All Forum Posts by: David H.

@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

@Dale G.

My thoughts are to assume the worst and ask for more. In my opinion in these types of scenarios, especially this one, it’s best to ask for more.

They won’t give you more than you ask for, so you might as well project a huge loss and get less of a higher amount.

Projections I’ve been told are framed on 6 month time frame if that helps. It may be increasing to 12 months FYI.

@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.

@Ellen Alvarez

Hi Ellen,

Thanks for reaching out via message and sharing your experience.

I think it’s definitely worth applying at this time. A few hours work for thousands of dollars of low interest long amortization fixed rate money is worth it in my opinion.

Interesting developments I’m reading in the CARES act that is being voted on now would allow all applications for EIDL loans to request a $10,000 advance grant, which must be distributed within 3 days of application request, and even if the loan is denied the $10,000 grant doesn’t have to get paid back. That’s effectively $10k in free money for any applicant of the EIDL loan if this is approved.

@Bola A.

I’ve also heard on a conference call with the SBA this morning that there is a comment section on the application where they suggest requesting the length of the term desired (I suggest 30 years to minimize payments, keep in mind there is no-prepay penalty).

You can also add in the comment section your rationale for a higher loan amount. The SBA will be decisioning the loan amount, but they indicated the comment section was the best place to request more funds if appropriate.

My suggestion to all is to use internet explorer, and print a hard copy in case the site crashes, you can have the info written down and easy to access. Unfortunately, website crashes will be a reality.

Best of luck!!!

@Kimberly G.

Thanks Kimberly for the shout out!

I completely agree with you. It’s time to move the discussion forward and start sharing solutions and supporting each other in positive ways.

The lack of emotional intelligence is truly frightening. I hope it is just internet posturing and in reality a much more holistic empathetic approach is taken.

I will work on assembling some local resources as well for New England investors. Each state is offering unique and sometimes much more generous and expedient solutions than the federal government.

Best of luck to all!!!

@Bola A.

This iteration of the SBA disaster loan was just rolled out so my guess is no one in the country has received the funds yet.

That being said, the interest rate for all small businesses and landlords is 3.75% Fixed, for up to 30 years. Non-profits get a rate of 2.75 fixed

Unsecured up to $25,000

@Bola A.

Hi Bola, as I understand interest will accrue once the loan is disbursed to your account. This will function as a term loan for permanent working capital rather than a LOC.

@Michaela G.

Thank you for sharing Michaela!

This is a key point, for some bizarre reason the SBA application site works best on internet explorer. I heard that the other day as well.

Great to get that out there!

And yes, to the other gentlemen’s point, the SBA disaster loan, just like every business and government agency, was not built for a nationwide disaster like this. It’s not a magic bullet and it will take time. I expect a huge bottleneck will ensue in the coming weeks. It’s not ideal, but nothing really is in situations like this when there are hundreds of thousands of applicants.

I wish you the best Michaela and hope to hear your experience with the process!!

@Kirk R.

Hi Kirk,

I can’t imagine the SBA will require an appraisal of you for these loans. As far as I understand there are no fees for applying and no guarantee/origination fees. I have not heard the specifics on that 100% but that was the impression I got from the calls I was on with the SBA.