馃攳
Where is my EIDL Grant? EIDL Loan Approved but No Grant? - YouTube
Channel: unknown
[0]
Did you not get the Eidl grant but you
got approved for the loan let's talk
[5]
about it what's going on everybody
welcome back to the channel if you're
[20]
new here my name is Jonathan Moore I'm a
photographer filmmaker and creative
[24]
entrepreneur and I like to make videos
like these for other photographers
[27]
filmmakers and creative entrepreneurs
who are trying to build a life on their
[31]
terms and get it how they live so if
that sounds like something that you're
[34]
into consider checking out some of the
other videos that I have on my channel
[37]
where i talk about photography
filmmaking and what it's like to build a
[41]
business on your terms so on today's
video I kind of want to talk about this
[45]
wholly IDL thing that's going on I know
we were probably that exhaustion here
[51]
talking about the Eid L the PPP the PU
way but if you're an independent
[55]
contractor you're probably trying to
figure out how you can get the best bang
[59]
for your buck in a few previous videos
that I did I talked about applying for
[64]
the PPP and applying for the PPP and PUA
at the same time and how you can't get
[69]
both but in this video I want to talk
specifically about the Eid L know when
[74]
the Eid al first hit the scene everybody
was going crazy apparently it was
[78]
supposed to be just like free money
falling from the sky the turns were that
[82]
you could apply for he idea alone and
even if you got denied for a loan you
[86]
could receive a $10,000 advance now as
you all know as we all know as time has
[92]
went on an SVA hit us with the Oh
okey-doke they change the rules on us
[96]
and then they say you can get up to
$10,000 and so it became $1,000 for each
[101]
qualified employee in your business so
if you're a freelancer entrepreneur or
[105]
independent contractor that means you
only qualify for $1,000 who made the
[110]
program so interesting was is that even
if you didn't qualify for the loan you
[114]
were still supposed to qualify for a
grant so like most of you when these
[118]
programs first hit I was one of the
first to apply for the Eid L I believe
[122]
that I applied on March 30th now we were
supposed to get the grant money like
[127]
three days right after that had occurred
but you know for most of us that did not
[132]
happen
and that's understandable I mean after
[134]
all this is a government agency that
you're working with but regardless
[138]
people were still getting their advance
money and like most of you I'm online
[141]
I'm on YouTube I'm watching all these
videos and I'm seeing that people are
[145]
like yo I just woke up to this money in
my account there was no word from the SP
[149]
a they were calling them like phantom
deposits phantom payments whatever you
[153]
want to call it one of the big things
that I was hearing was is that as soon
[156]
as the SBA checked your credit you were
supposed to see in advance a couple of
[160]
days after that's what I was really
hearing what I noticed is that the SBA
[163]
did check my credit and I didn't see
anything no advances no nothing so now
[169]
here I am and I'm thinking maybe I
filled out the contract the wrong way
[172]
but either way as time went on you know
you just kind of let that slide so I'm
[176]
in the game I'm gonna mix with
everything I applied for the e IDL I
[180]
applied for PU way I applied for PPP and
I'm just waiting to see what hits first
[185]
so the first thing that hit for me was
the PPP I believe that was the first
[190]
thing I was approved for but I didn't
see any money the first program that I
[194]
actually seen some money from was the
actual PU way and unemployment
[198]
assistance which I ended up receiving
back pay
[201]
then I got my PPP fund so I had stopped
claiming for my weeks during the PPP
[207]
period and then I'm just gonna wait and
see if business picks back up and we can
[211]
just get back out there and get it
rolling
[213]
but in that meantime I never heard
anything about the e IDL so I just
[216]
chalked it up as a loss well lo and
behold one day I wake up and I look at
[220]
my email and I see that I got this
letter from the SBA telling me that I
[223]
was approved for the Eid alone I login I
do the whole thing in the portal
[228]
I see the loan amount that they're
approving me for and I'm like okay
[231]
that's cool but I'm thinking to myself
where's the advance see like most people
[236]
I was probably gonna just take the
advance and be like oh whatever and just
[239]
let the loan be what it is I didn't
really want the loan but now I'm
[242]
noticing that okay
I'm approved for the loan but there's no
[246]
advance so I jump online like the rest
of you probably have I started doing
[250]
some research and I see that now the SBA
that hit us with the okey doke again and
[255]
from what I'm hearing and seeing is that
they are tying the advances to you
[260]
accepting the loan now some ways this
kind of makes sense because they
[264]
probably don't want people you know
taking the advance money
[267]
and just running who have no real
intentions of ever accepting the loan so
[270]
you probably changed the game and they
said listen if you want this advance
[273]
money you're gonna have to take this
loan money as well so with all that
[276]
being said here's my dilemma I got the
amount that I am approved for for the
[280]
Eid alone I haven't accepted it yet but
I'm also debating on whether I should or
[285]
I shouldn't accept it one of the things
that's making me kind of want to accept
[288]
it is because that the funds can be used
more flexibly I guess is the word then
[294]
you can use the PPP funds which are
mainly payroll and qualified expenses
[298]
like rain utilities the difference is is
with the PPP those expenses for myself I
[303]
have a home based business and those
utilities don't count if you have a home
[309]
based business so you know that's kind
of like a wash the difference is is with
[312]
the Eid oh those expenses do count so
you can use it on normal business
[318]
expenses you can use it for operating
capital including payroll and salary so
[323]
now if you're an independent contractor
you know that what the PPP is the
[328]
Paycheck protection program is supposed
to be for your payroll we don't really
[332]
have a payroll so what is really called
its owner compensation replacement but
[336]
for the Eid L you can use the funds in
the same way for the owners compensation
[341]
replacement or your owners compensation
the thing is is that you just can't use
[346]
the funds at the same exact time what I
think that makes the PPP so much more
[350]
attractive than the Eid is the fact that
you can actually get it forgiven and for
[355]
those out there who acquired the PPP
possibly and correctly from what I'm
[360]
hearing is everybody has to apply for
forgiveness so there is no such thing as
[365]
not applying for forgiveness and just
letting it turn into a 1% loan I could
[368]
see them doing this because this might
be their way to Aude it to make sure
[371]
that you really you know did qualify for
that money that you got but that's
[375]
neither here or there what we're talking
about right now is the Eid L so from one
[380]
of my videos that I posted where I
talked about getting a PPP in the PG way
[383]
at the same time I gave my strategy on
what I was gonna do for collecting
[388]
unemployment collecting PPP and then
possibly going back on to unemployment
[393]
but I'm also debating that as well too
because now if I can get this a IDL loan
[398]
then I can use those funds
for my salary as well now yes I
[403]
understand that it is alone and that you
can't pay him back but the one
[407]
difference is is that you can still
continue to make money and that's one of
[411]
the things I like about the PPP is
because if you still have somewhat of a
[415]
business going you can still continue to
make money whereas unemployment is
[419]
assuming that you're not making any
money at all now
[422]
caveat you can still make money on
unemployment you're supposed to clean
[427]
how much you made which could reduce
your you know weekly benefits which is
[431]
fine but you know here it's just kind of
like with the PPP is free range you can
[436]
continue to make as much money as you
want as well as with the Eid el you
[440]
continue to make as much money as you
want so with all that being said it
[444]
leaves me with the question of whether I
should accept the Eid el loan now at
[449]
this point how we get the grant which is
fine that would be $1,000 if that's
[454]
what's happening that's apparently from
what I'm hearing what's happening but I
[457]
guess the only way I know is if I
actually accept the loan but then again
[461]
if I do accept the loan then I'm hoping
that business can get flowing again now
[466]
this loan does have some you know
stipulations to it you do have to be
[470]
able to keep good books for so many
years in case they decide to audit you
[474]
and see how you're spending the money
also keep in mind that it is a loan yeah
[478]
it's very low interest over a long
period of time but it is a loan
[481]
nonetheless and you do have to pay it
back
[483]
whereas with unemployment you don't have
to pay it back but the thing is is how
[488]
long does that extra PUA going to last
and from what I'm hearing is conflicting
[492]
you know points of view you know one
side says we need to do it till the 31st
[496]
of January the other side saying it's
not going to be included in the second
[500]
batch but there will be stimulus so who
really knows but what I'm trying to do
[504]
is protect myself hedge my bets and see
you know whether the question is I guess
[509]
is whether I can continue to stay in
business or whether I should just fold
[513]
up shop and you know start something
else who knows so if any of you guys
[518]
have found yourself in the same type of
predicament where you didn't get the e I
[522]
do grant money but you did get approved
for a loan have you taken a loan and if
[529]
so did you get the grant
that as well or you know did you take
[535]
the loan and you didn't get the grant at
all I would be interested to hear what
[539]
you guys have to say so that's it for me
today guys that's my story for not
[543]
getting the e I do grants but being
approved for the loan but possibly
[548]
getting the grant if I accept the loan I
don't know we'll just see how things go
[553]
but once again for all my people out
there who are trying to build a life on
[557]
their terms and get it how do you live
this is your man Jonathan Moore and I'm
[561]
signing out peace
Most Recent Videos:
You can go back to the homepage right here: Homepage