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Message
re: Small Business Resource Thread COVID-19
Posted on 3/30/20 at 2:40 pm to Doctor Strangelove
Posted on 3/30/20 at 2:40 pm to Doctor Strangelove
I won't be doing EIDL. Just the PPP loan. My wife will be doing one for her bookkeeping firm as well.
I do know that EIDL loans do look at net worth however for loans below $200k the following applies according to PNC.
ETA: It appears that one could do the PPP loan and do a supplemental EIDL loan for under $25k with no collateral requirement.
I do know that EIDL loans do look at net worth however for loans below $200k the following applies according to PNC.
quote:
Guarantees are required for loans >$200k and collateral is required if loan is >$25k
? Real estate is preferred, but a loan will not be declined for lack of collateral. Any
available collateral will be taken. SBA lien is subordinate to any existing liens
ETA: It appears that one could do the PPP loan and do a supplemental EIDL loan for under $25k with no collateral requirement.
This post was edited on 3/30/20 at 2:42 pm
1
Posted on 3/30/20 at 2:52 pm to VABuckeye
We did the EDIL this afternoon and will be doing the PPP with a local lender later this week.
The EDIL is no fee...so worst case if we don't need it, we can repay it back right away. It also provides the $10k advance which will be helpful in the short-term since those advances are supposed to be processed immediately.
Will keep this thread apprised of the process.
The EDIL is no fee...so worst case if we don't need it, we can repay it back right away. It also provides the $10k advance which will be helpful in the short-term since those advances are supposed to be processed immediately.
Will keep this thread apprised of the process.
This post was edited on 3/30/20 at 2:56 pm
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