The Stimulus Package - How do we benefit? Cheap SBA Loans? How?

Question

I own several large portfolios of single family homes (100+ properties each) and quite a few mobile home parks as well. What is the best way to benefit from the massive amount of small business loans that are about to be available from the FED in this stimulus package?

Is anyone familiar with how to proceed to get these low interest rate SBA loans that I hear are coming?

Any input is helpful!

Thanks!

Is anyone familiar with how to proceed to get these low interest rate SBA loans that I hear are coming?

Any input is helpful!

Thanks!

David H. · Answer

@Jarrod Pettit

Hi Jarrod, it is on page 68-69 of the CARES Act being voted on today in the house.

Unfortunately I can’t legally upload it, it’s in there though page 68-69.

It’s deferred to as the Emergency EIDL Grant

Kurt Jones · Answer

The devil is in the details. Let's see what is really in this thing

Jarrod Pettit · Answer

@David Hulit Thank you!

Kirk R. · Answer

this?

https://www.biggerpockets.com/...

Jarrod Pettit · Answer

@David Hulit can you send me a link for the information you are speaking of?   Very interesting!

Kathy Bayham · Answer

I obtained an EIDL for $150K but turned it down because of limits to using proceeds. If audited, the repayment penalties and interest are serious. I must repay the $2K emergency advance as well. Small price to pay to get out of that potential black hole. I wish terms and conditions had been accessible BEFORE I had to sign it. The process was idiot simple; the wait time was a little over 2 months.

David H. · Answer

@Kirk R.

Thanks for sharing the link to the SBA EIDL loans for rental property owners post

Interesting developments are that the final CARES act would enhance the EIDL loan with the option to request a $10,000 advance upon application. The advance would be paid for in 3 days. Even if your application is denied later you don’t have to pay back the advance, it is essentially a $10k grant disbursed in 3 days from initial application request. This could become very helpful.

Zach Fetcko · Answer

The application gives the option for "Applicant is an individual who operates under a sole proprietorship, with or without employees, or as an independent contractor."

You are given the option on the second page to submit a SSN instead of a FEIN.

Edward Liu · Answer

I have applied $10,000 grant for each LLC I have.   The question is:   I still have some rentals under my/wife name where we own 100%.   Can we apply for same $10,000 grant using our own name (rather than LLC)?   I assume similar question for those who own properties without LLC.

Jarrod Pettit · Answer

@Zach Fetcko Perfect!   Thanks for sharing!

The Stimulus Package - How do we benefit? Cheap SBA Loans? How?

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