Stream Lined - SBA loan application , New SBA Paycheck Protection Loan, Restaurant Worker Aid

[CalGalTraveler]

Congrats @easyrider. It will be fine. I have a relative who just accepted it for his struggling farm. He is over the moon. I got the courage to open the portal today because it is a corp and hard pulls D&B instead of of personal credit. I wanted to see how much they offered. I was deemed "Eligible" but didn't accept any loan amount yet to avoid another hard pull.

I haven't opened the portal for our vacation rental because both DH and I received a hard pull for the $1000 grant. Still could apply and try to get the second $1000 for DH but not worth the second personal hard pull right now because we are refinancing our home. I have heard that you can revive the loan offer up to 6 months. May pursue then. OTOH Our rental business is recovering faster than expected and we are fully booked until Mid Aug. We lost revenue in April to Mid June so the grant helped with expenses during that time. Won't make a profit this year but also won't make a big loss.

 

[easyrider]

Today I received an email about our SBA EIDL that is good news for us. Our loan was large enough to require collateral. The news today is the SBA dropped the collateral requirement condition of our loan basically making the loan a signature loan.

Bill

 

[CalGalTraveler]

Today I received an email about our SBA EIDL that is good news for us. Our loan was large enough to require collateral. The news today is the SBA dropped the collateral requirement condition of our loan basically making the loan a signature loan.

Bill

Congrats. That's a nice feature. So did you end up taking out a loan? We only took the grants and declined the loans because we didn't want to further burden our businesses with more debt given the uncertainty at the time as to when we could pay it back. Both businesses ultimately recovered so would not have needed for long.

 

[easyrider]

Congrats. That's a nice feature. So did you end up taking out a loan? We only took the grants and declined the loans because we didn't want to further burden our businesses with more debt given the uncertainty at the time as to when we could pay it back. Both businesses ultimately recovered so would not have needed for long.

Yes, we took the loan as we were not certain of future economic conditions regarding rental properties and hospitality. So far, Covid 19 has had only a very minor impact on us but that could change.

Bill

 

[CalGalTraveler]

Yes, we took the loan as we were not certain of future economic conditions regarding rental properties and hospitality. So far, Covid 19 has had only a very minor impact on us but that could change.

Bill

Congrats. sounds like it worked for your situation. The loans were low interest rate so that was a plus to not have to pay it back for a while.

 

[easyrider]

The EIDL is back. If you didn't get the first grant of $1000 per employee you can get this one. If you did get the first grant and received less than $10,000 you could apply for the rest if you meet the conditions.

Bill

 

[easyrider]

Oh snap !!! Not happening until they figure some things out.

Bill

 

[dioxide45]

The EIDL is back. If you didn't get the first grant of $1000 per employee you can get this one. If you did get the first grant and received less than $10,000 you could apply for the rest if you meet the conditions.

Bill

Kevin needs a shave. He took Movember a little too far!

Oh snap !!! Not happening until they figure some things out.

Bill

Well, they could override a veto, they seemed to have the votes. However, there seems to be a ton of pork in the latest round of spending. They attached a $1.4 trillion dollar bill to this thing.

 

[easyrider]

Today is the first day of round 2 of the SBA PPP beginning with those that have less than 20 employees including sole proprietors. This is a forgivable loan. The big change is that they are using line 1 ( gross receipts ) instead of the bottom line for profit. Round 2 includes first and second ppp applicants.

Bill

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program