Starloans
Well-Known Member
- Joined
- May 7, 2008
- Messages
- 710
- Reaction score
- 898
I'm not one to suck on the Gov't TIT, but my little biz (I do business lending) has been affected by the Rona. I don't want the free handout, plus I live in Summerlin so that's not exactly a LOW INCOME area so I'm sure I don't qualify for grants. I figure the tax man has no prob reaching out to me when they want to be paid plus NOT A FUCKING SINGLE MEMBER OF CONGRESS HAS MISSED A PAYCHECK, so I applied for the EIDL. It's a loan. I figured it would take weeks anyway for them to tell me to fuck off.
Took like 5 minutes online to apply. Hour after I applied my credit monitor went off (applied at night couple days ago) saying they checked my credit and an email saying "I Qualify for $XX,XXX". Gotta have a 600 credit score to qualify. Even I can cross that hurdle. LOL Yesterday morning I get an email from a loan processor to send income documentation from 2019. She says just need 1099, or something showing income for 2019. Can send tax return but not required. I call her. SHE ANSWERED THE PHONE!!! WFT??? ISN'T THIS THE GOVERNMENT??? She was pretty cool. I sent the income which was a "little different than my generous stated income submission". LOL No prob. Processor sends me an email couple hours later with the REVISED loan amount. LOL I'm thinking, are they really going to give me a loan??? LOL The loan is a 30 year loan, LOL, 3.75% and payments don't start for 12 months. I figure I will pay off in a year or two or if I have a good month I'll just pay it. It's not a big loan. Basically looks like they lend you about half of your 2019 income. You don't have to qualify for the loan from a payment standpoint, they just use the 2019 income to figure out how much they will lend you. It's through the SBA.
Processor says should have something next week. OK WE'LL SEE!!! LOL
I'll do some advertising, upgrade my website, etc. if it comes through. I have some ideas for growing my biz. I guess that's what it's supposed to be use for.
I'll let you know how it goes.
Took like 5 minutes online to apply. Hour after I applied my credit monitor went off (applied at night couple days ago) saying they checked my credit and an email saying "I Qualify for $XX,XXX". Gotta have a 600 credit score to qualify. Even I can cross that hurdle. LOL Yesterday morning I get an email from a loan processor to send income documentation from 2019. She says just need 1099, or something showing income for 2019. Can send tax return but not required. I call her. SHE ANSWERED THE PHONE!!! WFT??? ISN'T THIS THE GOVERNMENT??? She was pretty cool. I sent the income which was a "little different than my generous stated income submission". LOL No prob. Processor sends me an email couple hours later with the REVISED loan amount. LOL I'm thinking, are they really going to give me a loan??? LOL The loan is a 30 year loan, LOL, 3.75% and payments don't start for 12 months. I figure I will pay off in a year or two or if I have a good month I'll just pay it. It's not a big loan. Basically looks like they lend you about half of your 2019 income. You don't have to qualify for the loan from a payment standpoint, they just use the 2019 income to figure out how much they will lend you. It's through the SBA.
Processor says should have something next week. OK WE'LL SEE!!! LOL
I'll do some advertising, upgrade my website, etc. if it comes through. I have some ideas for growing my biz. I guess that's what it's supposed to be use for.
I'll let you know how it goes.