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SBA has a new application process for $10K loan

 
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Old April 4th, 2020 Apr 4, 2020 9:23:03 AM -   #1 (permalink)
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Default SBA has a new application process for $10K loan

The SBA has a new loan process that is pretty streamlined to get $10K to you in about a week. It took 10 minutes to fill out the application.

You will need your Gross Sales And COGS for 2/1/19 to 1/31/20, your SSN, address, business name and bank account number/routing number.

There are also several other options for loans and assistance.

https://www.sba.gov/funding-programs...relief-options
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Old April 10th, 2020 Apr 10, 2020 2:49:44 PM -   #2 (permalink)
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Default Re: SBA has a new application process for $10K loan

Yes I filled it out on the 3rd of April. They said I should hear from them within 10 days. We will see next week.
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Old April 11th, 2020 Apr 11, 2020 9:14:56 AM -   #3 (permalink)
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Default Re: SBA has a new application process for $10K loan

All news reports I am reading are that they changed the terms and will limit the amount to the lesser of $10K or $1K per employee. Not what we were expecting.
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Old April 11th, 2020 Apr 11, 2020 9:47:54 AM -   #4 (permalink)
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Default Re: SBA has a new application process for $10K loan

My understanding was it is a grant not a loan and was designed for independent contractors not just with employees.
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Old April 11th, 2020 Apr 11, 2020 12:11:57 PM -   #5 (permalink)
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Default Re: SBA has a new application process for $10K loan

I think you are correct.
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Old April 11th, 2020 Apr 11, 2020 1:48:16 PM -   #6 (permalink)
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Default Re: SBA has a new application process for $10K loan

Has anyone received any money from this yet? We filed on 4/3/20. We haven't heard anything on ours yet.
 
Old April 11th, 2020 Apr 11, 2020 2:44:13 PM -   #7 (permalink)
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Default Re: SBA has a new application process for $10K loan

I filed my 4-01-20 . I have not heard anything.
 
Old April 11th, 2020 Apr 11, 2020 3:10:48 PM -   #8 (permalink)
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Default Re: SBA has a new application process for $10K loan

Nope, I think the money will just show up in your bank account.
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Old April 12th, 2020 Apr 12, 2020 7:06:05 AM -   #9 (permalink)
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Default Re: SBA has a new application process for $10K loan

I was told if we don,t hear from them within 10 days then call to notify them and give them your application number.
I will call on Monday.
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Old April 14th, 2020 Apr 14, 2020 8:07:49 AM -   #10 (permalink)
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Default Re: SBA has a new application process for $10K loan

We just got our approval on this.

They are only giving $1K per employee pre covid up to $10K. It is a loan unless you get a full EIDL and then it is forgiven and you have 30 years to pay the other. The PPP is forgiven if you meet certain requirements. You have to go through your business back for either the full EIDL or the PPP.

"Dear Applicant,

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:

Paycheck Protection Program

PURPOSE
Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable)


TERMS

Up to $10 million
1% interest rate

FORGIVABLE
YES

MATURITY
2 years

FIRST PAYMENT DUE
Deferred 6 months


Full EIDL Loan

PURPOSE
To meet financial obligations and operating expenses that could have been met had the disaster not occurred (amount of any EIDL advance is forgiven)

TERMS
Up to $2 million
3.75% for businesses
2.75% for non-profits

FORGIVABLE
NO – EIDL Loan
YES – EIDL Advance

MATURITY
30 years

FIRST PAYMENT DUE
Deferred 1 year

"
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Old April 27th, 2020 Apr 27, 2020 12:51:04 PM -   #11 (permalink)
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Default Re: SBA has a new application process for $10K loan

I received this money today. 1,000 per employee. I didn't think it was going to show up. Hopefully all that applied are receiving theirs as well. Good luck everyone. I know everyone is suffering greatly.
 
Old April 28th, 2020 Apr 28, 2020 5:57:35 AM -   #12 (permalink)
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Default Re: SBA has a new application process for $10K loan

Good deal. I haven't received anything yet.
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Old April 28th, 2020 Apr 28, 2020 6:10:27 AM -   #13 (permalink)
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Default Re: SBA has a new application process for $10K loan

Quote:
Originally Posted by cathyr
I received this money today. 1,000 per employee. I didn't think it was going to show up. Hopefully all that applied are receiving theirs as well. Good luck everyone. I know everyone is suffering greatly.


Very nice. We have not received anything yet. Still hoping. Getting tough out there. Missing our school business that's for sure.
 
Old May 4th, 2020 May 4, 2020 2:54:00 PM -   #14 (permalink)
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Default Re: SBA has a new application process for $10K loan

We received ours, $1K per employee up to 10 employees, but the IRS has issued a ruling that the grant itself is taxable in a round about way. Basically this was for the PPP however it will apply here as well unless Congress makes a change, which they probably will.

Any amount that is a grant, the expenses paid with the grant are not expenses for purposes of lowering taxable income. This makes the grant taxable income. Bleh.

I did follow up with the SBA because we need much more money than what we got and they said our application is 'in line' and will be handled in the order it was received. I may be dead by then.
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Old July 18th, 2020 Jul 18, 2020 7:26:17 AM -   #15 (permalink)
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Default Re: SBA has a new application process for $10K loan

I applied for this on 4/7 and still haven't heard anything
 






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