SBA forgivable rat flu grants?

[Core Shot]

Wow. This would be hudge.

Loan of 250% of monthly payroll.
Loan forgiven if you keep paying the employees.

I want to pay my crew, but work is slow, so unemployment is the only option.
This would be big.

[bourbonisgood]

No kidding! Could be a savior for the business I work for. Please please please keep this thread updated with any new info you find!

[Fritz]

Yeah. It will be crucial. I’m in commercial/business banking and expect to use this program for a lot of my clients.


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[Core Shot]

As long as we’re giving away trillions, why not use it to keep small biz afloat

[t-the-east]

This would be amazing

[bourbonisgood]

As long as we’re giving away trillions, why not use it to keep small biz afloat

This. I work for a small biz with big overhead and small margins. The owner has been busting his ass for 23 years to keep it running smoothly. And now it could be gone in a matter of weeks or months

[Aldo]

Link?


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[t-the-east]

Link?


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A quick search found this.

https://www.natlawreview.com/article...ns-to-maintain

I’ll be looking closer into it tomorrow. We only have a handful of employees right now, but with little to no money coming in, my reserves are going quick. I hate to even think it, but we’ll Probably have to start laying people off in a week or two if things don’t change. This loan/grant would be hudge for my company, and I’m sure for many small businesses

[up an down]

A quick search found this.

https://www.natlawreview.com/article...ns-to-maintain

I’ll be looking closer into it tomorrow. We only have a handful of employees right now, but with little to no money coming in, my reserves are going quick. I hate to even think it, but we’ll Probably have to start laying people off in a week or two if things don’t change. This loan/grant would be hudge for my company, and I’m sure for many small businesses

We will have to wait and see if a bill gets passed before knowing what programs are available.

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[Aldo]

Thanks t- t -e!
Have 2 full time employees , we’ve just been an essential business, but I certainly have my hesitation about staying open regardless of the precautions I take. For more reasons than I can list.


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[Fritz]

They’re talking about giving out loans to cover payroll expense and as long as you keep the employees they will ultimately forgive the debt. But yeah they have to pass it first. Hopefully tomorrow. Here is the lowdown on the sba program which sounds like has the same type of structure as a traditional sba loan:

https://www.sba.gov/about-sba/sba-ne...virus-covid-19

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[up an down]

They’re talking about giving out loans to cover payroll expense and as long as you keep the employees they will ultimately forgive the debt. But yeah they have to pass it first. Hopefully tomorrow. Here is the lowdown on the sba program which sounds like has the same type of structure as a traditional sba loan:

https://www.sba.gov/about-sba/sba-ne...virus-covid-19

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Some language from that link,...... These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.

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[Aldo]

Curious To read verbiage about loan forgiveness if someone has read it. Didn’t see it in that link. My credit score is certainly akin to a dumpster fire so check that box.


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[Fritz]

Sounds like the “grant” piece is a separate program in the stimulus bill they’re working on.


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[Core Shot]

Sounds like the “grant” piece is a separate program in the stimulus bill they’re working on.


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Yes

Future law. Hopefully.

For two weeks my inbox has hounded me with loans. As if I can just borrow more.

The proposal of forgivable loans would make sense.
I hope they do it.