This is an update as of April 3rd.

All updates in red.

This is an update only regarding the COVID-19 Economic Injury Disaster Loan (EIDL).

The Small Business Owners Guide to the CARE Act (TSBOGCA) came out yesterday and there was an interview with the head of the SBA.

The other loan is the PPP Loan which is available starting April 3rd.

We have a separate summary of this loan going up today.



We spoke with the SBA and they said that we should receive the emergency grant in our checking account or get an email or other communication from them within 9 business days (April 15th), or if we get nothing by April 15th, we should call 800-659-2955 and give them our loan application number. They were simply unprepared to achieve the 3 day objective. I recommend you be patient for 9 business days after you apply before you bother calling them.




Summary and Compilation March 31, 2020

by Byrd Jessup, President, The Immediate Resource

Note: We have turned our website above into an information center for emergency grants and loans.

Note: This is not legal or accounting advice. I am not a lawyer or a CPA.


The government has just passed a massive stimulus package. It contains generous help for small businesses. To access the emergency cash grant connected with the Disaster Loan, you must apply for the SBA COVID-19 Economic Injury Disaster Loan. This SBA loan is not through a bank but is applied for directly online. This loan gives you an emergency advance (grant) of up to $10,000 just for applying.

If you are disapproved, you still get to keep the grant. Per TSBOGCA “The advance does not need to be repaid under any circumstances.”


1) No personal guarantee for loans under $200,000.00 and easy, streamlined approval process with relaxed requirements.

2) If under $25,000.00, there is no collateral required and minimal paperwork.

3) Fixed interest rate of 3.75% maximum and payment of up to 30 years. Per interview with the head of SBA on April 1st, this interest rate may be lowered.

4) No payments at all until 12 months after the crisis is over.

5) Emergency advance of up to $10,000.00, which does not require repayment even if you are disapproved, which the SBA must distribute within 3 days. Not 3 days - see above.

When applying for the EIDL (Disaster Loan), you will be prompted at the end of the application to request an emergency advance of up to $10,000.00. Per the new law, this must be sent to you within 3 days and it goes directly into your bank account. Not 3 days – see above.

6) You can use these funds for any business expenses – rent, utilities, payroll, vendor bills, loan payments, etc. You can be heavily penalized if you use these funds for personal expenses or debt and would be in legal trouble, so be honest and use these funds for your business.

7) A loan officer (at SBA) will determine your needs based on projecting your expenses for a number of months, based on the information that you provide. When they contact you with an approval and an amount, you will be able to reduce the amount if you wish. Credit standards have been relaxed and most will be approved.

8) The primary information asked for is: 1. What were your gross sales for the year from Feb 1, 2019 through Jan 31, 2020. 2. What was your cost of goods sold for the same time period. Definition – Cost of Goods Sold is what you paid for your merchandise plus what you paid in freight to get it to you.


Any business less than 500 employees.

Sole proprietorships, even with no employees.

Nonprofits (they get 2.75% interest rate).

All 50 states and U.S. Territories.

Must have experienced some type of economic injury due to the Coronavirus.

You must have been in business on January 31, 2020.


· Gather the following information before going online to apply for your loan and request up to $10,000.00 emergency advance (grant):

1) You will need your gross (total) sales for the twelve months that ended on

January 31, 2020. The time period is from Feb 1, 2019 through Jan 31, 2020.

2) For the same time period (Feb 1, 2019 – Jan 31, 2020), you will be asked for your cost of goods sold.

3) You will need your checking account information.

4) You will need your business EIN Number (this is the number that is on your business tax return) or Social Security Number if you are a sole proprietorship.

5) You will need the number of employees that you had employed on January 31, 2020. If you had zero employees, put zero. If you are a sole proprietor with no employees, put zero.

Once you have gathered this information, you are ready:

· Do the 4-page application on line. Go to

· Tips for entering information into this site: This website does not accept commas or dashes (-) or decimal points. It will auto-fill when you go to the next item. Also be sure to round off your numbers to the nearest dollar. Example: Do not enter 1234.49 – just round off to 1234, which means $1,234.00. The site will add in the comma when you move on, and it will say 1,234.

On the 4th page, you will be invited to request the emergency advance of up to $10,000.00 as part of that loan application which should be sent to you within 3 days.

· “The advance does not need to be repaid under any circumstances.”

· Head of SBA said on April 1st that whether you get the whole $10,000.00 would depend on the size of your business. He said 10 or more employees would definitely get the entire $10,000.00.

· When your loan is fully approved, you will receive the approval with an amount that has been calculated for you. If you want less, I am sure you can ask for less.

· Your payments will not start until 12 months after the disaster is over. you will have many years (up to 30 years) to pay back the loan at a fixed 3.75% interest rate.

· You will not have to pay back the emergency advance of up to $10,000.00. It is referred to on the website as a grant. Ten billion dollars was just authorized for small business grants. Act quickly so you don’t miss out.

For a 13 minute video explaining the various options,

go to

NOTE: Today, April 3, 2020, is the first day you can apply for the other loan, which is called the Paycheck Protect Program (PPP) Loan, which you apply for through a bank or other financial institution. I will have a whole summary and compilation of this loan that I will send out by email and put up on my website. I will try to have a video on the PPP loan by this weekend.