EIDLs are a totally different program, and there are two parts to it
1) what was initially a $ 10,000 grant deposited in three business days is now a $1,000 grant per employee capped at 10k and is just starting to trickle out after 3 weeks
2) the 2nd part of the program is a 30 year term note at 3.75 % with no payments for a year. Those too are just starting to go out.
More programs on the way, with "better" oversight
We shall see
1) what was initially a $ 10,000 grant deposited in three business days is now a $1,000 grant per employee capped at 10k and is just starting to trickle out after 3 weeks
2) the 2nd part of the program is a 30 year term note at 3.75 % with no payments for a year. Those too are just starting to go out.
More programs on the way, with "better" oversight
We shall see
You know bengal, when you said that your son was sick I came into that threads and wished him, you and your wife well. I offered prayers.
Now you want a man to fail, lose his livelihood. Well Willie will never lose his clients because he is a good, smart, fair, and generous, hard working man. That's the type of man who succeeds and is content and happy in life.
Men who wish failure on others are the type of men who will never succeed and never be happy.
That is an awful thing to say, bengal.
With the recent $320 billion replenishment of the Paycheck Protection Program, small businesses now have another chance to secure low-interest loans. Under the Program, small businesses who meet eligibility requirements may secure loans equal to 2.5 times their average monthly payroll costs.
Here's how the Program works:
Here's how the Program works:
- Loans can be up to 2.5 times your average monthly payroll costs from 2019, up to a total of $10 million, and can be used for payroll costs, mortgage interest, rent and utilities
- Every penny you spend across the four categories is then forgiven from the loan. However, at least 75% of the forgiven amount must have been used for payroll
- Any money left after eight weeks is interest free when paid back within four months
Update: Family member who had heard nothing in 2 months (from the EIDL, received PPP 6 weeks ago) received a ‘’create account’’ email from SBA. Upon doing so was offered $150,000 30yr 3.75% interest this morning. They clicked accept. Stine silence for over 2 months then the 150K offer. For anyone still waiting it sounds like you’ll hear nothing then all of a sudden get your offer.
This is true. Three EIDL applications I submitted for businesses in the first few days after applications were being accepted were approved this week.
Two for $ 130,000 + and one for $ 40,000. All three loans exceeded my expectations. The $ 40,000 was for a real estate rental property (20 or so apartments + 6 commercial spaces)
All three loans were for 30 years with payments deferred for 12 months. Interest rate 3.75%
This is the program that offers more of a long term solution as opposed to a shot in the arm. The only problem with this program for some will be that it requires good credit (or at least not bad credit)
Willie, exactly right I forgot to add the payments don’t begin for 12 months on the loan. Status now shows processing, let’s see how long it takes for funding to happen. On a side note , if there’s anyway for people to apply under agriculture those are processing lightning quick , an RV company owner who hadn’t heard anything for 6 weeks on the RV business submitted a separate application for the pecan business that’s ran at the same location. Sounds crazy but from start to finish it took 5 days and he received $87,000. They sell other things as well like pies and chocolate but since some of it is nuts he got approved under the agriculture. Pretty unique circumstance but if anyone can file under agriculture those seem to move quickly.
Finally, the e-mail I wanted to see come. A Health Club / Gym that's been totally shut down has received their SBA Loan approval
It was really their only path forward, the only thing that would enable them to reopen.
I'm pumped, no bun intended
PS: It also means I'm getting paid, win win
It was really their only path forward, the only thing that would enable them to reopen.
I'm pumped, no bun intended
PS: It also means I'm getting paid, win win
No funding yet but they received their digital contract / esign form today. Seems all but completed. I think the stimulus given to individuals received was half assed by the government - tons blown on agendas - but from the business owners I know the PPP and EIDL has really been a game changer for them and those they employ. The businesses I’ve referenced throughout have been in their local small communities from 15-30 years.
