• Hello, if you cannot log in, please use the Contact Us in the lower right hand corner of the page for assistance.

CARES Relief Act

INNspiring.com | Innkeeper Forum & Innkeeping Resources

Help Support INNspiring.com | Innkeeper Forum & Innkeeping Resources:

NRV Runner

Active member
Joined
Feb 7, 2019
Messages
40
Reaction score
0
There are major provisions in this for small businesses. Other than the $1,200 stipends, how do you see this legislation affecting you?
 

NRV Runner

Active member
Joined
Feb 7, 2019
Messages
40
Reaction score
0
Here is some additional info. Seems like all of us would be eligible for the $10,000 emergency advance which doesn't need to be repaid.
https://www.sbc.senate.gov/public/index.cfm/guide-to-the-cares-act
 

Arks

Well-known member
Joined
May 22, 2010
Messages
6,037
Reaction score
32
Yes, I applied this afternoon at https://disasterloan.sba.gov/ela/ for a $60,000 loan to cover my huge monthly mortgage payment, utilities, insurance, etc. for the next few months. The first $10,000 is a grant. Doesn't have to be repaid. The balance is a 30-year loan at, I think, 3.75% interest.
The webinar I watched said 90% are being approved, and even if you don't get approved, you get the $10,000 grant. But there's "only" $10 billion set aside for this, and it's first come, first served.
The application sounds like it's for a flood or tornado or something, but one of the categories it pays for is "Economic Injury". That's the one we are suffering.
 

NRV Runner

Active member
Joined
Feb 7, 2019
Messages
40
Reaction score
0
Yes, I applied this afternoon at https://disasterloan.sba.gov/ela/ for a $60,000 loan to cover my huge monthly mortgage payment, utilities, insurance, etc. for the next few months. The first $10,000 is a grant. Doesn't have to be repaid. The balance is a 30-year loan at, I think, 3.75% interest.
The webinar I watched said 90% are being approved, and even if you don't get approved, you get the $10,000 grant. But there's "only" $10 billion set aside for this, and it's first come, first served.
The application sounds like it's for a flood or tornado or something, but one of the categories it pays for is "Economic Injury". That's the one we are suffering..
Did you fill out all three forms?
Not sure what to put under "amount estimated loss" as none of the categories seem to fit.
 

Morticia

Administrator
Staff member
Administrator
Moderator
Joined
May 22, 2008
Messages
17,188
Reaction score
39
So, Gomez is doing this now. He says it is going to take at least 2-3 DAYS to gather all the info and fill out what he says is 20 pages of forms. Is that what you’re all seeing?
They need to know where you were born? seriously?
 

Morticia

Administrator
Staff member
Administrator
Moderator
Joined
May 22, 2008
Messages
17,188
Reaction score
39
So, Gomez is doing this now. He says it is going to take at least 2-3 DAYS to gather all the info and fill out what he says is 20 pages of forms. Is that what you’re all seeing?
They need to know where you were born? seriously?
 

gillumhouse

Moderator
Staff member
Moderator
Supporting Member
Joined
May 22, 2008
Messages
15,478
Reaction score
17
Yes, I applied this afternoon at https://disasterloan.sba.gov/ela/ for a $60,000 loan to cover my huge monthly mortgage payment, utilities, insurance, etc. for the next few months. The first $10,000 is a grant. Doesn't have to be repaid. The balance is a 30-year loan at, I think, 3.75% interest.
The webinar I watched said 90% are being approved, and even if you don't get approved, you get the $10,000 grant. But there's "only" $10 billion set aside for this, and it's first come, first served.
The application sounds like it's for a flood or tornado or something, but one of the categories it pays for is "Economic Injury". That's the one we are suffering..
IF you laid-off your employees, bring them back. ANY employees on the payroll as of Feb 15 will have their wage costs covered for you in this for 8 weeks. One of our Senators just spent an hour answering questions on our Statewide radio special edition program. She was on yesterday for 30 minutes and came back today after researching the questions people sent to the radio guy yesterday. There were some questions asked this morning that she is going back to check those.
Latest count just given in WV is 100 (4% of those tested). No deaths - 20+ are from a one nursing home and I do not know the count from a second nursing home downstate that also has some.
 

Morticia

Administrator
Staff member
Administrator
Moderator
Joined
May 22, 2008
Messages
17,188
Reaction score
39
Yes, I applied this afternoon at https://disasterloan.sba.gov/ela/ for a $60,000 loan to cover my huge monthly mortgage payment, utilities, insurance, etc. for the next few months. The first $10,000 is a grant. Doesn't have to be repaid. The balance is a 30-year loan at, I think, 3.75% interest.
The webinar I watched said 90% are being approved, and even if you don't get approved, you get the $10,000 grant. But there's "only" $10 billion set aside for this, and it's first come, first served.
The application sounds like it's for a flood or tornado or something, but one of the categories it pays for is "Economic Injury". That's the one we are suffering..
Feeling stupid here but where do you put in the amount you want? Gomez has been at this for 4 hours and he’s still not close to being done!
 

Arks

Well-known member
Joined
May 22, 2010
Messages
6,037
Reaction score
32
Yes, I applied this afternoon at https://disasterloan.sba.gov/ela/ for a $60,000 loan to cover my huge monthly mortgage payment, utilities, insurance, etc. for the next few months. The first $10,000 is a grant. Doesn't have to be repaid. The balance is a 30-year loan at, I think, 3.75% interest.
The webinar I watched said 90% are being approved, and even if you don't get approved, you get the $10,000 grant. But there's "only" $10 billion set aside for this, and it's first come, first served.
The application sounds like it's for a flood or tornado or something, but one of the categories it pays for is "Economic Injury". That's the one we are suffering..
Did you fill out all three forms?
Not sure what to put under "amount estimated loss" as none of the categories seem to fit.
.
NRV Runner said:
Did you fill out all three forms?
The Form 5 said "Sole proprietors use Form 5C" so 5C is the only one I filled out. It was 3 pages. It's hard to know what to put where because it's really designed more for physical damage, like storm damage, than for financial loss. But I gave it a shot and we'll see. I'm hoping they will contact me with requests for more info or corrections if needed. At this point, "hoping" is all I can do!
 

Arks

Well-known member
Joined
May 22, 2010
Messages
6,037
Reaction score
32
Yes, I applied this afternoon at https://disasterloan.sba.gov/ela/ for a $60,000 loan to cover my huge monthly mortgage payment, utilities, insurance, etc. for the next few months. The first $10,000 is a grant. Doesn't have to be repaid. The balance is a 30-year loan at, I think, 3.75% interest.
The webinar I watched said 90% are being approved, and even if you don't get approved, you get the $10,000 grant. But there's "only" $10 billion set aside for this, and it's first come, first served.
The application sounds like it's for a flood or tornado or something, but one of the categories it pays for is "Economic Injury". That's the one we are suffering..
Feeling stupid here but where do you put in the amount you want? Gomez has been at this for 4 hours and he’s still not close to being done!
.
Morticia said:
Feeling stupid here but where do you put in the amount you want? Gomez has been at this for 4 hours and he’s still not close to being done!
I put it in the long text box near the end labeled Additional Comments. I gave a full description of the business, it's name, how much money I was requesting, and what the money will go for.
 

Morticia

Administrator
Staff member
Administrator
Moderator
Joined
May 22, 2008
Messages
17,188
Reaction score
39
Yes, I applied this afternoon at https://disasterloan.sba.gov/ela/ for a $60,000 loan to cover my huge monthly mortgage payment, utilities, insurance, etc. for the next few months. The first $10,000 is a grant. Doesn't have to be repaid. The balance is a 30-year loan at, I think, 3.75% interest.
The webinar I watched said 90% are being approved, and even if you don't get approved, you get the $10,000 grant. But there's "only" $10 billion set aside for this, and it's first come, first served.
The application sounds like it's for a flood or tornado or something, but one of the categories it pays for is "Economic Injury". That's the one we are suffering..
Did you fill out all three forms?
Not sure what to put under "amount estimated loss" as none of the categories seem to fit.
.
NRV Runner said:
Did you fill out all three forms?
The Form 5 said "Sole proprietors use Form 5C" so 5C is the only one I filled out. It was 3 pages. It's hard to know what to put where because it's really designed more for physical damage, like storm damage, than for financial loss. But I gave it a shot and we'll see. I'm hoping they will contact me with requests for more info or corrections if needed. At this point, "hoping" is all I can do!
.
Arks said:
NRV Runner said:
Did you fill out all three forms?
The Form 5 said "Sole proprietors use Form 5C" so 5C is the only one I filled out. It was 3 pages. It's hard to know what to put where because it's really designed more for physical damage, like storm damage, than for financial loss. But I gave it a shot and we'll see. I'm hoping they will contact me with requests for more info or corrections if needed. At this point, "hoping" is all I can do!
The LLC form is a bit different. Gomez thinks he’ll be submitting upwards of 60 pages of documentation.
Thanks for explaining where you put the dollar amount.
 

GoodScout

Well-known member
Supporting Member
Joined
Sep 25, 2012
Messages
959
Reaction score
12
The initial page says the application process for the grant isn't in place yet. You can apply for the EIDL, but will have to go back in later to apply for the grant once that's set up. May wait until Monday to submit to see if they have it set up by then so I don't have to go back and duplicate work.
 

Anon Inn

Well-known member
Joined
Sep 26, 2011
Messages
1,141
Reaction score
1
This is long. I got it from a FB bed and breakfast post. Maybe you've already seen it.
To all my fellow Entrepreneurs and Small Business Owners. We receive updates from a company called Directed Equity which we use for our 401K investments in our small business. With each change or opportunity presented for small businesses now, they send out an interpretation of what this means to the small business owner.
I'm sharing here as I know it is hard to know exactly what it all means, or what you need to do to participate, hopefully this email will help to shed more light on the situation for those interested and in need.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Directed Equity Client,
We have what appears to be Great news. For many small businesses, the $349 Billion available under the Paycheck Protection Program (PPP) authorized by the CARES Act stimulus package passed by the House today and signed by the President, will provide even greater relief to small businesses than the Economic Injury Disaster Loan (EIDL) program we outlined in our Monday email blast. There are MANY questions that are yet to be answered about the PPP and the SBA has been given two (2) weeks to develop and publish written interpretation and guidance on the Act.
Here is what we do know:
Unlike the EIDL program, PPP loan applications will be submitted to SBA lending institutions, not directly to the SBA. I would therefore suggest that you speak with your business banker and request that you be added to their distribution list regarding PPP notifications and also ask what information you can start gathering in anticipation of applying for a PPP loan. Based upon the legislation, following are items we anticipate you will need to gather:
• Average total Monthly Payroll cost incurred in the one-year period before the loan is made (gather 941 Payroll journals dating as far back as 1/1/2019).
• Average Monthly Employee Benefit Cost including 401(k) matching contributions (dating back to 1/1/2019).
• 2018 & 2019 Federal Tax Returns. If the 2019 Federal Return is not yet filed, then internally prepared financials for the 2019. (Note: The Act allows loans to be made solely on Credit Scores of the principals).
• Monthly Rent or Interest Expense on Business mortgages (Gather your last 3 months rent payments/invoices or Mortgage statements).
• Monthly Utility payments (Gather your last three months bills and payments).
Loan Attributes -
The maximum loan amount will generally be:
• 2.5 times the average total monthly payroll cost incurred in the one-year period before the loan is made, PLUS
• The outstanding amount of a loan made under the SBA’s Disaster Loan Program between January 31, 2020 and the date on which such loan may be refinanced as part of the PPP program. Note: It appears that a borrower cannot receive a PPP loan in addition to an EIDL if they are for the same purpose (ie, COVID-19). A borrower who has a disaster loan unrelated to COVID-19 may apply for a PPP loan with an option to refinance the disaster loan into the PPP loan. It is our current recommendation that you APPLY for both the EIDL and PPP loans. However, prior to closing, we would suggest that you discuss both loan options with your SBA professional.
• These loans will be guaranteed 100% by the US Government.
• The covered loan period will be your anticipated operating expenses beginning on February 15, 2020 and ending on June 30, 2020.
• These will be 10-year term loans from the date of application for forgiveness.
• The maximum interest rate will be 4%.
• There will be no borrower fees for participating in the program.
• There are no credit elsewhere tests for funds provided under this program.
• There will not be any personal guarantees necessary or collateral requirements for loans of $200,000 or less.
• Any loan amount that is not forgiven by June 30, 2020 will amortize over 10 years.
• Loan payments will be deferred between 6 months to 1 year.
• There will be no prepayment penalties.
Eligibility –
• Businesses or Non-Profits that employ fewer than 500 employees.
• Business must have been operational on February 15, 2020 and had employees who it paid salaries and payroll taxes. (Businesses paying independent contractors might also qualify).
• Business must certify that the loan is necessary due to the uncertainty of current economic conditions caused by the COVID-19 virus.
Loan Payments –
• Current SBA 7(a) borrowers -We expect the SBA to cover 6 months of payment for all current 7(a) borrowers that are in regular servicing. The details about how they will pay and report this aspect of the Act are yet to be determined, but the Act includes language for this purpose.
• 10-Year term with a maximum of a 4% interest rate and No prepayment penalty.
Conversion of Loan to Grant (Loan Forgiveness) –
• The Act provides for a portion of the loan to be forgiven. Specifically, indebtedness is forgiven (and excluded from gross income) in an amount (not to exceed the principal amount of the loan) equal to the following cost incurred and payments made:
• Payroll Cost (Excludes individual compensation above $100,000 per year)
• Interest payment on mortgages
• Rent, and
• Utility Payments
NOTE: Forgiveness amounts will be reduced for any employee cuts or reductions in wages by applying an approved formula.
We will continue to keep you updated as we learn more about the PPP/CARES Act and the SBA publishes its interpretation and guidance.
Invested in your Journey,
Mark Challis
— feeling thankful at The White Orchid Inn & Spa.
 

gillumhouse

Moderator
Staff member
Moderator
Supporting Member
Joined
May 22, 2008
Messages
15,478
Reaction score
17
I know there is only so much available so am letting all of you know that I will NOT be applying - leaving mine for those of you who really need it. I will be OK as I am not dealing with a mortgage. I stopped the extra payment on the principal of my loan so I think I can weather this. It is the only way I know to help all of you. (Not dealing with Himself and his meds, supplemental insurance, & diet is a BIG help. Although miss his part of the income.)
 

Momma Smurf

Well-known member
Joined
Dec 6, 2010
Messages
1,028
Reaction score
1
Yes, I applied this afternoon at https://disasterloan.sba.gov/ela/ for a $60,000 loan to cover my huge monthly mortgage payment, utilities, insurance, etc. for the next few months. The first $10,000 is a grant. Doesn't have to be repaid. The balance is a 30-year loan at, I think, 3.75% interest.
The webinar I watched said 90% are being approved, and even if you don't get approved, you get the $10,000 grant. But there's "only" $10 billion set aside for this, and it's first come, first served.
The application sounds like it's for a flood or tornado or something, but one of the categories it pays for is "Economic Injury". That's the one we are suffering..
Did you fill out all three forms?
Not sure what to put under "amount estimated loss" as none of the categories seem to fit.
.
NRV Runner said:
Did you fill out all three forms?
The Form 5 said "Sole proprietors use Form 5C" so 5C is the only one I filled out. It was 3 pages. It's hard to know what to put where because it's really designed more for physical damage, like storm damage, than for financial loss. But I gave it a shot and we'll see. I'm hoping they will contact me with requests for more info or corrections if needed. At this point, "hoping" is all I can do!
.
Arks said:
NRV Runner said:
Did you fill out all three forms?
The Form 5 said "Sole proprietors use Form 5C" so 5C is the only one I filled out. It was 3 pages. It's hard to know what to put where because it's really designed more for physical damage, like storm damage, than for financial loss. But I gave it a shot and we'll see. I'm hoping they will contact me with requests for more info or corrections if needed. At this point, "hoping" is all I can do!
We are Sole proprietors also, but were you able to get a FEMA Registration number as required on 5C?
 

Arks

Well-known member
Joined
May 22, 2010
Messages
6,037
Reaction score
32
Yes, I applied this afternoon at https://disasterloan.sba.gov/ela/ for a $60,000 loan to cover my huge monthly mortgage payment, utilities, insurance, etc. for the next few months. The first $10,000 is a grant. Doesn't have to be repaid. The balance is a 30-year loan at, I think, 3.75% interest.
The webinar I watched said 90% are being approved, and even if you don't get approved, you get the $10,000 grant. But there's "only" $10 billion set aside for this, and it's first come, first served.
The application sounds like it's for a flood or tornado or something, but one of the categories it pays for is "Economic Injury". That's the one we are suffering..
Did you fill out all three forms?
Not sure what to put under "amount estimated loss" as none of the categories seem to fit.
.
NRV Runner said:
Did you fill out all three forms?
The Form 5 said "Sole proprietors use Form 5C" so 5C is the only one I filled out. It was 3 pages. It's hard to know what to put where because it's really designed more for physical damage, like storm damage, than for financial loss. But I gave it a shot and we'll see. I'm hoping they will contact me with requests for more info or corrections if needed. At this point, "hoping" is all I can do!
.
Arks said:
NRV Runner said:
Did you fill out all three forms?
The Form 5 said "Sole proprietors use Form 5C" so 5C is the only one I filled out. It was 3 pages. It's hard to know what to put where because it's really designed more for physical damage, like storm damage, than for financial loss. But I gave it a shot and we'll see. I'm hoping they will contact me with requests for more info or corrections if needed. At this point, "hoping" is all I can do!
We are Sole proprietors also, but were you able to get a FEMA Registration number as required on 5C?
.
Momma Smurf said:
We are Sole proprietors also, but were you able to get a FEMA Registration number as required on 5C?
The application says all that section is for Small Business Admin. internal use only. THEY fill in that part.

 

Anon Inn

Well-known member
Joined
Sep 26, 2011
Messages
1,141
Reaction score
1
Sounds like ... wait until next week and talk with local bankers?.
I work with a local non profit. We will phone local banks on Monday. You might think of emailing in advance since so many are working from home, loan officers likely among them.
 

JimBoone

Well-known member
Joined
Dec 18, 2014
Messages
980
Reaction score
1
I know there is only so much available so am letting all of you know that I will NOT be applying - leaving mine for those of you who really need it. I will be OK as I am not dealing with a mortgage. I stopped the extra payment on the principal of my loan so I think I can weather this. It is the only way I know to help all of you. (Not dealing with Himself and his meds, supplemental insurance, & diet is a BIG help. Although miss his part of the income.).
I think we are in the same boat, mortgage is on an adjoining property, not the business, donation towards utilities would be nice, yet with being required to be closed and the time of the year hopefully they will be low, no employees, so just us and the kids to suck it up and get by, if life gets somewhat back to normal in a couple of months, hopefully we will survive.
 

Momma Smurf

Well-known member
Joined
Dec 6, 2010
Messages
1,028
Reaction score
1
Yes, I applied this afternoon at https://disasterloan.sba.gov/ela/ for a $60,000 loan to cover my huge monthly mortgage payment, utilities, insurance, etc. for the next few months. The first $10,000 is a grant. Doesn't have to be repaid. The balance is a 30-year loan at, I think, 3.75% interest.
The webinar I watched said 90% are being approved, and even if you don't get approved, you get the $10,000 grant. But there's "only" $10 billion set aside for this, and it's first come, first served.
The application sounds like it's for a flood or tornado or something, but one of the categories it pays for is "Economic Injury". That's the one we are suffering..
Does our state have to be officially declared a disaster area?
 
Top