I don’t see where anyone has brought this up so you should all be looking at the Disaster Loan Assistance Program and or the Payroll Payment Program. These are listed as loans but a large part of them are in fact grants, it’s just easier to call them loans for small businesses. I’m not a lawyer so can’t answer a bunch of questions about the programs, you need to read it for yourself but don’t talk yourself out of applying for one or both. Our grandchildren are all going to be paying for these stimulus bills for years to come so take the money if you’re eligible. Stay Safe.
Is the disaster loan assistance through the SBA?
Yes, it takes about 10 minutes to fill out the form. The other program is the Payroll Protection Program, you get an answer within 3 days and the form is self explanatory. It can be done through the SBA but it can also be done through any FDIC insured entity.
@Clean_Blue started one 10 days ago. Good info though.
Great idea. I’ve never figured out how to do that. @Steve, can you give me a tutorial?
Click the wrench icon in the thread, select all posts and then select the option to move to another thread. Type the name of the thread to find it in the list.
I know there’s billions of dollars for the Paycheck Protection Program but there is not enough to go around–not by a long shot.
It’s pretty much a first come, first serve thing.
I called my credit union yesterday. I asked what I needed to do. They took my info and said they’d contact me back. I had an email from them this morning with instructions. Took me about 5 minutes to fill out the form (I was sole proprietor last year so it was pretty easy). I emailed back the form and my 2019 Schedule C. The whole process took me about 15 minutes.
So don’t delay!
Yeah they’re rolling out another relief package because the first 2 trillion wasn’t enough. Very good advice to not delay @qons
I got about 8 different PDF’s from the manager at my bank yesterday afternoon. Didn’t look like a 15 minute process to me
Sorry to hear!
I got the PPP pdf from the credit union along with two other short docs that had info on who qualifies. I read them both and filled out the form.
Everyone that needs it should take a look into the Disaster Relief advance Loan Program. It’s $10k that doesn’t have to be repaid and it’s not the same as the loan to cover payroll, rent, insurance…
Says it takes 2 hours to fill out. I went through and it takes 10 minutes, even at 2 hours it would be worth your time.
@TexasPressureWashing 2 hours to fill it out or 2 hours to read the T&C’s lol
Yeah I saw that 2 hour thing too. Took 10 mins max.
@Clean_Blue Thanks for posting this. I didn’t realize there were two different programs. There are and you have to apply for each one individually. As a sole proprietor last year, it took me about 10-15 minutes for each one.
You know it’s bad when the terms and conditions don’t take up more than 1/4 of the page.
I called my banker at Wells Fargo Friday and he said all of theirs can be done online, but they won’t have it all setup till the first of the week. Told him BAC had already taken like 6myn apps and they needed to get on the stick. He agreed and said their phone ringing off the hook.
This loan advance can be done with the actual loan as well. It’s all through SBA’s website.
The loan advance can be done by you and you don’t need a bank or accountant to do it. They said first come first serve. It’s not gonna last long.