All Forum Posts by: Chad C.

@David H. what does it specifically say about the PPP not being available for people that don't have a payroll? Here is the bullets from the US chamber of commerce . The 8 week expenses would not be marginal to me. I would prefer the grant but this is enticing. I do think the eligibility info for the two sba offerings often gets mixed.



You are eligible if you are:
• A small business with fewer than 500 employees
• A small business that otherwise meets the SBA’s size standard
• A 501(c)(3) with fewer than 500 employees

the next two look like it could be for business owners with no employees

• An individual who operates as a sole proprietor 
• An individual who operates as an independent contractor
• An individual who is self-employed who regularly carries on any
trade or business
• A Tribal business concern that meets the SBA size standard
• A 501(c)(19) Veterans Organization that meets the SBA size standard

https://covid19relief.sba.gov/#/

I had applied to SBA last week and took 3 hours. I wanted to apply to the grant also but sba login is down, so I did the streamlined version, applied for the grant and it took 10 minutes.

@David H. I just wanted to thank you for all the time you spent answering these questions, It is greatly appreciated.

@Zack Thiesen yup, we will all be millionaires!

@David Hulit I just read about SBA 7a loans, I guess this is a normal SBA loan, and they will be up to 10 mm and and originated by local banks, and money within days. This can be used as a bridge to a disaster loan. Article said they are waiting on the bailout package to know the lending details. Do you have any insight on the difference? Can most loan originators also do SBA loans?

@Isaac S. big thread on this on the front page.

@David H. My business involves growth, should I, or could I request for that? I have some self-employed tenants, I think I should suggest this to them? When you say aggressive, I assume you mean in lending not denying. 

@Paul Schu I much prefer this way of deposits than something online like cozy. Good idea about the amount. Do you have any that use the night deposit box, or send a check to the account?

If I have an owner occupancy policy on a rental, and make a claim will the adjuster know whats up and deny the claim? Is this insurance fraud?

I have one property like this in place and another under contract for 64k. They are below base flood elevation, and flood insurance is outrageous $3100, and makes the performance of the property decrease to a point I may not purchase. I have found a private insurer for mobile homes that do not require an elevation, but has to be an owner occupant. On the first policy they weren't explicit on not renting when they wrote it, but this time they are.

The difference in price between the two policies could pay for remodeling the home from flood in 8-9 years.

Could I get the cheaper policy to satisfy the bank in the amount of the loan, then a cheaper policy to cover my liability, or an umbrella.