lyft etc., the 300 employee thing is obviously not an issue.

You have to demonstrate you had an economic loss over an 8 week period compared to the same 8 weeks of the year before.Your business has to be in a low income community.I haven't seen language that addresses whether the grant would be limited to whatever the approved loan amount would be. In particular, some loans that were approved (based on 2019 income) beyond the advance were less than $10,000. Language in the latest act specifically states that funds are not to be based on the number of employees.Īs I write this the only thing that is not completely clear is whether there are other limits on the funding. The total of the original advance and the new grant are not to exceed $10,000. Thus, if your business received less than the $10,000 the first time around AND you can demonstrate the need as defined by the new criteria, you may qualify for an additional advance or grant. The purpose of the targeted grant this time around is to complete that original intent for businesses who truly were impacted by the pandemic. And that's all we received, if we did apply.

However, those of us who don't have employees could only receive a $1,000 advance. Independent contractors and self employed individuals were eligible for the grant. The SBA later added the rules that defined that it would be $1,000 per employee up to ten employees. The intent of the act was to have all businesses receive a $10,000 advance that did not have to be paid back. In some ways you could say the targeted advances are an effort to ‘make whole' the previous advances under the CARES Act earlier in 2020. The difference between the targeted grant and the advance given out earlier in 2020 Second priority will be those who applied but never received an advance due to lack of funding.

MONTHLY GROSS RECEIPTS EXAMPLE FULL

Priority in this round of funding will be given first to those who received the earlier advance but did not receive the full $10,000. The purpose of this targeted advance is to provide a larger amount of relief to businesses, sole proprietors and independent contractors who received less than the full $10,000 advance that was part of the original Covid-19 EIDL advance from early and mid 2020, and who were truly impacted by the pandemic. As of mid February, the SBA is just now getting around to processing applications. The targeted EIDL advance was something added in the stimulus package passed late December of 2020.

What is this grant, and are you eligible? How to fill out the targeted EIDL advance application step by step:.

What if you never received a grant the first time?.

The difference between the targeted grant and the advance given out earlier in 2020.

What is this grant, and are you eligible?.

I will post the outline here to let you jump ahead if you prefer. Use your own judgment to determine how much to read through, and how much to skip past. I include a lot of text from the SBA email and application. Just be warned that some of this content focuses on contractors who do not have employees, so some things may be different for you. If you run or manage a larger business, hopefully this can still be helpful for you. I write especially about the business side of being a gig economy contractor. Note that this is written with a particular focus towards independent contractors and self employed individuals. If you received an invitation to complete the application, this post is here to help you walk step by step through how to fill out the application for the Covid-19 EIDL Targeted advance grant, focusing especially on independent contractors with gig economy apps like Doordash, Instacart, Uber Eats, Grubhub, Uber and Lyft and others. The SBA has begun the process of reaching out to individuals who may be eligible for the Covid-19 Targeted EIDL Advance, inviting them to apply for the additional funds.

Monthly gross receipts example