Mortgage Loan

How to Apply For The Stimulus Package Forgivable Loan FAST – SBA EIDL $10,000 Grant





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How to get the stimulus coronavirus business loan

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CARES ACT – Phase 3

Application process 10:00

$10,000,000,000 Stimulus

(Who can apply? Small businesses, non profits, and sole proprietors who have hired a contractor in the last year.

Who Qualifies For The SBA Stimulus Loan?

How Big Of an SBA Loan Can I Get?

Non seasonal businesses have a max loan amount of 2.5 times the average monthly payroll expenses for 1 year prior to the loan date

Seasonal businesses use average payroll expenses from Feb 15, 2019 (or March 1) -June 30, 2019 times 2.5

If you’ve been in business less than a year the average payroll expenses for Jan 1,2020 – Feb 29, 2020 times 2.5

If you started your business after Feb 15, 2020 then you are ineligible

Loan proceeds may be used for payroll costs (including health benefits), interest on mortgages, rent/lease payments, utilities, and interest on debt incurred during the period covered by the bill.

Cannot use this loan if you have an application pending for a loan covering these expenses already (like a disaster loan). You can’t take out two loans to cover payroll (you can still take out both loans though).

No SBA fee for the loan. Free to apply

No personal guarantee or collateral is required.

Non-forgivable loans have a maximum term of 10 years with no higher than a 4% interest rate

Payments and interest on these loans does not begin for 6 months to a year.

Expenses to be forgiven

Payroll costs
Mortgage interest
Rent and lease payments
Utility payments (gas, water, internet, phone, etc)

The amount that is available to be forgiven may be reduced if you have less payroll now than when you applied.

Any employee who usually receives $100,000 or more annually is also disallowed.

What is required to get the stimulus package loan?

Business stimulus package requirements:

Proof of payroll through tax filings, documentation of lease/utility/mortgage obligations.

SBA will also need proof of the expenses actually being made for forgiveness or this will be looked at as a regular loan with no more than 4% interest

EIDL – Economic Injury Disaster Loans – $10k grant!

Who is the EIDL SBA grant available to?

Grant is available to small businesses, non profits, sole proprietors, independent contractors, some select other entities

Business must have been in operation before January 31, 2020

Can be approved for this program solely using your credit score and may not have to submit tax returns

Up to $10,000 given as an advanced grant for payroll and operating expenses to small business within 3 days of applying.

Does not need to be repaid even if the EDIL ends up being denied.

Amounts over $10,000 may be completely forgiven pending what the funds are used for

You must be able to prove that you would have had funds to cover these expenses if COVID-19 hadn’t happened

What can the stimulus package grant be used for?

Grant can be used for payroll, rent/mortgage, increased costs due to supply chain disruptions, repaying obligations that cannot be met due to revenue losses.

Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational
purposes and does not fully address the complexity of the issues or all the steps businesses must take under
applicable laws. You should consult your professional advisers regarding your individual situation. BBSI
undertakes no obligation to update the information in this presentation, and no representations are made that
the content is error-free.

source

31 comments

  1. UPDATE: New information on paycheck protection PPP, loan forgiveness, and how to apply released today:

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  2. How to submit the supporting documents after submission of application ?

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  3. Do you receive a email confirmation after you submit your application?

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  4. UP TO 10K IT COULD BE 500 NO GUARINTEE

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  5. So if you need more than the $10,000 grant
    You still go through the same process. I’m just slightly confused, trying to help my dad fill this out. Does the government decide how much you are eligible to receive?

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  6. I mistakenly put my personal bank info, now I think I should had put my Corp bank account. Should I go ahead and change and submit again.?

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  7. If you dont spend this grant on eligible expenses, it wont be forgivable

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  8. I'm still not seeing where it says you need to have employees… In fact, one of the options to select is "Sole Proprietor, with or without employees'. Also, being that it is open to independent contractors, most people in that category are not going to have employees.

    It sounds like you might have the PPP and the EIDL mixed up. the $10,000 grant / loan advance is only available as part of the Disaster Relief Loan from the SBA, and my understanding is that the amount you borrow from that is not based on Payroll – that is the PPP.

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  9. If my business is new, it starts to operate on January 1st, can I apply for the $10,000 ?

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  10. Can i still apply even if i wasnt affected

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  11. I accidentally did think where the questions are about operating were expnses so I put in an amount, should i re submit a new one and redo another one or no?

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  12. i mistakenly put yes on owned by a business entity, do you think this will affect my eligibility?

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  13. Hi Max- Thank you for taking the time to put this together. I have a clarifying question re: the 10K advance. You said that even if the don't get the loan, they can still get the advance and it does not need to be paid back. What if a business gets the 10K advance AND is approved for the Loan but doesn't want to take all or any of the loan? Can they still keep the up to 10K advance? Without penalty?

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  14. Very great video and most helpful….I just filled out the application right before I saw your video and I checked Owned by a Business Entity and put in my legal business information.. is that going to be a problem? Will I need to submit a new or another application?

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  15. For seasonal is that payroll from 02/15/19 – 06/30/2020 or 02/15/2019 – 06/30/2019?

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  16. Sole proprietor mom and pop no employees file taxes on the business…. No employees Do they qualify????

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  17. Does it count if it's an online business and we've hired independent contractors via freelance websites like upwork to work on our website?

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  18. What is meant by other debt?
    Sba told me I can’t use it to pay my taxes or car lease etc …. 🤷‍♀️
    I am 1099 I dont have employees I have applied but I can’t use it now? 🤷‍♀️🙄🙉 since I don’t have payroll or rent or utilities expense? 🤔

    so I i use to to pay for car but that is. It covered then 10k grant turns into a loan? 🤷‍♀️

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  19. As a self employed hair dresser I work out of a salon but don't have an employee. Can I apply for the $10,000 Grant?

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  20. Sir is this 10k grant only for non profits or for both?

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  21. Hi Max, My business partner and I have an LLC. We have a recruitment business that came to a screeching halt March 16th. We both applied for unemployment insurance. We are both self-employed. Can we still get the $10k grant to cover our linkedin recruiter, website and business expenses? Basically asking if we can get both unemployment insurance and the emergency $10k grant. Unemployment insurance is to cover our personal expenses. Thanks

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  22. Can you apply for this loan if you have a full time job in addition to your business? My business is a year old, has EIN, is an s-corp, makes as much or more than job, but I work full time, but laid off from virus, not yet collecting unemployment. Basically, can full time workers with a business get the 10k loan/grant? Thanks

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  23. I had read a few places that sole proprietors even if they have not contracted out work is eligible because you're considered as an employee if you work over 40 hours a month in your business. Is that not true?

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  24. I applied Monday but no response yet

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  25. My only help is w9 contractors, does that disqualify me? I filled it out as 0 employees. They're not on payroll.

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  26. as a amazon flex driver what do i put in the spots for gross revenue and cost of goods sold? Since I didnt sell anything, im confused.

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  27. Does the SBA check your personal credit score or your business credit score for the EIDL? What score is required?

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  28. I own a small ebay store selling precious metals, would that count, I dont do taxes on it because it's so small?

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  29. If I only took distribution and didn’t run payroll am I still eligible?

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  30. I’m a sole proprietor, I resell stuff online by myself at home . If I get the 10k grant but denied the loan. Can I use the 10k grant on anything business related without paying back?

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  31. can i apply for 10K loan i drove uber lyft door dash and filed taxes last year

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