Covid-19 Help - MNReva

COVID-19 HELP

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.

Payroll Protection Guide

Sample Borrower Paycheck Protection Program Application

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.

https://www.sba.gov/funding-programs/disaster-assistance

Download SBA Disaster Loan Application Guide

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.

If any of you have an SBA loan perhaps you could expect or ask for the same.

https://www.nadco.org/mpage/COVID19_Overview

3 Month Forbearance

One of our Members were able to get a three month forbearance on both their first and second personal mortgages on their farm. They wanted us to share this with all of you.

Would like to send out a notice to all members that we were able to get a three month forbearance on both our first and second personal mortgages on our farm? Some people might have personal mortgages on their property like we do and this has really helped take the pressure off of us for the next three months:) Now we will not have to take as much money out of the company for our payroll and we can use that money for operating expenses during these trying times when sales have slowed and clients may be reluctant to pay their balances.

Praying for a quick end to this virus.