What is this SBAD TREAS 310 IS deposit?

"I opened up my bank account and found a deposit in here for $5,000. I thought I was hacked but then realized, oh..."


THIS ARTICLE WAS WRITTEN ON MAY 19th, 2020*


What is the SBAD TREAS 310 IS deposit in my bank account?


Answer: It is your EIDL advance.


The Economic Injury Disaster Loan is a loan "advance [that] will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties."


Do we need to pay it back?

No, the SBAD TREAS 310 IS deposit is an advance "grant" for small businesses and is a part of the economic disaster loan.


This is so confusing!


Types of Loans


ECONOMIC INJURY DISASTER LOAN

The economic injury disaster loan is a loan provided to business owners with some type of financial hardship caused by an unforeseen set of events. It is backed by the SBA ( small business administration ) and federal government for the economic hardship of 2020 due to the recent pandemic. This loan is attached to the EIDL grant. This should already be in most checking accounts and does not need to be paid back.


The rest of the loan, the actual loan portion does, at 3.75% interest.


PAYMENT PROTECTION PROGRAM

The payment protection program is an economic aid loan funded by the United States federal government.


This loan is for helping business owners keep their employees by loaning money for payroll and keeping things running.


The payment protection program offers 3 months worth of payroll as a loan and is dispersed from 250 approved lenders. If you use at least 75% of the loan for payroll purposes then it will be 100% forgivable in the future.


If you get a loan of $10,000 and use at least $7,500 of that loan for payroll, you may not have to pay it back


CAN I USE THE EIDL AND PPP TOGETHER?

Yes!


It's probably a good idea to talk with a tax professional to see about both loans together in regards to next years tax season, deductions, and claims.


The EIDL is used primarily for business expenses which does include payroll. However, the PPP loan is used for payroll purposes and if it's not, ends up getting messy.


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.


HOW TO APPLY FOR THE EIDL GRANT

Applying for the EIDL grant.

  1. Fill out the EIDL loan applicationThis 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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