Author Topic: Coronavirus Stimulus Aid Package  (Read 25681 times)

Offline churnbabychurn

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Re: Coronavirus Stimulus Aid Package
« Reply #240 on: March 31, 2020, 01:35:49 PM »
As long as trump still needs to win the elections he will approve even a 5T package if it runs out from money :-*
as long as the federal printing press works..

Offline aygart

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Re: Coronavirus Stimulus Aid Package
« Reply #241 on: March 31, 2020, 03:44:17 PM »
https://covid19relief.sba.gov/#/

This link gives a 10k advance on the SBA loans, but according to this https://www.sba.gov/disaster-assistance/coronavirus-covid-19 it will not have to be repaid.
Feelings don't care about your facts

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #242 on: March 31, 2020, 04:04:25 PM »
https://covid19relief.sba.gov/#/

This link gives a 10k advance on the SBA loans, but according to this https://www.sba.gov/disaster-assistance/coronavirus-covid-19 it will not have to be repaid.
If you're rejected from the loan program, the 10k is a grant. If you're approved for a loan, the 10k is rolled into the loan.

Offline aygart

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Re: Coronavirus Stimulus Aid Package
« Reply #243 on: March 31, 2020, 04:05:59 PM »
If you're rejected from the loan program, the 10k is a grant. If you're approved for a loan, the 10k is rolled into the loan.
What if you never apply for the loan?
Feelings don't care about your facts

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #244 on: March 31, 2020, 04:07:25 PM »
What if you never apply for the loan?
You only get the 10k advance within 3 days by applying for the loan.

Offline CountValentine

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Re: Coronavirus Stimulus Aid Package
« Reply #245 on: March 31, 2020, 04:12:44 PM »
Anyway to e-file a return with 0.00 income?
You're so far up Trump's a** you can see Giuliani's feet.  HT Baruch

Offline aygart

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Re: Coronavirus Stimulus Aid Package
« Reply #246 on: March 31, 2020, 04:17:28 PM »
You only get the 10k advance within 3 days by applying for the loan.
So this https://covid19relief.sba.gov/#/ is the loan application or it only sendsa the money once you apply for the loan?
Feelings don't care about your facts

Offline churnbabychurn

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Re: Coronavirus Stimulus Aid Package
« Reply #247 on: March 31, 2020, 04:52:15 PM »
https://covid19relief.sba.gov/#/

This link gives a 10k advance on the SBA loans, but according to this https://www.sba.gov/disaster-assistance/coronavirus-covid-19 it will not have to be repaid.
My understanding is that the advance is part of the loan and does not need to be repaid.

So apply for a 10K loan and you should be good.

However, you may want to consider the PPP loan. - if you get that, the 10K from the disaster loan you will be rolled into principal. (cant have both loans)

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #248 on: March 31, 2020, 04:53:47 PM »
Anyway to e-file a return with 0.00 income?

https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

I am not typically required to file a tax return. Can I still receive my payment?
Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

How can I file the tax return needed to receive my economic impact payment?
IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #249 on: March 31, 2020, 04:54:12 PM »
So this https://covid19relief.sba.gov/#/ is the loan application or it only sendsa the money once you apply for the loan?
Read it. Clearly a loan application.

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #250 on: March 31, 2020, 04:56:28 PM »
My understanding is that the advance is part of the loan and does not need to be repaid.

So apply for a 10K loan and you should be good.

However, you may want to consider the PPP loan. - if you get that, the 10K from the disaster loan you will be rolled into principal. (cant have both loans)
No, if the loan is approved you do need to repay the 10k as part of the loan. This only applies if your application is rejected.
You could apply for this and then roll it into the PPP loan which has a forgiveness option.

Offline churnbabychurn

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Re: Coronavirus Stimulus Aid Package
« Reply #251 on: March 31, 2020, 05:00:00 PM »
No, if the loan is approved you do need to repay the 10k as part of the loan. This only applies if your application is rejected.
You could apply for this and then roll it into the PPP loan which has a forgiveness option.
-1


Economic Injury Disaster Loans & Emergency Economic Injury Grants
These grants provide an emergency advance of up to $10,000 to small businesses and private
non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury
Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the
advance. The advance does not need to be repaid under any circumstance, and may be used
to keep employees on payroll, to pay for sick leave, meet increased production costs due to
supply chain disruptions, or pay business obligations, including debts, rent and mortgage
payments.
F

Offline aygart

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Re: Coronavirus Stimulus Aid Package
« Reply #252 on: March 31, 2020, 05:00:46 PM »
No, if the loan is approved you do need to repay the 10k as part of the loan. This only applies if your application is rejected.
You could apply for this and then roll it into the PPP loan which has a forgiveness option.
Meaning if THIS application is rejected? So they give you the money and if the application is accepted you pay it back while if it is rejected you don't? Leave it to DC.
Feelings don't care about your facts

Offline churnbabychurn

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Re: Coronavirus Stimulus Aid Package
« Reply #253 on: March 31, 2020, 05:03:51 PM »
Meaning if THIS application is rejected? So they give you the money and if the application is accepted you pay it back while if it is rejected you don't? Leave it to DC.

You have wrong information. The 10K is not repaid under any circumstances.

https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf

Offline cgr

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