If I'm reading this correctly, most/many of us are eligible for a forgivable loan of up to $10,000.

The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid.


[Link: sba.gov]

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.

Thank you

Wow, free money. Our tax dollars at work.

Oh wait, there is not going to be enough tax money to cover that. I should have said, our government printing presses at work.

Is this different the the PPP?

yes... two different programs.

PPP is run through fdic banks. 2.5x monthly payroll...

Economic disaster loan is direct through sba.


You can do both.

yes, however the 10,000 gets deducted from the PPP amount, so if you are eligible for $200,000 in PPP loans and take out a $10,000 EIDL loan you will only receive $190,000 on the PPP loan. The EIDL can not and will not increase the total amount you can receive

I'm still waiting for someone to 'actually' get approved and get a check.
A lot of talk on the internet about people applying, yet to see anyone actually get approved and a check.

I have my suspicions on this. And even if some businesses get approved, I want to actually see the money 'forgiven' in the future and not have the IRS come back at them and say "No, you owe that money back". Again, I have my suspicions.

I'm not applying for ANY of it. I'm not about to put my nuts in the government vise and have them end up getting crushed.
I'll struggle thru. Luckily I don't have any employees, so PPP isn't even a worry or option for me.

amen brother and keep making rent / mortgages / credit cards / insurance too. Nothing is free, especially when big brother and financial institutions are involved.

PPP is an option for sole proprietor and for contractors/freelancers that receive 1099's.

So you guys not applying, you sending back your personal stimulus checks too?

I pulled this directly from Chase Bank.


You’ll need to meet this criteria:

• You have an existing Business checking account that’s been active since February 15, 2020.
• You’re authorized to borrow on behalf of the business.
• You haven’t already received a Paycheck Protection Program loan from Chase and you haven’t applied for one from another financial institution.
• The minimum loan amount is $1,000, and the maximum amount is determined based primarily on your payroll-related costs, but cannot exceed $10 million. This amount may be reduced based on loans to your affiliated companies
• You should have available the outstanding balance of any existing Economic Injury Disaster Loans (EIDL).
• Other restrictions may apply.

The loan may be eligible for forgiveness, but subject to SBA requirements

• Forgiveness is not automatic. You may request forgiveness of some or all of the principal balance of the loan. Forgiveness is only available if you use the funds for certain purposes as permitted by the SBA. If you request forgiveness, you must provide documentation, and must certify, that the loan funds were used for SBA-qualifying purposes. The amount forgiven may be subject to certain limitations and reductions in certain circumstances; for example if you have reductions in number of employees or employee compensation, and only 25% of the forgiven amount may be for non-payroll purposes. 
• The borrower will be responsible under the loan for any amounts not forgiven.
• The SBA may limit the timeframe by which you’ll need to ask for forgiveness.

Haven't gotten that so can't say. I don't need it and don't care if it comes. However, I'll say that is not a loan. The issue with the loans is whether they get forgiven or not. If not, and you take the loan when you can get by without it, it's throwing money away as a gamble hoping you get free money. It may be worth the gamble to some, not to others. It will be interesting to see when people actually start getting the money. I know it's a monumental task due to the proportions, but it does seem to be taking a while from what I've been reading.

[Link: nytimes.com]

[Link: inc.com]

Not getting one, so.....

I just applied, was suspiciously straight forward, especially for anything government related.

I have pretty much given up on the PPP loan since my bank (TD) is terrible and their platform keeps crashing. I use Chase as my credit card and apparently you are eligible through them if you have one but their site keeps erring out, I assume because I dont bank with them.
'
I have no faith in the SBA "loan/grant" If this doesn't work then i'll just struggle through.