Applying for Trumpbux "SBA LOAN !!"

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Applying for Trumpbux "SBA LOAN !!"

No One
This post was updated on .



Are any of you guys applying for the stimulus assistance? I've been hearing a lot of crap about it and today I received an email from emissions depot. This is what it said.


CARES Act – Paycheck Protection Program

 Based on our understanding – so this is not legal advice – small businesses with less than 500 employees are eligible for a forgivable loan amounting to average monthly payroll prior to COVID-19 times 2.5x. The amount forgiven is reduced in proportion to the reduction in the number of employees retained compared to last year. In simple terms, if hypothetically your monthly payroll costs were $20,000 last year, then you could obtain a loan for $50,000. Assuming that you were able to retain your staff and pay them the same amount, you would be able to have the whole loan forgiven. You would still have to pay 4% annual interest, and this would not be tax-free. But we think this is a great package for auto service business owners and will keep you up to date on this. See more preliminary info here.



From my understanding on the lil research I have done, you have to show proof of distress and that the money will get spent on the business in order qualify for "forgiveness." Im still trying to wrap my head around what forgiveness actually means.  
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Re: Applying for Trump bux

BasicTech678

there is another one that is vague im waiting on more info for 10k that dosent have to be repaid as long as it spent on the business.  still waiting on official source vs what the media is reporting


The stimulus package also offers the self-employed and small business owners a $10,000 advance on an Emergency Economic Injury Disaster Loan (EIDL) that does not have to be paid back, even if the borrower does not qualify for an SBA loan. The program provides loans up to $200,000.

Sole proprietors, ESOPs, cooperatives, businesses with no more than 500 employees and tribal small business concerns can apply. Under the EIDL program, administered by the U.S. Small Business Administration, applicants will not have to submit a tax return and will be evaluated based on their credit score. The SBA will provide the funding within three days of a successfully completed application as an advance payment.
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Re: Applying for Trump bux

No One
The 10k one was the first one I heard off. You have to show proof of "distress" which I wouldn't know how show to since I'm having no problems paying my bills. Yet.
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Re: Applying for Trump bux

BasicTech678
No One wrote
The 10k one was the first one I heard off. You have to show proof of "distress" which I wouldn't know how show to since I'm having no problems paying my bills. Yet.

same and i read something about it must be spent in 3 weeks to qualify for no being paid back but it could be used on mortgage, lease and bills. shit i would drop it on my WW lease if that is possible. im sure there will be a GOV hotline or offices that will help with processing these grant and or loans  
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Re: Applying for Trump bux

none
This post was updated on .
In reply to this post by No One
I'm not taking any money but then again I'm still working.

I think this is intended for places like restaurants so they can survive being shut down and don't lay people off.
Good judgement comes from experience. And experience? Well that comes from poor judgement.
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Re: Applying for Trump bux

BasicTech678
none wrote
I'm not taking any money but the again I'm still working.

I think this is intended for places like restaurants so they can survive being shut down and don't lay people off.
those type of businesses are gonna apply for low interest loans that more than the 10k can be forgiven but they must retain all their current employees
iha
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Re: Applying for Trump bux

iha
Are we eligible for relief under the Pandemic unemployment Assistance section? Supposedly it benefits sole proprietorships, Contractors and the self-employed.  
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Re: Applying for Trump bux

Troll
In reply to this post by No One
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Re: Applying for Trump bux

dcf1ver
In reply to this post by No One
Our shop is applying for the Trump bux.(test and repair) We tried the workshare program,but it is taking too long to get off the ground,so now we're applying for the loans. We have a staff of approx 10 or so.

Our boss said he will do everything possible to keep us employed before he closes the doors. We've been pretty dead the last few weeks,but were still coming in,still getting paid.

Works for me. I have a lavish lifestyle to maintain......
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Re: Applying for Trump bux

Lose weight
In reply to this post by Troll
Troll wrote
Can't pay off their new 2020 dodge super dually truck loans, I phone 11's, best buy big screen tv's, etc.
Most of these  people are living way beyond their prudent budgets.
Good time soon to buy distressed test only's with great locations for sheckels on the dollar.
These mofos need Dave Ramsey
Exercise and dividends,dividends, DIVIDENDS.
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Re: Applying for Trump bux

tampered
Administrator
In reply to this post by dcf1ver
dcf1ver wrote
Our shop is applying for the Trump bux.(test and repair) We tried the workshare program,but it is taking too long to get off the ground,so now we're applying for the loans. We have a staff of approx 10 or so.

Our boss said he will do everything possible to keep us employed before he closes the doors. We've been pretty dead the last few weeks,but were still coming in,still getting paid.

Works for me. I have a lavish lifestyle to maintain......
Please keep us posted about this if you can, even the smallest details about the results of your applications are helpful.  Thanks!
Loaded for bear, licensed for quail.
iha
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Re: Applying for Trump bux

iha
In reply to this post by dcf1ver
Did your shop apply for the 10 grand forgiveness loan? Takes about 15 - 20 minutes with no documentation required. This is done at the SBA site. I would apply ASAP.
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Re: Applying for Trump bux

Best Answer I Can Give
 what is 10K going to do? Rent 3K Hell it COST 10K just to keep a good shop open.
Interesting that when you TELL the TRUTH, people get upset. Plus some people can NEVER admit when they are WRONG.
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Re: Applying for Trump bux

none
Best Answer I Can Give wrote
what is 10K going to do?...
SERIOUSLY ??? You just answered your own question in the next sentence.
Best Answer I Can Give wrote
... it COST 10K just to keep a good shop open.
The loan is to keep the business open and the employees employed. Just like dcf1ver said his boss was going to do.
Good judgement comes from experience. And experience? Well that comes from poor judgement.
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Re: Applying for Trump bux

Best Answer I Can Give
This post was updated on .
 My point was, 10K? a drop in the bucket. He said he has 10 people. I think. Hell that won't even make payroll for a month.
Just put's you deeper in.
Hey I have no where near the answer. I can just tell you it will not be pretty.
10K in some small town back in the Mid States may help. But 10K in California.
Same with the $1200 to people. Some places that is rent and a little bit extra. The $2400 my wife and I won't get will not even cover the house payment.

 I have done that "Loan sh!t" No thank you. I will just tighten the belt.
Interesting that when you TELL the TRUTH, people get upset. Plus some people can NEVER admit when they are WRONG.
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Re: Applying for Trump bux

dcf1ver
In reply to this post by tampered
tampered wrote
Please keep us posted about this if you can, even the smallest details about the results of your applications are helpful.  Thanks!
To clarify ,we are in the process of applying for the Paycheck Protection Program. With this loan we can apply for monies to cover payroll and utilities.
However only the first 8 weeks will be forgiven(for now) according to the shop accountant(who is the one actually going through the process.)

The other loan, the EIDL loan, isnt a loan that is forgiven.(other than the initial 10k)

It does however have a really low interest rate (3%-4%) and a long repayment plan(like 30 years or so) both of which are dependent on your credit score. But 10K wouldn't nearly be enough for our shop, so the PPP loan is the better option for us.
iha
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Re: Applying for Trump bux

iha
In reply to this post by iha
Borrowers can receive $10,000 in an emergency grant cash advance that can be forgiven if spent on paid leave, maintaining payroll, increased costs due to supply chain disruption, mortgage or lease payments or repaying obligations that cannot be met due to revenue loss.

The $10,000 emergency cash grants are particularly interesting. As Mr. Contreras explained it, applicants can get the emergency cash even if they don’t qualify for additional funds. Because lending decisions are based on self-certification and the applicant’s credit score, the review process should go quickly. CARES also waives the requirement that you be unable to obtain credit elsewhere. That means you can apply even if you already have a credit line.

You apply for these loans directly through the SBA at www.SBA.gov/disaster.  There are no loan fees, guarantee fees or prepayment fees. As of March 30, the new streamlined online application is up and running. Make sure to apply for Economic Injury for the Coronavirus, rather than physical damage due to another disaster (that is a different declaration number)
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Re: Applying for Trump bux

Best Answer I Can Give
 Saw a add for 2.75% money. What the hell. Something you might think about. We are looking to refinance the house.
Talked to Quicken  this Morning 2.5%.
Interesting that when you TELL the TRUTH, people get upset. Plus some people can NEVER admit when they are WRONG.
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Re: Applying for Trump bux

BasicTech678
In reply to this post by iha
BasicTech678 wrote
https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf

has anyone applied for the grant? would we be able to use the money for payments on our BAR97 basically use up the 10k grant on the machine.
this link breaks down the 3 options. one is a grant that dont need to be paid back vs other is an actual loan that SOME must be paid back
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Re: Applying for Trump bux

No One
BasicTech678 wrote
BasicTech678 wrote
https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf

has anyone applied for the grant? would we be able to use the money for payments on our BAR97 basically use up the 10k grant on the machine.
this link breaks down the 3 options. one is a grant that dont need to be paid back vs other is an actual loan that SOME must be paid back
The money has to be used within 8 weeks in order for it to qualify to be forgiven from what ive heard.
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