re: Small Business Resource Thread COVID-19

I read somewhere, a few different places actually that you are good even if you applied for the SBA economic disaster loan. If you get that loan done before you get the PPP loan you can still apply for PPP, and at closing they would refinance what ever you had in original loan into the PPP loan.

They don’t double dip though. So if you were going to get 30k of forgivable money through PPP deal, and you got 15K through SBA loan you’d only get 15k through PPP. Still same amount but from two different plans, and again they refinance it so it’s one loan once it’s all said and done. At least that’s the way I understand it.

LINK

This link explains what I was talking about at the very bottom.

I jumped the gun a applied last week, hope they let me in

Could a small biz, under50 employees be eligible for the family first act that allows 10 days of sick time to be reimbursed by the feds for each employee, plus the paycheck protection program that forgives 8 weeks of payroll expenses plus rent and utilities as well as an EIdL loan that has to be paid back over 30 years for other qualified business expenses???

I'm still trying to get clear on the over $100k salary. Let's say someone makes $150k, does that mean you can't use $100k of their payroll at all or you can use "up to it"? I've seen conflicting info.

If you already have one. You can’t go out and get both now. Specifically prohibited.

That’s not accurate. You can’t get both for the same expenses (payroll).

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An applicant that receives assistance under the Economic Injury Disaster Loan Programs for purposes of paying payroll and providing payroll support is not eligible.

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Thanks for the clarification. Did not intend to give disinformation.

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Good thread, boys and girls

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It really is. There is a thread on the OT or Poli that has so much Misinformation it makes me want to kick a baby seal.