Is anyone else here researching and wading through all the information on resources for small businesses and nonprofits? I think I’m a pretty educated person, have worked in accounting and have actually done SBA lending (in a former life) but it is still overwhelming to figure out what aid we should apply for.
I have a small business and a nonprofit so I am getting double the emails! For now, this is what I am reading:
SBA Disaster Loans - Can apply for a $10,000 emergency advance that can be forgiven. This was a very basic and quick application form online. (I have also seen the full blown SBA Form 5 form linked several places - I believe that is for an EIDL loan)
CARES - Can apply for 2.5 x monthly payroll costs. This is also known as the Payroll Protection Program. Note, this does interact with the SBA EIDL loans (you can’t “double dip” I understand this in theory but not in the details yet)
Payroll/FICA deferral - This is also part of CARES I think. We can delay submitting our employer portion of the payroll tax.
My state has also made quick loans available through county economic development agencies but that money is going quickly.
See why my head is spinning? So many places to apply to and information to package.
Best wishes for all small businesses. I hope you get every bit of help possible.
@surfcity, thanks! Can I PM you if I have questions?
@MaineLonghorn sure! I figure PMs might be really helpful as we wrestle with this
Just applied for the SBA loan. Wow, that was easy! I will look at CARES next.
OK, looks like the Payroll Protection Program application isn’t out yet.
I was going to say, check your local Chamber. My firm belongs to four and they all have great information. The locals will be best since they will include state info.
@MaineLonghorn can you share the links for those you applied?
Jus had a FT with my sister who has 2 optometry offices in CA. She has 8 full time staff and the rent is $30K total each month. With no patients she will lose around $50K -55K for the first month as she planned to pay her staff during the shut down. If her office doesn’t open after a month, she doesn’t think she can sustain the staff, and not sure If she can keep paying the rent. I mean she could from her life savings but to what end?
I will ask if she knows anything about the government loans.
I’m the bookkeeper at a small retail store. I spent yesterday applying for the SBA Economic Injury Disaster Loan which is in fact a $10,000 grant to small businesses and putting together our application for the PPP, or Paycheck Protection Program so we can pay our employees for two months and if we do the PPP loan becomes a grant. You can get 250% of your average monthly payroll with the PPP.
@Singswimsew do you have a link to the PPP application? I haven’t found it yet.
@MaineLonghorn it goes live tomorrow (Friday.) It will be on our bank’s website and we will fill it out and submit it there. I’m not sure but it may be that it can only be accessed through a bank.
Thanks. My TD Bank Branch said they’re not doing the SBA loans. That seems odd to me.
SBA loans are NOT available to any small business with partial foreign ownership. So that means that my husband’s employees are screwed and so are we. This sucks.
@MaineLonghorn Have heard the same response from local banks in my region regarding SBA loans - seems somewhat weird that they aren’t in all honesty.
Here is a link to the application and other info: https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
Hmmmmm @MaineLonghorn you’re the second person who told me TD is not doing these loans, which means they are totally screwing up their customers, since you can’t get a loan from a bank unless you already bank there!
OK, TD Bank is on board now. I have filled out the application. The assistant manager at our branch told me the SBA hasn’t communicated how all of this is supposed to work, so they can’t take applications yet. This young man worked with my son a few years back, so I know he will keep me in the loop as soon as they are ready to accept our info.
When I applied for the EIDL, I’m pretty sure the checkbox indicated that I was requesting the advance “of 10k”. I was just helping a friend go through this and he noticed the language has now changed to “up to 10k”. Either way, no one I know has heard anything since applying. It’ll be interesting to see if people get what they expect from this program. I’ve also seen conflicting guidance on whether amounts up to 200k require a personal guarantee.
Completed the PPP app through the bank this morning. As I understand it, they then need to process it and submit to SBA. With the cap on the program and the first come, first served approach I worry that many will be left out.