The CARES Act provided $10 billion to fund cash grants for small businesses and nonprofits. Eligible businesses can receive up to $10,000 in financial aid to cover immediate operating costs.
Unlike PPP and EIDL loans, these emergency grants do not require repayment. In addition, the CARES Act waives the requirement that you are unable to obtain credit elsewhere. Even if you already have a credit line or do not qualify for SBA loans, you may still be eligible for an emergency grant.
Eligibility for emergency economic injury grants is determined by self-certification and the applicant’s credit score. So, even though the review process should go fairly quickly, there will likely be high demand for this kind of funding.
The application process for emergency grants is the same as the process for EIDLs. Apply for your Economic Injury Disaster Loan through the SBA Care form and request an emergency grant of $10,000.
Small businesses and private nonprofits who have been in operation since Jan 31, 2020
From Jan 31, 2020 – Dec 31, 2020
Does not need to be repaid