BIG UPDATE for self employed and small business owners! The new interim bill has created an additional $310 billion in funding for you. If you are unemployed due to the pandemic, you may be eligible for a 100% forgivable loan from the Small Business Administration, through their Paycheck Protection Program (PPP). If you have are unable to work or need money to keep your business afloat, then this money is reserved for you. I've made other videos about these PPP loans, but with this new second round of funding, it's imperative that you get your application in.
Application Form:
EIDL $1,000 Grants:
This new round of funding also allocates $60 billion to smaller banks and credit unions. In this video I'll provide a list of smaller lenders you could potentially use. This means it is easier for you to actually get approved at a smaller bank, if you have not yet already applied. Before, big banks like Chase and Bank Of America received most of the funds. Since they tend to have larger clients, a majority of the money went to multimillion dollar corporations who applied. They unfortunately prioritized these larger loans because of the larger processing fees they were collecting.
As a result, many small businesses were left in the dust. I don't think this is fair, so I'm happy that this new bill created some protection for small business owners. However, these funds will run out very soon. As early as the next few days. Even if you apply right now, it is likely you could not get any money this round. BUT - and I stress this - still get your application in ASAP. Because if there is a third round, then you will be at an advantage. DON'T not apply just because you don't think you'll get funding this round.
We need to show the government that small business owners, and self employed individuals should get some of this money.
Now - if you're self employed and make under about 40k-50k per year, then you might come out ahead just filing for unemployment and collecting your pandemic unemployment assistance checks (this is because you cannot have both of these at the same time) Most states are starting to accept applications for self employed individuals.
Contact your states unemployment office or check out their website to see how you can apply.
Thank you for watching, and make sure to share this with a friend who could benefit from this updated information.
Make sure to like and subscribe to stay up to date with all the new stimulus news. I also make videos about personal finance, investing, and entrepreneurship.
Stay safe and thanks for stopping by!
-Charlie
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