There are still substantial Covid-relief grants available for those who are eligible. In this article, Shmuel Karasik of HomeUnemployed.com explores the EIDL business grants, and briefly explains a few other programs.
By Shmuel Karasik, HomeUnemployed.com
There are still substantial Covid-relief grants available for those who are eligible. Here, we will explore the EIDL business grants, and briefly explain a few other programs.
If you earned any money between January 1, 2019 and January 31, 2020, aside from, or in addition to, standard W2 (payroll) earnings, you may be eligible for a federal EIDL grant of $10,000 – $15,000 (plus up to $50k NYS grant).
Click here to register your interest in a free phone/zoom consultation to discuss your eligibility.
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EIDL – Up to $15k Federal Grant
The EIDL (Economic Injury Disaster Loan) program offers eligible businesses grants of up to $15,000 that don’t need to be repaid. This is in addition to the SBA low-interest EIDL loan.
Many, many individuals are eligible for this grant. Keep in mind that the definition of an eligible ‘business’ in regards to the federal grant is very wide, including people who got a 1099, had a tenant, were self-employed, or operated a non-profit.
Anyone who earned any money between January 1, 2019 and January 31, 2020, aside from, or in addition to, standard W2 earnings, may be eligible. However, you must be approved before the end of 2021, so the clock is ticking.
Three conditions must be met to be eligible for the $15,000 grant:
- Your address is in a low-income area (lots of surprises on the map). If you are self-employed/1099 worker/work from home, your business address is generally your home address.
- You had income between January 1, 2019 and January 31, 2020
At least one the income types below between 01/01/2019 and 01/31/2020 are required:
- Self-Employed income (1099 Earnings/Schedule C)
- Rental property income (Schedule E)
- Business income (Schedule C, Partnership, or Corporation)
- Non profit (990) or congregation
- Income Reduction
- For the $10k grant: 30% decline in Gross Income in two consecutive months between March 2, 2020 and December 17, 2021, as compared to the same two months in 2019 or through March 2, 2020.
- For the $15k grant: 50% decline in Gross Income in two consecutive months between March 2, 2020 and December 17, 2021, as compared to the same two months in 2019 or through March 2, 2020.
For more information, see EIDL Grant
Many More Financially Beneficial Programs
These, and more programs, are explained on our Covid-relief site, HomeUnemployed.com
New York State Small Business Recovery Grant – Up to $50k
This program has more restrictions than the EIDL grant, but if eligible, you can get up to $50,000 in a completely free grant.
If your business is located in NY and the 2020 gross revenue was 25% less than 2019 gross revenue, you may be eligible for up to $50k.
For more information, see New York State Small Business Recovery Grant Program – Up to $50k
New York Emergency Rental Assistance
Up to 12 months in back rent and 3 months in future rent. Generally, both the landlord and tenant participate in applying. If a tenant refuses to participate or has since vacated the property, the landlord can apply without involving the tenant.
New York State’s funding is almost depleted, so unless the federal government gives New York more funds, new applications are unlikely to be funded, but it’s worth the chance.
For more information, see NY Emergency Rental Assistance Program (ERAP)
HomeFirst Down Payment Assistance Program
Up to $100,000 towards purchasing a home in New York City. It’s not easy to find a property less than the maximum allowed purchase price, but if you can find the right property and are income eligible, you can get up to $100k towards the down payment of a new home.
For more information, see HomeFirst Down Payment Assistance Program
Regular Arrears Supplement Benefit
Up to $10,000 towards heating utility bill arrears for income eligible households in New York who owe money on their heating utility bill.
For more information, see Regular Arrears Supplement Benefit
Hurricane Ida Relief
FEMA grants and SBA loans offer financial assistance if you had damages at your primary residence due to the flooding from Hurricane Ida (Sep 1-3)
For more information, see Ida Relief
Employee Retention Credit
Up to $33,000 per employee on payroll if you have a business with employees on payroll, through ERC (Employee Retention Credit)
For more information, see Employee Retention Credit – for businesses with payroll
Emergency Broadband Benefit
$50 off monthly internet bills (or mobile phone plans that include internet), plus a one-off $100 credit for purchasing a device, through the federal Emergency Broadband Benefit program.
For more information, see Emergency Broadband Benefit – $50 Off Per Month
2021 Child Tax Credit
For 2021, there is a Child Tax Credit of $3,000 for each child ages 6 to 17, and $3,600 for each child under age 6. You don’t need to do anything to get it. When you file your 2021 taxes, if eligible, you will get the full amount. However, the IRS offers 50% of the amount ($1,500 for aged 6+ and $1,800 for those under 6) as an advance during July-Dec 2021.
For more information, see 2021 Child Tax Credit
Dependent Care Credit
You get 50% credit for child care or dependent care expenses in 2021. Although you claim when you file your 2021 taxes, speak to your accountant, as your eligibility depends on your employment status and child care expenses during the 2021 calendar year.
For more information, see Dependent Care Credit