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hey guys Malik here bringing you all your quality tax and entrepreneurial information and I have some good news for all of these small business owners I'm talking all you barbers all of you bird drivers all of you people that own ATM businesses as side hustles but basically the good news is that the SBA has began accepting new applications for the eiv l advanced loan of up to $10,000 which is technically considered a grant not alone and it doesn't have to be paid back the way it works is for that advanced of up to $10,000 basically you get $1,000 per employee working at your small business if you're an independent contractor and you have no employees you would just get them thousand dollars for yourself and again it does not need to be paid back so the reason it's great news is because they actually had this through the SBA website they we're offering this grant slash loan and it lasted for maybe like a few weeks a month tops and then they weren't accepting any more applications and they just recently started accepting new applications again so what I'm gonna do this video is make it super easy for you guys I'm gonna literally get on to the site and I'm gonna go through the whole application process it takes about five minutes and that way you guys could get a quick thousand dollars deposited into your account so what you're gonna want to do first is go to sba.gov and from there you're gonna want to click this learn more box okay now if we scroll down from there you'll see right here is where you could click to take you to the application where you can start filling it out but before we go there so I'll show you guys something real quick so to learn more about the relief options available for your business click here you scroll down you'll see that the IDL loan advanced and then also to the left is the payroll protection program so so you guys don't get confused because these are two the most popular ones that you've probably heard of if you have a small business you may have already applied for the PPP or the IDL loan but the the ideal loan up to a certain amount up to $10,000 is conservative grant not alone it doesn't have to be big paid back and there's no loan application that you're filling out versus the payroll protection program which is for businesses that might have wages but the payroll protection program was mainly to help small businesses pay their operating costs such as payroll expense rent utilities etc and this was alone it's concerned a loan that has to be paid back at a 1% interest but if you meet certain criteria with how you use the money that you receive from the loan you could actually get the loan forgiven so again if you I think it was if you use up to 75 percent of the loan for payroll and for wages and up to 25 percent for other operating costs that you know you could get the loan forgiven but again this is applied for a bank or through a FinTech company like square and that's how you get the PPP loan and it is alone versus the ideal which is a grant up to ten thousand and again anything above that would be conservative loan that you have to pay back and you there's no forgiveness with that if you take anything more than the grant portion or the loan advanced portion so if we click in here it gets into a little bit more detail so let's read this together real quick in response to the coronavirus Toba 19 pandemic small business owners in all united states Washington DC and territories are able to apply for an economic injury disaster loan advance of up to ten thousand dollars this advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue this loan advance will not have to be repaid so that's key right there recipients do not have to be approved for a loan in order to receive the advance like I was explaining earlier versus the IDL versus the PPP with the PPP you have to get approved for the loan but the amount of the loan events will be deducted from total loan eligibility so again as I was explaining up to ten thousand dollars as a conservative grant you could technically get accrued for more so you get approved for fifty thousand all this is saying right here is if a thousand dollars of it was conservative grant and you got approved for 50 the loan amount would be forty nine thousand that you'd have to pay back if you decided to take it and accept it and then a thousand dollars is just the grant so that's all that last that part was saying SBA will be accepting new economic injury disaster loan the idea and the idea advanced applications on June 15 so that's what I was saying was the good news as of June 15 so just recently they started taking in new applications now this was something that was offered earlier on when the Quarantine started and the kovat 19 pandemic started where they offer this eid l but i think it lasts by two weeks maybe a month at most where they stopped taking on applications and they basically ran out of funding with this so this just opened up on june 15th where they're taking in new applications so again i'm gonna really quick take you through the application process to help you guys get that thousand dollar of grant money that you don't have to pay back so we scroll down we still have this link right here for the application we're gonna click on that and get started so if you scroll down this is just the eligibility verification before you could even move on in the application process so when you do this definitely read through all of them but most of you watching this that have a small business that are going to be trying to apply for this this first option is going to apply to you and this is applicant as a business with not more than 500 employees if you scroll down there's a review check all the following so if we go through these real quick applicants on engagin and you know illegal activity no principle of the applicant with a 50% or greater ownership interest it's more than 60 days delinquent on child support so I could check that applicant does not present live performances a purely and sexual nature or derive directly or indirectly more than de minimis gross revenue through the sale of products or services we're gonna click no or I mean that that doesn't apply to me I could check that applicant does not derive more than 1/3 of gross annual revenues from legal gambling activities so I could check that applicant is not in the business of lobbying I can check that applicant cannot be state local or municipal government entity and cannot be a member of Congress so I could check that I meet all the criteria so you're gonna want to go through these and check these accordingly but to go on in the application you're gonna want to be able to check all these so from there we could continue on and this is the business information section that we start going out and I'm gonna just put in fake information obviously so for business legal name will go with X Y Z LLC trade name or you know DBA name usually is gonna be the same thing so we'll go ahead and put X Y Z LLC again for that yah n or SSN so employer identification number if you applied for an ein and if you setup and you know through the state as an LLC you'll have it yeah an assigned to you and that's what you would fill in a lot of you know might not have one if you're an independent contractor or a sole proprietor and you could just use your social security number for that so we'll just go ahead and put one two three four five six seven eight nine and an organization type it's a drop-down box so for most of the viewers right now that have their own business I'm assuming most of you are gonna be independent contractors or sole proprietors if you set up through the state as an LLC a single-member LLC you could pick LLC but you're gonna probably pick one of these three options limited liability company sole proprietor or independent contractor for all you barbers and uber drivers in my case with ATMs I set up through the state as an LLC single single-member so I'm gonna enter it as a limited liability company and it's asking if applicant non if the applicant is a not nonprofit organization or not-for-profit organization so we're gonna collect no for that I'm assuming most of you watching this if you do have a small business it's a for-profit the next thing is that kind of franchise so we're gonna put know I'm assuming you most of you know what a franchise in what a franchise is McDonald's is a perfect example of what a franchise is gross revenue for the 12 months prior to the date of the disaster so this is basically your total revenue for 12 months prior to the datas aster or January 31st 2020 so what you're gonna want to do is from January 31st 2020 you're gonna want to go back 12 months and put in your gross revenue for all 12 of those months a lot of you if you don't have acts of that or if you already filed your 2019 tax return it might be easier to just use 2019 gross sales so if you just look at your 2019 return and you already filed if you're an independent contractor sole proprietor you're probably filing as scheduled you're probably filling in your business information on Schedule C on your 1040 so if you look at Schedule C line one is gonna be your gross sales and you can enter that number there for the purpose of filling out this form will just put 10,000 scroll down the cost of goods sold if your business has inventory or goods that you're selling you might have a cost of goods sold number in my case we're gonna put 0 for a lot of you I'm sure it's going to be 0 then you can read through the rest of these and see if any of these apply to you all likely they're not going to and we don't got to fill these out so we're gonna scroll down next part is primary business address we'll just go with 1 2 3 shady Shady Lane I'm just making all this up city is Cleveland Ohio represent zip code okay business phone number business email day business established so uh you know the first year you started your business for a lot of you that you know might not know the exact date if you I incorporated through the state or so it's set up as a LLC through the state you could look at the date that you set that up and enter that or if you applied for an EIN you could use that date if you can't remember the actual date you start the business if you're set up as filing taxes as an S corp or C Corp you could easily just go to page one of your return and it will show you that the date the business started on the return so for this we'll just go with one one 2017 current ownership since so it's basically asking you if it's been the same owner since the date of inception so it has been the same owner since the data of inception and there's been no other owners you could just use the same day business activity this is a drop-down box that gives you different options you're gonna want to scroll through all of them and see if any apply to you if you don't see any that apply to you you could just go with miscellaneous services again for detailed business activity it's a drop-down box there's only few options if none of these apply to you you could just go with none of the below number of employees so with my case in my case with the ATM business I have no one on wages it's just myself I filed my taxes on Schedule C so I would put zero if you're an independent contractor or sole proprietor and you just get paid through 1099 miscellaneous forms non employee compensation you're gonna probably just put zero if you do have your cell phone on payroll or have any other people you know working for you on salary you just put the number of people that are actually on payroll that get wages so from there we could go to next this next part is like is the personal information or owner information the first question is is your business owned by a business entity for me it's no I'm guessing for most of you to know but again don't answer exactly how I'm answering answer accordingly first name with John Johnson mobile number title there's different options we're just gonna go with owner ownership percentage if you're a single member LLC or an independent contractor or sole proprietor you're gonna put a hundred percent if if there was any other partners or any other owners you just put the percentage that you own email address social security number and date of birth place of birth you don't have to fill this out I'm assuming it's asking for city and state so we'll just go ahead and put Cleveland Ohio US citizen yes and then your a home address and then this is the last part of the application again when you're going through this to yourself it's gonna go a lot quicker I'm just kind of explaining stuff as I go so it's taken longer but read through everything make sure you're filling out this stuff accordingly again I'm just filling this out generically with fake information and kind of using my ATM business keeping that in mind as I pull this out and you know filling it out according to how I'm set up so if we go through these real quick in the past year has a business or Alisa donor been convicted of felony or committed during in a connection with a Ryder civil disorder yada yada yada no this is African or any listed owner currently suspended or debarred from contracting with the federal government or see the receiving federal grants or loans no or you presently subject to an indictment criminal information arraignment or any other means by which formal criminal charges are brought in any jurisdiction now so hopefully you guys are able to answer it and no to all three of those questions as well this next part in blue you're gonna leave blank it's asking if any one basically if you had in the county in or if you had your CPA fill this out for you then you would just put their name and all that but leave this blank you guys are gonna fill this out yourself and go through it yourself again this is just kind of a generic quick guide to how to fill it out and what it looks like so if you scroll down the bottom you're gonna want to have this checked I would like to be considered for an advance of up to $10,000 and then the final part is filling in your bank information so you could get the direct deposit I think it takes like anywhere from a week to two weeks before you get it so we'll go with XYZ bank account number routing number it's not gonna give me the green on this because that's not an actual bank and that's not an actual routing number but this is the end of application anyway so no big deal scroll to the bottom and it wants you to certify that all the information is correct so obviously you're gonna want to answer all this as honestly as possible into the best year of knowledge then you could check that box and from there you would hit next and it basically just takes you to the summary page where you could review everything before you submit the application once you're done you just go ahead and submit it and it's that easy again I it takes anywhere from a week to two weeks and you should get that thousand dollar grant that you don't have to pay back deposit it into your account I hope this was helpful and I hope anyone that's watching that does own a small business takes advantage of this and gets on here and actually fills this out now guys I hope you enjoy the video and I encourage anyone watching this that self-employed to get on the SPD website and fill out the application for the Eid off grant immediately before it's too late stay tuned and I'll see you guys soon