SBA Disaster Loan Program – EIDL
The application is one form at https://covid19relief.sba.gov/#/ which includes the EIDL up to $2MM and the Grant for $1,000.00 dollars for each employee you have.
It will ask for your business routing number, etc. If they accept your application, they will wire the $10,000 into your account within 3 days according to the SBA website. This money will be subtracted from your loan if approved, if not approved, IT DOES NOT HAVE TO BE PAID BACK. That’s right. The money will be FREE even if they deny you of the loan.
The whole process should take 15-30 minutes max. You don’t need to hire anyone, it is very easy. I don’t know how they calculate how much you will get, but anything helps when you are tight on money right?
Whatever they approve you for will be at a 3.75% interest rate that can’t be beaten for a business loan.
****Keep an eye out for emails from disastercustomerserice@SBA.gov for updates on the status of your application.
SBA Disaster Loan Program - EIDL Advance
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. Go to https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance
SBA Disaster Loan Program - SBA Express Bridge Loans
Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans
SBA Disaster Loan Program - Paycheck Protection Program
After you applied to the EIDL programs, you CAN still apply for the Payroll Protection Program as well. You will need to go to your local bank or credit union for the PPP program. If you pay contractors 1099’s or W2. You will need:
- 2019 Profit & Loss Statement or 2019 Business Tax Returns (if completed)
- Most recent four quarters of Payroll Tax – Form 941
- Verification of the number of employees and expense for 2019 (Jan – Dec) excluding costs over $100,000 for each employee
Real Estate Professionals and 1099 employees submit the following:
- Draft Schedule C for 2019. Net income from Schedule C is used to calculate the loan amount.
- Copies of any health insurance premiums paid in 2019
- Copies of any retirement benefits paid in 2019.
Calculations are determined by taking the NI from Schedule C+ 2019 health/retirement payments/12 months to determine the monthly payroll expense times 2.5x is the proposed PPP loan amount.
The PPP loan program allows for up to 100% forgiveness of the loan if used for the following:
The borrower us up to 24 weeks to use the funds and payments are deferred up to 10 months after the end of the covered period or whenever the borrower applies for forgiveness.
SBA Disaster Loan Program - SBA Debt Relief
Your documents need to be in this week to take advantage of this program. SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. If your business is open and you want to participate in the SBA Debt Relief program give me a call at 512-354-5949 or get started by completing this form.
I hope this information is helpful to you.
Wishing You the Best,
|Commercial Capital LTD|
e: KarenSchimpf at gmail.com|
P.S. My niche is in helping finance SBA Start-Ups, finance Special Use Commercial Properties, Apartment Loans and Hard Money Bridge Loans. I BRING COMMERCIAL MONEY FROM AROUND THE COUNTRY TO LOCAL MARKETPLACES INSURING THE MOST LIKELIHOOD OF CLOSING. The key is placing the borrower with the lender that most suits that borrower’s strengths. I do it better than anyone. Give me a call today at O:512-354-5949 or get started by completing the form.