SBA CovidRelief PPP - Scavenger Life

This topic has 10 replies, 6 voices, and was last updated 5 years, 11 months ago by TopNotch.

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- 04/02/2020 at 3:45 pm #75776
  TopNotch
  Participant
  Location: WI
  @topnotch
  This is the link to apply for the SBA loans. Your payroll, mortgage/rent and utilities will be forgiven on any loan you accept under PPP. Interest is deferred 6 months with 0.5% APR on loans. I do not know how many in this forum will qualify, but it seems likely that most will in some way shape or form. I am not at all an advocate for UBI or healthcare, but if everyone is accepting the checks you will fall behind by not exploring the options yourself.
  
  This is the program with 8 weeks payroll and rent/utility forgiveness:
  https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
  
  Resource with many different options including the disaster relief:
  https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
  
  Disaster loan application
  https://covid19relief.sba.gov/#/
  
  My situation is complicated I think. I have an LLC for reselling, but my gross last year was only 25k. I also have an LLC in my wife’s name for gig based work that I do, but I am not on payroll…I probably should be and this may hurt me. Then I was also paid through my SSN for management/consulting, but that ended literally at the exact same time as covid-19. This one would likely qualify me for the unemployment stuff as well as being the biggest single source of income in 2019. I do not expect any more income in 2020 from this, not due to the virus….but all this relief is based on 2019. I am unsure what this really means to me and clearly need to speak more with my accountant.
  
  It seems I personally could apply for each LLC AND for unemployment benefits which would exceed my actual income. I will not do that, but there are is so little guidance right now it is overwhelming.
  
  You can also take 100k out of an IRA and repay it within 3 years with no penalties, and disperse a variety of taxes and credits over multiple years now. There are so many things that have changed depending on your business. Take a look at the SBA website and let’s start a dialogue about that aspect at least.
  
  I am confident the rules will change several times before we file taxes nest year.
- 04/03/2020 at 11:23 am #75792
  BigSally
  Participant
  Location: Washington State
  @bigsally
  We just applied for the SBA loan for our Airbnb and ebay businesses. Very very simple process so far-
  We are specifically seeking the (up to) 10k emergency funds to cover the mortgage while the rental sits empty- – These emergency funds do not have to be repaid. Any other loan they offer can be accepted or declined by the borrower.
  
  https://covid19relief.sba.gov/#/
  
  the paycheck protection program didn’t seem to apply to us as 75% of the funds must go to payroll. We have/had just 2 part time employees.
  I will keep you posted –
  sally
- 04/03/2020 at 4:03 pm #75798
  TopNotch
  Participant
  Location: WI
  @topnotch
  I did the same, but am going to work on the PPP. That seems to need to go through our bank and not online. The PPP can work for sole props or single member LLC. The net profit is basically your own payroll. The 2 cannot overlap so there may be no point if you qualify for the disaster relief. The PPP is supposed to be a 1 page, fast application with no personal guarantee. Even easier to apply for, but does not seem financially responsible for them to have passed it. Reminds me of the housing crisis no doc loans.
- 04/03/2020 at 4:06 pm #75799
  workhorse
  Participant
  Location: California
  @workhorse
  My wife put in for the 10k loan advance (she’s a medical professional). It was a simple process to apply, we’ll see what happens. She’s a sole prop.
- 04/04/2020 at 6:56 pm #75845
  TopNotch
  Participant
  Location: WI
  @topnotch
  For those of you who have applied, did you receive any type of application confirmation? I didnt even get a generic spam email from SBA after submission.
- 04/05/2020 at 8:01 am #75853
  HonestHat
  Participant
  Location: Massachusetts
  @honesthat
  I received a confirmation number on the website, no e-mail.
- 04/05/2020 at 10:31 am #75857
  Frostys
  Participant
  Location:
  @frostys
  Just applied thanks to everyone’s help. The message I got was you will not receive an email confirmation that they received your application. You will however get a message when they are processing your application. Good Luck to everyone!!
- 04/05/2020 at 1:42 pm #75860
  workhorse
  Participant
  Location: California
  @workhorse
  A confirmation number, no email.
- 05/01/2020 at 9:28 pm #76908
  Timo
  Participant
  Location: Metro Atlanta
  @timo
  SBA put $1000 in my checking account 4/30/2020.
  This was the Economic Injury Disaster Loan Advance for my eBay business.
  
  Timeline
  4/3/2020 Saw the link here on Scavenger Life, above.
  4/3/2020 Completed application online and printed confirmation page
  4/14/2020 Got email from SBA
  4/30/2020 Got $1000
- 05/02/2020 at 2:17 pm #76926
  workhorse
  Participant
  Location: California
  @workhorse
  Glad you got the $ Timo. Hopefully some people at least are getting some $. Still a drop in the bucket though it seems to me.
- 05/06/2020 at 10:40 am #77120
  TopNotch
  Participant
  Location: WI
  @topnotch
  I got the exact same Timo. I really figured this would be a lost cause after the PPP money was spent twice over. The EIDL is a separate, and I believe less advertised option. $1000 was deposited without any notice on 4/28…I actually did not even see it until reading your post. Nothing is being deposited into that account currently, so I had no reason to log in.
  Sounds like they are dispersing that amount immediately upon processing of the application. They will review to see how much of a grant you are eligible for up to $10,000 and a very low interest rate operations loan.
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