SBAD TREAS 310 Loan Advance

Wondering What Your Recent Deposit From SBAD TREAS 310 Is?


Plenty of small business owners over the United States are wondering what their recent ACH deposit from SBAD TREAS 310 is from?

The answer

It’s your EIDL loan advance.

Do We Need To Pay IT Back?

No, the SBAD TREAS 310 Misc pay is an advance or “grant” from the small business administration and is part of the economic injury disaster loan.

The problem is that many questions about the SBA don’t stop at just the deposit from SBAD TREAS 310 MISC. We compiled a list of questions for you and provided the answers using this table below.

Common Questions About SBA Loan Options In 2020.
What’s the difference between the EIDL and PPP?
Will the EIDL affect my unemployment?
Can I use both EIDL and the PPP loan?
When will my EIDL loan go through?
What can I use my EIDL grant for?
How much will my EIDL loan be?
Do I need to pay back my EIDL grant?
What if I don’t want the loan portion?

How Much Will MY EIDL Be?

Use this calculator to determine your approximate EIDL loan value.

Want to see how you can use your EIDL advance to increase your business?


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The economic injury disaster loan is an loan from the SBA to off set financial hardships due to the recent pandemic. If your business has recently applied for the SBA’s EIDL, then this recent ACH deposit from the name of “SBAD TREAS 310” is your advance from the SBA. This advance does NOT have to be repaid.

However, the loan that follows will have to be repaid.

What Your ACH from SBAD TREAS 310 May Look Like

SBAD TREAS 310
An example of what your ACH from SBAD TREAS 310 might look like

As you can see above, a recent deposit for the amount of $1,000 confused our business just as much as all of you.

Do I Need To Pay Back My EIDL Advance?

The answer is no.

The deposit you received that reads “SBAD TREAS 310” is only an advance. Some people are calling this the EIDL “Grant” as it does NOT have to be paid back. If you have received this deposit, then the rest of the loan will follow in the next coming weeks.

An EIDL loan however you do need to pay back with interest. Interest rates are fixed at 3.75% or 2.75% for non profits. These loans have a payment time frame of 30 years, available in all 50 states of the United States and have no pre payment penalities.

Most business owners confuse the difference between the EIDL loan and it’s advance, The advance is a one time deposit from the SBA that is a rapid banking deposit to help off set financial hardships brought upon by the recent pandemic.

The advance can be anywhere from $1,000 to $10,000. Most small business owners have seen a recent ACH deposit from the SBAD TREAS 310 payment ID for a total of $1,000.

Difference between EIDL “Advance” and “Loan”

EIDL Grant

Many people are confused and wondering if this deposit they got is their actual loan. It’s not. It’s only the advance of the loan Here’s the difference.

The EIDL Advance

The EIDL advance or EIDL grant is actually free money from the government to help offset the financial hardships due to the recent pandemic. The advance is deposited first, then the loan is to come afterwards.

The EIDL Loan

The EIDL loan is the actual interest paid portion the funds you will be receiving. Like stated previously this portion of the loan DOES have to be paid back with interest. Most people are wondering if they need the loan and if they don’t, can they just not apply for it?

Unfortunately, you need to apply for the loan in order to get the advance. However, you can pay off the loan immediately once it is deposited with no pre payment penalty.

Difference Between EIDL and PPP?

Most people are asking us what’s the difference between the EIDL and PPP loan? Well there is actually a big difference and it’s important to know the functions of both.

Simply put, the economic injury disaster loan is for business expenses whereas the PPP loan is for payroll expenses.

Economic Injury Disaster Loan

The economic injury disaster loan is just what it sounds like. A loan provided to business owners that is meant to help during some type of financial hardship caused by an unforeseen set of events.

This loan, while backed by the SBA ( small business administration ) is also funded by the federal government for the economic hardship of 2020 due to the recent pandemic.

This loan notoriously is attached to an EIDL advance or EIDL grant as some are calling it. This grant has been made available to business owners around the United States via rapid checking account deposits and does not have to be paid back. However, the actual loan portion does, at 3.75% interest.

Payment Protection Program

The payment protection program is another economic aide loan, funded by the United States federal government.

However, this loan has a purpose which solely consists of helping business owners keep their employees by offering funds to make payroll and keep their operations running.

The payment protection program offers approximately 3 months worth of payroll in the form of a loan. This loan is given out by a list of 250 approved lenders and has a great clause stating that if you use at least 75% of the loan for payroll purposes then it will be 100% forgivable in the future.

That means if you get a loan of $10,000 and use at least $7,500 of that loan for payroll, you will have the ability to have the loan forgiven and not have to pay it back.

Can I use The EIDL and PPP Together?

The answer is yes.

However, we highly recommend consulting with a tax professional to see what the implications of using both loans together in regards to next years tax season, deductions, and claims.

Typically, the EIDL is used primarily for business expenses which does include payroll. However, the PPP loan is used for payroll purposes only and should stay as such.

If you have received both loans we might suggest using the EIDL for things such as products, rent, bills, and materials and the PPP loan for payroll towards employees.

Will the EIDL or PPP loan affect my unemployment?

If you have received the EIDL grant or advance and are wondering if it will affect your unemployment status then you are definitely not alone.

Unfortunately, because every state is different and these programs are being changed and distributed at such a high rate, we highly encourage to contact your states department of labor to get confirmed answers.

When Will My EIDL Be Deposited?

Although the answer for this is unsure, we have seen loans be processed about 14 to 21 days after receiving the EIDL grant on average.

Word has been going around that some have received their loans, some have not, and some have already gotten their advances weeks ago along with their full loan amounts.

In the midst of this financial hardship it can be tough to wait for a loan that has no sign of coming in. However, if your advance has been deposited, this means the SBA has received your loan application and the funds will hopefully be delivered shortly.

Can I Deny the Loan Portion Of The EIDL?

Yes.

when the SBA emails you a confirmation of the loan approval and issues portal access via their website you can do the following.

  • Do not login to the portal
  • Wait 10 days
  • The SBA will then dissolve the loan process and abandon your application

At this point you can keep the advance payment you received and have no issue with loan repayment.

How To Apply For The EIDL Grant

Time needed: 1 day.

Applying for the EIDL grant.

  1. Fill out the EIDL loan application

    This will require some basic business operating information as well as ownership information.

  2. Await the grant deposit labeled as “SBAD TREAS 310”

    This is the “grant” that people are talking about and does not have to be paid back

  3. Await the actual EIDL loan

    This is the portion of the loan that comes after the grant and has interest attached to it. Pay it off immediately with no pre-payment penalty if you wish and enjoy your grant!

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Looking to take advantage of these changing times and find a new way to increase your business?


547 thoughts on “SBAD TREAS 310 Deposit”

    1. Daniel Jurkowitsch

      3.75% Interest at a fixed rate and 2.75% for non profits. Usually you should be guided by an email from your funds provider on how to pay it back.

      The advance is forgiven so there is no need to pay that back. However, if you have received the full loan amount I would be guided by your funds provider. The SBA EIDL loan and payment protection program is all put together rather quickly due to the last stimulus bill so payment options and instructions may be slow to roll out.

      If you need help don’t hesitate to email me at Dan@Bumpitmarketing.com

      Thanks and be well!

      1. Alex Frantchuk

        What if you originally thought you would need the loan however ended up not needing it. Who do I contact to return funds?

          1. I don’t remember asking for anymore than the $10000….was that an option? I got that much and am not expecting more…could I have missed something on the application requesting more?

          2. Daniel Jurkowitsch

            The SBA approves and sends you a loan amount based on your business expenses after the advance goes through. IF you don;t need it then just pay it off when it comes in with no penalty. Hope this helps!

          3. Isaac Prince

            Hello just received the $1000 deposit. How do I find out my full loan request?

          4. Daniel Jurkowitsch

            The SBA will contact you but they are running over capacity right now to be patient is all we can do for now

          5. Hello –

            Found out I really don’t need the second loan that needs to be repaid.
            How do I pay back the second loan when it arrives?
            Who do I mail the payment to? Thanks much.

            Karri

          6. Daniel Jurkowitsch

            The SBA has not given those instructions yet but I imagine they will soon. Hope that helps!

          7. Vikramjit singh

            Hi Daniel, I got this email this means they turned me down please let me know thanks and you are doing a great job

            SBA Logo

            Dear Applicant,

            You are receiving this message as a notification that your Economic Injury Disaster Loan (EIDL) and EIDL Advance application will not be considered at this time. As of May 4, 2020, new applications will only be accepted from Agricultural Businesses due to the availability of appropriations and the unprecedented number of applications SBA has already received for the EIDL COVID-19 program.

          8. Daniel Jurkowitsch

            Vikramijit,

            That is absolutely unfortunate I am so sorry. The Heroees act bill however just passed and is awaiting approval from senate and executive signature. I highly doubt the bill will make it that far but the revised version after it is vetoes I am sure will have more funds available to small businesses so hopefully at that time your loan will be re considered. Be well!

          9. I got the grant but how much is the actual loan? And does that get directly transferred to my account? If I dont use any of the loan and pre pay it off do I not lose any of the grant money or just any money in general? I recieved the grant a month ago but haven’t received the loan which I dont actually need.

          10. Daniel Jurkowitsch

            The loan is calculated by the SBA itself and is typically 3x your monthly business expenses. You will not lose the grant if you pay the loan off immediately. Hope that helps!

        1. Vincent Vitrano

          You will never again be able to have a loan for ordinary business expenses at such a great rate. In my opinion you should use the money to further your operations or to build them up so next time there is an economical depression or pandemic, you wont need to do this again. It is the best money and rate you will ever get for business practices. A blessing.

          Hope this helps.

          1. Daniel Jurkowitsch

            Very very true!!

            Unprecedented times for sure. Spend it on ads and marketing because right now that’s the cheapest form of biz dev since no one is bidding for it.

      2. Hello… I recieved a deposit of 1000.00. Is that the total amount we will receive or just an initial deposit? How do we know? Thanks for any help.

          1. Jeremy Lee Morrison

            I have a question, can you still file pandemic and get the 1000, advance and loan? And how to find out how much loan is for? Thank you

          2. Daniel Jurkowitsch

            The SBA determines the loan amount.

            Also what do you mean by filing for pandemic?

            If that’s the pandemic unemployment then yes.

            Hope that helps!

          3. I will not need the remainder of the loan. Do I just return it all9,000? when it comes ?

          4. Daniel Jurkowitsch

            It may be more than $9,000 but yes you can return it when it comes if you do not need it.

          5. I was under the impression that we would get a grant of $10,000 when we applied for EIDL with SBA. Instead, i got $2000. Can anyone explain that? Thank you.

          6. Daniel Jurkowitsch

            The SBA changed the rules mid way through since they were running out of funds. They decided to issue $1,000 per employee registered on your payroll. Only companies with 10 or more employess received the 10k

          7. How long does it take for approval of the loan after you have approved of tge loan amount and verification of your idenity?

          8. how do we know where to pay off the loan if it does get sent to us?

            If we wait the 10 days to avoid the loan, will we get a follow up email?

          9. Daniel Jurkowitsch

            You will get a follow up email if you do not accept, yes. The SBA sends you a portal access once your loan gets approved.

          1. Daniel Jurkowitsch

            Not sure but the SBA calculates it typically at 3x your monthly business expenses

          1. If I got the $1000 advance does that mean I am approved for the loan or can I still be denied?

      3. Thanks so much for all of the very valuable information you have been providing. Genuinely appreciated.

        I have a a question. I applied for the PPP loan through my bank who handles my business and personal banking. I was first advised by the bank I was approved and they were waiting on a number to assign to the loan to disburse. Then someone from out of no where working at the bank and looking over my information told me I would need to submit additional documentation?

        They explained they just learned that I was an S-Corp with minimal employees who all are paid with 1099 and who handle all of their own business expenses and their own taxes. We consult and rep building materials for manufactures in the US and Canada. The individual that came back to me for the last time advised because I was an S-Corp and he no W-2 for my independent employees and because I use 1099’s to pay my employees that the SBA wouldn’t approve me? Everything I have read on line related to S-Corp and applying would definitely be able to use 1099’s as prof of pay instead of payroll or standard W-2’s? I haven’t been able to get them to listen to me even when I provided SBA documents advising opposite from what they were informing they wouldn’t be able to offer anything additional?

        I’m curious with all of the other advice you have been offering if you had any information or could suggest something different for me if they are indeed mistaken? My local branch just refers me to their corporate office as they are doing all the loan processing. Just curious because it seems they are somewhat uninformed?

        Thank you

        1. Daniel Jurkowitsch

          It sounds like your bank is a little confused about the qualifications as your are absolutely correct.

          I would apply for PPP through another lender by opening up an account with them.

          Hope that helps!

        2. jOE:

          MY BUSINESS IS ALMOST EXACTLY LIKE YOURS. I APPLIED THRU MY BUSINESS BANK; I AM AN S-CORP; ONE PART TIME EMPLOYEE; ABOUT 20 1099 SUB-CONTRACTORS; I GOT MY PPP LOAN ON THIS SECOND ROUND. KEEP AT IT WITH YOUR BANK, BUT ALSO FIND ANOTHER BANK OR LENDER. YOU CAN FILE MORE THAN ONE APPLICATION, BUT YOU CAN ONLY GET ONE PPP LOAN. HANG IN THERE.
          ARMANDO

      4. I received the $1000 but wanted to know if I could still file for unemployment.. I only been in business for two year could only pay myself a small check

        1. Daniel Jurkowitsch

          You can still file but I would contact your state department of labor to get more information.

          1. Katrina Mccant

            my funds were sent to my old account that’s not open so the account sent the funds back will the SBA send funds back to me in corrected account?

          2. Daniel Jurkowitsch

            You will have to contact the SBA as well as your bank to get them to re route the funds to the direct account

        1. What does the eidl bank transaction look like for the eidl loan As i have seen ” sbad treas 310 misc pay” means advance of the grant that does not have to be paid back. The listing of the transaction on the bank statement is what is confusing. Can anyone clarify.

          1. Daniel Jurkowitsch

            It’s the ACH credit name that the SBA transfers funds into your account from. Hope that helps!

          2. James Campbell

            I made a mistake and put my business name where account holder’s goes and bank sent funds back. I got it corrected with sba. How long does it take funds to be sent back

      5. Hi Daniel I got my $1000 on may 5th is been almost a month ,that means I’m not getting the actual loan?

        1. I just spoke to SBA help line. They told me the advance being deposited is definitely not an indication that the loan was approved, only that they have started processing your application. Can you help to clarify what is correct?

          1. Daniel Jurkowitsch

            That is technically correct however the SBA will approve loans was long as morning disqualifies you.

            – Current judgements
            – Previous felonies
            – Current bankruptcies
            – Current outstanding precious EIDL loans

            Hope that helps!

          2. Paula Sargent

            I need the helpline number..having trouble finding it..do you have it on hand

        2. Ronald hunter

          So I received the advance of $1000.00 today. That means I can expect $9000.00 to follow into my bank account?

          1. Daniel Jurkowitsch

            No the remaining $9,000 is just the test of the advance that you COULD have been approved for.

            The actual loan will follow and that has a limit of 2 million. Hope that helps!

          1. Daniel Jurkowitsch

            If the loan approved then yes. Most are getting approved very easily with the exception of some with things that disqualify them

      1. Daniel Jurkowitsch

        Advance was the amount that you got deposited in the name of “SBAD treas 310” but the loan is calculated by the SBA upon approval.

    2. This is incredibly confusing and misleading. Do I need to pay this back with interest or not. I’d like a simple answer please. If I need to pay this back with interest I do not want it. I do not want to pay interest. If paying interest is required how do I send it back before the interest begins to accrue? Please advise.

      1. Daniel Jurkowitsch

        So sorry but the SBA puts out very confusing instructions. We try to clear it up as best we can.

        – The “advance” you received does not have to be paid back.
        – The loan that follows will need to be paid back at 3.75% interest if you are approved and the loan is processed.
        – The payment portal is not setup yet by the SBA but hopefully will be soon.

        Hope this helps!

    3. I work at a bank and have seen a couple of these deposited into personal accounts. It’s a red flag since the customer doesnt have a business acct with us but still received the money. Does it matter?

      1. Daniel Jurkowitsch

        As of now it does not matter but I would imagine it will be an issue come next tax season. the SBA is making it up as they go unfortunately.

      1. I have received the grant about a month ago today, should I still wait for my loan amount? Thank you so much.

    1. I got an email saying my loan was denied, but I was approved for a grant. No funds are in my account.
      Confused?

      1. Daniel Jurkowitsch

        I would call your bank to see if an ACH was denied for any reason. Even if you’re denied the loan you still get the grant.

    1. It says your first $1000 does not have to be paid back. It’s an advance that’s free. The rest that’s coming has to be paid back with a small interest.

    2. Is this loan being converted to the PPP which can convert to a grant if used properly? I received the advance but believed I had applied for the PPP loan….?

      1. Daniel Jurkowitsch

        Both those loan apps are different. Many people in this confusion applied for both not knowing which was which. You might recieve both in the next coming weeks.

          1. Daniel Jurkowitsch

            Yes it is ok but it may effect future loan forgiveness terms depending on what the SBA decides to do

      2. John Christian

        Hello,

        Recieved the 2000.00 initial check. If self employed with wife and I as only employees do we need to pay back or can it be applied for our wages?

  1. We applied for this loan in early March. So by receiving the advance we assume that the SBA loan has been approved.. In the interim, we have also applied for a payroll protection SBA grant loan with several lenders. Should we continue with these applications.

    1. Daniel Jurkowitsch

      Yea if you have received the advance then the SBA is currently processing your EIDL loan.

      You can use the PPP loan in conjunction with the EIDL loan they just cannot be used for the exact same business expenses.

      If you applied witj multiple lenders then I wound advise to wait for the first one to approve you and submit the funds, then contact the other branches or institutions and notify them that you have already received the loan from another lender.

      Hope this helps!!

          1. I received a $7,000 deposit and this is the advancement? it is the first non-descriptive deposit in my account and can’t reconcile it. DIdn’t receive an email either. So this doesn’t have to be paid back and there is more to come?

          2. Daniel Jurkowitsch

            Doesn’t have to be paid back and the loan will be processed right after. Hope that helps!

          3. Kevin nguyen

            I received $1000 to my bank account ! Please tell me is that I approved for the sba loan ? If so when the rest will be deposit to my account ?

          4. Daniel Jurkowitsch

            This means the loan is being processed and from our anecdotal evidence almost everyone is getting approved for the loan

      1. If you are independent contractor and received the 1000 SBA advance will you get the loan? Do you have to spend the Loan on specific things if received?

        1. Daniel Jurkowitsch

          Yes you will still get it. You’ll need to spend it ok business related expenses only

          1. Daniel Jurkowitsch

            That is unknown at this time but I would error on the side of caution for that. I would suggest using the funds as “business expenses” and if that includes amenities you need for your business to survive then that would count, but just paying yourself as a self proprietor may be risky. Hope that helps!

          1. David passanise

            We received the PPP loan.
            If we use 75% for payroll expense and 25% on Rent & Utilities is does not need to be paid back. It needs to be used within eight weeks of date of loan disbursement. I think the interest rate is 3% on any money not used for payroll rent and utilizes.

            We also applied for EIDL and received the ten thousand dollar grant. Now just waiting for approval and amount from SBA.

        2. Jenny MacHart

          Thank you for this valuable information! I received the SBA advancement today as well as the ppp loan. Im unsure as what to do with the PPP. Will they send you a bill to pay this off and will there be a pre payment penalty for the PPP? I didnt even think I would get either one and they came on the same day! Im so confused as which one is better to utilize if I do get the rest of the SBA and which one I should pay back immediately. Any help would be appreciated!

          1. Daniel Jurkowitsch

            the PPP loan is payable back to the back lender that gave you the funds and processed your application. It acts just like a regular loan.

            the advance does not have to be paid back. However, if you get approved for the EIDL loan which is attached to the advance then that will need to be paid back at 3.75% interest and instructions will be given by the SBA when that time comes. hope that helps~!

    2. Just received 4k loan advance. Is the entire 4k of the advance forgivable or just the first 1k of it?

  2. I have received my $1000 SBAD ACH to my account. My understanding is that there is more to come. Are there guidelines to how the monies can be spent?

    1. Daniel Jurkowitsch

      Yes this is the advance that is attached to your loan application. The money to come is the actual loan which holds a 3.75% interest level.

      The loan can be used for any business related expenses.

      However, they cannot he used for any extensions on physical buildings, re finance purposes, or bonuses.

      1. What does extensions on physical buildings include? Does it include if we are to spend these funds for our fixer-upper portion of our business? Or does it mean that I can’t add a sun-room to an existing house that we are working on?

        1. Daniel Jurkowitsch

          It means you can’t use the funds for your business location renovations. IF you’re a contractor and doing work on others homes’ then this rule doesn;t apply

    1. Daniel Jurkowitsch

      At this time it is unknown if the SBA will ask owners for “proof” do to say.

      However, if there is ever a choice to have part of the loan forgiven you will definitely want to use the money for business related expenses only.

      Also to note – some personal expenses can be justified as business related if you word it correctly with your tax professional.

      Example : Working from home and laying for Internet, a new laptop, etc

      1. I am self employed . If I use my PPP loan toward my income and pay myself can I not file for unemployment when it becomes available? Should I just pay the loan back right away?

        1. Daniel Jurkowitsch

          If you use PPP for yourself then I cannot imagine you’d be able to file for unemployment as well.

          I would file for unemployment and stick with that and use the grant for any other expenses.

          Hope that helps!

          1. Can you verify that applying for unemployment will not be affected by the EIDL Advance/Loan?

            It seems by logic that a loan shouldn’t disqualify you for Unemployment compensation, since a loan is to be paid back. And the advance, if it were simply just $1000, shouldn’t disqualify you since it is will underneath what you’d qualify for in unemployment weeks of benefits.

            Have any info besides contacting our states? As it is almost impossible to reach someone who knows this.

          2. Daniel Jurkowitsch

            I cannot verify no but my opinion is that it will not. However this entire process is being slapped together by federal and state governments so it really is best to contact the department of labor and confirm. I would hate to give bad information and cause issues for some. Thanks!

    1. Daniel Jurkowitsch

      Yea that means the loan is still being processed.

      The SBA factors in many variables in determining your loan value do it is tough to say.

      Yes the loan comes with no pre payment penalties if you decide you no longer need the funds.

      Hope that helped!

      1. Can you please clarify this a little more? If I decide I do not need the loan after receiving the advance, can I opt out without penalty?

          1. Will we receive an email regarding our loan once it comes? – How will we know who/where to send back the loan money if we no longer need it?

          2. Daniel Jurkowitsch

            I am assuming the SBA will definitely need to send some type of confirmation email. Others have said they did receive an email before the loan was deposited.

            the SBA will give instructions for when and where to repay the loan once it comes through. Hope that helps!

        1. Need some clarification about the Grant versus Loan. It was my understanding that
          there would be no penalty for applying for just the Grant.

          1. Daniel Jurkowitsch

            The application for the grant attaches you to the loan app. The SBA unfortunately put this together very quickly and it’s messy. Hopefully soon we all get clarification. Hope that helps!

    1. How does it work if I need to use the money to catch up on household expenses? My husband has been having to pay my monthly lease and utilities to keep my business afloat due to my hair salon being forced to temporarily close down due to being deemed “non-essential”. Can I use some of my loan to pay him back? Thanks for your time!

      1. Daniel Jurkowitsch

        If you can prove that paying him back is a business expense then yes. I would consult a tax professional to maybe set up some type of official invoice from him as to show its business related pay back.

  3. I received an advance for my business yesterday like many others, however my wife who has a separate business saw the advance pending and then a few hours later it was removed from pending at our bank and now there is no trace of it. We also had a credit report pulled. any ideas as to why the SBA pulled a Indian giver deal on her?

    1. Hi Pete. Indian giver is a very racist term for many reasons. But the worst part is, it’s not even factually correct. When European colonists and explorers came to the Americas, including Columbus, they enslaved and slaughtered the Natives. An entire civilization almost completely wiped out in the name of capitalism and religion. For a good detailed read on this, I suggest the first chapter of A People’s History of The United States by Howard Zinn. Also feel free to reach out to me directly if you have any questions about this. Take care and stay safe out there!

      1. If I applied for the EDIL when our spa got shut down and now I have decided not to reopen my business (Im an independent contractor) am I still eligible for it as I was hoping to use the funds as income I lost for not being able to take clients?

        1. Daniel Jurkowitsch

          Yes the income can be used to pay yourself but in the form of a salary only, not a bonus.

          I wound suggest applying for the PPP loan and using those funds for that if you can wait.

          If not consult your tax professional and see what the implications of both options would be

  4. I received the advance as well, happy to see this but also unexpected as I did not receive a email or letter. I believe I applied for the PPP, is the EIDL the same thing? Is the EIDL possibly forgivable as well so long as used for approved expenses?

    1. Daniel Jurkowitsch

      The PPP and EIDL are different loans. PPP loan is processed by a bank and used primarily for payroll whereas the EIDL loan is processed by the SBA and used for general business expenses.

      The PPP program is forgivable in some cases up to 75% if actually used for payroll purposes.

      The EIDL loan is a loan at 3.75% interest. However, the advance from the loan is separate and does not have to be paid back courtesy of the US government.

      Hope that helps!

      1. So I just received a 2,000 advance. I didn’t hear anything back when I applied over a month ago so I told my employees to file for unemployment and I did myself.. I got approved and payments were issued then said they were reversed. I never received any money. But my employees did receive theirs. We needed to live all of us were struggling and have children to care for. I’m afraid to use this advance because I will not be able to pay it back! Any advice on what o should do?

        1. Daniel Jurkowitsch

          That advance does not need to be paid back please use it if you have to you’ll be fine.

          Hope that helps and hope everything works out

      2. Hi, are you sure it’s accurate that up to 75% of the PPP loan is forgivable if used for payrolls purposes. I think you may be mistaken. I believe that it is up to 100% forgivable, provided that not less than 75% of the proceeds are used for payroll purposes.

        1. Daniel Jurkowitsch

          From what I have read from the SBA it is only forgivable at 75%. This was from a few weeks ago when the initial web pages and documents were released so you may be correct in that information that it could be completely forgivable.

          However, I do not want to say it’s definitely completely forgivable until I know for sure

          1. From a webinar with a PPP loan specialist (Lumen Network) that I saw today, the entire amount is forgivable (100%) if it is spent on payroll, utilities, or rent. 75% is the MINIMUM portion of the loan that must be spent on payroll to have it be forgiven.

          2. Daniel Jurkowitsch

            Yes this is correct I have learned this too this past week. thanks for the update!

        1. Daniel Jurkowitsch

          I have heard of them depositing to cash app, yes. However I cannot confirm if they do in all instances

    2. I reviewed the $1000 but know don’t need it as I was able to collect unemployment thru the cares act so I can manage .Im an independent contractor I’m not sure how to give this back as I’m receiving and staying on unemployment

      Nicola

      1. Daniel Jurkowitsch

        Keep it in your account until the SBA contacts you to find out how as they haven’t discussed this yet.

        Hope that helps!

    3. I found the e-mail in my spam folder after I was shocked by the $1000, I thought my rent check hadn’t cleared until I was able to look in to it more lol

        1. Daniel Jurkowitsch

          The rest will be in the form of a loan with interest. The advance is usually based upon the amount of employees within your business

  5. I originally applied online for EIDL loan advance. I got an application # back.
    I then applied for the PPP loan.

    I received 2k for advance. I than received the PPP thru my bank SBA application.

    My question is that when I did loan advance they SBA online it did not ask for any loan amount.

    Do I need to go thro a bank or lender for the EIDL full application for longer term full loan?

  6. I was surprised to receive the pay advance 2 days ago with no warning whatsoever. Will this loan affect my chances of getting the PPP forgivable loan?

    1. Daniel Jurkowitsch

      No it will not. However you will need to prove that the funds from PPP are used for payroll purposes. Hope that helps!

  7. I received a deposit of $8000. No email or paper or any such communication. I have applied for PPP. I have completely lost track of which application I completed that would have generated this loan/grant! Can you tell me what/where this would have originated? Thanks so much!

        1. Daniel Jurkowitsch

          Yes a loan is being processed for you as long as you qualify which we’ve seen almost everyone qualify for so far

  8. I received the $1000 SBAD ACH to my account from the $10,000.00 I applied for. This is the only government product I applied for and have no intentions of applying for anything else. Is it a guarantee I will receive the remaining $9,000.00. I thought I saw on the application that this $10,000.00 was a grant and did not have to be paid back???

    1. Daniel Jurkowitsch

      No the advance is being called the “grant”. The advance is up to $10,000. so you’re $1,000 is all the SBA has given you in regards to funds that do not have to be repaid.

        1. Daniel Jurkowitsch

          You will not get the other 9k because the 10k was just a limit as to what the advance can be. You will receive a loan for a calculayed amount based off of 3x your monthly business expenses in the next coming weeks

      1. hello there. I am browsing through your feeds and they are very informative. With what Tony is asking, your previous thread mentioned that the 1,000 could be the first phase of the deposit. Does that mean the 9K will hopefully be deposited in the near future? meaning the 9K is what needs to be repaid or proven the monies ARE spent on business related items so it can be forgiven.? I am assuming they will let us know in the future what documents they will need.

        1. Daniel Jurkowitsch

          Angelo,

          The other 9k is irrelevant because the 10k was just a “limit” as to how much of an advance you can get. The actual EIDL loan limit is 2 million. Your loan will be calculayted by the SBA and deposited after they get their operations together haha

      2. I too did like this person. And received the $1000 today [ reason l came here, when l found your AMAZING site filled with GREAT Info!] My 2 questions. Thank you!!
        1. Does this mean? that they have decided to approve you for the additional $9,000 which will come AFTERWARDS and will be the pay back loan at 3 .75 %. For a for profit biz?
        2. I own the 100% shares of my S corp biz. It’s a residential maid service. As of the time of “stay at home/close biz orders” l was the only person working for it ( without a salary or pay roll) . All others, who were independent contractors, had left last Sept 2018, at which point l had already slowed it down, taking myself, alone to service the accounts l chose to keep for 2019 and half of 2020, in order to have time, do research, shop options in order to restructure my biz mode to modern times and follow to hire 3 employees for the office and to start with minimum 5 outside vendors (outsource) for them to serve my clients. However in the most of being ready to implement this in June 2020, the pandemic came and shut me down.
        My questions. What are my options for another loan, if l have non payroll records [independents where 1099-for 2018] and l did not give myself a salary [but did have draws ] for 2019.? And I started a quaterly salary for 2020?

        1. Daniel Jurkowitsch

          It means you’re approved for the loan but you will receive what the SBA deems is appropriate. The limit on that loan is 2 million.

          You can absolutely use 1099 records as payroll expenses. IF you want to apply for PPP you can contact a bank and use 1099 records for proof. Hope that helps!

  9. I did not apply for the PPP, just the 10,000 EIDL grant. I am under the assumption that this does not have to be paid back. Is this correct?

    1. Daniel Jurkowitsch

      If the entire advance is $10,000 then yes that is correct. However you will need to wait for the loan to be disbursed then pay it off in full.

      1. So if i recieved the advance..i can be expecting to recieve the loan deposited in my account..is that correct?

  10. I am in the same boat. 6k shows up, Sbad Treas 310 is the line item.
    I also do not know which application this came through on. We all have been scrambling to apply when the gates open, and then being declined because we applied to the wrong one with wrong business types, so on and so on… The PPP was submitted via Quickbooks (hope it goes through :-\ ) and then when the funds became available again i was given a email to resubmit. 3 clicks later it supposedly was submitted.
    Back to the SBA loan… I dont remember completing the process, i thought it was rejected due to the wrong business type. 4 days later when i went to apply again to the correct one, the funds were gone and i was not able to find a link…

    Now im concerned this was from ppp, and i still need the eidl loan… while funds are available. My company has kept all staff at full hours to save their families and to prove we love our staff, even though we are making 0$ … but our warehouse is super clean and inventory is done :-\

    Thanks for having this site here. First result on google with the answers I needed.

    1. Daniel Jurkowitsch

      Blake,

      It’s tough to have any concrete answers for you. The SBA and federal government are an absolute mess during this time. What I can say is that if you received the advance then you will receive the EIDL loan in the following weeks.

      I wish I could be of more help!

      Good on you for keeping your employees through this rough time!

      1. Daniel , i received a 9000 deposit from ac-sbaD treasury 310 , does this have to be repaid back ? And also since i got that will i still be able to draw / get unemployment?

        1. Daniel Jurkowitsch

          No it’s a grant. You need to contact your state unemployment dept to see that question sorry!

          Hope that helps!

  11. If I hire a tax person to do my taxes from last year and business taxes for this year can I count that as business expense

      1. I received $1000 this morning in my account. I applied for this SBA grant early on and just last week after being out of work 4 weeks was finally approved for unemployment and received back pay. I am a self employed hair stylist. Does this mean i will have to pay back my unemployment since I received the SBA money?

        1. Daniel Jurkowitsch

          You need to contact your state dept of unemployment to be sure of that. Sorry couldn’t help more!

  12. So, what happens after the first amount that was deposited into my account? From what I’m able to understand we can use it for our emergency fund? But, how do you know if you are even eligible to receive the full amount that we applied for? And who can we contact to help shed some light on this whole process?
    I do appreciate being able to finally contact someone to at least some feedback. Thank You!

    1. Daniel Jurkowitsch

      If you received the advance then you will receive the EIDL loan. However, the advance was a quick fix for the SBA to roll funds out to those who need it the most. The full loan takes longer to process unfortinately.

  13. Kim Marie Allen

    I have revieve $1000 … how do they determine how much of a loan they’re going to give to you . And do we’re have to sign anything or do they just depoist it in your account

    1. Daniel Jurkowitsch

      They usually calculate 3x monthly business expenses. Not sure on the signatures. That’s probably a reason they’re being held up

        1. Daniel Jurkowitsch

          Yes but the SBA is definitely running behind more than normal I would still await confirmation from their email

  14. Does anyone know how much the SBA loans are, we originally only applied for the $10,000 advance and we have received $1,000 today, how can we know how much we are expected to receive from the loan ?

    1. Daniel Jurkowitsch

      The 10k was a limit on the “advance”. The actual loan amount is calculated by the SBA which as of right now is averaging 3x your monthly business expenses.

      1. I applied for eidl never heard anything. So I closed my store front and have went to online only. Today I received 1k in my account. Since I closed my storefront do I need to send the 1k back?

        1. Daniel Jurkowitsch

          Unless you have officially absolved your legal business then no.

          You may use it for business expenses although you are closed for business

  15. Sean Fitzgerald

    I remember filling out the application but I never signed paperwork or received the terms of the loan. I don’t want it anymore but just got the advance. Now what?

        1. Daniel Jurkowitsch

          No the advance up to 10k is a gift and repayment immediately gives no ore payment penalty so you’re good

  16. I applied for two businesses separately but got one deposit from SBA Tres 310 no other paperwork or email came with it! From reading above I see this is the “grant” ! My question is will I get another deposit for my other business as well or where they combined! Also Will I get two 10,000.00 dollar loans or one?

    1. Daniel Jurkowitsch

      Usually 3x your monthly business expenses but that’s a calculated guess right now based off of personal experience and other owners

      1. Daniel,
        You are a saint answering all of these questions! You are say 3x monthly expenses is that for 12 months?
        Thank you!

        1. Daniel Jurkowitsch

          Yes a 12 month tax period. They most likely take the information from your previous tax returns but I have not confirmed that yet. Thanks for your kind words!!

  17. Niki Farhoumand

    I am applying for ppp loan. Do I include the edil advance? If I get ppp I don’t want the loan part and I know I have to deduct my advance from ppp. But for some reason lendio application wants us to add the 2 1/2 months and Edil loan for loan amount. Does that make sense?

    1. Daniel Jurkowitsch

      Just pay off the loan when it comes in. No pre payment penalty.

      That does not make sense honestly. Maybe apply for PPP with another lender?

  18. So when we applied for SBA EIDL Loan is the same application for the SBA LOAN. And This is just an advance payment and it’s separately from the actually loan that the SBA estimated for the business on the application.?

  19. I received the $1000.00 as well from the sbad and I understand that it is an advance. Does this loan to come effect unemployment? I didn’t think I qualified for anything as I’m a chair renter

  20. If I applied for a PPP and received my 1000 cash advance, will being approved for PPP affect my eligibility for unemployment, or the Federal act care(CA)?

    If I am able to do both PPP and I employment will it affect my eligibility for loan forgiveness?

    1. Daniel Jurkowitsch

      That’s a great question and I’ll be up front and say I really don’t have that answer. I’m so sorry I couldn’t be more of a help!

  21. I received the $1,000 grant today. I applied for the loan on SBA website. My credit is poor. Will that affect my chances of getting the loan?

      1. I received an email from the SBA letting me know that my loan was not approved because of my credit history!

  22. i kept hearing about ‘double dipping’ in reference to the ppp and the eidl loan and specifically that if you got approved for the eidl, and then were approved for the ppp that you should use the ppp to pay off the eidl, but your post seems to say that both are ok.. just looking for clarification. i received the eidl advance today ($1000) and my approval for the ppp is pending with my bank, thank you!

    1. Daniel Jurkowitsch

      It’s tough to say for sure because the government has not set out guidelines for these loans and their tax implications. Best bet would be to only use the PPP for payroll related purposes and save the EIDL money for emergency until you are sure you do not need it. Thanks!

  23. I received the $ 10000.00 grant. I also received the PPP money. Does this mean I should still expect a loan from the SBA as well? Thanks in advance!!

  24. My application # is 3301385***…is there any way of telling by that number when my loan will be deposited? I recieved my advance of $1000 a coiple of days ago…should it be very long before i see the rest…and ive recieved nothing from the SBA reguarding the advance or the loan….is that normal??

    1. Daniel Jurkowitsch

      The SBA is overrun and is not even notifying owners of their loans they’re just depositing money. Usually 14 days once the advance is given is when the loan will go through.

      1. Daniel Jurkowitsch

        If you filled out the loan app then yes. 1,000’s of advances are going out each day

  25. i am a contractor and did recieve the 1,000 adavance from my EIDL app. if i get the remaining money could i use it to pay my bussiness vehicle payments (lettered work truck,registered and insured to my bussiness) and would this in turn be forgivable?? also, i read somewhere that it could be used for equipment related to your profession, any turth in this?? thanks so much in advance, any thoughts/info appreciated. i truly wish everyone well!!!!

    1. Daniel Jurkowitsch

      Yes you can use it for your vehicle and equipment. The EIDL loan MAY be forgivable in the future but we have not seen anything concrete on that yet.

  26. We received the $1000 advance. Does this mean our EIDL has been approved and we will receive the actual loan funds soon?

  27. Rhonda Endicott

    We received a deposit yesterday deposit misc pay sbad treas 310 for 7000.00 is that an advance or loan? I am so confused and will I need to pay That Back no emails or paperwork followed it.

  28. If we only applied for the SBA advance and just received it, does that mean that we will not receive a loan and do not need to worry about paying anything back, correct?

      1. When you say “no penalty” does that mean that we won’t have to pay the interest? Where do we pay it back?

        1. Daniel Jurkowitsch

          No interest if you make the payment immediately. Not sure where you pay it back yet but I’m sure that’s what’s taking the SBA so long to fulfill

    1. Daniel Jurkowitsch

      The EIDL “loan” is a one time payment yes. The EIDL “advance” is also a one time. Both are given on separate dates and the advance is free money

  29. I applied for the EIDL Loan for $10,000 in early March and received only $1000 SBAD TREAS in my account. Is that all I am going to receive? I understand that the $1,000 is my advance, so when I get my remaining $9000 will that be my loan balance to repay? Please clarify how it works again.

    1. Daniel Jurkowitsch

      The $10,000 is just the limit of the advance. The loan has a limit of 2 million. The remaining funds you will receive will be based off of 3 months your business expenses.

  30. I received a deposit but its pending because it’s in my company name not mine. How do I update the ACH information

      1. Daniel your information and knowledge on this is brilliant, and thank you for your time in helping us all in fielding our questions. I would just ask this for clarification, I have received the $1k advance, you have stated in other replies that if we received the advance that the SBA is processing our loans and they are to follow shorly, you also stated in response to an above question that the loan has a limitation of 2 mil, and that the remaining funds will be based off 3 months of business expenses. The eidl loan that was applied for had a box to check off for $10 k, this is the box that my accountant told to check off. Is this the limit on the balance of the loan that will be received? I ask this because my business expenses for 3 months far exceed the $10K amount. Or does the SBA use the 3 month business expenses formula and over ride the $10k
        Thank you again
        sorry if this was double posted, new to this messaging board posting

  31. Sandra B Marquis

    I applied for both the PPP and the EIDL. The PPP was approved and my money was deposted on April 17. I now do not need the EIDL. However, today I just saw $2000 deposited from the SBA. I’m not sure what to do. I want the PPP money but do not need the loan now from the EIDL. Thoughts?

    1. Daniel Jurkowitsch

      Keep that $2,000 because it’s an advance. When the actual loan shows up just pay it off

    1. Daniel Jurkowitsch

      That’s the advance. The full loan is still coming. Advance doesn’t have to be paid back

  32. I applied for the EIDL Loan for $10,000 back in early March and today, received $1,000 SBAD TREAS in my account. I understand the $1,000 is the advance? The remaining $9,000 will be the loan balance to pay, right?Please clarify how this works…still confused!

  33. Daniel your information and knowledge on this is brilliant, and thank you for your time in helping us all in fielding our questions. I would just ask this for clarification, I have received the $1k advance, you have stated in other replies that if we received the advance that the SBA is processing our loans and they are to follow shorly, you also stated in response to an above question that the loan has a limitation of 2 mil, and that the remaining funds will be based off 3 months of business expenses. The eidl loan that was applied for had a box to check off for $10 k, this is the box that my accountant told to check off. Is this the limit on the balance of the loan that will be received? I ask this because my business expenses for 3 months far exceed the $10K amount. Or does the SBA use the 3 month business expenses formula and over ride the $10k
    Thank you again

    1. Daniel Jurkowitsch

      The 10k checkbox was for the application of the advance only. The SBA makes determination of the actual loan amount and my guess for 3x monthly expenses is based off of anectodal evidence. Hope that helps!

  34. I applied for the EIDL Loan and received $4,000. Do I have to re-apply when the 2nd stimulus package becomes available? Thanks

    1. Same here, I also received $4,000 and not the $1,000 that I see others saying they got. I’m definitely confused because I was under the impression I didn’t even qualify. My deposit specifies as MISC PAY SBAD TREAS 310 NTE*PMT*EIDG. So I don’t know if that is a loan or grant or what the crap is going on.

  35. I received the $1000.00 from the SBA Grant Advance. I never followed-through with completing the EIDL loan application (although I did get past the contact information and SS #). I didn’t finish it, as I did not have some of the financial information they were asking for, because my business is fairly new and I didn’t have that kind of information from last year to draw from – like how much I paid my sub-contractors. This is because I have not filed my 2019 taxes yet. Will I still get an EIDL loan, and if so, is there any way to tell how much it will be and when?

    1. Daniel Jurkowitsch

      That’s very strange. However, if you got your advance then the loan will definitely be processing

      1. Yes, I think it’s strange also, and I can’t even find where to log back in to try and finish the application just in case. Even though I’ve gotten the following email from them (but no links on their website to continue/finish the application:
        “Dear Loan Applicant:
        Thank you for applying to the Payroll Protection Program through Newtek Small Business Finance Solutions. As you may have heard, the Senate has recently approved another round of funds to help small businesses, and the House will vote on this imminently. We anticipate that the funds will be depleted quickly and want your application to be ready should the second round of funding become available. Please take the time to ensure that you have uploaded all of the required documents into the online portal. Once your file is ready for SBA approval (E-Tran number), no further action is required on your part. However, if you still need to upload documents, please do so immediately.”

    2. same thing happened to me to me I got the 1000, but then they wanted me to go to a portal and finish the application, which I haven’t done yet because I don’t have all the information they are requesting either.. Did you ever receive the rest of your loan?

  36. Applied for 10,000 economic injury disaster loan emergency advance and received a confirmation number. I am a sole proprietor in the real estate business. All people who are in my office are independent contractors. I have rent another operating expenses. I did not file for ppp because I thought I was not eligible as I have no payroll. I received the 1000 advance. Will I also get the other 9000 even if they treat it as a loan? We are basically shut down but expenses keep piling up.

    1. Daniel Jurkowitsch

      The remaining 9k is irrelevant because that only appleis to the advance. The loan will follow and that limit is u to 2 million

  37. I received the $1000 advance like many others, will this affect the unemployment that I am now receiving? I will probably return the rest of the loan if I receive it as I do not need it now.. it took 8 weeks to receive unemployment.. I would hate to lose it because of this loan.

    1. Daniel Jurkowitsch

      It’s tough to say but I am going to venture in the direction of no this will not effect unemployment. I would confer with a associate from your state department to make sure

    1. Daniel Jurkowitsch

      Yes it’s possible. SBA is very backed up as you can imagine with all the people asking questions here haha. Best of luck and be safe!

  38. I applied and never got a confirmation. So I have applied for the PUE (I think that’s what it’s called) with unemployment. I received my $1,000 yesterday from SBAD TREAS. Is that going to mess up the unemployment? I don’t know how to go back and cancel one or the other. I also don’t want to be in trouble with the IRS for being so confused. Thanks for any advice!

    1. Daniel Jurkowitsch

      Everyone’s confused don;t worry. Contact your state dept of unemployment to make sure it won’t affect it but my guess is it will not.

  39. I just noticed my $1000 SBAD Treas 310 payment in my account. I am self employed with no employees. After I filled it out, I heard you had to have employees, so I thought I didn’t qualify. Therefore, today I applied for the pandemic unemployment for self employed. Did I mess up by doing that?

    1. Daniel Jurkowitsch

      Nope you’re fine. And technically you do have an employee, it’s yourself. Hope that helps! Be safe!

  40. I have been receiving unemployment for the past few weeks but just had this deposited in my account– do you know if the $1000 EIDL advance would count as income that needs to be reported to the unemployment office or is it handled differently because it’s part of a loan? I haven’t been able to track down an answer yet.

    1. Daniel Jurkowitsch

      IT should be handled differently because it’s a business loan and this is just the “advance”. However, contact your state dept to verify please as every state is different.

    2. EIDL can be count as income as CPA view ,
      But on the Wages are any earnings from work you performed, self employment, residual pay , so on , I do not see any ELDL or EIDG on the list ,
      Therefore , you might not need to report to EDD ,
      Check your CPA or lawyer or EDD ,
      It is my personal opinion , do not take my word for it , however,, stimulus check ($1200) you do not need to report for sure .

  41. Sir, my deposit reads SBA TRES 310 MISC PAY NTE*PMT* EIDG then a whole bunch of numbers. Most people getting theirs has the word GRANT after the letters EIDG, what does mine mean? Is mine the loan?

    1. Daniel Jurkowitsch

      IT probably means the SBA is realizing their mistakes and making changes on the fly. They’re pretty swamped as you can probably imagine. Hope that helps!

  42. Sir, my deposit reads SBA TRES 310 MISC PAY NTE*PMT* EIDG then a whole bunch of numbers. Most people getting theirs has the word GRANT after the letters EIDG, what does mine mean? Is mine the loan?

  43. I received the “grant” money and don’t want to pay the interest on whatever loan I receive from them. How do I make this happen? I’m happy to just give them that loan money back immediately upon receiving but does that take away the interest on it? And how do I give it back immediately? I was told over the phone way back when I applied that before they gave me the loan I’d have a conversation with someone over the phone so I could just receive the “grant” and not the actual loan. But, that was just customer service at SBA and they didn’t really seem to know what was going on… Please advise.

    1. Daniel Jurkowitsch

      None of them know what’s going on haha. You can pay the loan off immediately after receiving it no worries!

  44. Got 10 thousand deposited today , i won’t need to keep the loan so i have to pay back the loan as soon as i see it is that right? will the interest of the loan have to be paid back for the whole loan amount and the rest i have left from the 10,000.00 is ours to keep ?

      1. What if I received the EIDL loan and I still could not reopen. I used the money for back rent and bills that accumulated during my 3 months of being closed. I am still in the red and just do not see the business surviving. I do not plan to reopen. Do I pay back personally after the year grace period? Was in business 8 years..

        1. Daniel Jurkowitsch

          So sorry for the bad news. I would contact the SBA and see if they have some sort of plan to go about grieving the loan if your business closes.

          You’re not alone that’s for sure.

  45. Question – I am a small business with myself the only employee and unable to work during this time due to my local government orders, etc. I applied for this because the business is not having any income as a result. I am thinking perhaps I applied for this incorrectly now? I received my advance but do not have many business expenses in general, and almost none right now as the business isn’t currently operational due to COVID. I am concerned about the grant money – what is it specifically supposed to be used for?

    1. Daniel Jurkowitsch

      Use it for anything you can justify as “business expenses”

      Also definitely apply for the PUA and unemployment since your local government forced you to shut down. Hope that helps!

  46. Hi. I received the unexpected (I am very thankful) advance deposit yesterday. I don’t remember if I apply for something else, do I need to apply to get the loan, or since I already received the advance means that I am already automatically approved for the loan? I don’t remember if I included our expenses in the application, how does SBA know what my expenses are? So that I am confused, I have applied on many places.

    1. Daniel Jurkowitsch

      The SBA will most likely pull expenses from your business tax returns. And yes that means you’re approved for the loan.

  47. What if you have more than business. I applied for all three business, they all have separate EIN #s .
    I did receive an advance on one of them. Just wondering if they will do the same for the other two.
    Thanks

    1. Daniel Jurkowitsch

      Yes you will get the advance for each one. Do they all have separate checking accounts?

  48. Dan…I sent you an E-Mail directly but thought I would ask here as well, in case others have the same issue. Between unemployment, PPP, EIDL…I was confused about what I applied for. It has been several weeks since applying for the EIDL loan with the “advance grant”. I received the initial grant ($2,000) but no longer want the loan because I received PPP funds. I know I can repay the EIDL loan immediately when I receive it. What about the $2,000 grant? Do I keep it or repay it?

    1. Daniel Jurkowitsch

      Keep the grant it’s free money!

      However, I’m suspicious becasue as we all know, nothing in life is free. Might have some tax implications for next year but we shall see. Be safe!

  49. Hello, thanks for your information it really helped me a lot to understand just one quick question. I received $2000 with the SBAD Treas 310 thing so that’s the part I dint have to repay. So if the SBAD put their thing together I am allegedly approve for the 3x monthly expenses loan? And one more question if allowed. I read that for this to happen they are pulling people’s credit, but I check my reports and I don’t have that in any one of them so it is something wrong or what that mean? Thank you so much for your help

    1. Daniel Jurkowitsch

      Honestly I don’t think they will pull credit. They’ll pull credit for PPP loans but I think EIDL loans are just being given out with no rhyme or reason. Hope that helps!

  50. We applied for the PPP, as well as the EIDL. We already received the PPP. And are paying our employees. So now that we received the advance payment (that is considered a grant) can that money be used any way we need it ? Since we received the PPP, (we will more then likely immediately pay back the EIDL. )

    1. Daniel Jurkowitsch

      Any way with the exception of building additions and updates. Also employee or owner bonuses.

  51. I’ve read the entire thread of q&a here, thank you for your patience in answering the same questions over an over. My question has hopefully not been answered: can I use my EIDL money to pay off a business cc? It only makes sense to do that (if allowed) because the EIDL is a lower interest rate/possibly forgivable. Thoughts? Thank you!

    1. Daniel Jurkowitsch

      Yes you can absolutely do that because it counts as a business expense. Debt consolidation is not off limits for EIDL

      1. I have received 2,000 in my account from sba, i never received a letter email saying I was approved for the loan does this mean i will get loan next in my account

        1. Daniel Jurkowitsch

          The loan will follow yes. However, the SBA is very backed up so we all need to await their follow up instructions

        1. Daniel Jurkowitsch

          Most likely by looking at next years tax return for your business but that’s speculative. Hope that helps!

          1. I want to add my thanks for all of your help and information – you’ve helped to clarify so much, considering how muddled this whole thing is. I’d appreciate some additional information on the “payroll” issue, however. I have a private practice as a Marriage Family Therapist, so I’m self-employed (and the only employee in the practice). How do I prove that I’m using 75% of any loan I receive for “payroll”? Whatever doesn’t go to my business expenses technically goes to pay me, I guess (?) Is there anything in the EIDL loan that says it’s forgivable if a certain percentage is used for “payroll” or is that just for the PPP money? Thank you so much.

          2. Daniel Jurkowitsch

            Deborah,

            As long as you have some type of proof whether it be Quickbooks records of payroll to yourself, bank deposits, and checks you should be fine in being within guidelines of the PPP.

            If you can prove 75% of the funds on what I just explained above then 100% of the loan is forgivable. Only the PPP is forgivable though, not the EIDL. Hope that helps!

            Also thank you so much for your kind words!!

  52. Hi

    How does PPP deposit shows on a bank account? I got 10K. yesterday I got an email from Chase that my application for PPP was approved. This morning I got deposit from “SMALL BUSINESS N/A CREDIT PPD” Im not sure if this is PPP or the loan followed 10K?

    1. Daniel Jurkowitsch

      That should be the PPP but contact Chase to confirm as they are the lender in that situation

  53. I received my $2000 which I understand does not have to be paid back. If/when I receive the remaining amount where do I pay the loan to? I applied online but never received papers or an email with a confirmation. I do not understand where I am to pay?

    1. Daniel Jurkowitsch

      The SBA is still working out that infrastructure and we are all still awaiting those answers. They emailed my business email 3 days ago with an update saying sit right. Hope that helps

  54. Hello I am getting some conflicting info. just spoke to SBA directly. They told me the advance being deposited is definitely not an indication that the loan was approved, only that they have started processing your application. Based in this thread, you seem pretty certain that the advance does indicate loan approval. I Can you help to clarify what is correct? Also I can confirm they are definitely pulling credit in most cases, perhaps not all.

    Thanks!
    -Levi

    1. Daniel Jurkowitsch

      They will pull credit but the authorization for that was included in the original application.

      The SBA is obligated to say the loan may not be accepted but in our anecdotal evidence most of not everyone has been getting approved

  55. Thank you Daniel for such great information! You have the patience of Job!
    The world needs more people like you! I speak increase to you bc of your love for humanity.

  56. Thank you Daniel,
    Your answers were very helpful AND you must know that you have SO much patience! Whew 🙂
    Be safe and be well,
    ~S~

  57. If I received the advance SBAD, is mean I was approved for EIDL?
    What happen if my credit is bad? they denied?
    Thanks

    1. Daniel Jurkowitsch

      Rare circumstances disqualify people for the loan but as long as your business is in good standing you will be approved

  58. If I received the advance for $ 5000 these means I was approved? What happen if I have a bad or poor credit score. They could be denied my application?

    1. Daniel Jurkowitsch

      Very rarely are they denying applications even if credit is bad or sub par. It is possible but as we’ve seen it is rare

  59. Hello .. thank you for this information.. i too received 2,000 SBA treas310 odd deposit .. but we are struggling … and applying for everything .. and do not see that if we dont get grants to pay our rent and utilities .. then why would and how would i pay it back later ..PPP is 75% employees .. does this mean the 2000 is the only amount that will be forgiven .. because then i will have to close my doors for good …applied for 10,000 grant .. what is happening? we have a small business with little employees .. and how do i pay myself … …

    1. Daniel Jurkowitsch

      You can pay yourself as an owner if needed but it cannot be labeled as a bonus.

      Unfortunately yes that $2,000 is the only amount that can be forgiven. So sorry I know these are trying times.

      Best of luck and hope that helps

  60. Hi,
    I received a $1,000 pending deposit for the EIDL loan that I applied for at the beginning of April. I did not applied for the PPP loan because I was told I cannot get unemployment if I get a PPP loan. I haven’t heard anything about the EIDL loan and unemployment. I’m a Sole Proprietor (in Illinois) and our unemployment website does not allow any Independent Contractors, Sole Proprietors, or self employed to apply until May 11th for unemployment benefits since we are normally exempt but under the CARES act we are supposed to be eligible. Did I hurt my chance of getting approved for unemployment by applying for and now accepting the EIDL loan?? If so, can I give the $1,000 and the loan amount back once I get all the money from the EIDL loan so I can get unemployment?

    1. Daniel Jurkowitsch

      You’d have to contact the Illinois dept of unemployment to clarify that but my opinion is that EIDL will not disqualify for unemployment.

      Hope that helps!

  61. I received $4000., but that is less than 3x my month business expense. How do they come up with the number. My monthly expense is $5000. But ii didn’t get the max $10k.

    1. Daniel Jurkowitsch

      That’s just the grant. The loan is usually 3x your expenses which will follow the grant. Hope that helps!

  62. Hi, so if I received the advance I can use that money and no payback and then when the loan comes I can pay that back immediately? And the grant is still basically a gift correct?

  63. Thanks for the article. I received my $1,000 advance for my business. There hasn’t been any correspondence between me and the SBA as to a specific loan amount. Can we approve whether or not we want to accept the loan before it’s deposited? I don’t remember filling out an amount during the application and would’t want to be responsible for paying back a loan amount that I didn’t agree to. Thanks.

    1. Daniel Jurkowitsch

      No the SBA determines the loan. You can pay it off immediately after receiving witj no penalty. Hope that helps!

  64. Hi Daniel thank you for taking your time to give us all answers to these worrisome questions. I am a Landlord and have not received rent monies since this whole pandemic began. I applied with SBA advising them of the amount of “rents” I would not be receiving. I got the $1K deposit into my account on May 4th. I had also checked the box on the SBA app for being considered for the $10K money even though my missed rents were more than that. My question is what will they consider? The actual missed rents or the $10K ?
    Thank you so much for your TIME! And consideration.
    Virginia

    1. Daniel Jurkowitsch

      They will consider the average missed rents of a 3 month period. The 10k is just the grant limit. Thank you for your kind words hope this helps!

  65. Hi Daniel thank you for taking your time to give us all answers to these worrisome questions. I am a Landlord and have not received rent monies since this whole pandemic began. I applied with SBA advising them of the amount of “rents” I would not be receiving. I got the $1K deposit into my account on May 4th. I had also checked the box on the SBA app for being considered for the $10K money even though my missed rents were more than that. My question is what will they consider? The actual missed rents or the $10K ?
    Thank you so much for your TIME! And consideration.
    Virginia

  66. Daniel thank you for taking your time to give us all answers to these worrisome questions. I am a Landlord and have not received rent monies since this whole pandemic began. I applied with SBA advising them of the amount of “rents” I would not be receiving. I got the $1K deposit into my account on May 4th. I had also checked the box on the SBA app for being considered for the $10K money even though my missed rents were more than that. My question is what will they consider? The actual missed rents or the $10K ?
    Thank you so much for your TIME! And consideration.
    Virginia

  67. How do I post the $1000 SBAD Treas310 in quickbooks?
    What account do i put it under?
    Also… future loan $. What account for that?

    1. Daniel Jurkowitsch

      I would add it as income under a product of “grant”

      The loan is usually calculated at 3x monthly expenses. Hope that helps!

  68. I use quickbooks. What account should I use to post this $1000 SBAD TREAS 310 deposit?

    Also. When I receive the loan. What account should be used for that?

    1. Daniel Jurkowitsch

      Accounts receivable is what we entered ours under.

      I wound enter the loan under the same.

      Before you make a concrete decision I would consult your bookkeeper or accountant because I am not a CPA so cannot give that advice officially.

      Hope that helps!!

  69. Dan, Thank you for posting this – what a help- and all of your thoughtful comments. You are a marketing company I could surely get behind. Maybe Team Clermont will have an opportunity to use your services.
    Cheers, Nelson Wells

    1. Daniel Jurkowitsch

      Thank you so much for your kind words!!

      I’m not only the co owner of this business but also a police officer in NY so our most important focus is service.

      That’s why I answer every single email and comment.

      We’d love to work with your team whenever you’re ready.

      Thanks and be safe!!

  70. Dan, Thank you for posting this – what a help- and all of your thoughtful comments. You are a marketing company I could surely get behind. Maybe Team Clermont will have an opportunity to use your services.
    Cheers, Nelson Wells (apologies if this posted twice- it seemed frozen)

  71. How or when do we find out if the Edl loan is forgivable…? And how long can you keep the loan can you pay it back anytime…?

    1. Daniel Jurkowitsch

      You can pay it back anytime and the loan terms in regards to months are unknown right now.

      The actual loan is not forgivable unfortunately.

      Hope that helps!!

  72. Applied for the EIDL for a restaurant back in early April, but heard nothing. PPP was denied, as business situation worsened, had to make the hard decision to shut down the restaurant, everything is wrapped up or in motion to permanently close and then $10,000 grant is automatically deposited this morning. Any idea what the implications of this are?!

  73. My wife is a realtor in PA and applied
    For the SBA’s EIDL loan. She had not heard anything and when the unemployment forms became available for realtors she filled out a claim for that. That was three weeks ago and we still haven’t heard anything. Can she still qualify for unemployment if we immediately pay back the EIDL loan in full?

    1. Daniel Jurkowitsch

      As far as I know yes but that can change as per your state dept unemployment.

      PPP I know does disqualify you now as of now

    2. So I received the $1000 deposit and then was approved for $2500 loan amount.. will the amount I receive as a loan be $2500 or just $1500 since I already received the first $1000…. or will the total funds be $3500??

  74. Hi Dan,

    Thank you for responding to so many questions from so many people. I received the EIDG grant advance today, however, it went into my personal checking account instead of the business checking account. Have you heard of this before? And will this screw things up? I was personally affected by Hurricane Sandy in 2012 and received some federal rent aide. Perhaps this is on file with the SBA now? How do I use these funds, and the loan funds if I choose to keep them for business use if the money is in my personal account?

    1. Daniel Jurkowitsch

      It is most likely from your previous loan where they got the account from.

      I would call your bank and see if they can make a note of the deposit and that it’s a business loan.

      Hope that helps!

    1. Daniel Jurkowitsch

      Very unlikely but there is a possibility due to some circumstances like judgements, bankruptcies, current outstanding EIDL loans and previous felonies as far as I know

  75. I received my $1,000 deposit, it posted as pending all day today. I just went back in to check my account and the entire pending deposit is just gone… I seen a comment above that it happened to someone else. I’m wondering if anyone has figured out why?