Who here has gone down this road yet? We submitted our application today. 30 year loan, 3.75% no payments for a year… no collateral for loans under 25k. Reports are saying that interest rates may drop on these loans and some of what is loaned out could be forgiven.
We do not want to tap into and drain our reserves… we are expecting to have to train mostly a new crew… lots of labor costs… plus we are going to need a boost to get restarted again. The biggest is the security this could give our company and our full time employees for job security. Nobody knows when all this will end and we are preparing for the worse.
The loan process was very easy. The online app is down, but you can now fill it out on the PDF, print & sign, and then scan and upload. We did have our accountant review it and give us advice. Call your local SBA Office for any questions too! Ours in KC was extremely helpful.
This industry has enough turn-over. I want to see as many of us still in business 3+ years from now
I started filling it out , but got stuck on a Couple of things. Try calling got through , but it was a bad connection had to hang up.
Yes the website is down now , an just called a little while ago it’s an hour an a half wait
I’m glad I read this I was curious about the interest rates. I was hoping for lower ,
but 3.75 % is still pritty good. I heard Also they will be forgiving some of it for us.
Got my mortgage deferred already an truck payment.
You say reports are the interest rate will drop ? Will they drop for anyone who gets them after they sign ?
Will be finishing my application today. Downloaded all of the forms. A few of them break when trying to type in the information, so I’m going to have to fill those out by hand. I’m personally not holding out hope on getting the money. There are going to be thousands of businesses that have been forced to close since they are non essential and I’m sure they have an internal priority list of businesses that get first dibs. But you never know until you try
Banks will be involved in handling the paperwork with the new 7a loan Chris mentioned, and hopefully that would alleviate some of the traffic-related issues on the SBA website.
Looks like the one just passed this week as Chris said that would be loan forgiveness. I am waiting to get that application link. Once I have it I will post a link. Grant would be much better than a loan.
Get down go ahead get down ! Don’t want to be a gold digger !
Ya 3.75 % is nothing to yawn about , but I like the way Chris & John are talking.
I have a 19 thousand dollar loan in the high 7s right now , plus a few grand in credit cards , so I’m alll over this
Gotta happen !!!
If you’re Incorporated, it’s probably pretty easy to take unemployment. You’re legally an employee of the business. Only catch is you can’t pay yourself anything while taking the money. You MIGHT be able to take shareholder distributions and still take money in the meantime. I’m not an authority on this, don’t know anything about it, just guessing. Consult your CPA and attorney before doing anything Not responsible if you get in trouble.
There is supposed to be something in the legislation that allows for gig workers (Uber) to be able to draw something, but they haven’t been clear on how that takes place. Probably suited for sole proprietorships more than anything else. I’d be curious if anyone figures out how that affects us, if at all.
Just uploaded my application. Not sure if I did it right, couldn’t get help at the SBA office, they were slammed. But I figure so long as i get on the radar I can redo any of the forms if need be.
Just got off the phone with the SBA. I asked about the “forgivable loan”. She said that there is no such thing. I’m thinking/hoping Maybe it’s just not available yet?? It’s still Sunday. I haven’t read the actual CARES act package so I don’t know any facts on the forgivable loan.
Only a portion will be forgiven, technically it turns it into a grant. But you have to retain employees and pay them payroll. Anything you pay them will be forgiven
Hey. That sounds awesome but, I can’t find that language on the SBA web site. And if I look at the Q&A; there is a specific question about the forgiveness. The answer was”no forgiveness”. Can you cut and paste the language or link the web page?
I just read “the CARES act” section 1102 7(a) Loan Program & section 1105 Loan Forgiveness. There is loan forgiveness. I suggest reading it and talking with an accountant.
