Looked into it yesterday.....if they approve it , you can get a 10K grant that doesn't have to be re-payed....otherwise it will be loan unsecured up to 25K then collateral required for over 25K.....up to 30 years to repay at 3.5%.......quite a bit of paperwork and financial records/information required.....
Our insurance company just sent me a notice that our business interruption coverage has a virus exclusion................
Looked into it yesterday.....if they approve it , you can get a 10K grant that doesn't have to be re-payed....otherwise it will be loan unsecured up to 25K then collateral required for over 25K.....up to 30 years to repay at 3.5%.......quite a bit of paperwork and financial records/information required.....for either........
Our insurance company just sent me a notice that our business interruption coverage has a virus exclusion................
You're kidding!
They imagined something like this could happen....
I have had an SBA loan in the past....nothing about it was easy.......
Look into Paycheck Protection Program. It will provide a forgivable loan for essentially ALL your expenses as long as you maintain your staff. You can look at it as free money, but consider it help until your back up to speed. The federal government is guaranteeing it, so no waiting on SBA. The bank will approve it and you'll get your money immediately, I believe.
Until the next stim bill. And Gov bailout of insc companies.Our insurance company just sent me a notice that our business interruption coverage has a virus exclusion................
It doesn't. They're talking about probably, possibly, maybe forgiving the loans if certain criteria are met. But that will all come from a future vote in Congress as I understand it.
So basically like a student loan. They push folks to take it, then one party will campaign on forgiving that debt if elected is the way I see it.
Just how much is that federal government in debt already??? Yeah, that's a joke.The federal government is guaranteeing it, so no waiting on SBA.
Its not some nebulous plan. The criteria is laid out on how to qualify for loan forgiveness. You keep payroll at the same levels for a stated period of time.
The people I know are printing the SBA website info that shows the details JIC for future use.