Need To Know: SBA Disaster Loans For Your Business
All your questions on the SBA Disaster Loans and the PPP Payroll Loan answered by personal finance expert, Chris LoPilato, of National Financial Credit Group.
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All About The SBA EIDL Grant and PPP
About the Economic Injury Disaster Loan (EIDL)
Eligible applicants for an EIDL can receive a $10,000 emergency grant within three days of application (through Dec. 31, 2020)
There is no obligation to repay the grant. To receive the $10,000 emergency grant, it is not necessary to have an approved EIDL loan. However, if you are able to secure a PPP loan, the $10,000 grant will be subtracted from the forgiveness amount.
Apply Now for the Economic Injury Disaster Loan (EIDL)
Solicite agora o Empréstimo para o Desastre Econômico da SBA: http://www.nationalfcg/relief
A SBA está a conceder empréstimos de $10.000 em dinheiro a empresas elegíveis em apenas 3 dias úteis, e elas não estão a exigir reembolso. Se você administra um pequeno negócio que foi afetado pela pandemia do Coronavirus, então este é o primeiro empréstimo que você precisa solicitar.
Isto pode ser usado em conjunto com o empréstimo SBA PPP (Paycheck Protection Plan).
Have questions about EIDL? Watch this video:
About the Payroll Protection Program (PPP)
In the video, you'll also learn about the PPP (Paycheck Protection Program) loan and how it covers more than just payroll expenses. This loan, too, is eligible to be forgiven by the government if you meet requirements.
The loan amounts will be forgiven as long as:
The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
Employee and compensation levels are maintained.
Payroll costs are capped at $100,000 on an annualized basis for each employee.
Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
Loan payments will be deferred for 6 months.
NEVER PAY SOMEONE TO SET UP YOUR EIDL OR PPP LOAN. THESE ARE OFFERED FOR FREE WITH NO CLOSING COSTS.
Where can I apply for the PPP Loan?
You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating.
If you need help finding a lender, please contact Chris.
When you speak to your lender, be sure to ask them:
Are you offering the PPP Loan?
Are you ready for applicants of the PPP Loan to submit information?
When do you plan to submit application information to the SBA to begin the loan process?