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EIDL Grant - Why You Got Skipped. (FREE $10,00 Grant) - YouTube
Channel: The Kwak Brothers
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so you apply for the EIDL Loan as well
as the free one thousand to ten thousand
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dollar grant you got an email saying
that you need to open a portal but you
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never got the grant so what is going on
here right so in this video we're gonna
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go break down exactly why you didn't get
the one thousand to ten thousand dollar
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free grant as well as what to do if you
didn't get it and I'll show you guys
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where are some possible steps that you
can take to be able to go back and get
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your one thousand to ten thousand dollar
free grant money under the EIDL Loan
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program
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hey what's what I real this is Sam Kwok
here one of the co-operators and if you
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apply for the EIDL Loan you got an email
saying that you to open up a portal and
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create an account but you never quite
got the one thousand to ten thousand
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dollar freee ideal grant you're probably
wondering what happened like what did I
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supposed to do like did I make a mistake
or do I need to go back and reapply so
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in this video we're gonna go and give
you some answers as well as some
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possible steps to be able to go back now
before we do be sure to subscribe to our
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channel as well as hit the notification
icon for more videos about iid alone
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updates as well as investing in real
estate because that's what our channel
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is all about so many of you guys know
that we've been following very closely
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to the EIDL Loan program and we even
applied for the loan so that we can show
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you exactly what the steps are now many
of you got to the point where you apply
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for the loan you got emails and you got
offers to create a loan but no 1000 a
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$10,000 grain what what gives right now
if you see a screen like this where it
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says hey this is your quote here's your
status and here's the steps to complete
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well this means that you should have
already gotten your EIDL 1,000 or
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$10,000 grant this screen read to your
friends this is not for the grant this
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is the loan amount so if you see 20,000
or 30,000 21,000 whatever the amount
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might be that is not the grant that is
the EIDL Loan amount and if you
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choose to accept that amount that is the
loan which you will need to pay back
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within 30 year term at 3.75 percent for
for-profit businesses and 2.75 percent
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for not for-profit businesses so please
guys don't get confused or misled here
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this screen that you're seeing right
here is basically the amount that you
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can apply up to for the EIDL
loan and just to clarify even more
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that's not the amount that you are
absolutely approved for you're applying
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for that amount
you're gonna submit more documentation
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and from there the SBA is going to
determine whether you've been approved
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or not been approved now when it comes
to the free one thousand to ten thousand
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dollar a ideal grant this is what you
should be seeing you should have seen a
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direct deposit appear on your bank
account your checking account that
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basically says SBA D Treasury 310
miscellaneous pay so you can see here I
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personally got $2,000 from the SBA EW I
do grant some of you guys got ten
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thousand dollars and and this amount is
based on how many employees you have not
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1099 actual w2 employees I know some of
your businesses run on contractors you
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hire 1099 workers and they work for you
on occasion they are not considered your
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employees those 1099 individuals
contractors are their own businesses and
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they should apply for their own EIDL
alone as well as the EIDL grant so this
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one only applies to actual employee and
keep in mind guys you are your own
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employees so if you did not indicate
that you had any employees if you put
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zero for your employees you probably
didn't get the SBA EIDL grant and
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that's probably the reason why you
didn't get the grant of one thousand and
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ten thousand dollar a I do grant another
reason why you did not get the one
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thousand or ten thousand dollar grant is
you didn't hit the check mark where it
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says I would like to be considered for
the advance of $10,000 if you did not
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hit that check mark then unfortunately
you were opted out of the free one
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thousand to ten thousand dollar grant
money now remember guys the EIDL Loan
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and the EIDL grant are separate things
if you got the grant but subsequently
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denied for the loan the grant is for you
to keep you don't have to pay it back
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now if you don't get the grant for you
got the loan and you accept a loan yes
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you have to pay it back because it is a
loan it's deferred up to twelve months
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but after twelve month period you have
to start making payments for the next
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thirty years with 3.75 percent interest
so guys don't get confused by the SBA
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grant and the SBA EIDL Loan those are
two different things well when you go
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through the application
they're under the same application and
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what's also not to be confused about is
scroll down a little bit and go and
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smash the like button turned out like
bun and blue if you guys are enjoying
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this content so far so now you're asking
what do I do if I got the loan offer but
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never got the EIDL Loan grant what do I
do do I go back and reapply do I have to
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call the SBA so here are my couple
suggestions and again I am NOT an
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attorney I am NOT an accountant I'm not
a professional advisor I don't represent
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the SBA but here's some my own opinion
and personal suggestions right don't
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don't sue me okay so here are my
suggestions as to what I would do if I
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were in your situation and you got the
loan offer but you never got the grant
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now the first thing I would do is if you
just apply maybe two to three days ago
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it's been very recent that you apply for
the EIDL Loan grant and the EIDL Loan I
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would try applying for the EIDL Loan all
over again and the word on the street
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right now that this is just a rumor
that if you do multiple application
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they'll just simply merge it all into
one or they'll take the most recent
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application and run with that so if
you've not been contacted by the SBA or
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got an email to create a portal I think
there's still an opportunity where it
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can go and reapply and hopefully this
will be a good bet that you can get your
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application through with the corrected
information in your SBA EIDL Loan application
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now my next suggestion and probably the
better one so far and I know this might
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be a little painful for you guys is to
call the SBA hotline and update your
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information as much as you can
now if it's been more than several weeks
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and you already got your portal open you
got contacted by the SBA ee ideal
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program it might be a little bit too
late but you never know you may still be
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able to go and call back and say hey
listen there's some incorrect
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information on my application that I'd
like to correct I do have my own
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employee I do want to be considered for
the one thousand a ten thousand dollar
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free e I do grant and even recently I've
been contacted by the SBA asking me if I
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would like to correct my information in
my SBA e ideal application even after
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the fact that I got approved for the EIDL Loan so my thoughts are it's never too
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late to go in correct your information
and go back and reapply and go back and
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correct information through SBA contact
as well as the SBA hotline and just
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another friendly reminder guys that the
SBA EIDL Loan
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is only used for operating expenses it's
not meant for you to go buy a new car
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it's not meant for you to go and expand
or buy a franchise or expand your
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business it's mainly so that you can
stay afloat during the economic hardship
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and the pandemic that we just went
through that there are many businesses
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that are on the fringe and they're on
the last lifeline right now and this
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program is the last hope for them so if
your business is doing really well and
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you really haven't gotten impacted by
the pandemic who would consider applying
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for the program as well as accepting the
loan I've for sure didn't accept it I
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actually declined the loan and I didn't
go and submit my documentation and
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another reason why is that the SBA Eydie
loan program has stringent rules and
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they're strict about how you're gonna
use the money they'll frequently audit
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you and there are some things that I
really didn't like especially the fact
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that if you're borrowing more than
$25,000 under the SBA Eydie loan program
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you pretty much have to pledge your
entire business as a collateral in case
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you default on the loan so again the SBA
II I do economic injury disaster loan
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program is designed to help small
businesses recover and stay afloat
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during the corona virus pandemic now if
you did go and apply for the SBA Eydie
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loan program and you chose to accept a
loan amount I have a separate video
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where I go and break down the entire
contract and the agreement that the SBA
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has set up for you so if you don't want
to go see that video the video is down
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below in the video description go and
check it out as well as some of the
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other free offers that I have in fact
we're giving away our book for free
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right now 0 to 75 units in one year so
if you have any interest in buying
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buildings we're going to show exactly
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rental units in just one year without
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using our own credit or money so it's
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shipping that link is down below as well
so 0 to 75 units dot-com go and
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definitely check out that book for free
now that we got some of the shameless
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plugs out away if you guys want to see
more videos go and ask some questions
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down below I make these videos typically
based on your questions your curiosity
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some of the situations that you guys are
going through and this video guys this
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very video was created because you guys
had questions about I got the loan but
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no grant like or I got the grandpa no
loan right vice versa so definitely go
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and subscribe to her channel if you want
more
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updates as well as if you enjoyed this
content go and smash the like button it
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definitely gives us a boost in terms of
our YouTube algorithm which means that
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more of our videos are shown to other
people
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thus we can help more people understand
what's going on with the SBA EIDL Loan
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program and if that's not enough for you
to go and smash the like button go and
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smash it anyways if you didn't know that
I was wearing shorts the entire time
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look at this I'm wearing shorts right I
got you full it's gonna smash the like
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button enjoy your weekend are you
looking to acquire your first rental
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property or maybe you already have a
rental but you're looking to scale your
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portfolio my name is Daniel o'clock I'm
one-half of the clock brothers I'm a
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real estate investor and entrepreneur my
brother and I acquired 77 rental doors
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all in the year of 2017 now we didn't
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horrible and in all honesty we were a
couple college kids just looking to
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scrape by now we tried watching free
videos on YouTube we went to a lot of
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seminar and when you read every single
book that we can on real estate
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investing but for some reason we still
couldn't find a way to make it work then
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we finally had our breakthrough
no it wasn't wholesaling it wasn't
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fixing and flipping and no it wasn't
saving enough money so we can eventually
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buy a passive income stream and no we
didn't also have a rich uncle to help us
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the more people have money the more they
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I have identified five key strategies
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