Redwood Credit Union said that they weren't going to lend to non-members. And my own bank, Wells Fargo, said that though the legislation was passed on Friday, they "hadn't gotten anything from the government" and was "waiting to be told what to do." So, no loan from them either.
Posted Mar 30, 2020, 3:21 PM UTC
Last week Treasury said they need a week before up and running. During this week they’ll be in contact with financial institutions about how this will work. In the meantime, here’s a list of information you’ll need to prepare:
Most recent IRS Form 941: Employer’s Quarterly Federal Income Tax Return
Breakdown of your January 2019 through February 2020 payroll expenses
Complete 2019 financials (profit/loss and balance sheet) > to ensure SBA approval, all documentation must be verified.
Super-helpful. Thanks a ton!
Sure thing, feel free to ask me question if needed. Commercial Banker who’s trying to get this ready for clients in need!
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Don't hold your breath, word from banks is that guidance from the gov won't be coming until late next week at earliest. So even though law is on books no one can apply.
Wells Fargo is trying to figure it out as well and they have I think 30 days to figure it out. “Not happening” is a bit of a stretch this early in the process
So we should all wait before we apply? Is that what I am understanding?
It is not ready yet. Give it a week or so.
So apply directly through the SBA website.
PPP has to applied for thru a financial institution sba 7a - all banks supposed to be online by end of this week / first of next. Sba economic emergency loan can be applied for directly thru sba (and you can get up to a $10,000 advance within 3 days) but this is not a forgivable loan
The $10k is forgivable but taken from ppp total
What are the interest rates going to be on the up to $10,000 loan?
The $10K advance on the SBA EIDL loan is a "Grant" and does not have to be paid back at all. Not sure the interest rate on anything above $10K.
Can you confirm that the first $10K is forgiven even if you do not go through both the PPP or EIDL
here you go
The first $10k won’t be repaid, the remainder is I think 4% over 30 years.