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Started By
Message
1
Posted on 3/28/20 at 1:44 pm to VABuckeye
quote:
believe it does but that's just my opnion on it.
I would agree based on the language. Hopefully they correct that as hundreds of thousands of small businesses have already applied.
Posted on 3/28/20 at 1:59 pm to SippyCup
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.
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.
This post was edited on 3/28/20 at 2:33 pm
Posted on 3/28/20 at 2:13 pm to GravelLotinCanada
That seems more logical but who knows at this point.
Posted on 3/28/20 at 2:42 pm to SippyCup
Posted on 3/28/20 at 3:25 pm to eyepooted
So, for some reason, you got some down votes. Go figure. lol.
Posted on 3/28/20 at 3:37 pm to SippyCup
I jumped the gun a applied last week, hope they let me in
Posted on 3/28/20 at 4:32 pm to GravelLotinCanada
quote:
This link explains what I was talking about at the very bottom.
Thanks. That clears it up.
Posted on 3/28/20 at 4:57 pm to eyepooted
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???
Posted on 3/28/20 at 6:08 pm to Tigerpaw123
According to that link you can’t do PPP and ELdL, but you can choose on or the other and those other programs you listed.
Posted on 3/28/20 at 6:19 pm to SippyCup
Correct me if I am wrong but did I see where you can get ELDL first then you get the pay check one and refi the balance into it or vice versa????
This post was edited on 3/28/20 at 9:00 pm
Posted on 3/28/20 at 6:51 pm to Tigerpaw123
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.
Posted on 3/28/20 at 8:21 pm to Tigerpaw123
If you already have one. You can’t go out and get both now. Specifically prohibited.
Posted on 3/28/20 at 8:22 pm to Sho Nuff
You can use up to $100k prorated. Anything above is excluded. 8333.33 monthly is the max per person.
Posted on 3/28/20 at 8:27 pm to VABuckeye
That’s not accurate. You can’t get both for the same expenses (payroll).
quote:
An applicant that receives assistance under the Economic Injury Disaster Loan Programs for purposes of paying payroll and providing payroll support is not eligible.
This post was edited on 3/28/20 at 8:32 pm
Posted on 3/28/20 at 8:29 pm to SippyCup
quote:
If a company has already applied for an SBA loan, which many companies have, and it is pending, they don’t qualify.
You can if it’s not for the same purpose is my understanding.
This is pretty good:
US Chamber of Commerce Checklist
This post was edited on 3/28/20 at 9:41 pm
Posted on 3/28/20 at 8:36 pm to bobdylan
Thanks for the clarification. Did not intend to give disinformation. 
Posted on 3/29/20 at 5:53 pm to VABuckeye
Good thread, boys and girls
Posted on 3/29/20 at 8:38 pm to Sho Nuff
quote:
Good thread, boys and girls
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.
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