$10,000 if you already apply for the free $10,000 emergency EIDL grant I have
some critical updates for you guys as well as breaking it down exactly what it
is for those who haven't heard about this hey what's going on this is Sam
Kwak here with the Kwak Brothers and in this video I'm gonna go and break down
exactly what this free ten thousand dollar SBA grant is and if you already
applied I'm gonna go and share some critical updates with you guys now if
you did apply and it's been more than three days you were probably wondering
what the heck is going huh where's my money show me the money before we get to
the video be sure to go and subscribe to a channel if you want some more updates
about what's happening with the SBA loans and SBA programs that stimulate
the economy as well as if you are interested in real estate investing be
sure to subscribe to our YouTube channel ok so what exactly is this emergency
idol grant so what I'm gonna do is I'm going to share my screen with you guys
I'm gonna show you the actual copy the text from the bill under Section 1 1 1 0
emergency idol grants now to be eligible for this grant you must be a business
with no more than 500 employees an individual who operates under a sole
proprietorship with or without employees or as an independent contractor now
there's a lot of confusion right now with people that says well in order for
you to be approved for the grant you have to have employees well here in the
text it says clearly with or without employees so you can be an independent
contractor you can be your own business and still be approved for the $10,000
emergency Ida grant now I'm gonna skip over down to where it says the amount
under paragraph 3 says amount the amount of advance provided under this
subsection shall not be more than $10,000 so is that it's I'm gonna go and
rephrase that she'll be not more than $10,000 that's the actual word so again
there's a lot of confusion with that wording because a lot of people think
this is up to $10,000 which is previously what I believe to be as well
but the text is pretty darn clear says she'll be not more than $10,000 so it
just means that it can't be more than $10,000 it doesn't mean has to be
$10,000 I don't know what do you guys think going leave it leave in the
comment down below is it absolutely $10,000 fixed amount or is it up to
$10,000 go and leave your thoughts and comments maybe you have a source
you've been doing your own research and you found an answer elsewhere but I'm
reading from straight from the source from the lawmakers when they originally
signed on this bill so the amount is shall be not more than ten thousand
dollars now there is also appropriate usage of the fund there's a provision
down right down below a below the amount it says use of funds and advance
provided under the subsection may be used to address any allowable purposes
for a loan made under Section 7 B 2 which is the idle loan we'll get to that
in just one sec of the small business act including providing paid sick leave
to employees unable to work due to you due to the direct effect of the
coronavirus Cove in nineteen maintaining payroll to retain employees during
business disruption or substantial slowdowns I know some of you that have
businesses may have to lay off some employees because there isn't enough
revenue or income slowdown whatever the case might be C media increased cost to
obtain materials unavailable from the applicants original source due to
interrupted supply chain so a lot of businesses that rely on products and
manufacturing in China there has been a major slowdown when it comes to getting
a shipment from China Korea and Japan over to the United States for business
to to work so some of these individuals that have physical products right now
unfortunately they have to go buy it somewhere from Europe or from the United
States and there might be an increased cost due to that switch and supply so
the grant can be used that used for that purpose as well making rent or mortgage
payments and repaying obligations that cannot be met due to the revenue loss so
the grant can be used pretty much for anything within the the parameters of
you know section use of funds okay now we're payment this is pretty
clear when it comes to the grant this is not a loan the repayment section says an
applicant shall not be required to pay any amount of an advanced provided under
this subsection even if subsequently denied a loan under
Section 7 B 2 of the small business Act so if you apply for the idle loan and
you get denied you still get to keep - granted you don't have to pay back I
know there's some arguments and confusion online right now that a lot of
people think well don't you have to pay this back is this just a loan no this is
a grant a grant now require for you to pay it back so
it's pretty darn clear as far as what the cares Act says the eligible
businesses if they apply for the idol loan in three days the SBA has to
administer and administer a payment of of ten thousand dollars again this is
where the argument comes in is it up to ten thousand dollars or is it a a hard
line of ten thousand dollars that is yet to be cleared up but it's pretty darn
clear and I've applied for my migraines and I still haven't gotten my money yet
now to apply for this free ten thousand dollar SBA grant you do have to apply
for the idol loan which is the economic injury disaster relief loan and once you
apply there's a section in the application where it says hey would you
like to be considered for the emergency grant and you just go and click check
yes I do want to be considered in fact this application is super easy to do I
did it in less than 10 minutes sitting in a toilet in my office it's so easy to
do and I did this last week again I haven't still gotten my my ten thousand
dollar check yet but to apply it's super duper easy I'll leave the link to apply
down below in the link description as well as I provided a video instruction
on how to apply and it explains the application process pretty darn well
so I already applied so I know some of you guys already did but where is my
money who has got my money right so what's going on what is happening with
this idle loan grant that everyone you know applied but nothing's happening so
if you already applied and you're in the same situation as I am go ahead and take
out your frustration on the like button smash that like button turn it blue and
give us a thumbs up if you guys are enjoying this content right now so
here's the problem the SBA is suddenly deciding that's going to pull a fast one
on us and I check the website recently and the SBA is constantly updating their
signage why it's causing a confusion here but if you go back to the
application they change the wording under the SBA grant it says up to
$10,000 based on the number of employees well hold on hold on hold on the cares
Act clearly says with or without employees and they didn't mention
anything about up to they said no more than $10,000 so who's right at this
point is is the cares Act correct is the SBA grant currently correct what is
happening here so the bottom line is SP is all of a sudden saying hey we get to
decide what we want to deal with the emergency grant but here it is the
Kara's Act clearly says with or without employees and must be made the payment
must be made within three days of submitting the application and yet here
we are none of us are getting our $10,000 check who's got my money show me
the money right and there's even a letter from the United States Senate to
the SBA asking what is going on hey are the payments going out yet you know how
come no one has received a payment so even the United States Senate is
frustrated that the SBA has not been acting quickly to get the ten thousand
dollars out to the people that I've applied and I get it with organizations
like SBA they're probably tied down there's nine of people working right now
because the coronavirus and you know things are getting crunched right now
but you know the law clearly says that the SBA has to administer the payment
out to the applicants within three days the best thing to do for all of us is to
call our senators to call our lawmakers and figure out what the heck is going on
with SBA not issuing the payments out as soon as possible so at the time of this
recording nothing has happened yet I haven't gotten my $10,000 check I've
been asking people around hey have you been getting your $10,000 check and no
one has been getting their check yet so right now I mean basically we're all in
the same boat call your senators call your lawmakers let's go and get this one
figured out now if you haven't subscribed already be sure to subscribe
because in the next video I'm gonna go and talk about the difference between
the Paycheck protection program versus the economic injury disaster relief loan
I'll talk about the differences which one should you apply which one's better
quote-unquote and I'll go and talk about the difference and how to apply for
those as well and if you have an apply for the grant yet the link is down below
going apply and I have a separate video giving you the instructions on how to do
so so go and definitely apply and I'll see you guys in the next video