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All Forum Posts by: Zach Fetcko

Zach Fetcko has started 2 posts and replied 32 times.

Post: $10,000 SBA Loan / Grant

Zach FetckoPosted
  • Accountant
  • Fairhope, AL
  • Posts 34
  • Votes 19

@Eric Rosiello

I heard that the portal is back open but only accepting applications for agricultural businesses right now. 

Post: $10,000 SBA Loan / Grant

Zach FetckoPosted
  • Accountant
  • Fairhope, AL
  • Posts 34
  • Votes 19

@Nathan Gesner
I believe they settled on 2.75% on EIDL loans, but remember the $6,000 is not your loan amount. That is just the amount of the grant that you qualified for. Even though it doesn't have to be paid back it is my understanding that your PPP forgiveness will be reduced by the amount of EIDL grant that you received. 

Post: $10,000 SBA Loan / Grant

Zach FetckoPosted
  • Accountant
  • Fairhope, AL
  • Posts 34
  • Votes 19

@Nathan Gesner 

If you actually have employees you may be better off getting the PPP instead. 

Post: $10,000 SBA Loan / Grant

Zach FetckoPosted
  • Accountant
  • Fairhope, AL
  • Posts 34
  • Votes 19

@Soh Tanaka

The $1000 from EIDL is a grant that doesn’t have to be repaid. If you received a PPP loan then the amount forgiven in that loan would be reduced by the amount of the EIDL grant. In your case $1000. 

Post: $10,000 SBA Loan / Grant

Zach FetckoPosted
  • Accountant
  • Fairhope, AL
  • Posts 34
  • Votes 19

@Alex Failaev Yes. Trump is supposed to sign for more funds at noon today. Portals should be back open by Monday. 

https://omar.house.gov/sites/omar.house.gov/files/Omar%20-%20Rent%20%26%20Mortgage%20Cancellation%20Act%20-One%20Pager%20and%20Legislative%20Framework.pdf

An Act has been proposed that would stop payments on mortages and rents until the end of the pademic. It would also establish a fund to pay landlords for lost rents under this program, but would make landlords agree to some conditions that would last 5 years. It would also establish a fair housing acquisition fund and give elibible purchasers first right of refusal on any properties sold and require private sellers to notify HUD before properties were put up for sale.

Please read the proposal. It is only 5 pages. 

Post: $10,000 SBA Loan / Grant

Zach FetckoPosted
  • Accountant
  • Fairhope, AL
  • Posts 34
  • Votes 19

@Sam Cherry
Wow. This deserves it own post. There are some crazy things in that bill. 

Post: $10,000 SBA Loan / Grant

Zach FetckoPosted
  • Accountant
  • Fairhope, AL
  • Posts 34
  • Votes 19

@Genny Smith They are now saying it is $1k per employee and a business with 0 employees is considered self employed. 

@Account Closed This portion of the EIDL is a grant so you do not have to pay it back. 

Post: $10,000 SBA Loan / Grant

Zach FetckoPosted
  • Accountant
  • Fairhope, AL
  • Posts 34
  • Votes 19

@Jessie Redd

Yes people have been receiving funds from both PPP and EIDL. 

Post: $10,000 SBA Loan / Grant

Zach FetckoPosted
  • Accountant
  • Fairhope, AL
  • Posts 34
  • Votes 19

@Kenneth Garrett Thanks for letting us know.