saw this morning that you can go to your bank and get a loan to cover payroll and a certain amount of expenses like electricity, gas etc. and the loan will be turned to a grant if used according to guidelines.

WAWI check it out.

I'm getting an update on this Friday & will share what I know over the weekend.

Please do. I applied for a grant but it can't be used to cover payroll.

what mnunchin said this morning is that the banks will administer it, no fed bs red tape to tie you up.
fri apparently starts it, call your loan officer and see if they have any news yet, get in early.

Doing the same webinar as me?

The stimulus package is offering small businesses S.B.A.-backed loans to pay for basic expenses. They would not have to repay portions that were spent on paying employees, a mortgage, rent or utilities. The banks lending the money would be reimbursed for those portions by the Treasury Department, which is receiving $377 billion to fund the program.

https://www.nytimes.com/2020/03/26/business/coronavirus-stimulus-small-business.html

I don't have a business loan, that's what I've been trying to figure out. Been on my own without one for awhile now. But my biggest projects have been shut down and the airport is pulling back a bunch of bids. I'll be ok for the short term but if it goes much longer than the summer I'll be at Amazon pulling orders with everybody else. I'd like to avoid that and a grant would definitely help. Thanks for the heads up.

Gracias. Working on it now.

be dam sure they know you are applying under the loan to grant deal so you don't get stuck with a regular loan.

Hey guys,

My appointment is at 1:00 today and I'll let you know what I find out.

An hour away.

Jackson

Thank you. The SBA system is crashed.

Hop is right. Talked with my banker yesterday. It will be proctored by your bank for the SBA. Average last year's payroll monthly and multiply by 2. same with rent, and utilities and a few other overhead items. You can get up to that amount. If you use it for that same purpose, and don't lay-off more than 25%, debt will be forgiven. That portion that is not used for such can be re-paid at 4% over the next 10 years. Unfortunately, we will definitely take advantage of it. There are several other options available within the SBA, but the one described above is the most use able for most small business. Hope we don't need it all, and it gets us to the other side. Times like none of us have ever seen.

Read ALL fine print.

That's what I'm being told as well but multiply by 2.5 times and the first payment can be delayed for as long as one year. Your previous workforce needs to be back in place by June 30th (so I guess that's the cutoff to spend the money by?) and anyone making over $100K can't be counted in the amount.

There's a large Zoom meeting this afternoon between my lender and the SBA and they will know more regarding the specifics and the actual application to use.

He said to be on guard because there might be some type of catch and to just save every type of proof of payment during this period. He's forwarding the details to our CPA, who does our payroll and many others in the community, so that they are more able to provide the information we need.

Like you others, I'll post more as I find out. I would love to be able to bring everyone back on April 21st with the help of this type of a loan and if our dental governing board will allow it. Fingers crossed.

J