SBA loan

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Re: SBA loan

BayAreaSmogTech
timmy wrote
I applied for PPP and actually got a loan for $12K! I wasn't expecting to be approved because I'm self-employed with 0 employees. I'm going to be using the money to pay the rent and utilities like gas/electric, water, trash, phone but is the Gen3 rental considered a utility? Guess I'll find out after the 8 weeks are up.
They pay you for 10 weeks of payroll. It's my understanding that only 2 weeks worth can be used on rent/utilities, the rest has to be spent on payroll in 8 weeks. If you fail to meet their criteria, you won't be able to request for it to be turned into a grant and be on the hook for the loan + 1% interest.
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Re: SBA loan

xcinlb
75% of your PPP loan is to be used for payroll and up to 25% for rent. Gen 3 is not considered a utility and would not work for the loan forgiveness.
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Re: SBA loan

Best Answer I Can Give
 Think People.
This "LOAN" can be "REVIEWED". Reviewed by those who know NOTHING of what we do. BEAN COUNTERS.
They work for other people. They can tell you "Nope, repay it all back." You have let them into your books.
 Never make fun of the choices your wife makes. You were one of them.
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Re: SBA loan

timmy
In reply to this post by BayAreaSmogTech
BayAreaSmogTech wrote
They pay you for 10 weeks of payroll. It's my understanding that only 2 weeks worth can be used on rent/utilities, the rest has to be spent on payroll in 8 weeks. If you fail to meet their criteria, you won't be able to request for it to be turned into a grant and be on the hook for the loan + 1% interest.
https://bench.co/blog/operations/ppp-forgiveness-contractors-sole-props/

My whole loan might be forgiven after all, guess I'll find out.
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Re: SBA loan

No One
In reply to this post by BayAreaSmogTech
So my application finally went through. I got offered a loan for $26k at 3.75% rate with 30 years to pay it back at a min monthly payment of $146 per month, with no payments starting until next year. This is all through the SBA covid relief fund too. I was hoping it'd be 1%, but 3.75% isn't THAT bad either. Has anyone here gotten a better offer.
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Re: SBA loan

2002
I just got approved for 55k at 3.75% for 30 years as well. I applied in March and they finally gave the OK. But the small print scared me so I won't be doing it. I don't need any audits or want to report income reports all the time to them. That is an annoyance.
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Re: SBA loan

No One
2002 wrote
I just got approved for 55k at 3.75% for 30 years as well. I applied in March and they finally gave the OK. But the small print scared me so I won't be doing it. I don't need any audits or want to report income reports all the time to them. That is an annoyance.
The small print also scared me. This is all standard to make sure you aren't going on vacations or going on a spending spree at target or fucking off with the money.

Plus I hear that loans above 2 million will get full audits
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