369. EIDG $1,000 Advance per employee has a very short section you might want to read.

EIDG $1,000 Advance per employee has a very short section you might want to read.

(e) EMERGENCY GRANT.— (1) IN GENERAL.—During the covered period, an entity included for eligibility in subsection (b), including small business concerns, private nonprofit organizations, and small agricultural cooperatives, that applies for a loan under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) in response to COVID–19 may request that the Administrator provide an advance that is, subject to paragraph (3), in the amount requested by such applicant to such applicant within 3 days after the Administrator receives an application from such applicant.

(2) VERIFICATION.—Before disbursing amounts under this subsection, the Administrator shall verify that the applicant is an eligible entity by accepting a self-certification from the applicant under penalty of perjury pursuant to section 1746 of title 28 United States Code.

(3) AMOUNT.—The amount of an advance provided under this subsection shall be not more than $10,000.

(4) USE OF FUNDS.—An advance provided under this sub-section may be used to address any allowable purpose for a loan made under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)), including—

(A) providing paid sick leave to employees unable to work due to the direct effect of the COVID–19;

(B) maintaining payroll to retain employees during business disruptions or substantial slowdowns;

(C) meeting increased costs to obtain materials unavailable from the applicant's original source due to interrupted supply chains;

(D) making rent or mortgage payments; and

(E) repaying obligations that cannot be met due to revenue losses.

--

----------------

Resource Links:

  1. https://www.govtrack.us/congress/bills/116/hr748/text

  2. https://uscode.house.gov/view.xhtml?path=/prelim@title15/chapter116&edition=prelim

  3. https://www.congress.gov/bill/116th-congress/house-bill/748/text

  4. Adding a simple link to follow and then adding a bookmark to make it easier.
    https://www.congress.gov/bill/116th-congress/house-bill/748/text/enr
    https://www.congress.gov/bill/116th-congress/house-bill/748/text/enr

  • Do I have to keep records of what I spend the grant money on?

  • Do I have to use the grant money as it says in HR 748 CARES Act?

  • Do I need to read the US Code the law says to follow?

Research based learning

"Providing resource supported answers."

 Name **
 Email **
 Enter captcha2   

* Your IP address 3.237.71.23 will be saved with your question and used only to prevent spam.

** Please be sure to include your email address and your name if you would like your question answered.

Social Media