Small business anon here I want to clear up a lot of rumors regarding PPP and EIDL. These are two different programs. EIDL stands for Economic Injury and Disaster Loan. SBA supported this program from January thru April 3. It was PHASED out because PPP is replacing it and is the better way to go.

For anyone who had applied for an EIDL loan, they were eligible for up to $10,000 instant grant that would not have to be repaid and that number was based on $1,000 per employee. Everything else borrowed on top of that would have to be repaid. I originally applied for that, but then applied for PPP which is a way better deal.

PPP is based on 2.5 times your average monthly payroll costs. If you use these funds for payroll, rent/mortgage and utilities, it will be forgiven - 75% needs to be for payroll, the rest for rent/utilities. They want to see payroll be maintained or at least 75% of what it had been before COVID-19.

No payments are required in 1st 6 months of the loan and if it's determined you used it as designed, the loan is forgiven. Make your accounting easy, open a second business account just for these funds and only deduct those costs from it. If you use it for other business expenses, you have to repay it with 2 years at 1% interest.

Small business anon has been in business 13 years and had 3 previous SBA loans. This was quickest and easiest application I ever did. I applied at 12:02 AM Friday 4/3 and just signed closing documents today. I have an established relationship with a local bank.

This money is for "Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)

Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of: 500 employees, or That meets the SBA industry size standard if more than 500. Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location."

Most importantly, this program applies to "Sole proprietors, independent contractors, and self-employed persons"

Whether you are the only employee or you have 3 employees or 100 employees, it doesn't matter, you are eligible! These idiots complaining about the other loans not getting funded it's because the funding period closed for EIDL, they want people to apply for PPP instead which is a WAY better deal because it offers loan FORGIVENESS.

For the life of me I cannot understand how there can be people who are smart enough to have been successful in operating their own business but are too stupid to read a fucking document. It's either that or they are shills and pushing misinformation.

Read the application yourself here and apply before they run out of funds for this 1st round of PPP. EIDL funds have run out and that application window closed when PPP opened. No one is trying to screw you, but it is the government, it is convoluted, you do have to read the fine print like like any other loan document.

https://www.sba.gov/sites/default/files/2020-04/PPP%20Borrower%20Application%20Form.pdf

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

>>8820123

YES - you can. I am an LLC. WE are finaly for once covered. Apply!!

>>8820236

That was my immediate reaction too because we're always excluded from everything, but I kept reading and asking questions with my bank, researching it online and applied. We are eligible anon. Go for it. I even kept my business open on a limited basis and still eligible. I had to let one person go, but plan on hiring them back once this gets funded.

>>8820310

So happy I can help anon. Best bet is to work with a local bank where you already have an established relationship. Preferably a bank you've already borrowed from and have a good repayment track record.

>>8820365

Glad business is booming for you anon! We are the shut down tri-state area so that is not something most business owners in our neck of the woods can say (unless they own a grocery store). God bless and good luck.

>>8820416

You could tell him yourself. Contact form on the page:

https://www.thegatewaypundit.com/author/jim-hoft/

>>8820451

In the PPP application you have to note whether or not you've already applied for EIDL and how much. I was told it was because it was being converted all into PPP. EIDL has been around for awhile, but it appears that PPP was developed as a better program to replace it because businesses needed grants, not loans. These businesses were being closed by no fault of their own, why should they be forced to borrow money because the government forced them shut?

As far as the contract goes that you're referring to I don't know. SBA only backs loans, they don't fund them. All the previous SBA loans I had were provided to me by my local bank, the SBA backed them in case I didn't repay, but it was my bank that funded the loan.

So it's important to understand the funds aren't coming from SBA, they're just backing it. One would assume the funds come from the Fed. That company contracted could be the people answering the freaking phone. I called the SBA today with a question and was blown away I got a live intelligent person who could answer my question in under a minute. Don't know anon, I would have to dig, but since SBA doesn't provide the funds, simply backs them like a loan guarantee, it doesn't really make sense to me unless they contracted them to assist with things like customer service like the millions of phone calls their getting. Just a guess.