WELCOME TO RIVER DAVES PLACE

Anyone get a Covid 19 SBA Loan?

boatpi

Well-Known Member
Joined
Feb 28, 2012
Messages
5,557
Reaction score
6,267
We got two approved if we want to use them. More to follow but this seems to be the deal. We got one approval for 45K, and another for 150K. I understand 150K is the max.

Interest is 3.75%
Term is up to 30 years.
NO interest for the first year.

We are awaiting more e mails from them. I am interested if anyone knows how long they give you to make a decision to accept the load. Some businesses have a delayed effect on all of this, so being able to wait a few months would be nice.

Thx
 
Last edited:

USCFAN

Former Shitbox Owner...
Joined
Sep 25, 2007
Messages
179
Reaction score
26
That's cheap money with no collateral. Why on gods green earth wouldn't you take it? If you wind up not needing it pay it back in a year. No harm no foul.
 

Done-it-again

Well-Known Member
Joined
Apr 3, 2016
Messages
5,182
Reaction score
4,929
We got two approved if we want to use them. More to follow but this seems to be the deal. We got one approval for 45K, and another for 250K.

Interest is 3.75%
Term is up to 30 years.
NO interest for the first year.

We are awaiting more e mails from them. I am interested if anyone knows how long they give you to make a decision to accept the load. Some businesses have a delayed effect on all of this, so being able to wait a few months would be nice.

Thx

This is not the PPP right? but a loan from SBA.....
 

ONE-A-DAY

Well-Known Member
Joined
May 21, 2010
Messages
16,708
Reaction score
21,210
Is this thru the "EIDL" program?
I was offered up to 247k at 3.5 percent and could pick a number anywhere in between starting at 10,000. The email was vague, is that $10,000 the eidl and forgivesble and everyelse is 3.5 percent?
 

boatpi

Well-Known Member
Joined
Feb 28, 2012
Messages
5,557
Reaction score
6,267
Correct, not a ppp, a loan through SBA, and yes, EIDL. Here is where it is coming from; STASH!
 
Last edited:

J DUNN

Unknown Member
Joined
Jun 2, 2015
Messages
935
Reaction score
2,020
Haven't heard back yet on my EIDL app. I'm probably going to take 100% of whatever they offer and bet I can use it to get a better return than the interest I'll pay out. I could buy $200k in new equipment right now and on top of that pay off the $200k in our current equipment loans that are at 4%. And that doesn't include the other ideas I could use that money for. No boats unfortunately but I could put it to good use growing or streamlining our operations and get it cycled back into the economy, that's what it's for right?
 

Looking Glass

1 = Well = Known = Member
Joined
Jan 6, 2020
Messages
4,034
Reaction score
5,703
Haven't heard back yet on my EIDL app. I'm probably going to take 100% of whatever they offer and bet I can use it to get a better return than the interest I'll pay out. I could buy $200k in new equipment right now and on top of that pay off the $200k in our current equipment loans that are at 4%. And that doesn't include the other ideas I could use that money for. No boats unfortunately but I could put it to good use growing or streamlining our operations and get it cycled back into the economy, that's what it's for right?


That's Right!, And very refreshing that it is being actually used for the Business, have serious doubts that is where the most will be used for.
 

Turnup

Well-Known Member
Joined
May 27, 2011
Messages
830
Reaction score
1,127
Applied, took about 3 weeks to get an email saying my app is now in the queue 🤷‍♂️ I heard under 200k doesn't require personal guarantee so I'm hoping for a good amount.
 

OldSchoolBoats

No longer "boatless".......
Joined
May 8, 2014
Messages
14,270
Reaction score
18,255
EIDL was supposed to be a $10k grant but due to the overwhelming response it ended up funding at $1k per employee, up to $10k.

Sent from my SM-N960U using Tapatalk
 

LuauLounge

Well-Known Member
Joined
Jul 24, 2010
Messages
1,859
Reaction score
2,702
Our EIDL was approved, supposed to fund Monday.
Starting thinking and I will be 100 years old when it’s paid off.
 

ONE-A-DAY

Well-Known Member
Joined
May 21, 2010
Messages
16,708
Reaction score
21,210
EIDL was supposed to be a $10k grant but due to the overwhelming response it ended up funding at $1k per employee, up to $10k.

Sent from my SM-N960U using Tapatalk
I was approved for 10k to 247k, my choice on what amount I wanted anywhere in between.
 

LuauLounge

Well-Known Member
Joined
Jul 24, 2010
Messages
1,859
Reaction score
2,702
They changed the maximum to 150k on the second round.
 

Fastdadtsmith

Well-Known Member
Joined
Oct 23, 2013
Messages
838
Reaction score
1,643
That's PPP. The EIDL was another program

Sent from my SM-N960U using Tapatalk
That was the EIDL that I applied for as well. PPP was strictly 2.5 times your monthly payroll, EIDL was 1k per employee up to 10 right away AND a 2nd part to be determined later by the SBA. In Walt's case, 10k to 247k.
 

OldSchoolBoats

No longer "boatless".......
Joined
May 8, 2014
Messages
14,270
Reaction score
18,255
That was the EIDL that I applied for as well. PPP was strictly 2.5 times your monthly payroll, EIDL was 1k per employee up to 10 right away AND a 2nd part to be determined later by the SBA. In Walt's case, 10k to 247k.
The 2nd part of EIDL has started. Got my email last night to set up account.

They offered up to $11k at 3.75% - 30 year term and payback doesn't begin for 12 months.

We already received the $1k grant a few weeks ago.

Sent from my SM-N960U using Tapatalk
 

DMF

Well-Known Member
Joined
Feb 17, 2014
Messages
556
Reaction score
623
The 2nd part of EIDL has started. Got my email last night to set up account.

They offered up to $11k at 3.75% - 30 year term and payback doesn't begin for 12 months.

We already received the $1k grant a few weeks ago.

Sent from my SM-N960U using Tapatalk
Just out of curiosity, why would anyone want to borrow $11k and pay back over 30 years?
 

Done-it-again

Well-Known Member
Joined
Apr 3, 2016
Messages
5,182
Reaction score
4,929
All these loans are going to get business in trouble later. Abeling to spend money you don’t have. Things can get tough but I’m a firm believe running a business without a line of credit/loan.

Now if your able to get big bucks and payoff your building space and drop a higher interest rate then it could be a good thing.
 

LuauLounge

Well-Known Member
Joined
Jul 24, 2010
Messages
1,859
Reaction score
2,702
All these loans are going to get business in trouble later. Abeling to spend money you don’t have. Things can get tough but I’m a firm believe running a business without a line of credit/loan.

Now if your able to get big bucks and payoff your building space and drop a higher interest rate then it could be a good thing.
Just a quick response, businesses are run on cash flow. We’ve been in business over 20 years. We bill on the first of the month and we receive over 50% of our Billings by the 15th. In April, we had about 10%. So, tell me, how do you fill that void?
 

Dkahnjob

Well-Known Member
Joined
Dec 2, 2012
Messages
1,011
Reaction score
1,649
The SBA makes it very easy, kind of hard to resist the low interest rate.
 

Done-it-again

Well-Known Member
Joined
Apr 3, 2016
Messages
5,182
Reaction score
4,929
Just a quick response, businesses are run on cash flow. We’ve been in business over 20 years. We bill on the first of the month and we receive over 50% of our Billings by the 15th. In April, we had about 10%. So, tell me, how do you fill that void?

i don’t know the type of work you are in, my first instinct would be to downsize and get as small as I can. But that’s me as I hate having large debt. Would it be easier to fund a large project. Yes, but usually that debt you took in will never go away and you will always owe it.

Now if you make large amounts of $$$ in your business and paying debt off is easier then you might be ok. Just wouldn’t work for me.
 

Turnup

Well-Known Member
Joined
May 27, 2011
Messages
830
Reaction score
1,127
Still nothing, I'm in the queue but 10 minutes ago my assistant....my assistant..!!!...just told me she got 30k for 30 years w no payment due for 12 months 🤦‍♂️
 

ronnhunt

New Member
Joined
Sep 16, 2021
Messages
1
Reaction score
0
I also wanted to get a Covid-19 loan from SBA. I was rejected, and my business was at risk of being closed. It was my only source of income, and I had to do everything to save it. There were few clients during the quarantine, so I had to find a quick method to get money for paying the rent. I got a loan from remonttilainaa.com and paid for the rent for a year. My bakery has been working normally for the last six months, and now I am trying to pay for the loan. I hope that in six months I will be able to pay the total amount of money.
 
Last edited:

Drew

Well-Known Member
Joined
Oct 13, 2015
Messages
338
Reaction score
675
I got 85k a year ago May . Still have not made a payment or have had any emails or information on when I start paying. I think my loan got lost... not sure what’s going on but I’m sure as shut not going to make waves.
 

Done-it-again

Well-Known Member
Joined
Apr 3, 2016
Messages
5,182
Reaction score
4,929
From what Ive been told SBA is a mess and things are taking longer. Now that all PPP 1 foreignness paper work needs to be in its taking time.

I'm waiting on my SBA loan approval for commercial property. It's been weeks now.
 

Tom Slick

Well-Known Member
Joined
Apr 8, 2008
Messages
1,350
Reaction score
2,515
FYI, the interest starts accruing from the day the loan was funded.
 

Joker

Well-Known Member
Joined
Dec 19, 2007
Messages
17,881
Reaction score
10,391
From what Ive been told SBA is a mess and things are taking longer. Now that all PPP 1 foreignness paper work needs to be in its taking time.

I'm waiting on my SBA loan approval for commercial property. It's been weeks now.
My buddy has already had both his Ppp loans forgiven. Loan number 2 required absolutely no back up paperwork to show funds went to employees. Just a signature stating it was used for what it was made for.
 

King295

Well-Known Inmate #20225
Joined
Aug 8, 2017
Messages
1,317
Reaction score
1,885
For those of you that already obtained Economic Injury Disaster Loans (EIDL), on Sept 8th the limit was increased from $500K to $2M with the same provisions. For any loan increase requests up to $500K can be submitted for approval now. Loans over $500K won't be approved until after Oct 8th. The process to increase the loan is very simple.

Loans over $25K require collateral, over $200K carry a personal guarantee and over $500K require real estate collateral.
 

Done-it-again

Well-Known Member
Joined
Apr 3, 2016
Messages
5,182
Reaction score
4,929
My buddy has already had both his Ppp loans forgiven. Loan number 2 required absolutely no back up paperwork to show funds went to employees. Just a signature stating it was used for what it was made for.

I beg to differ...... Had to submit all supporting paperwork online to the funding bank, they approve it and send it off to the SBA. Had to submit all payroll for the withdrawal period, amount of employs we had prior and after, and expense that we were able to use with it.

I'm pretty sure my tax firm was wishing it was that easy. They gathered all the docs and we submitted it online together, will they did and I watched. lol

PPP 2 will be filed in a month or so.....and will be the same.
 

lakemadness

Grobe Bruste Bitte
Joined
Sep 25, 2009
Messages
3,642
Reaction score
2,736
I got 85k a year ago May . Still have not made a payment or have had any emails or information on when I start paying. I think my loan got lost... not sure what’s going on but I’m sure as shut not going to make waves.

I was informed they postponed the start of repayment.
 

lakemadness

Grobe Bruste Bitte
Joined
Sep 25, 2009
Messages
3,642
Reaction score
2,736
My buddy has already had both his Ppp loans forgiven. Loan number 2 required absolutely no back up paperwork to show funds went to employees. Just a signature stating it was used for what it was made for.

I assume his loan was under $150K. Anything over you need support and documentation.
 

lakemadness

Grobe Bruste Bitte
Joined
Sep 25, 2009
Messages
3,642
Reaction score
2,736
From what Ive been told SBA is a mess and things are taking longer. Now that all PPP 1 foreignness paper work needs to be in its taking time.

I'm waiting on my SBA loan approval for commercial property. It's been weeks now.

504 loan? I spent nearly 5 months getting jerked around. What a fuggin dumbass process... Just yesterday decided to move on with a conventional loan.
 

Done-it-again

Well-Known Member
Joined
Apr 3, 2016
Messages
5,182
Reaction score
4,929
504 loan? I spent nearly 5 months getting jerked around. What a fuggin dumbass process... Just yesterday decided to move on with a conventional loan.

Yes, my broker is waiting not sure for what but that is what he said. I guess loosing out on the first building wasn't a bad thing, wouldn't think the owner would wait 5 months + for funding...
 

2Driver

Well-Known Member
Joined
Dec 21, 2007
Messages
13,088
Reaction score
17,924
My buddy was offered one at $95k same terms you mentioned. Then he just got a letter saying they are offering him another $285k and he took it.

LOL he is a one man show with no employees, just books hotels for Corp events.
 

Ace in the Hole

Well-Known Member
Joined
Aug 15, 2020
Messages
1,729
Reaction score
3,190
My buddy was offered one at $95k same terms you mentioned. Then he just got a letter saying they are offering him another $285k and he took it.

LOL he is a one man show with no employees, just books hotels for Corp events.

I don't think there was any rhyme or reason for it...seems every few days they arrest someone and put them on the news here in texas for fraud on it. We went through the ringer on it and finally said fuck it.
 

ONE-A-DAY

Well-Known Member
Joined
May 21, 2010
Messages
16,708
Reaction score
21,210
I don't think there was any rhyme or reason for it...seems every few days they arrest someone and put them on the news here in texas for fraud on it. We went through the ringer on it and finally said fuck it.
I as offered $40k to $285k, I took the $40k, filed for forgiveness and it was. My CPA said I should have taken it all and bought a VRBO house somewhere.
 

Ace in the Hole

Well-Known Member
Joined
Aug 15, 2020
Messages
1,729
Reaction score
3,190
I as offered $40k to $285k, I took the $40k, filed for forgiveness and it was. My CPA said I should have taken it all and bought a VRBO house somewhere.

I think a lot of people with integrity may have some shoulda woulda coulda nights...but they sleep well at night. I've seen directly some bad abuse of it...irks me but thats the way of the government...they would "fuck up boiling water"
 

ParkerMagic

Well-Known Member
Joined
Jun 12, 2012
Messages
2,165
Reaction score
2,100
They offered me 500k, up to 200k no personal responsibility, only Corp

These loans will be defaulting at 50%+ in my opinion. I imagine they will wipe out most of it at some point.
 

MSum661

Well-Known Member
Joined
Sep 20, 2014
Messages
4,088
Reaction score
5,741
tip of the iceberg....https://www.jdsupra.com/legalnews/doj-enforcement-actions-involving-covid-7912752/
 

2Driver

Well-Known Member
Joined
Dec 21, 2007
Messages
13,088
Reaction score
17,924
I as offered $40k to $285k, I took the $40k, filed for forgiveness and it was. My CPA said I should have taken it all and bought a VRBO house somewhere.

Are you talking SBA loan or the PPP loan. I’d thought then SBA loans were not forgivable. Funny about the vrbo, that’s what my buddy did with his loan in Ouray. He bought his neighbors house and has it rented solid for $265 a night
 

golakers

Well-Known Member
Joined
Jun 11, 2008
Messages
311
Reaction score
506
I beg to differ...... Had to submit all supporting paperwork online to the funding bank, they approve it and send it off to the SBA. Had to submit all payroll for the withdrawal period, amount of employs we had prior and after, and expense that we were able to use with it.

I'm pretty sure my tax firm was wishing it was that easy. They gathered all the docs and we submitted it online together, will they did and I watched. lol

PPP 2 will be filed in a month or so.....and will be the same.
X2
 
Top