Paycheck Protection Program
We all should be eligible for a forgivable loan under the Paycheck Protection Program created by the Federal Cares Act that was just passed. Eligibility is 2.5x your average monthly payroll over the last 12 months. The funds can be used for payroll, rent, mortgage and utilities and to the extent it is used for these four things, it is completely forgivable. PPP loans are secured by applying through a local bank. They don’t require a personal guaranty or collateral. These loans are just becoming available so if you are interested, which you should be, you should connect with your banker immediately.
Federal Disaster Loan Portal
Attached please find the link to the Federal Disaster Loan Portal application. The EIDL loan is applied for directly with the SBA whereas the Payroll Protection forgivable loan application is through a SBA lender.
An EIDL loan applicant can request a grant of up to $10k which must be paid within 3 days and need not be repaid even if the EIDL loan Falls through.
SBA Loan 6 Month Deferment
This is from one of our MNReva Member’s SBA lender.
Their SBA loan has been deferred for 6 months effective immediately.
This is an answer to their prayers.
3 Month Forbearance