Thank you for your interest regarding small business loans and this is meant to be a starting point for where to apply for assistance. I have been sending this email to those that I know have been self-employed, own small businesses that may want to apply. I prepared this because I am getting questions from many people.
The way it is set up is that there is $350 Billion for PPP which is first come first serve. If you don’t want to read this information, call me or call your bank commercial loan manager. Suggest you click on every link to understand your options. I am happy to speak with you regarding options I can help with, such as changing your corporation status, contractual issues, forbearance programs, and/or bankruptcy. Or just skip to the applications:
READ THIS FIRST: General overview of the two main loans.
Comparison of both Loans:
3 TYPES OF LOANS:
1. ECONOMIC INJURY DISASTER LOAN. Can use for expenses. Low interest 2.75-3.75% can be used for things that are not payroll. Can forgive up to $10,000 that was used for payroll, but not if used for other things. Does depend upon your credit.
You apply for Disaster Loan here: https://covid19relief.sba.gov/#/
2. PERSONAL PAYCHECK PROTECTION. (PPP). Only 0.5% interest, is possible to be forgiven if all used for payroll, rent, utilities. The guidelines have not been written on how the forgiveness will work. Nor is it known exactly what verification you need of your payroll. It is thought that a self-employed person can use a quickbooks print out of their member’s draws, an average of what was paid to the sole-proprietor.
Loans under the Paycheck Protection Act can be 2.5 times the borrower’s average monthly payroll costs, and they cannot exceed $10 million. The interest rate for Paycheck Protection loans are set at .5%, and loans mature after two years. No personal guarantee or collateral is required. The lenders are expected to defer fees, principal and interest for no less than six months and no more than one year. The SBA notes that all loans will have the same terms regardless of lender or borrower. Loan payments will be deferred for six months.
You apply for PPP through your bank or email to Michelle at DL Evans (firstname.lastname@example.org) the application is a fillable PDF here: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf
3. NORMAL SBA LOAN. Contact your bank, can be used more freely, not eligible for forgiveness.
APPLICATION for ECONOMIC INJURY DISASTER LOAN APPLICATION
APPLICATION FOR PPP: Contact your bank, the application is the same for every bank and the terms of the loan are the same. Fill out application and email it, fax or drop off at your bank.
WHICH LOAN SHOULD YOU CHOOSE:
Very Truly Yours,
Attorney At Law
Star Law Office pllc
219 S. River St., Unit 202
Hailey, Idaho 83333
Phone: (208) 788-9232
Facsimile: (208) 788-9376
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