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Posted on 3/28/20 at 1:19 pm to Sal Minio
quote:
It is interesting how this thread has evolved and the conclusions that some people have come to.
perhaps if you’d used more than seven words in your OP conclusions would not have had to been drawn.
Posted on 3/28/20 at 1:52 pm to cgrand
Yes, I was trite and that didn't help.
I am usually a glass half full person, but all of this has me very concerned about not just me, but everyone that will be affected.
I think the money will take at least a month to be actually "usable" in our economy.
I am usually a glass half full person, but all of this has me very concerned about not just me, but everyone that will be affected.
I think the money will take at least a month to be actually "usable" in our economy.
Posted on 3/28/20 at 2:20 pm to Sal Minio
Hve a frank discussion with the tenant. Is he or does he plan to apply for a PPP loan? That would reimburse him for 2.5 months rent.
Posted on 3/28/20 at 2:45 pm to VABuckeye
This is incorrect. According to the guidelines the loan amount is only based on 2.5 months of average payroll.
Us bankers haven’t received final guidance yet and I don’t have any fricking clue why they’re saying it’s based on rents, utilities and payroll when Sba states the loan is based only on payroll.
Sba and the govt can do some pretty messed up shite and this appears to be falling right in line with expectations.
Us bankers haven’t received final guidance yet and I don’t have any fricking clue why they’re saying it’s based on rents, utilities and payroll when Sba states the loan is based only on payroll.
Sba and the govt can do some pretty messed up shite and this appears to be falling right in line with expectations.
Posted on 3/28/20 at 2:45 pm to VABuckeye
I just told my tenant rent is free this month since she lost her job, but she was able to land an new job this week andd has never missed a payment in 5 years so it wasn't a huge deal, I'd give her another month if needed.
Posted on 3/28/20 at 4:38 pm to Sal Minio
Google “SBA loan near me” a list of banks will pop up that are offering it from the federal government. Explain to them what is going on or tell them you want to look into getting a “ section 7a loan” and see where it goes. It’s almost free money, the rates are almost nothing. You need to do it ASAP though.
Posted on 3/29/20 at 7:24 am to Sal Minio
Call your mortgage guy I chatted with a buddy commercial not mortgage and he was calling customers up what do you want interest only or 3 mos suspended payments he was really working with them they aren’t in business to sell car washes buildings small factories etc...
Posted on 3/29/20 at 9:32 am to Im4datigers
Yes, it's incorrect that he can borrow against his rent amount but he can use some of the money to pay his rent. It's an allowable use that counts towards forgiveness of the loan. Also health insurance premiums and utilities are valid uses.
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