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Announcement:: Please see our new COVID-19 category where small businesses can engage with other business owners and experts to share best practices, information and other resources that will help us all get through this crisis.

Please Read Before Posting - Community Rules Guide

Zachary_SBMZachary_SBM Director of Digital Engagement and StrategyAdministrator admin
edited July 13 in General

This Small Business Majority Community has been created so you can exchange ideas, converse and meet others who share a common interest—small business. It is a place to discuss issues that affect small businesses and to help each other grow and succeed. It is not a place to degrade each other based on political viewpoints, backgrounds or interests.
Here are some guidelines:

• Keep your posts relevant to the forum category.
• Please do not post any personal information or photos that you wouldn’t want to be seen by the public.
• Do not use this community as a place to sell goods or services or post about multilevel marketing opportunities.
• Do not post hateful or illegal content. This includes harassing, abusive or threatening language.
• Do not post copyrighted material without proper attribution.
• Spam or unrelated content will not be tolerated.
• Use private messages to chat with moderators or other members in private.
• If you have a suggestion for ways to make the community better, please post them in the Community Feedback category.
• Lastly, be respectful of other members’ opinions. As long as the opinions, views and debates are not threatening, abusive, discriminatory or harassing, everyone is entitled to express him/herself, even if you disagree.

Any user who fails to follow these guidelines will be warned and/or banned at the discretion of the moderators. If you have a suggestion for ways to make the community better, please post them in the Community Feedback category.

In summary: This is a community built for small business owners and aspiring small business owners to help each other by sharing resources and advice and to discuss the issues that affect your business. Be polite, enjoy yourself and help us build a great community!

NO RESPONSIBILITY/NO LIABILITY
The information found in this online forum does not constitute legal, tax, financial or advice of a professional nature; it is provided for informational purposes only. You should consult your own professional advisors for any such advice. Any action you take based upon the information provided in these community discussions is strictly at your risk and based upon your decision. We will not be liable for any losses or damages in connection with the information.

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Comments

  • WendellWendell President Member

    Do we have to complete the long version of the EIDL application or is the streamlined version all they require?

  • Brian_SBMBrian_SBM Vice President, Entrepreneurship Administrator admin

    @Wendell the streamlined version is all they require at covid19relief.sba.gov. It's possible the SBA may contact you for additional information. Be sure to verify that your application ID matches any correspondence with the SBA to protect yourself from fraud.

  • MonaMona Owner Member

    I am a sole proprietor/retail business and have been open for 3.5 years. No employees. No profit. I haven't taken a salary. I have paid down considerable debt which leaves me nearly debt free.

    I am just at the point where I believe I would be able to take a paycheck. Also believe I could hire a person or 2 on a part-time basis this year. Then hits COVID-19.

    I was not able to pay March rent. I have bills starting to pile up.

    Initially the language and the wording from Government included "employees, rent and expenses" for loans, if 100% of them go towards rent and expenses like utilities and Internet/phone, is there a "forgiveness" clause or way that it can turn into one so that it would become in essence, a Grant with no payback?

    Thank you.

  • Brian_SBMBrian_SBM Vice President, Entrepreneurship Administrator admin

    @Mona 75% of the loan proceeds must go to payroll to qualify for forgiveness. It's still unclear if and how owner draws or other forms of compensation outside formal payroll arrangements for sole props will be calculated for the forgiveness. I would talk to your banker about your particular situation, but if you use the loan proceeds for things other than payroll, it will not be forgiven. The loan terms are 1% over 2 years, with 6 months deferment.

  • SoCalShadesSoCalShades President Member

    Hello. I tried to apply for the EIDL loan via the SBA website the end of March, but the site crashed. On March 25th I submitted a faxed application per the SBA website. I haven't heard anything. Was I supposed to submit a different application?

    Thanks in advance.

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