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Started By
Message
re: Small Business Resource Thread COVID-19
Posted on 3/31/20 at 1:32 pm to NOSHAU
Posted on 3/31/20 at 1:32 pm to NOSHAU
The information is conflicted on getting both loans. It would seem that it's open to interpretation.
The information on it is just all over the place.
quote:
Can I Apply for Both Loans?
The only businesses that can receive both EIDLs and Paycheck Protection Loans are those that are currently using an EIDL for purposes unrelated to Covid-19. An example would be using an EIDL to recover from damage sustained from floods or tornadoes. Aside from this scenario, the answer is no, businesses cannot receive EIDLs and Paycheck Protection Loans.
The information on it is just all over the place.
0
Posted on 3/31/20 at 1:39 pm to NOSHAU
quote:
If you were on the JEDCO call yesterday, they were a bit all over the place in some of their understanding. I do not think there will be any clarity until the banks get guidance from the SBA.
Yeah I was on the call..but I was at home and my wife and kids were annoying the hell out of me...but I caught up this morning after reading some content online and talking with yall ...I finally spoke to my banker and I knew more than he did
I sent him all kinds of info to educate him....
quote:
Kind of surprised Whitney is putting such definitive information out without such guidance.
they well may be confused as a lot of other people are
Posted on 3/31/20 at 1:42 pm to VABuckeye
quote:
Who else expects this to be a giant clusterfrick?
You think?
I just want to know which lenders are doing it where I'm at.
Posted on 3/31/20 at 1:46 pm to eyepooted
So I own a side business that made about $20K last year. Any benefits to applying for this loan just because??
Posted on 3/31/20 at 1:50 pm to tgrbaitn08
Sho Nuff
New Orleans Saints Fan
Hawaii
Member since Feb 2009
10175 posts
Online
New Orleans Saints Fan
Hawaii
Member since Feb 2009
10175 posts
Online
Posted on 3/31/20 at 2:11 pm to tgrbaitn08
True.
He's been on the travel board many times about trips so I knew it was true.
He's been on the travel board many times about trips so I knew it was true.
Posted on 3/31/20 at 2:13 pm to VABuckeye
Yeah, waiting on local banks to call us back and I tried the lender match tool on SBA site but it doesn't seem to work.
Posted on 3/31/20 at 2:45 pm to eyepooted
Does the EIDL place a lien on business assets as collateral? For example, with rental properties, would any potential sale of said asset be an issue?
Posted on 3/31/20 at 5:15 pm to cmlsu
Talked to my guy today, our plan is
- file PPP loan with them for just payroll 2.5 times, plus some expenses
- eidl loan for everything else
- next six months of my current sba loan will be paid by sba
- could do another six month deferment after that if needed with them directly
- file PPP loan with them for just payroll 2.5 times, plus some expenses
- eidl loan for everything else
- next six months of my current sba loan will be paid by sba
- could do another six month deferment after that if needed with them directly
Posted on 3/31/20 at 5:18 pm to Penn
I already applied to the eidl apparently, the PPP is not out to apply yet from my understanding from him
Posted on 3/31/20 at 5:21 pm to eyepooted
(no message)
This post was edited on 2/25/21 at 11:47 am
Posted on 3/31/20 at 6:12 pm to eyepooted
7a loan application now available. Looks like you can’t actually apply for a few days, but this should help with starting to gather info.
Application
Fact Sheet
Application
Fact Sheet
This post was edited on 3/31/20 at 6:14 pm
Posted on 3/31/20 at 6:18 pm to Spock
App looks simple enough, wonder how much supporting documentation they will need, will that be left up to the private bank to determine?
Posted on 3/31/20 at 7:34 pm to Tigerpaw123
How quickly will they run out of money?
Posted on 3/31/20 at 8:28 pm to McNeeseLSU
Treasury Guidelines Released
Honestly it looks like a rubber stamp loan. Talk to your bankers and get them in early Friday.
Honestly it looks like a rubber stamp loan. Talk to your bankers and get them in early Friday.
Posted on 4/1/20 at 7:57 am to VABuckeye
Just spoke with PNC. It's still a sample application. The final application will be up on Friday. Then it will be a stampede.
Posted on 4/1/20 at 9:54 am to VABuckeye
How is everyone calculating the average monthly payroll? YTD 2019? 3/1/19 - 2/29/2020?
Posted on 4/1/20 at 10:07 am to Spock
Yes and we can use 1099 subs as per of that calculation.
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