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Small business loan

6t7gto

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Just saw this on TV.
treasury.gov
is the site that has the info and application for a loan.

Only problem I have is I don't have any employees or payroll.
But I could sure use some help with monthly expenses as sales are way down.

Thoughts?
David
 

Dan-Ark

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The Paycheck Protection Plan loan includes self employed. so long as you have paid taxes as self employed, you should be good for 2.5 times montly "payroll" as I understand this so far.
 

soapy

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you can also get utilities and rent or mortgage interest as part of the grant.
 

bert79

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So maybe others have climbed this mountain already and can be a help to me and others. We are going to be applying for some assistance from the small business stimulus and have a unique situation (that I'm sure many others have as well). We purchased our wash about two years ago from the owner on a land contract a have about a year left to pay it off. We updated equipment and rehabbed the building using a home equity loan. Our LLC is a partnership between my dad and I. I have noticed that sole proprietors and LLC's are specifically mentioned in the stimulus package. I know this is all a bit new to everyone still but was wondering if anyone is in a similar situation and has talked with an attorney or a banker yet? From what I have gathered so far it seems like we may be able to get some assistance based on the the numbers that we show as profit.
 

Waxman

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I'm aware of a PPP loan being offered through the SBA and administered by local banks.

This one offers 2.5 x monthly payroll as a loan. .5% interest. HOWEVER, if you prove you used the funds for payroll and expenses ( mortgage, utilities, etc.) the loan is forgiven .
 

soapy

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Only 25% of the overall loan can be utilities, rent etc. 75% needs to be for payroll. You can go to the SBA.gov website right now and download the documents you will need for the PPP loan.
 

Waxman

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There is a $10,000 grant available as well. The grant box to check for the $10,000 is found on page 3 of the Disaster Relief Loan. You get to keep the $10,000 as a grant once you apply for this loan. If you are turned down or approved it does not matter. If you are approved but decide not to take a disaster relief loan, you still get to keep the $10,000.
 

soapy

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JUst be sure you can prove that your business was hurt by the convid virus by at least 50%.
 

Kramerwv

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Sba site down large part of the day today. Applications overwhelming the system - good luck out there!
 

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6t7gto

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I just went thru the application again for the 10k loan/advance.
Nothing in the online application has changed since last week when I submitted mine.
 
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