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EIDL Grant: FREE $10,000 Grant RE-OPENED! (Update) - YouTube
Channel: The Kwak Brothers
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the EIDL portal has finally been
open this is a new opportunity for
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business owners and landlords to apply
for the EIDL economic injury disaster
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loan which also comes with the free one
thousand to ten thousand dollar grant
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that you can receive from the ideal
program so in this video I'm going to
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explain what are the latest changes to
the EIDL Loan program how to exactly
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apply I'll show you the step-by-step and
how you can get your free grant money of
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one thousand to $10,000 from the
emergency economic injury disaster loan
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grant hey what's up you guys this is Sam
Kwok hero in the Popular's and as you
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know our channel has been following the
SBA EIDL Loan program pretty closely
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even to the point that we applied for
the EIDL so that we can give you
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guys a little sneak preview of what it's
like to go through the process now
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before we dive into explain how to apply
for the EIDL loan and how you can get
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your free one thousand to ten thousand
dollar grant money be sure to subscribe
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to our channel if you want the latest
information and updates to SBA programs
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EW I do love programs as well as
investing in real estate okay so before
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we move forward I want you guys to
understand that the eid al loan program
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is not the same thing as the PPP
paycheck protection program these are
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two separate programs though you can't
apply for both but you cannot use the
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funds for the same exact expense
category the Paycheck protection program
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is forgivable as long as you use 60% of
the funds towards payroll costs and the
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remaining 40% must go towards qualified
expenses now with the EIDL program
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it is not forgivable except for the part
where you get the one thousand to ten
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thousand dollar free grant money as part
of the EIDL program now speaking of
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which the Paycheck protection program
did undergo through some major changes
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last week with the Paycheck protection
program flexibility Act if you guys want
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to see the full breakdown of that I have
a separate video where I'll leave that
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down below where we can see the latest
changes to the Paycheck protection
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program now when it comes to the EIDL
Loan and the EIDL one thousand and
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ten thousand dollar grant they go
through the same loan application same
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paperwork but they are two separate
things as well so you can accept the
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1000 a ten thousand dollar grant but you
can choose to decline
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alone so to address this once and for
all the great portion you get to keep
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it's free you don't have to pay it back
however the loan portion you do need to
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pay it back with a certain term that's
designated by the EIDL I'll show you
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guys the rest of the details throughout
this video so to get to free one
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thousand to ten thousand dollar grant
you must apply for the EIDL Loan but
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again you can choose to not to take the
loan portion but just keep the grant
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portion for yourself
alright so let me give you guys a full
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breakdown in the process of how to apply
for the EIDL Loan program as well as the
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free 1010 thousand dollar grant what
emails expect what documents you'll see
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and how you know you got the 1000
through 10,000 dollar grant money from
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the SBA EIDL grant program now
remember the grant is given out to you
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within three days of them checking your
application and they ought to deposit
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that into your bank account so you do
need to give them three days and they
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also check your credit so if your credit
is frozen right now you do need to
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unfreeze it so that the SBA can check
your credit in the process of running
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your application so that they can give
you the advance grant of 1000 through
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$10,000 SBA EIDL money now I personally
applied back in March of 2020 and about
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two weeks later they did pull my credit
and check my application three days
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following the credit pool I got the
deposit of two thousand dollars of free
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grant money from the SBA and then few
weeks later they sent me an email saying
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that I need to create an app or ttle for
my loan portion which I did and upon
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sending more information I got approved
for up to one hundred and twenty
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thousand dollars and again I'll give you
the full breakdown on what you expect to
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see when it comes to emails from the SBA
okay so first thing first I'm gonna go
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and leave the link to apply for the SBA
EIDL loan program down below in the video
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description this link comes from the SBA
it's not originated from me but let me
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go share my screen with you guys to show
you exactly the steps on how to apply it
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and just to remind you guys that I am
NOT an attorney I am NOT an accountant
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I'm not a financial planner so any
interpretation of the EIDL loan program
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are simply my opinion and my own
personal interpretation now for those
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that already applied for the SBA Eid
loan program be sure to smash the like
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button to show us that you already
applied so let's go over to the
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application right now and this is what
the screen should look like if you see
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any other screen it's probably a scam
should probably run away from it but
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this is the screen that you'll see when
it comes to the spae ideal loan
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application so you have some choices
here it says the applicant is a business
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with not more than 500 employees so that
applies to most of you guys so it will
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select whatever applies to you the best
and obviously you know who you are so
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for me I'm a business with with no more
than 500 employees I'm gonna select that
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if you're a sole proprietor with or
without employees or if you're an
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independent contractor if you receive a
1099 you work for a company and you get
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a 1099 this is you okay so if you are a
sole proprietor you have you don't have
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an Alice E you don't have a corporation
you don't have a partnership this is all
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you so that's what you're gonna go and
select okay if you are a agriculture
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business right you select that if you're
a not-for-profit you have to select
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obviously the not-for-profit option so
for most of you guys you guys are gonna
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choose the application is no more than
five hundred please or you are the
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individual who operates and under a sole
proprietorship so I'm gonna go and
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select the business with no more than
five employees and obviously have to
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certify certain things like you're not
doing any legal activities your business
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yes B also wants to make sure that your
business is not of any sexual you know
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nature or anything like that
of course one-third of the gross annual
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revenue cannot come from gambling
tivities applicant is not in the
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business of lobbying and it's not for
state local or municipal government or
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it cannot be a member of Congress okay
so we're gonna go and continue and this
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is where you're gonna go and fill out
your business information all the ones
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with the red marking on the left are
required so you need to fill those out
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so I'm gonna go and put my business name
so I'm just gonna make up a business
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name just for the sake of demonstration
so I'm gonna be Acme corporation and my
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trade name is gonna be Acme merchandise
now next you're gonna go and put in your
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EIN as well as your social security
number and now of course if you're a
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corporation or partnership and now see
you're gonna go and put in your EIN if
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you're a sole proprietor if you don't
have an LLC or a corporation you're
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gonna go and put in your social security
number so I'm going to go and put in
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whatever the number they're asking what
is the organizational type so are you so
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proprietor are your are you an ass
see are you an S corporation or C
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corporation so I'm just gonna go and say
I'm an LLC is the applicant and not
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not-for-profit well I am not so I'm
gonna be putting know for not-for-profit
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and is the applicant a franchisee so I
am NOT a franchisee but if you aren't
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obviously gonna say yes gross revenue
for the last 12 months of of the date of
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the disaster so from January 31st 2019
through January 31st 2020 you're gonna
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go and put in what was you gross revenue
for your business so I'm gonna go and
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say I've made five hundred thousand
dollars for my gross revenue okay
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cost of goods sold now this is obviously
if you have inventory if you sell
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merchandise if you sell t-shirts or cups
or whatever this is also known as cogs
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right in accounting world
if you don't sell physical products and
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you don't have inventory and could put
zero now if you do buy inventory as part
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of your business you do have to put in
the amount of how much inventory you
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bought from January 31st 2019 through
third January 31st 2020 and look at this
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this is for my landlords watching this
for rental properties residential and
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commercial so if you have office space
if you have commercial lease this
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applies to you as well so you're gonna
go and put in the loss rent due to the
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disaster to go and put in the amount of
how much rent you are unable to collect
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because of the corona virus pandemic so
I'm gonna go and put and say that I've
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lost three thousand dollars of rent and
I've obviously guys throughout the
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entire application you have to be honest
okay don't lie don't cheat I've covered
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a separate video where if you do end up
cheating on the application the
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consequences and the penalties are dire
so you definitely don't want to cheat
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and lie to the SBA now if you have a
not-for-profit or an agriculture
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enterprise you're gonna put in your cost
of operations their compensation from
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other sources or result from disaster so
if you received any other donation or
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any other funding because of the corona
virus pandemic you're gonna go and put
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that amount in there as well and provide
a brief description as to what that
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compensation amount is and where did it
come from okay your business so going
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put in 1 2 3 Main Street write your
business address
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they're put in Chicago Illinois County
of Cook County and gonna put six zero
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six one two okay phone number one two
three four five six seven eight nine
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zero and if you have another phone
number go and put that in as well
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business fax number and your business
email so I'm gonna put info at Acme date
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business established so this is more
than likely your corporation
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establishment date so if you go into
your secretary of state website or you
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most likely have your paperwork handy go
and put in the date of which your LLC or
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corporation was established now if
you're a sole proprietor go ahead and
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put in the date of which one you the
business was officially opened and when
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you were starting to collect the
revenues 0 1 0 and not say I'm gonna put
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a start at 2015 ok and I've been owning
this business since 2015 as well
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business activity right if you are in
real estate you're gonna put in real
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estate right if you are in educational
services you can put in educational
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services in there so whichever business
activity where you generate most amount
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of gross income that's what you're gonna
go and put in I know some of you guys do
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a little bit of plumbing work and maybe
you do painting on the side or maybe you
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are invested in real estate but majority
of your income comes from your
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automobile sales company or whatever the
case might be so you're gonna put in
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automotive sales right if you generate
more of your income from that then your
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rental properties okay so I'm gonna go
and put in for myself because most of my
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income comes from real estate we're
gonna put in real estate and I'm gonna
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go and put in property management slash
Realty or if you are a real estate
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developer you fix and flips that's
that's what it is number of employees
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now remember guys you you are an
employee ok don't put 0 because you work
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for your company
so if you are a sole proprietor or you
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are your own business go and put it in 1
if you actually have w2 employees you
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pay people out of payroll then you're
gonna go and put in the amount of
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employees that you have if you have 1099
workers I'm sorry guys those are not
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your employees they are separate
business they apply for their own EIDL
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does that make sense so if you are in a
if you have employees go and put in
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mad employees that you have but if you
are a solopreneur then put in one okay
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now I do have about five employees now
so I'm going to put in five hit next and
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you're gonna go and put in your owner
information so if you are the sole owner
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then this is your information your
personal information if you have a
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partner then obviously you're gonna have
to put in your partner information and
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as well now the first thing you don't
want to miss is this question right here
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is your business owned by another entity
so if your LLC is owned by a corporation
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then you say yes right if your LLC is
owned by you then no it's owned by a
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natural person so I'm gonna put no and
go and put in your information okay I'm
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just gonna put in random info right I am
the owner of this company I own hundred
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percent of it and I'm gonna put in my
email Sam at Acme comm one two three
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four five six seven eight nine for
social security and my birthday and I
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will reveal my real birthday so you can
send me presents 1992 place of birth I
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was born in South Korea so here we got a
little tidbit of information about me I
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am a US citizen and this is my fake
residential address because I don't want
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you guys barging in my house okay I'm
gonna put a random number for a zip code
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as well I'm it's asking for me for
something close there we go
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and then again if you have a partner
you're gonna go and click on add
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additional owner but for me I'm a
hundred percent owner so I'm gonna click
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next and this is where you're gonna be
asked additional questions right has the
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business been listed or convicted of
felony right well I have not sumit hit
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no and read these very carefully guys I
know I'm skimming through these rather
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quickly for the purpose of the video but
read through them very carefully because
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you don't want to answer you know
wrongly and put any mistake in your
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application you certainly don't want
that okay is the applicant enlisted
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owner currently suspended or debarred
from contracting with federal government
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so I am NOT any indictment criminal
information nope somebody hit no okay
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and if someone is syste you and
completing the application whether you
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pay a fee or for the service or not the
PAP
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must enter that information here below
so this is not me guys
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right I'm just giving you a general
information go and put it in your CPA
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your attorney your financial
professional information in there if
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they are helping you fill out this
application so go in and fill that out
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now this is really important if you want
the 1000 through $10,000 grant money
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this is where you go and hit the check
mark okay go and put in I would like to
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be considered for an advance of up to
$10,000 so do not miss this guys if you
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don't if you don't want your money then
you can obviously skip this but if you
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want your money then this is it so go
and put in your bank account name I'm
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just gonna put a random number in here
okay all right um
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shoot I'm gonna have to actually put in
the real there we go
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all right so go and put your routing and
account number in there very very
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important right if you get that wrong
the money's gonna be sent to someone
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else and someone's gonna have a nice
pleasant surprise so make sure you get
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the bank account and routing number
correct and then finally go and read
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this paragraph obviously this is saying
hey if you lied to us here's the penalty
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you'll pay right definitely important
and then after you read that go ahead
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and certify that information you provide
to the SBA is true and hit next and
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there's gonna have you review the
information and hit submit and you're
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done that's pretty much it so again
they're gonna go and check your credit
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and after they check your credit and
reviewer application SBA has up to three
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days for them to go and deposit the 1000
through $10,000 free II ideal grant
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money so definitely keep an eye on your
credit as well as your bank account now
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as soon as they deposit the money you'll
see a screen like this where you it's
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gonna say SBA Treasury and it's gonna be
a weird number but they can give you the
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amount and it's an auto deposit right
into your bank account now before we go
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off to check your bank account to see if
you got the money or not be sure to
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smash the like button for the YouTube
algorithm turn that like button to blue
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I'm moving for few weeks later you'll
get an email from the SBA requesting
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that you open a portal for your loan
application so you see an email just
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like this where you click the button and
create
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count with the SBA loan portal now after
you create the portal account you're
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gonna see another screen like this where
you select the loan amount that you want
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to apply for and a few days later after
you submit the loan amount and finalize
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the submission the SBA once again will
contact you in a matter of days with the
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loan documentation as well as the
contract for the SBA EEI DOL now if you
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guys want the full breakdown for the SBA
EIDL loan I have a separate video I made
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for that to go and check the video
description below where I left a full
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breakdown of the SBA loan contract and
I'll explain why I decided to walk away
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and decline the loan offer mainly
because it honestly wasn't the best fit
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for me and you'll see exactly why now
remember guys the SBA II ideal loan
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program is first-come first-served so
definitely go apply before it runs out
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by now it's likely that many small
business owners may have applied for the
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SBA EIDL loan program so definitely go
and fly and get your money as well now
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for a little bit of a shameless plug
guys for those that don't know we just
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launched our new book called zero to 75
units in one year in this book we detail
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the accounts and stories as to how we
were able to buy 75 rental units meaning
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we have 75 tenants paying us rent every
month and we were able to do that in
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just one year so if you guys are
interested in this book which by the way
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is free we're giving away this book for
free all we have to do is pay for
[1014]
shipping so I left a link down below
where you can go ahead and get this free
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book it's 0 to 75 units dot-com it's
free book just pay the shipping will
[1022]
show exactly how we were able to buy 75
rental units in just one year without
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using our own money or credit and we did
this when we were only 24 and 22 years
[1033]
old so if we can do it so can you now
finally if you guys want to continue
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seeing these updates as well as the
newest changes to the SBA loan programs
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I ideal loan programs as well as
learning how to invest in real estate be
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sure to subscribe to a channel and hit
the notification bellow icons and again
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notified for our future videos and go
and check out some of the other videos
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we have about SBA loan programs and
investing in real estate
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