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  1. #1
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    Mar 2005
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    SBA forgivable rat flu grants?

    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.
    “Life has become immeasurably better since I have been forced to stop taking it seriously.”
    Hunter S. Thompson

  2. #2
    Join Date
    Nov 2012
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    Eastern WA
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    395

    SBA forgivable rat flu grants?

    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!

  3. #3
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    SBA forgivable rat flu grants?

    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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  4. #4
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    As long as we’re giving away trillions, why not use it to keep small biz afloat
    “Life has become immeasurably better since I have been forced to stop taking it seriously.”
    Hunter S. Thompson

  5. #5
    Join Date
    Mar 2011
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    North,NorthEast
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    This would be amazing

  6. #6
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    Nov 2012
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    Eastern WA
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    Quote Originally Posted by Core Shot View Post
    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

  7. #7
    Join Date
    Dec 2002
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    Link?


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  8. #8
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    Quote Originally Posted by Aldo View Post
    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

  9. #9
    Join Date
    Oct 2003
    Posts
    1,021
    Quote Originally Posted by t-the-east View Post
    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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    what's so funny about peace, love, and understanding?

  10. #10
    Join Date
    Dec 2002
    Location
    The Garden State
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    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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  11. #11
    Join Date
    Sep 2006
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    SBA forgivable rat flu grants?

    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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  12. #12
    Join Date
    Oct 2003
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    Quote Originally Posted by Fritz View Post
    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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    what's so funny about peace, love, and understanding?

  13. #13
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    Dec 2002
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    The Garden State
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    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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  14. #14
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    Sounds like the “grant” piece is a separate program in the stimulus bill they’re working on.


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  15. #15
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    Quote Originally Posted by Fritz View Post
    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.
    “Life has become immeasurably better since I have been forced to stop taking it seriously.”
    Hunter S. Thompson

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