How to Apply For The Stimulus Package Forgivable Loan FAST – SBA EIDL $10,000 Grant
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See how large of a forgivable loan you are eligible for! Download the Paycheck Protection Program PPP and Employee Retention Tax Credit Calculator here:
How to apply for the coronavirus business grant here:
How to get the stimulus coronavirus business loan
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CARES ACT – Phase 3
Application process 10:00
(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
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.
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.