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Varsity [235]
TigerPulse: 92%
Posts: 136
Joined: 4/15/12
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Small business relief SBA.gov
Apr 1, 2020, 3:31 PM
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Did you know by simply applying on behalf of your small business you will receive 2.5 X one months payroll costs ( payroll, insurance, etc..) and the Federal Government pays the loan. It’s Free!
Your monthly payroll cost is $20,000. They will provide $50,000 in relief funds. This is to keep people working and the economy stimulated!
I encourage all Small Business Tiger fans to apply!
Go to Treasury.gov/system/files/136paycheck-protection-program-application-3-30-2920-vs.pdf
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Legend [16733]
TigerPulse: 100%
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Re: Small business relief SBA.gov
Apr 1, 2020, 3:38 PM
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How about if you are self employed with no payroll but other overhead cost such as commercial vehicle payments, rent, commercial insurance and generally lost revenue?
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All-TigerNet [13250]
TigerPulse: 100%
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Joined: 5/11/99
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Re: Small business relief SBA.gov
Apr 1, 2020, 3:43 PM
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Great question.
I'm curious about this as well.
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Varsity [235]
TigerPulse: 92%
Posts: 136
Joined: 4/15/12
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Re: Small business relief SBA.gov
Apr 1, 2020, 3:52 PM
[ in reply to Re: Small business relief SBA.gov ] |
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It is setup for pyrolysis costs only ... but 25% of the funds can be used toward mortgage interest and utility costs. But not 75% must pay payroll cost.
Now i am not sure if you are self employed and can demonstrate your monthly income and cost of health insurance if you can apply. Your Bank are now getting the details and they can advise.
Let me know what u find out!
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110%er [5037]
TigerPulse: 100%
Posts: 3554
Joined: 7/7/12
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Re: Small business relief SBA.gov
Apr 1, 2020, 3:49 PM
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Anyone using these relief funds should talk to their banker/lender, read the fine print and understand the requirements. As an example, there is a look-back on the amount of monthly overhead to Feb. 15th to determine the loan amount. A business owner can borrow 2.5x that amount. Then, any reductions in employee count is calculated as a deduction % from the forgiven amount of the loan. So, if you reduced head count by 80%, you will have a forgiven amount of 20% of the loan, but will be responsible for the 80% balance.
It's a good program if a business can afford the additional potential debt.
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Varsity [235]
TigerPulse: 92%
Posts: 136
Joined: 4/15/12
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Re: Small business relief SBA.gov
Apr 1, 2020, 3:57 PM
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If you meet the requirements, there is no debt on the business.
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110%er [5121]
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Re: Small business relief SBA.gov
Apr 1, 2020, 4:16 PM
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It really depends on the business. For a lot of us it’s difficult to meet the loan forgiveness requirements because we have already had layoffs.
After doing all the due diligence, it is better for my business and employees to just lay them off. I only have a few people left on payroll and don’t plan to apply for the stimulus funds for now. Whenever business starts to pick back up and we start bringing people back, then it might work for us, if there’s any funds left to give out.
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110%er [5037]
TigerPulse: 100%
Posts: 3554
Joined: 7/7/12
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Re: Small business relief SBA.gov
Apr 1, 2020, 4:32 PM
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There's also an Economic Injury Disaster Loan program (EIDL). The limit is also 2.5x certain expenses. Business owners should familiarize themselves with both programs before using either.
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