The Economic Injury Disaster Loan I the second major lending component of the CARES Act that’s aimed at smaller businesses . It’s an expansion of the SBA’s existing disaster loan program. This loan allows borrowers to borrow up to $2 million dollars at an interest rate not to exceed $3.75%. For loans of less than $200,000, the borrower is not required to submit personal guarantees.
even if the application is ultimately denied. Furthermore, the SBA is expected to provide the advance within three days of receipt of a borrower’s application. The EIDL is very fast and easy to apply for. and you can do it right online.Pro tip: Be sure to write down or screenshot the application number that you see on the screen after you complete the application; you won’t receive a confirmation email until your application has been reviewed.
The CARES Act also made a technical correction to the 2017 Tax Cuts and Jobs Act by restoring the treatment of leasehold improvements to commercial property made by landlords or tenants as 15-year property , allowing an immediate write off through bonus depreciation.
The CARESAct is a disaster of it's own. SBAgov is literally on a stand still with millions of applications, I was told by a representative it will be 4 - 8 weeks at least before a loan officer reviews an application. Our economy is on a verge of collapse in less than a month.
Naija how fa
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On first day, small business loan application process plagued with problemsOn first day, small business loan application process is plagued with problems, as small business owners waiting for loans say they can't hold out much longer. Let Americans go back to work! We can practice social distancing while we work. The virus kills, but so do millions of lost jobs. The solution is becoming worse than the problem. We need smart policy, not thoughtless suspension of our God given rights. Relax! Keep logging in. Thousands are doing the same. No system can handle all of that at once. stevenmnuchin1 looks like BOA is looking for profit not to help small businesses? Is this another way for the TrumpCrimeSyndicate to make money?
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Massive small business rescue gets off to stormy startA small business lending program designed to halt an avalanche of layoffs got off to a rocky start today as banks rushed to figure out how to process millions of expected applicants based on guidelines the Trump administration published just hours earlier To sums up: Bank of America requires a customer to have business debt for a PPP The EIDL grant isn’t really $10K. Some are as small as $1k Nobody has received a stimulus check Nobody has received the extra $600 dollars under the cares act This needs to be a much bigger story. It’s a messy mess, this government royally screw it up How to fix this? I know! Call in Jarrod..
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How the $2 trillion US stimulus package could impact SMBs and alt lenders - Business InsiderThe US Senate announced a $350 billion loans package for small businesses to help them sustain their business during the coronavirus pandemic.
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Mnuchin says small business rescue loans launch Friday, despite lender confusionU.S. Treasury Secretary Steven Mnuchin said he was pressing ahead with the Friday launch of a $349 billion coronavirus rescue loan program for small businesses, after conceding to bank demands to fix aspects of the program that they said could cause participating lenders legal and financial risks. That’s not going to happen says the 4 banks! Funny how in the US provided loans are paying staff they will be forgiven. Here they have no interest limits. Banks first people irrelevant just as always.
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