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.

[Anthony Brancato]

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. 

From SBA email on 4/14:

Dear Applicant,

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.