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Update on SBA Injury Loans and Use of Money
I represent tax payers in the greater St. Louis area, the State of Missouri and nationwide who have IRS and state tax issues. There still is a lot of confusion regarding all of the loan programs so I thought we would just focus on the loan opportunites and limitations for the EIDl program.
The basic answer for how much money a business might get is that the maximum loan amount is 2.5 times the averge monthly payroll for the 12 months preceding the date the loam is made. As an alternative a business may use average monthly payroll for 2019.
The amount of each loan is limited to the economic injury to be determined by the SBA after subtracting business interuption insurance if you have it and other capital recoveries up to the lending limit. Other considerations that are available from either the business,owners or other affilates.
Questions regarding collateral if your business qualifies for a larger loan are as follows:
Real estate is acceptable as collateral. The SBA has stated it won't decline a loan for lack of collateral, but would require a borrower to pledge collateral that might be available.The underwritng from what I have seen is been fairly liberal.
If you have a current SBA loan it ... more

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