Member Discussion

SBA PPP Application Is Out...Link & Summary

Link to the application.

Application and Approval
1-The goal is to start at 2/15/2020 and end in April 15..but it might/will be extended to 6/30/2020.
2- This is an SBA Guaranty which means your banks will jump on this.. yes low profit but no risk
3- Most of us qualify because we don't have 500 employees and we are not going to ask for $10,000,000 because our payroll is not $5M/M

4-10-year repayment term/Max 4%
5- 6 month no interest

Loan Forgiveness:

6-Forgiveness amount - Review and Understand carefully
7- What an Eligible expenses for loan forgiveness amount?– payroll costs up to 2.5 times last year payroll (2019), interest (not principal) on debt, rent, utilities (electric, gas, water, telephone, internet, transportation)
8-If you let go of employs between 2/15/2020 and 4/26/2020, Borrower can still re-hire or pay employees.

My comments: PPP is still not Clear.. we learn as we go. Most likely it will help/Forgiven but at this point, it is a loan

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