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EIDL grant\advance wrt 2 member LLC???

5,622 1,257 June 27, 2020 at 02:16 AM
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OK, maybe someone with some insight here on the matter can shed some light on this.

Situation: one of my rental properties is under an LLC I have with another person and unfortunately we had to evict a tenant late last year who did some damage and used the court system to drag it out for 3 months, so with depreciation and other expenses, we on paper took a small (<1k) loss for 2019. As I understand the rules, that makes the LLC ineligible for a PPP loan since there are no net earnings.

My question relates to the EIDL grant though as I have gotten conflicting info on that. I have no real interest in an EIDL loan itself at 3.75%, but as I understand it, they grant 1k per employee that does not have to be paid back. Sole proprietors count themselves as an employee (1 employee, so 1k grant). Does this also apply to a 2 person LLC? If so, 1k or 2k? Seems to be no guidance on it. I have my accountant looking into it, but figured I would ask here as well.

Thanks.

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The EDIL grant is based on employees not llc members. For a no-employee Llc, I was able to get 1k
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Quote from ElatedManatee4493
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The EDIL grant is based on employees not llc members. For a no-employee Llc, I was able to get 1k

Isn't it $1k per employee? how did you get $1k if you have no employee for llc?
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