 Hello, everyone. Today I'm going to be talking to you about the easiest one thousand dollar stimulus payment you could receive from the government on Tuesday, April the 22nd. The house gives final passage to the 484 billion coronavirus relief bill. So I'm going to be focusing specifically on one aspect of this bill. So one of this money, $660 billion is giving in loans and grants for the small business administration disaster relief fund. And this is the money that I'm going to be talking about. Now it says here $60 billion in loans and grants, specifically of the $60 billion, $50 billion in loans and $10 billion in grants. And what does a grant mean? A grant means you don't have to pay this money back. So let's see who would qualify under that $10 billion. So what should you do? You should go to the SBA.gov. Do not Google it. Just type SBA.gov to make sure you go to the government site because you're going to be inputting sensitive business and personal information. So you want to make sure there is no efficient site out there that's collecting this information. Once you go to the SBA.gov, you want to click on the funding programs. And under funding programs under loans, coronavirus relief options, click there. Then from this site, scroll down from this page and click on the EIDL loan advance $10,000 to be more specific. This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. Click on that because I'm showing you the grant part of it. So it's called the Economic Injury Disaster Loan Emergency Advance. Although it says a loan, part of it is a loan, part of it is an advance. I don't know why they don't call the advance a grant, but that's fine. What they mean by advance, it's a grant, you don't have to pay it back. Okay. So the first thing you're going to see, there's a notice, lapse in appropriation in the government language, lapse in appropriation means they don't have money for this program now. And the reason they don't, because they had money for it, everybody, everyone apply and you don't want to miss this time and the money is gone. However, as I showed you earlier, that the government did replenish this fund with the 448 billion new legislation of which 60 went to this program, of which of the 60, then will be grants. So here's the overview. I notice here, this loan advance will not be repaid. So if you apply for the $10,000 for the Economic Injury Disaster Loan Advance, you could receive up to $10,000. I'm going to tell you real quick, you know, whether you qualify for the 10,000, but at least you can get a thousand. I'm going to talk about the eligibility in a moment. But notice, if you get this 1000 or 2000 or 3000, depending if you have employees at your business, the loan advance will not have to be repaid. Notice here, the advance doesn't have to be repaid. Okay, although it says a loan, it's not, you don't have to repay it. Now, if you got a loan from the 50 billion, which is there's an interest involved in other factors, then you have to repay those loans. But I'm not talking about the loan. If I have to talk about the loan, I have to do a separate recording for that. So let's see who's eligible because they're pretty, they're pretty generous this time about who's eligible for this money. Okay, so the SBA economic injury disaster loan provides vital economic support to small businesses to help them overcome the temporary loss of revenue. This program is is for any small business. Notice any small business with less than 500 employees. This include notice sole proprietorship. You don't have to be a C corporation. You don't have to be an LLC. You don't have to have an official business as long as you prepare the schedule C in the past. And you have a gig on the side and you are working, then you're a sole proprietorship. Therefore, you qualify. If you drive an Uber, if you drive a Lyft, you're a sole proprietorship. Actually, you're an independent contractor. You qualify to qualify under independent contractor and self employed person as long as you are receiving money. Practically, they said apply and will give you the money. Now, it's per employee per one employee. So if you are a self employed, you are considered your employee. If you're an independent contractor, you are considered an employee. If you're a sole proprietorship, you're considered an employee. Now if you and your spouse are working, then you have two employees. Therefore, you would qualify for $2,000. Also, private nonprofit organization qualify veterans organization qualify. So notice they're pretty liberal when it comes to that. So once again, I'm talking about the advance, not the loan because there's advance and there is loan. I want to get you the grant. So you don't have to pay back. You don't have to worry about it. Now I'm going to show you what type of information you will need in order to complete this application because the application is not available yet. And that's why what you should do, you should bookmark the site. I will have the site in the description as well. You should bookmark the site and keep checking the site. So once the application is up and running, complete the application. Make sure you have your banking information so on and so forth. Let me show you real quick. What information are they be asking you about when it comes to this application? So the first question it's going to be something to the effect that check the box that you are applying as an independent contractor or a sole proprietorship because this is the this is who they are helping. They are helping you use your social security if you're applying as an individual independent contractor. Now you may not have an EIN because you know you don't have an official business but it's an independent contractor. Therefore you would use your social security. The form will ask you about your gross revenue for the past 12 months as an independent contractor and cost of goods sold. Now you can estimate what what's going to be. You can estimate this based on what happened in 2019. Cost of goods sold means expenses incurred in the process of providing the goods and the services as a freelancer or as an independent contractor. You just have to tell them what was your revenue and what's your cost. They're going to ask you is your business who owns the business and you're going to have to put 100% owner because as a sole proprietorship it means you have one owner. So if you're a partner in some partnership this is not your application because if you're a partner you cannot own the business 100% 100% percent. It will also ask you the date the business was established. This date is this is the date you start to do a freelance or independent work. Make sure you put something before January 1st, 3031. You don't have to be the exact date. Just estimate because when you started this business you are not planning to apply at the SBA. So you just put an estimate when you started the beginning of the month. For example August 2018, August 2019, whatever. The form obviously is going to ask you about your bank information to direct your to the to make the direct deposit. Make sure you have a copy of your check your routing number bank information. I will double and triple check this information just to make sure you're going to get the money. Okay, you'll need the name of the bank and the routing number. And what I'm going to do I'm going to add a sample check to show you where to look for this information in case you are not familiar with it. For your business phone it's okay to put your cell number. It's not a big deal. Is your business owned by another entity and the answer should be no. Again, if you're a sole proprietorship if you're an independent contractor that's who they are trying to help. You cannot be owned by someone else. In other words, you have to answer no. If you answer yes, then you don't qualify under this program. When the form asks you for the business name just enter your individual name if you don't have a business name. For example, I have far have accounting lectures. I don't use my name because I that's what I put on my schedule. See this is what I'm going to be using. You can ignore the question. If anyone assisted you in completing this application, unless in fact you're getting help. I'm not sure if this is help. If you're if you're viewing this, I'm not really helping you complete the application. I'm giving you information. But again, I'm you know, this is a legal mumbo jumbo. Why would they ask it? I'm not sure. But you know, this is by the way, this video is for informational purposes, not intended as an advice. This way I cover myself. Make sure to check the box that says you want to apply for the $10,000 grant. Look, it's a $10,000. Although it will only be 1000 for independent contractor, but you check that box that says 10,000. So they know you want the money. The application should take 10 to 15 minutes to fill it. That's the estimate based on the prior experience with the first round. It's worth it. Go ahead and complete it. I'm going to show you a sample check to tell you where you should get your routing number, routing number and bank account number. Once again, I will double and triple check those because you want, you don't want to give them the wrong number so you don't get the money. So this is a sample check and this is where you found your routing number. It should be nine digit, three, six, nine. And this is your account number. Make sure don't include the last digits. There should be in parentheses because those correspond with the check number. Now I'll tell you what I do. When I was an auditor, here's what I would do to make sure I'm importing this information correctly because I do a lot of mistakes like this. I will add up my routing number. For example, one plus two plus three plus four plus five. So I'll just make sure the total equal to a certain number. Then I will add it again to make sure I input the right information. So make sure you put the right routing information, the right account number. And do you have to pay this grant back? I know I told you it's a grant. I'm just going to reemphasize this point because a lot of people think, well, it sounds like a loan. It's not. No interest is required. No payment back is required. It's your money. Make sure you apply for it. The government is trying to help you during this coronavirus days. Take advantage of it. What I ask you to do is subscribe to the channel. So when I have a new update, especially if you're an accounting student or a CPA candidate, that's what I do. I provide lessons, but I'm trying to help as much as possible. Stay safe. Good luck. And if you know of a virtual haircut, please let me know I need one so bad.