A caller on Rush called in about this today. He said the initial application was easy and only two pages. Once he submitted the form to the bank they then wanted over fifteen documents. He said it was nothing but a headache.
If anybody has gone through the process, share you experience.
Is this for the regular SBA loans or for the Payroll Protection Plan (PPP) application? The PPP loans seem to be getting held up by the banks today because they don’t understand the requirements or can’t trust the due diligence process.
ping
1: Immediate $10,000 (Emergency Grant via SBA.GOV)
2: The SBA EIDL (Economic Injury Disaster Loan) – via SBA.GOV
3: The PPP (Payroll Protection Program) Loan
Go to the link and fill out the EIDL loan. On page 5 you will see a line “Apply for $10,000 grant ...”. Be sure and check that box.
Per the Virginia Society of Enrolled Agents:
• Congress expanded access to the EIDL program and created an Emergency Grant to allow a small business to apply for
an IMMEDIATE ADVANCE of up to $10,000.
• This ADVANCE is for paying your any and all operating expenses (including payroll)
• And better still,
• YOU DO NOT HAVE TO REPAY THE $10,000 EVEN IF YOUR REQUEST FOR AN EIDL LOAN IS DENIED!
There is a lot of confusion out there, but the EIDL loan is available to ALL small businesses that file taxes, whether Schedule C, 1120S or 1120. For many the $10k loan advance will be treated as a grant and forgiven.
The PPP loans are for payroll, so you can keep your employees paid while the downturn rolls on.
Are you from East Grand Forks, MN?
thanks for the tip. I applied.