Small business loan

[6t7gto]

Just saw this on TV.
treasury.gov
is the site that has the info and application for a loan.

Only problem I have is I don't have any employees or payroll.
But I could sure use some help with monthly expenses as sales are way down.

Thoughts?
David

 

[Axxlrod]

Disaster assistance | U.S. Small Business Administration

www.sba.gov

 

[6t7gto]

Thank you
david

 

[soapy]

WCA has a good analysis.on their website done by a HR firm.

 

[Dan-Ark]

The Paycheck Protection Plan loan includes self employed. so long as you have paid taxes as self employed, you should be good for 2.5 times montly "payroll" as I understand this so far.

 

[Kramerwv]

How to Obtain an SBA Coronavirus PPP Loan and Have It Forgiven
https://flip.it/SRwa.L

 

[soapy]

you can also get utilities and rent or mortgage interest as part of the grant.

 

[bert79]

So maybe others have climbed this mountain already and can be a help to me and others. We are going to be applying for some assistance from the small business stimulus and have a unique situation (that I'm sure many others have as well). We purchased our wash about two years ago from the owner on a land contract a have about a year left to pay it off. We updated equipment and rehabbed the building using a home equity loan. Our LLC is a partnership between my dad and I. I have noticed that sole proprietors and LLC's are specifically mentioned in the stimulus package. I know this is all a bit new to everyone still but was wondering if anyone is in a similar situation and has talked with an attorney or a banker yet? From what I have gathered so far it seems like we may be able to get some assistance based on the the numbers that we show as profit.

 

[Waxman]

I'm aware of a PPP loan being offered through the SBA and administered by local banks.

This one offers 2.5 x monthly payroll as a loan. .5% interest. HOWEVER, if you prove you used the funds for payroll and expenses ( mortgage, utilities, etc.) the loan is forgiven .

 

[soapy]

Only 25% of the overall loan can be utilities, rent etc. 75% needs to be for payroll. You can go to the SBA.gov website right now and download the documents you will need for the PPP loan.

 

[Waxman]

There is a $10,000 grant available as well. The grant box to check for the $10,000 is found on page 3 of the Disaster Relief Loan. You get to keep the $10,000 as a grant once you apply for this loan. If you are turned down or approved it does not matter. If you are approved but decide not to take a disaster relief loan, you still get to keep the $10,000.

 

[Waxman]

I saw / heard the Everwash webinar today and it was very good and informative.

 

[soapy]

JUst be sure you can prove that your business was hurt by the convid virus by at least 50%.

 

[Kramerwv]

Sba site down large part of the day today. Applications overwhelming the system - good luck out there!

 

[6t7gto]

....I'll be back.
David

 

[6t7gto]

The following is from a friend of my son.
David

 

[wyatt]

The following is from a friend of my son.
David


View attachment 1432

I hope you are right. The word on the street is that the grant is only 1k per employee now.

 

[Overachiever]

I hope you are right. The word on the street is that the grant is only 1k per employee now.

The free up to $10k one doesn't require you to have employees. It's this one: https://www.sba.gov/funding-program...onomic-injury-disaster-loan-emergency-advance

 

[wyatt]

The free up to $10k one doesn't require you to have employees. It's this one: https://www.sba.gov/funding-program...onomic-injury-disaster-loan-emergency-advance

Trust me, I wish you were correct but I believe SBA is changing the rules because of the huge influx of applicants. Look about halfway down in this link.

Coronavirus Relief Options and FAQs

content.govdelivery.com

 

[6t7gto]

I just went thru the application again for the 10k loan/advance.
Nothing in the online application has changed since last week when I submitted mine.