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eyepooted
Member since Jul 2010
5699 posts

Small Business Resourse Thread COVID-19
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


Clint Torres
New Orleans Pelicans Fan
Member since Oct 2011
1882 posts

re: Small Business Resourse Thread COVID-19
This link provides an excellent summary: LINK


Iowa Golfer
Iowa Fan
Heaven
Member since Dec 2013
9973 posts

re: Small Business Resourse Thread COVID-19
Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave

IRS


Iowa Golfer
Iowa Fan
Heaven
Member since Dec 2013
9973 posts

re: Small Business Resourse Thread COVID-19


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10
McLemore
Member since Dec 2003
23727 posts
 Online 

re: Small Business Resourse Thread COVID-19
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)


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100
24nights
LSU Fan
Louisiana
Member since Apr 2012
2558 posts

re: Small Business Resourse Thread COVID-19
In


lsustone57
LSU Fan
Covington
Member since Jan 2007
83 posts

re: Small Business Resourse Thread COVID-19
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?


blades8088
LSU Fan
Covington
Member since Nov 2008
4060 posts

re: Small Business Resourse Thread COVID-19
When will LA recognize self employed unemployment?


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30
LigerFan
LSU Fan
Member since Jan 2014
2451 posts

re: Small Business Resourse Thread COVID-19
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


Sho Nuff
New Orleans Saints Fan
Hawaii
Member since Feb 2009
10249 posts

re: Small Business Resourse Thread COVID-19
quote:

Payroll costs (salary, wages, andpayment of cash tips up to annual rate of $100,000per employee);


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SippyCup
New Orleans Saints Fan
Member since Sep 2008
3848 posts
 Online 

re: Small Business Resourse Thread COVID-19
Something I found in a summary for the payroll protection act.

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 at 5:16 am


JoeBobRuby
LSU Fan
Member since Sep 2005
5799 posts

re: Small Business Resourse Thread COVID-19
Section by section summary link from Mike Johnson's website. I have yet to see a single mention of eliminating the Personal Resource test in this program. Anyone else?

LINK


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
27264 posts

re: Small Business Resourse Thread COVID-19
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


JoeBobRuby
LSU Fan
Member since Sep 2005
5799 posts

re: Small Business Resourse Thread COVID-19
Will Care act loan eligibility factor in principal liquidity? They've explicitly waived the credit elsewhere test but not the personal liquidity test (that I've read).

Current SBA 7(a) seems to reduce and ultimately disqualify if our corporate principal's assets are above a certain level.


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
27264 posts

re: Small Business Resourse Thread COVID-19
That I cannot answer.


GravelLotinCanada
Anywhere, Anytime
Member since Dec 2019
58 posts

re: Small Business Resourse Thread COVID-19
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?


GravelLotinCanada
Anywhere, Anytime
Member since Dec 2019
58 posts

re: Small Business Resourse Thread COVID-19
There are two programs and this is a good side by side comparison of both options available.

LINK


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
27264 posts

re: Small Business Resourse Thread COVID-19
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.


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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
27264 posts

re: Small Business Resourse Thread COVID-19
The link you provided has the payment deferral backwards. It's 6 months for an EIDL loan and 1 year for a PPP loan.


SippyCup
New Orleans Saints Fan
Member since Sep 2008
3848 posts
 Online 

re: Small Business Resourse Thread COVID-19
I’m still trying to get clarification on this.

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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