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Started By
Message
Small Business Resource Thread COVID-19
Posted on 3/27/20 at 11:38 am
Posted on 3/27/20 at 11:38 am
All,
I am starting this thread to compile all the links and information for small businesses to get financial assistance given the current economic environment that we're attempting to operate in.
This first link really goes into detail about the various programs that the Federal Government will be offering and how to go about getting financial assistance. As I find more information, I will include it in the OP. Lastly, if any one has any information that you think will be beneficial to small business owners please provide it and I will add it to the OP. Good Luck to all during this trying time.
CORONAVIRUS (CONVID-19: SMALL BUSINESS GUIDANCE & LOAN RESOURCES
ECONOMIC INJURY DISASTER LOAN ASSISTANCE
I am starting this thread to compile all the links and information for small businesses to get financial assistance given the current economic environment that we're attempting to operate in.
This first link really goes into detail about the various programs that the Federal Government will be offering and how to go about getting financial assistance. As I find more information, I will include it in the OP. Lastly, if any one has any information that you think will be beneficial to small business owners please provide it and I will add it to the OP. Good Luck to all during this trying time.
CORONAVIRUS (CONVID-19: SMALL BUSINESS GUIDANCE & LOAN RESOURCES
ECONOMIC INJURY DISASTER LOAN ASSISTANCE
This post was edited on 9/2/20 at 9:36 am
21
Posted on 3/27/20 at 3:06 pm to Iowa Golfer
Posted on 3/27/20 at 4:53 pm to eyepooted
We need a sticky for this. I'm not looking at my 401k/IRA for about a decade now. Focusing on fighting my way to a government teat. (that isn't sarcasm)
Posted on 3/27/20 at 9:45 pm to eyepooted
In
Posted on 3/27/20 at 10:08 pm to 24nights
Does anyone know if the salary amount is up to the first 100k or if the salary is over 100k it automatically doesn't qualify?
Posted on 3/27/20 at 10:08 pm to eyepooted
When will LA recognize self employed unemployment?
Posted on 3/27/20 at 10:23 pm to lsustone57
quote:
Does anyone know if the salary amount is up to the first 100k or if the salary is over 100k it automatically doesn't qualify?
my comprehension of it was it was cover the first $100k of each employee
Posted on 3/27/20 at 10:59 pm to LigerFan
quote:
Payroll costs (salary, wages, andpayment of cash tips up to annual rate of $100,000per employee);
Posted on 3/28/20 at 4:44 am to Sho Nuff
Something I found in a summary for the payroll protection act.
If a company has already applied for an SBA loan, which many companies have, and it is pending, they don’t qualify.
quote:
The borrower must support its prior payroll costs and certify that (i) “that the uncertainty of current economic conditions makes necessary the loan request to support the ongoing operations of the eligible recipient; (ii) acknowledging that funds will be used to retain workers and maintain payroll or make mortgage payments, lease payments, and utility payments”; (]iii) that there is no pending application for a 7(a) loan for the same purpose and amounts and no proceeds have or will be received from such a loan.
If a company has already applied for an SBA loan, which many companies have, and it is pending, they don’t qualify.
This post was edited on 3/28/20 at 5:16 am
Posted on 3/28/20 at 10:26 am to JoeBobRuby
Note that the links in the OP are for regular SBA Disaster Assistance Loans. They are not the Care Act payroll loans.
Regular SBA disaster loans give access to more money but have some important differences.
1) They will NOT be forgiven
2) A personal guarantee is required
3) Collateral is required
4) Payments can only be deferred up to 6 months
Care Act loans
1) can be forgiven with proper documentation
2) require no personal guarantee
3) require no collateral
4) payments are deferred up to 1 year
Regular SBA disaster loans give access to more money but have some important differences.
1) They will NOT be forgiven
2) A personal guarantee is required
3) Collateral is required
4) Payments can only be deferred up to 6 months
Care Act loans
1) can be forgiven with proper documentation
2) require no personal guarantee
3) require no collateral
4) payments are deferred up to 1 year
Posted on 3/28/20 at 10:53 am to VABuckeye
(no message)
This post was edited on 10/30/20 at 8:43 pm
Posted on 3/28/20 at 10:56 am to JoeBobRuby
That I cannot answer.
Posted on 3/28/20 at 11:57 am to VABuckeye
The Care act loans (the forgivable ones) are the ones you go directly to banks for correct? And from what I understand you can't even do that yet, maybe a few more weeks.
The SBA EIDL loan is the one that won't be forgiven and you apply through website. But I keep reading they give out grants up to 10,000 that will not require repayment even if loan is denied. From what I read you can apply for the 10K grant 3 days after you upload application paperwork on their website, but no real answers on how to apply for it. Anyone have info on that?
The SBA EIDL loan is the one that won't be forgiven and you apply through website. But I keep reading they give out grants up to 10,000 that will not require repayment even if loan is denied. From what I read you can apply for the 10K grant 3 days after you upload application paperwork on their website, but no real answers on how to apply for it. Anyone have info on that?
Posted on 3/28/20 at 12:06 pm to eyepooted
Posted on 3/28/20 at 12:13 pm to GravelLotinCanada
Correct and this language is key.
quote:
For eligibility purposes, requires lenders to, instead of determining repayment ability, which is not possible during this crisis, to determine whether a business was operational
on February 15, 2020, and had employees for whom it paid salaries and payroll taxes, or a paid independent contractor.
Posted on 3/28/20 at 12:39 pm to GravelLotinCanada
The link you provided has the payment deferral backwards. It's 6 months for an EIDL loan and 1 year for a PPP loan.
Posted on 3/28/20 at 1:08 pm to VABuckeye
I’m still trying to get clarification on this.
Does this mean that those who jumped the gun and applied for the economic disaster loan are now disqualified from the PPP loan?
quote:
that there is no pending application for a 7(a) loan for the same purpose and amounts and no proceeds have or will be received from such a loan.
Does this mean that those who jumped the gun and applied for the economic disaster loan are now disqualified from the PPP loan?
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