All Forum Posts by: RJ Schmertz

Have this quote from another person in my local circles:

A colleague of mine received this via email on the EIDL:Important message regarding your loan amount: Our nation's small businesses and private, nonprofit organizations are facing an unprecedented economic disruption due to the COVID-19 outbreak. The SBA is experiencing a large volume of applications for the Economic Injury Disaster Loan. Due to current appropriations for this program, the SBA will make initial loan disbursements for two months of working capital up to a maximum of $15,000 per applicant. This is in addition to the Advance of up to $10,000 each small business and non-profit is eligible to receive. By doing this, the SBA will ensure it is supporting the greatest number of applicants during this difficult time.

 Scott,

How did you apply, as a Sole Proprieter or do you have an entity/s?  Do you have employees?

How much work went into determining the amount you were approved for?  Are you happy with the amount? Did they talk about how much of an advance you should expect?

The only thing you had to submit was signed documents?  No bank documents or tax returns or anything?

I don't think not having employees will disqualify you from the loan, just might have a smaller or non-existant forgivable advance portion.

This update came out yesterday: 

https://content.govdelivery.com/accounts/USSBA/bulletins/284f240

It includes wording:
EIDL Loan advances will start to be distributed this week. $1000 per employee up to $10,000 max

This tweet has a screenshot of a since-deleted tweet from @SBA_MA quoting something similar as well. 
https://twitter.com/Crypto_Webhead/status/1247305988136296448

Other notable items

• EIDL loans will not require a personal guarantee for loans under $200,000
• EIDL loans will not require real estate collateral for loans under $500,000. SBA will be looking be best available lien priority on all business assets or other business assets.

 Do you have a reference of this

You can get both, but you can't use them for the same purpose.

You can use the PPP to pay off the EIDL

The uses of PPP are more restricted and more intended for businesses with employees (they aren't even allowing 1099 contractors to count as employees or payroll in the first phase).

As a small landlord with no employees, you're not going to have very many expenses qualify for PPP, and even harder time finding 'separate' needs for both loans

I submitted my application yesterday.  I just talked to someone on the phone and they said as long as you got your confirmation number, just wait for the loan officer to call or email you in the next 5-7 days.

Can someone decipher what the sole proprietor portion of that might mean for landlords? It's called out separately than employers. And it mentions mortgage insurance being forgivable

2. For Sole Proprietors, Independent Contractors, and Self-Employed
Individuals: The sum of payments of any compensation to or
income of a sole proprietor or independent contractor that is a
wage, commission, income, net earnings from self-employment, or
similar compensation and that is in an amount that is not more than
$100,000 in one year, as pro-rated for the covered period

...

I've got a vacant rental that I just purchased that I need listing photos of. Does anyone use a staging/photography person/ company that they would suggest in SLC?