If a business has received both the EIDL and PPP funds, EIDL funds cannot be used “for the same purpose” as the PPP loan. The CARES Act SBA EIDL program is currently closed, and is not accepting new applications. In 2020, the EIDL grant was limited at $1,000 per employee up to a maximum of $10,000 per business. In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an EIDL advance of up to … •Small businesses •Small agricultural cooperatives •Small aquaculture businesses EIDL Grant Notes The CARES Act EIDL $10,000 grants are different than the normally-available SBA EIDL loans. Then it got funded again but when calling about my original application, they told me they had no record of it. SBA’s Working Capital Disaster Loans are Different from Other SBA Loans West Virginia District Office. Are you wondering about PPP and EIDL accounting? This article will go over the EIDL process so you can better advise the clients that need it most. Then I applied for and received a PPP loan of 14k. You can plug in your weekly income for 2019 and 2020 and identify certain time frames that might meet the 8 week 30% economic loss test. The SBA is launching a new round of economic injury disaster loan (EIDL) Advances – called Targeted EIDL Advance – which provides eligible businesses with $10,000 in total grant assistance. In regards to EIDL Advance (grant of $1000 per employee), if it was considered taxable, you should be receiving a 1099-G document indication the taxable amount in Box 6. Small businesses, small agricultural cooperatives and most private nonprofit organizations located in a declared disaster area and which have suffered substantial economic injury may be eligible for an SBA Economic Injury Disaster Loan (EIDL). The SBA is launching a new round of Economic Injury Disaster Loan (EIDL) Advances – called Targeted EIDL Advance – which provides eligible businesses with $10,000 in total grant assistance. PPP and EDIL Accounting Confusion At the stroke of midnight December 31, 2019, I toasted the new year and dreamed of better days. The PPP loan is either Other Income if you expect it to be forgiven (most cases) or a Long Term Liability if you expect it to have to pay it back. The EIDL grant should be classified as Other Income. I’m not an accountant, but a business owner who received an EIDL Advance, a PPP loan that was forgiven and a City Grant … an EIDL for this disaster, but the loans cannot be consolidated. You can use this tool to get an idea of if you had a sufficient economic loss to qualify you for the targeted EIDL advance or grant. What businesses are eligible to apply? Other Money – EIDL Grant $10,000 The forgiveness is automatic and thus is considered other income when received as the EIDL advance is considered a grant, and not subject to repayment. Well, you've come to the right place. Little did I know that COVID-19 would rattle us all. In 2021, eligible businesses that received a partial grant for less than $10,000 can apply for the difference. Recording the grant or PPP loans as Other Income in Quickbooks Online is easy Below I provide you with accounting alternatives for these COVID-19 related funds. Targeted EIDL Advance Economic Loss Tool. The SBA EIDL loan should always be recorded as a Long Term Liability. EIDL Loan Overview. I applied for the EIDL grant, was told they ran out of money. A couple months went by and then all of the sudden I received notification that I have been approved for a $10k EIDL loan. With accounting alternatives for these COVID-19 related funds, and is not accepting new applications EIDL.. 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