SBAD TREAS 310 Deposit | What Is It? | Updated March 2021 (2024)

Plenty of small business owners over the United States are wondering what their recent ACH deposit from SBAD TREAS 310 is from?

The answer

It’s your EIDL advance or “grant” as some are calling it.

Note: The following terms are commonly used for both the grant and loan.

EIDL = Economic Injury Disaster Loan

EIDG = Economic Injury Disaster Grant

Do We Need To Pay IT Back?

No, the SBAD TREAS 310 Misc pay is an advance or “grant” from the small business administration and is part of the economic injury disaster loan.

The problem is that many questions regarding the SBA don’t stop at just the deposit from SBAD TREAS 310 MISC. We compiled a list of questions for you and provided the answers using this table below.

Common Questions About SBA Loan Options In 2020.
What’s the difference between the EIDL and PPP?
Will the EIDL affect my unemployment?
Where Can I Apply For The EIDL?
Can I use both EIDL and the PPP loan?
When will my EIDL loan go through?
What can I use my EIDL grant for?
How much will my EIDL loan be?
Do I need to pay back my EIDL grant?
What if I don’t want the loan portion?

How Much Will MY EIDL Be?

Use this calculator to determine your approximate EIDL loan value.

Want to see how you can use your EIDL advance to increase your business?

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The economic injury disaster loan is a loan from the SBA to offset financial hardships due to the recent pandemic. If your business has recently applied for the SBA’s EIDL, then this recent ACH deposit from the name of “SBAD TREAS 310” is your advance from the SBA. This advance does NOT have to be repaid.

However, the loan that follows will have to be repaid.

What Your ACH from SBAD TREAS 310 May Look Like

SBAD TREAS 310 Deposit | What Is It? | Updated March 2021 (1)

As you can see above, a recent deposit for the amount of $1,000 confused our business just as much as all of you.

Do I Need To Pay Back My EIDL Advance?

The answer is no.

The deposit you received that reads “SBAD TREAS 310” is only an advance. Some people are calling this the EIDL “Grant” as it does NOT have to be paid back. If you have received this deposit, then the rest of the loan will follow in the next coming weeks.

An EIDL loan however you do need to pay back with interest. Interest rates are fixed at 3.75% or 2.75% for nonprofits. These loans have a payment time frame of 30 years, available in all 50 states of the United States, and have no pre-payment penalties.

Most business owners confuse the difference between the EIDL loan and it’s advance, The advance is a one time deposit from the SBA that is a rapid banking deposit to help offset financial hardships brought upon by the recent pandemic.

The advance can be anywhere from $1,000 to $10,000. Most small business owners have seen a recent ACH deposit from the SBAD TREAS 310 payment ID for a total of $1,000.

Difference between EIDL “Advance” and “Loan”

SBAD TREAS 310 Deposit | What Is It? | Updated March 2021 (2)

Many people are confused and wondering if this deposit they got is their actual loan. It’s not. It’s only the advance of the loan Here’s the difference.

The EIDL Advance

The EIDL advance or EIDL grant is actually free money from the government to help offset the financial hardships due to the recent pandemic. The advance is deposited first, then the loan is to come afterward.

The EIDL Loan

The EIDL loan is the actual interest paid portion of the funds you will be receiving. As stated previously this portion of the loan DOES have to be paid back with interest. Most people are wondering if they need the loan and if they don’t, can they just not apply for it?

Unfortunately, you need to apply for the loan in order to get the advance. However, you can pay off the loan immediately once it is deposited with no pre-payment penalty.

Where Can I Apply For the EIDL?

The SBA website periodically opens applications back up to apply for the EIDL. You can visit the link here and see if applications are currently being accepted.

Difference Between EIDL and PPP?

Most people are asking us what’s the difference between the EIDL and PPP loan? Well, there is actually a big difference and it’s important to know the functions of both.

Simply put, the economic injury disaster loan is for business expenses whereas the PPP loan is for payroll expenses.

Looking to apply for the PPP loan? Click here to use our custom gateway.

Economic Injury Disaster Loan

The economic injury disaster loan is just what it sounds like. A loan provided to business owners that is meant to help during some type of financial hardship caused by an unforeseen set of events.

This loan, while backed by the SBA ( small business administration ) is also funded by the federal government for the economic hardship of 2020 due to the recent pandemic.

This loan notoriously is attached to an EIDL advance or EIDL grant as some are calling it. This grant has been made available to business owners around the United States via rapid checking account deposits and does not have to be paid back. However, the actual loan portion does, at 3.75% interest.

Payment Protection Program

The payment protection program is another economic aid loan, funded by the United States federal government.

However, this loan has a purpose which solely consists of helping business owners keep their employees by offering funds to make payroll and keep their operations running.

The payment protection program offers approximately 3 months worth of payroll in the form of a loan. This loan is given out by a list of 250 approved lenders and has a great clause stating that if you use at least 75% of the loan for payroll purposes then it will be 100% forgivable in the future.

That means if you get a loan of $10,000 and use at least $7,500 of that loan for payroll, you will have the ability to have the loan forgiven and not have to pay it back.

Can I use The EIDL and PPP Together?

The answer is yes.

However, we highly recommend consulting with a tax professional to see the implications of using both loans together in regards to next years tax season, deductions, and claims.

Typically, the EIDL is used primarily for business expenses which do include payroll. However, the PPP loan is used for payroll purposes only and should stay as such.

If you have received both loans we might suggest using the EIDL for things such as products, rent, bills, and materials and the PPP loan for payroll towards employees.

Will the EIDL or PPP loan affect my unemployment?

If you have received the EIDL grant or advance and are wondering if it will affect your unemployment status then you are definitely not alone.

Unfortunately, because every state is different and these programs are being changed and distributed at such a high rate, we highly encourage you to contact your state’s department of labor to get confirmed answers.

When Will My EIDL Be Deposited?

Although the answer for this is unsure, we have seen loans be processed about 14 to 21 days after receiving the EIDL grant on average.

Word has been going around that some have received their loans, some have not, and some have already gotten their advances weeks ago along with their full loan amounts.

In the midst of this financial hardship, it can be tough to wait for a loan that has no sign of coming in. However, if your advance has been deposited, this means the SBA has received your loan application and the funds will hopefully be delivered shortly.

Can I Deny the Loan Portion Of The EIDL?

Yes.

when the SBA emails you a confirmation of the loan approval and issues portal access via their website you can do the following.

  • Do not login to the portal
  • Wait 10 days
  • The SBA will then dissolve the loan process and abandon your application

At this point, you can keep the advance payment you received and have no issue with loan repayment.

How To Apply For The EIDL Grant

The time needed: 1 day.

Applying for the EIDL grant.

  1. Fill out the EIDL loan application

    This will require some basic business operating information as well as ownership information.

  2. Await the grant deposit labeled as “SBAD TREAS 310”

    This is the “grant” that people are talking about and does not have to be paid back

  3. Await the actual EIDL loan

    This is the portion of the loan that comes after the grant and has interest attached to it. Pay it off immediately with no pre-payment penalty if you wish and enjoy your grant!

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SBAD TREAS 310 Deposit | What Is It? | Updated March 2021 (2024)

FAQs

Why did I get a deposit from SBAD Treas 310? ›

The deposit you received that reads “SBAD TREAS 310” is only an advance. Some people are calling this the EIDL “Grant” as it does NOT have to be paid back. If you have received this deposit, then the rest of the loan will follow in the next coming weeks. An EIDL loan however you do need to pay back with interest.

What is SBAD 310 Misc? ›

Fraudulent SBA Disaster Relief Payments

The payments are labeled “SBAD TREAS 310” – which commonly denotes SBA Economic Injury Disaster Loan (EIDL) and may have the company ID of 9101036151. Some payment amounts exceed $10,000.

What is a 36 Treas 310 deposit? ›

IRS TREAS 310 signals an ACH direct deposit refund or stimulus payment resulting from a filed tax return, amendment, or tax adjustment.

What does SBAD stand for? ›

SBAD
AcronymDefinition
SBADSensory Based Anxiety Disorder
SBADSean Boutilier Academy of Dance (Toronto, Ontario, Canada)
SBADSacramento/Black Art of Dance (dance company; California)
SBADSusan B. Anthony Dollar
2 more rows

What time do SBA deposits Post? ›

After receipt of the signed documents the funds are direct deposited typically in 3 -5 business days. If collateral is required for the loan SBA will prepare a partial disbursement of $25,000 to submit to the borrower and release the remaining funds once all collateral is appropriately secured.

What is SBAD Eidl? ›

Small businesses, small agricultural cooperatives, and most private nonprofit organizations located in a declared disaster area and which have suffered substantial economic injury may be eligible for an SBA Economic Injury Disaster Loan (EIDL).

Do I have to return payment received with description SBAD Treas 310 Misc pay? ›

NO! The SBAD TREAS 310 Misc payment is an advance or subvention from the Small Business Administration (SBA or SBAD).

Is SBAD 310 taxable? ›

Your balance sheet should balance without including that loan in the asset section. The loan is not taxable and is not reported as income on form 1065. In fact, the account entry when you received the loan is Debit Cash at bank and Credit Loans.

Is the EIDL loan forgivable? ›

There is no need to apply for EIDL forgiveness. Remember, EIDL loans cannot for forgiven. EIDL grants are automatically forgiven, provided you use the funds on approved expenses.

What was the third stimulus payment in 2021? ›

Third round of stimulus checks: March 2021

The third payment provided eligible individual taxpayers for a check of up to $1,400, while couples filing jointly could receive a maximum of $2,800.

How much was the 3rd stimulus check? ›

The full amount of the third stimulus payment is $1,400 per person ($2,800 for married couples filing a joint tax return) and an additional $1,400 for each qualifying dependent.

How do I know if I got the 3rd stimulus? ›

Amount and Status of Your Third Payment

You can no longer use the Get My Payment application to check your payment status. To find the amount of the third payment, create or view your online account or refer to IRS Notice 1444-C, which we mailed after sending your payment.

Is the Eidl a loan or grant? ›

Applicants for the COVID-19 Economic Injury Disaster Loan (EIDL) may have been eligible to receive up to $15,000 in funding from SBA that did not need to be repaid. These "advances" are similar to a grant, but without the typical requirements that come with a U.S. government grant.

Does chime accept SBA loan deposits? ›

We're unable to accept business transactions, including deposits and loans for business use. Any SBA or PPP loan will be rejected and sent back to the IRS. You got loan on your chime?

How long does it take SBA to disburse funds? ›

Receiving an SBA disaster loan is a three-step process: Application, Property Verification & Loan Processing Decision, and Loan Closing & Disbursement of Funds. The SBA states that the first and second step takes an average of four weeks. Step 3 takes around five days for borrowers to receive funds.

How is EIDL loan amount determined 2021? ›

The amount of loan increase that you are eligible for is determined by the loan amount that you would be eligible for if you applied today minus the loan that you have already received. You may apply for an additional increase even if you have already applied for and received a loan increase.

How long does it take to receive Eidl funds after approval 2021? ›

How Long Does It Take To Receive EIDL Funds? The SBA reports that businesses that apply for a loan below $500K are typically waiting 2-3 weeks. Those that apply for an EIDL loan above $500K and have business real estate as collateral, can expect to wait about 45 days for their funds to be disbursed.

Is the $10 000 Eidl advance forgivable? ›

Can an EIDL loan be forgiven? No. EIDL loans (not advances) must be repaid over 30 years. Unlike PPP loans, there is no forgiveness process for these loans.

Do you have to pay back SBA disaster loans? ›

To summarize: If you received an Economic Injury Disaster Loan, you are required to pay it back in full. However, if you received your loan during the period when either of the Advance funds were offered and you were approved for either Advance, that portion does not have to be repaid.

Can a SBA disaster loan be forgiven? ›

No, the SBA does not offer a forgiveness program for disaster loans. These loans must be repaid over 30 years with interest rates up to 8%, depending on your circumstances. Though the SBA's Paycheck Protection Program has closed for applications, existing PPP loans may be eligible for forgiveness.

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