SBA EIDL Loans are ELIGIBLE for Rental Properties

[David H.]

ATTENTION LANDLORDS!

SBA Economic Injury Disaster Loans (EIDL) are eligible for Rental Property Owners.

Standard SBA Loans are not available for passive income (except Hotels and Self Storage)...

THESE ARE NOT NORMAL SBA LOANS

During Disasters the SBA Disaster Loan Programs expand the eligibility to non-profits and even homeowners in certain circumstances.

Please visit https://www.sba.gov/sites/defa...

See slide 7, which clearly states that Rental Property Owners are Eligible for relief.

Please understand there will be a massive bottleneck and these loans could take 4-12 weeks to actually hit the streets. If you need one of these loans, COME PREPARED. Follow the directions in that slide deck. Fill out forms right the first time. The SBA is NOT staffed for a nationwide disaster. These loans are not coming from banks, they are coming from the SBA, this will take a while. It will be first come first serve.

Loans may be up to $2MM secured and up to $25,000 unsecured

The historical approval of these loans is < 60% . I'm not saying you can or will get these loans. I'm only providing this information in the hopes it will help those property owners in severe distress in the coming weeks/months. This economic disaster WILL be worse than most expect. Plan accordingly.

[Natalie Kolodij]

A few quick notes....

You shouldn't be putting any thing for COGS- rentals don't have this. This only applies to businesses with inventories. 

The applications ask for lost rents- that's what relates to you. 

Also worth noting- no one has received this loan advance/grant yet. Contacts at the SBA are saying 2-3 more weeks. 

Also worth noting there's no guarantee you'll receive $10k as a non -repayment grant. The wording in the act notes the advance is "Up to $10,000". It is totally up to the bank how much they approve.