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Discussion Starter #41
I applied for and received an SBA loan after a big flood 5 years ago.Was 10X bigger pain in the ass than getting a home loan.
This is not a SBA loan in the standard sense. These are basic business loans Goverment backed, meaning if you fraud or don't pay the Government will pay it off and chase you down and take all your shit.. This is a relief and I don't think you are going to have to do 80 pages of BS like with that type of loan. I am sure they are going to look at profit and loss and tax filings for the past year to base the needs.
 

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You only get the money if you keep them employed.
I paid them for 4 weeks when not working, and they knew the score. wanting things to break loose, but I ain’t going to throw the baby out with the bath water. Have enough incoming to pay out, then my equipment can set to see what happens.
 

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Discussion Starter #46
I paid them for 4 weeks when not working, and they knew the score. wanting things to break loose, but I ain’t going to throw the baby out with the bath water. Have enough incoming to pay out, then my equipment can set to see what happens.
Over 3.3 million people are on Unemployment because of this. I am sure they are going to allow everyone that laid off people this loan to get everyone back to work.
 

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Discussion Starter #47
I CONTACTED MY BANK..HE SENT OVER THE LINK
I heard the banks are going to fund this. SBA is probably doing their part but I doubt they can handle every small business in America at one time.
 

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Over 3.3 million people are on Unemployment because of this. I am sure they are going to allow everyone that laid off people this loan to get everyone back to work.
Thanks for the info. But I’ve never asked for a SB loan, and I hear it’s a fiasco. So, we shall see. If I can get going again, I won’t need a loan. But if this keeps on going, I probably won’t even go back to running a business.
 

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Discussion Starter #49
Thanks for the info. But I’ve never asked for a SB loan, and I hear it’s a fiasco. So, we shall see. If I can get going again, I won’t need a loan. But if this keeps on going, I probably won’t even go back to running a business.
There are 2 types of relief. Employee retention with no payback.. That's going to be easy to get with minimal paperwork. The SBA loan I don't think is going to be anything like applying for a SBA loan on a regular day with the strict documents. an example would be if this wasn't happening and you went to get a SBA loan after laying off employees they wouldn't think twice about loaning money.. This is a relief fund and I am sure they will lower the standards to a degree, but you will at min have to be an employer and have records of your business profit and loss.

I have been lucky and still working full force and I have been crunching numbers and I may just make it with the employee retention relief alone. a month ago I didn't need a thing from the Government. Today I still don't need anything.. Next week? So I am going to cover my bases and ask for what I qualify for. I have no desire to get a loan more than what I would need. My incurred debt is mine and will pay it off as planned as long as this doesn't drag on for months... If it does..... I'll be applying for what it takes to keep afloat.
 

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Discussion Starter #51
SBA doesn't make loans. It is just the guarantor.
Well I never have applied for a loan through SBA, but I thought they set up everything and it was all done with them and the loan was set up with a bank of their choice. I could be wrong though..
 

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Discussion Starter #52
SBA doesn't make loans. It is just the guarantor.
Also what I was getting at was the Government is backing these loans directly to any participating bank and not directly through SBA. Again could be wrong.
 

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Also what I was getting at was the Government is backing these loans directly to any participating bank and not directly through SBA. Again could be wrong.
They have to have the SBA rubber stamp them in order for them to be converted to grants.
 

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Well I never have applied for a loan through SBA, but I thought they set up everything and it was all done with them and the loan was set up with a bank of their choice. I could be wrong though..
No, the bank does everything. The SBA is, essentially a co-signer.
 

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This won't be an issue for many.......laxzy or inefficient or even disloyal employees will
You only get the money if you keep them employed.
So.....in another closet, the government will provide them an additional $600/month to go on unemployment. Carrot and stick, or bait and switch?
 

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This won't be an issue for many.......laxzy or inefficient or even disloyal employees will

So.....in another closet, the government will provide them an additional $600/month to go on unemployment. Carrot and stick, or bait and switch?
That's the Democrats doing. My guess is to keep the UE number up and use it against Trump .
 
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