SBA PPP and EIDL Small Business Loans (some money is forgivable)

[Ver hut gazugt]

NYS grant is being held up because article of incorporation and other documents show my old address.
What the best/simplest way to show proof?

[bubkiz]

@cgr
Has there been any changes with regard to calculating the ERTC in the Inflation Reduction Act?

[cgr]

@cgr
Has there been any changes with regard to calculating the ERTC in the Inflation Reduction Act?

No.

[cgr]

Borrowers who received an EIDL loan in March 2020 will need to start making payments in September, as the 30-month deferment is coming to a close. The due date is based on the original note, and not on subsequent increases.

[cgr]

The SBA is now offering six month Hardship Accommodation Plans to borrowers who are struggling to make their EIDL monthly payments. The plan reduces the monthly payment to 10% of the original (interest accrues).
https://www.sba.gov/funding-programs/loans/covid-19-relief-options/covid-19-economic-injury-disaster-loan/manage-your-eidl#section-header-7

[Am]

The SBA is now offering six month Hardship Accommodation Plans to borrowers who are struggling to make their EIDL monthly payments. The plan reduces the monthly payment to 10% of the original (interest accrues).
https://www.sba.gov/funding-programs/loans/covid-19-relief-options/covid-19-economic-injury-disaster-loan/manage-your-eidl#section-header-7

I was also told that borrowers can reapply every six months for the hardship accommodation until the SBA decides to stop allowing.

[yelped]

Does anyone know about the SBA loans as they are today? Asking for a FM who needs a loan for his small business. Does anyone have any recommendations for an honest broker and any pointers to know/look out for?

[AsherO]

Does anyone know about the SBA loans as they are today? Asking for a FM who needs a loan for his small business. Does anyone have any recommendations for an honest broker and any pointers to know/look out for?

https://sbaloangroup.com/

Frum guys, I have no experience or affiliation with them.

[yelped]

https://sbaloangroup.com/

Frum guys, I have no experience or affiliation with them.

Thanks. Do you know anything about them?

[Ver hut gazugt]

Does anyone know about the SBA loans as they are today? Asking for a FM who needs a loan for his small business. Does anyone have any recommendations for an honest broker and any pointers to know/look out for?

sba is only good for specific types of loans ( I.e real estate etc.. ). Depending on what they need they might be better off going with a business line of credit or business loan. Also, American Express started doing business loans as well, I forgot the name.

[Essen est zich]

Thanks. Do you know anything about them?

As AsherO said, I have no experience or affiliation with them. But I know he gives lots of tzedaka and gives back to the community. He is also active on linked and may have a podcast.

[Fish Tank]

Does anyone know about the SBA loans as they are today? Asking for a FM who needs a loan for his small business. Does anyone have any recommendations for an honest broker and any pointers to know/look out for?

https://freedombm.com/
Frum guys. No experience or affiliation with them.
(I see them posting on Linkedin all the time)

[yelped]

sba is only good for specific types of loans ( I.e real estate etc.. ). Depending on what they need they might be better off going with a business line of credit or business loan. Also, American Express started doing business loans as well, I forgot the name.

Don't SBA loans have much lower rates? This would be to purchase inventory.

[Ver hut gazugt]

Don't SBA loans have much lower rates? This would be to purchase inventory.

depends ( companies mentioned here charge a fee on top of the banks and sba fees) there was a while back some promotions for sba loans( no sba fee) not sure if it still going. It’s worth taking a little time to reach out and see what is best in your situation.

Price is only one part of the loan. Other things you would want to look out for is length of time to pay back the loan. How much money that loan type is willing to lend. How hard is it to get that loan and how long is the process.

[aygart]

depends ( companies mentioned here charge a fee on top of the banks and sba fees) there was a while back some promotions for sba loans( no sba fee) not sure if it still going. It’s worth taking a little time to reach out and see what is best in your situation.

Price is only one part of the loan. Other things you would want to look out for is length of time to pay back the loan. How much money that loan type is willing to lend. How hard is it to get that loan and how long is the process.

Why would someone use them instead of going straight to the SBA lender?

[Ver hut gazugt]

Why would someone use them instead of going straight to the SBA lender?

to help them get approved. Similar to a mortgage broker.

[Fish Tank]

Why would someone use them instead of going straight to the SBA lender?

There are thousands of lenders. Different lenders have different requirements.
Additionally, some favor/dislike specific industries over others etc.

Based on the brokers experience, they will submit your loan to lender which has the greatest chance of approval for your type of loan.
They will also make sure your application submission has everything needed the first time around, in order to prevent a denial for something insignificant.

[AsherO]

Thanks. Do you know anything about them?

Nothing more than you can find on the internet.

[Yef]

Since this thread is open again..
Anyone know anything about these companies advertising for deferral of loan payments, lowering payments, etc for the eidl loans?

[ExGingi]

Since this thread is open again..
Anyone know anything about these companies advertising for deferral of loan payments, lowering payments, etc for the eidl loans?

Some things are almost automatic on SBA borrower portal. Reducing my minimum monthly payment to 10% of regular payment for 6 months at the low interest rate of the EIDL loan is a no brainer.