Are there $10,000 grants available to small businesses through the CARES Act?
Yes. Small business applicants for an SBA Economic Injury Disaster Loan (EIDL) can receive a $10,000 emergency grant within three days of application (through Dec. 31, 2020). There is no obligation to repay the grant. To receive the $10,000 emergency grant, it is not necessary to have an approved EIDL loan. However, if the PPP loan is secured, the $10,000 grant will be subtracted from the forgiveness amount.
US Chamber of Commerce
Guide to SBA’s Economic Injury Disaster Loans
Claremont Insurance Services and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
There may be a more recent answer to this question. Contact Claremont for an update.