Easy Stimulus $ available to business owners, including sole proprietors
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Looked into it yesterday.....if they approve it , you can get a 10K grant that doesn't have to be re-payed....otherwise it will be loan unsecured up to 25K then collateral required for over 25K.....up to 30 years to repay at 3.5%.......quite a bit of paperwork and financial records/information required.....for either........
Our insurance company just sent me a notice that our business interruption coverage has a virus exclusion................
Our insurance company just sent me a notice that our business interruption coverage has a virus exclusion................
The loan must be applied for at your normal SBA loan lender. But it will include a 6-12 month payment deferral.
You take 1 year payroll x 2.5, add 1 yr of rent and utilities to arrive at amount available.
If you have had one before, the application process is supposed to be streamlined.
Forgot to mention that loan will be forgiven as long as payroll does not change for 6 months (I think its 6 months).
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LOL!....
The SBA is part of the Federal Government....you believe them?
We're going to see how it goes, but from what I hear and read....the sooner you apply the more likely it will be approved.....for either the grant or loan....
The SBA is part of the Federal Government....you believe them?
We're going to see how it goes, but from what I hear and read....the sooner you apply the more likely it will be approved.....for either the grant or loan....
Look into Paycheck Protection Program. It will provide a forgivable loan for essentially ALL your expenses as long as you maintain your staff. You can look at it as free money, but consider it help until your back up to speed. The federal government is guaranteeing it, so no waiting on SBA. The bank will approve it and you'll get your money immediately, I believe.
It doesn't. They're talking about probably, possibly, maybe forgiving the loans if certain criteria are met. But that will all come from a future vote in Congress as I understand it.
So basically like a student loan. They push folks to take it, then one party will campaign on forgiving that debt if elected is the way I see it.
So basically like a student loan. They push folks to take it, then one party will campaign on forgiving that debt if elected is the way I see it.
Until the next stim bill. And Gov bailout of insc companies.
Its not some nebulous plan. The criteria is laid out on how to qualify for loan forgiveness. You keep payroll at the same levels for a stated period of time.
The people I know are printing the SBA website info that shows the details JIC for future use.
That's the payroll protection act, which is separate from the loan application linked above. Yes the PPP does offer a grant that doesn't have to be repaid to cover up to 2.5 months of payroll. Loans for rents, utilities, and things other than payroll are not guaranteed they won't have to be paid back.
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