EIDL Grant: FREE $10,000 Grant RE-OPENED! (Update)

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