PPP and EDIL Accounting Confusion At the stroke of midnight December 31, 2019, I toasted the new year and dreamed of better days. Small businesses, small agricultural cooperatives and most private nonprofit organizations located in a declared disaster area and which have suffered substantial economic injury may be eligible for an SBA Economic Injury Disaster Loan (EIDL). Are you wondering about PPP and EIDL accounting? The CARES Act SBA EIDL program is currently closed, and is not accepting new applications. The PPP loan is either Other Income if you expect it to be forgiven (most cases) or a Long Term Liability if you expect it to have to pay it back. In 2020, the EIDL grant was limited at $1,000 per employee up to a maximum of $10,000 per business. Recording the grant or PPP loans as Other Income in Quickbooks Online is easy The EIDL grant should be classified as Other Income. an EIDL for this disaster, but the loans cannot be consolidated. You can plug in your weekly income for 2019 and 2020 and identify certain time frames that might meet the 8 week 30% economic loss test. EIDL Loan Overview. A couple months went by and then all of the sudden I received notification that I have been approved for a $10k EIDL loan. Well, you've come to the right place. EIDL Grant Notes The CARES Act EIDL $10,000 grants are different than the normally-available SBA EIDL loans. The SBA is launching a new round of Economic Injury Disaster Loan (EIDL) Advances – called Targeted EIDL Advance – which provides eligible businesses with $10,000 in total grant assistance. You can use this tool to get an idea of if you had a sufficient economic loss to qualify you for the targeted EIDL advance or grant. This article will go over the EIDL process so you can better advise the clients that need it most. Then it got funded again but when calling about my original application, they told me they had no record of it. What businesses are eligible to apply? If a business has received both the EIDL and PPP funds, EIDL funds cannot be used “for the same purpose” as the PPP loan. Then I applied for and received a PPP loan of 14k. In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an EIDL advance of up to … Below I provide you with accounting alternatives for these COVID-19 related funds. I applied for the EIDL grant, was told they ran out of money. SBA’s Working Capital Disaster Loans are Different from Other SBA Loans West Virginia District Office. In regards to EIDL Advance (grant of $1000 per employee), if it was considered taxable, you should be receiving a 1099-G document indication the taxable amount in Box 6. Little did I know that COVID-19 would rattle us all. I’m not an accountant, but a business owner who received an EIDL Advance, a PPP loan that was forgiven and a City Grant … Targeted EIDL Advance Economic Loss Tool. 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