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
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interested in this book which by the way is free we're giving away this book for
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free book just pay the shipping will show exactly how we were able to buy 75
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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