Congress just fixed a disaster loan grant problem; small businesses could get cash grants

Washington, D.C. — Millions of small businesses that were shortchanged under the Economic Injury Disaster Loan Advance grant program could now see thousands of extra dollars in cash grants.

The changes to what was known as the EIDL Advance program come in a wide-ranging stimulus package passed by Congress Monday and sent to President Trump for his signature, which includes a second round of PPP loans, small business tax relief, stimulus checks and a number of other items. That second PPP round, with $284.45 billion earmarked for the program, could be opened to applications just a few days after the bill is signed into law. Here is a rundown of the new PPP loans, and who would qualify.

The EIDL advance — a program set up in March through which small businesses that applied for an Economic Injury Disaster Loan could also apply for a $10,000 cash grant whether or not they got the actual loan — came with a number of strings and caveats. Many businesses received just $1,000 per employee instead of the $10,000, meaning they did not get what they had hoped for when they applied.

Read more from our news partners at the Pittsburgh Business Times.

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