Pointless to apply for EIDL loans right now

[Michael Plaks]

We all got excited about the EIDL loans from SBA: $10k free advance that does not have to be repaid, and then some great terms on up to $2M loans. 

We celebrated too early. First we learned that it is not $10k. It is $1k per W2 employee, so only $1k for a one-person business. And now they are trying to limit it to... wait for it... $15,000!  No typo here: $15k.
https://www.uschamber.com/letters-congress/us-chamber-letter-replenishing-funding-the-ppp-and-eidl-program

3+ hours of paperwork to apply for a $15k loan? No thanks.

[Michael Plaks]

Originally posted by @Ujwal Velagapudi:

Where did you see that it is $1k per W2 employee? That kind of limit will hurt a lot of RE investors, most are 1 person entities. I applied about 10 days ago with no response still. 

Many sources, including this one 
https://www.fastcompany.com/90490763/emergency-loan-advances-will-be-scaled-down-for-smaller-businesses-sba-confirms

10 days is nothing. Buckle up.