All Forum Posts by: Roy Gutierrez

Also, my case may be more simple with no LLC's etc. to verify

 I had my EIDL loan go all the way through to signing the agreement and note (so far), I posted about it in the corona forum: 

https://www.biggerpockets.com/forums/895/topics/831407-sba-eidl-loan-went-through-unlock-credit-files-to-verify-ident

The first email I got started the same way "We understand the challenges etc".. I got that email 5/2. On 5/5 I got an email to create a login/password on their portal. From there I had to verify my identity, then the next day (5/6) I got an email saying my loan was approved and to sign the closing docs. 

I included screenshots of all the terms and conditions of the loan. I just signed the loan docs earlier tonight, will update that thread if/when any funds get disbursed. 

@Roy Gutierrez, I participated in a ZOOM feed with First Commonwealth Bank and Neighborhood Allies about the PPP. They confirmed it during our conference and then they contacted me again Friday (April 10th) about it. Neighborhood Allies is out of Pittsburgh PA, and they're working exclusively with First Commonwealth Bank. I hope you're able to make good use of it, if you're approved. Good luck!

@Caroline Widjaja, The PPP was for those with W2 employees (to include oneself if that's how they paid themselves). The program was just opened up to Sole Proprietorships and 1099's on April 10th (yesterday as I write this). Keep in mind that a bank still has to approve you, and they'll still be dealing with the risk should someone abuse the system. Good 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.

Hi David,

I just found this site and wanted to give an update of my experience.  I applied for an SBA disaster loan for my downtown Seattle Airbnb (condo), as soon as Washington State was declared a disaster state.

Today I talked with someone at the SBA and have been approved for a $20K loan.  Paperwork coming soon, along with a case-worker to discuss details with.

Interestingly, I was sent a form Saturday that included a place to indicate the financial impact of the disaster.  I gave an estimate of lost Airbnb revenue from March 12-June 1.  And also for June 1-August.  During the first period alone I will lose $7-10K in revenue. June-August is higher.  The person I spoke with said she just needed my gross revenue for 2019 in order to determine loan details.  Nothing was said about a grant, although I provided information that could have been used for that.

I assume they'll be ready soon to process those grants, and I can discuss at that time, but for now the person I discussed this with at SBA had no idea about grants - only taking information to process loans.

It really gets old hearing politicians say they will make us "whole".  That's just not possible under any scenario other than people going crazy this Fall to make up for their lost travel opportunities.  Cross your fingers.

Thanks for this discussion!

Scott