All Forum Posts by: David H.

@Troy Bailey

You can still apply for the grant even if you did the old app

Go to covid19relief.sba.gov/# to apply

Hi Steve, 

Please see response just sent to Derek. The new process seems to have postponed the requirement for documents until after the initial "streamlined" review. Likely the SBA will reach out to you if more documents are needed. This process was created to get the $10k grants out the door quickly to those affected.

Hi Andy,

I can't say for certain, though my best guess from looking at the application process would be to select real estate and the property management drop down. Though it likely would be fine to select the "other" or "not listed" option as well.

Unfortunately the application was largely designed for standard small businesses not rental property owners. 

Thanks Jack! Happy to be of service in any way to this great community! Just repaying the favor that you all have provided for me :) 

Hi Derek, 

I believe they are requesting it at a later time. To streamline the process and get the grants out the door they rearranged the application process. From my understanding a case manager will reach out to you if more info is needed.

Best of luck! 

This is incredible insight. Thank you!

Please everyone read this before freaking out to much over the paperwork.

Hi Chad, 

The PPP loan is not eligible for rental property owners as far as any of the banks have been made aware at this point.

The PPP loan may be eligible for sole props with no employees, but not rental property owners.

If you have a small business that isn't a rental, sure go for it. I can tell you upfront that the PPP loan is going to be a struggle and the loan forgiveness is based primarily on payroll so I don't see the point in taking that loan if you have no payroll. Especially since the PPP loan is a 10 year term as opposed to a 30 year term. Granted the PPP is completely unsecured, but again, its not eligible for rental property owners, so not relevant for the majority of this website. 

Hi Nat, 

I am not 100% sure of this answer. My thoughts are, if this follows preceding SBA guidelines, non-US citizens could apply as long as they have a green card and complete and INS verification process, which will likely require a few documents.

Best of luck!

You may have very limited to no options because you are only now finishing your 2017 2018 taxes. That will be an unfortunate consequence of the very late filing.

As I understand, if you were eligible, they would calculate for rental property owners the loan amount based off of your projected or realized losses of rents due to the disaster. The first $25,000 is unsecured, above that they would require real estate as collateral, though they wont deny a loan for lack of collateral.

Please keep in mind, these funds must be used for specific purposes and cannot be used for business expansion. The SBA should have a list of approved uses of proceeds available per a quick google search.

I believe that the estimates would be a reasonable projection if lost rents due to the disaster. If you suspect 3 units vacant for 3 months I would just do the math and input that. Cant say for certain but that would be logical given the circumstances and options availible.

In regards to the refinances I would highly suggest contacting your lender. I cannot say for certain if the SBA will pull against your credit, though I would assume so. Also, if. you worry it would raise friends with your refi bank I would ask rather than risk it.