Small Businesses Support via Stimulus Plan for COVID-19

Scott Manager Claremont, California Posted   Latest  

Small businesses (<500 employees) can start applying for stimulus loans on Friday, April 3, 2020. Under the $2 trillion COVID-19 stimulus package, the $349 billion lending program will begin taking applications through the Small Business Administration (SBA). 

Here is the Fact Sheet outlining this.

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Dave Owner/Technician
Houston, Texas
Dave Default
 

I just barely opened my own shop 2 months ago and now it super slow. Can i still apply for it? So sad

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Travis Owner/Technician
Portland, Oregon
Travis Default
   

Maybe I'm wrong but I've been talking with banks and other shop owners all week about this after I laid off myself and my whole staff. This program is going to be administered by the banks. Until the SBA sets up the protocol for the banks so that the banks can establish a process none of this is going to happen. "Wells Fargo and the SBA group are working diligently to understand the details…

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Helpful
Interesting
Geoff Diagnostician
Lahaina, Hawaii
Geoff Default
 

In addition to THAT not being instantaneous, the way headlines might lead us to believe, CNBC reported that the individual stimulus checks to taxpayers could take five months, if the Gov't "does not have your direct deposit information". I don't know about everybody else, but they sure as heck do not have mine. They use 10 year old computers!!! (LOL)

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Frank Owner/Technician
Toronto, Ontario
Frank Default
 

Can someone chime in with the Canadian equivalent. It doesn't seem to be as clear. Good luck to everyone throughout this tough time.

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Mike Instructor
Fresno, California
Mike Default
 

There's a small amount of info here. Hope this helps a little: autoserviceworld​.​com/aia-offers-det…

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Mike Instructor
Fresno, California
Mike Default
 

Hi Scott, Thanks a million for posting this. It has really great info. Where did you find it? I had a little bit of free time to look into this today, here where we live in California. From what I can gather, even though some of our state people have made statements to the contrary, it doesn't look to me like our state agencies and the other financial institutions out here have everything…

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Scott Manager
Claremont, California
Scott Default
 

A close colleague shared it with me via Twitter. Our shop accountant contacted us last week and provided us with a list of things to prepare including SBA loan access. My wife is working on all this now however our banker is advising us that they're still without clear documentation on how this will all work. I suspect that this support will take some time to actually make an impact but we'll see.

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Michael Owner/Technician
Irving, Texas
Michael Default
 

covid19relief​.​sba​.​gov Filled it out just to see.

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Mike Instructor
Fresno, California
Mike Default
 

First thing you see when you open the link: "Streamlined Process Requirements." LOL Sorry, I'm trying to keep a sense of humor in all this.

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Tom Engineer
Claremont, California
Tom Default
 

twitter​.​com/Phil_Mattingly… recovery​.​chase​.​com/cares1

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Reid Owner/Technician
Beachwood, New Jersey
Reid Default
 

If any of you use Wells Fargo for your bussiness banking services as I do, you may have to apply directly throught the SBA. This if from the Wells Fargo Website: We have received forms from customers expressing interest in the PPP that we expect will fill the company’s capacity to lend under the program, as Wells Fargo continues to operate under existing asset cap limitations. Given the…

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Travis Owner/Technician
Portland, Oregon
Travis Default
 

Have banked with Wells Fargo for 7 years. I keep an average balance of $100,000. I've heard nothing from them after I was lucky enough to actually get my information typed in on Saturday when they opened it for a second. I'm done with that bank. Right now they should be helping everybody and they're just being arrogant #$&@$_)+ And I'm over it. Yesterday I applied for the PPP loan at US…

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Mike Instructor
Fresno, California
Mike Default
 

Do you have a link for the U.S. Bank PPP application? I went to that website yesterday and all I could find what an inquiry form you could fill out. I could not find a PPP application.

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Travis Owner/Technician
Portland, Oregon
Travis Default
 

Here you go... apply​.​usbank​.​com/applications/b… And wells just got treasury department approval to increase the value of loans they have out so maybe they will come around. Im not counting on it

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Mike Instructor
Fresno, California
Mike Default
 

Thanks a million!

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Travis Owner/Technician
Portland, Oregon
Travis Default
   

No problem. The Kabbage application is easy as well. I did both. Just FYI I have heard of nobody getting any funds from an EIDL, the PPP plan, the 10k grant last week, or the additional unemployment supposedly given to the states. I would not hold your breath waiting for any of this. Got my first unemployment check today that will help, but did take 2 weeks.....

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Mike Instructor
Fresno, California
Mike Default
 

Could you please send me your email address to …? Thanks!

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Reid Owner/Technician
Beachwood, New Jersey
Reid Default
 

The issue for Wells Fargo is that they are being punished for past shall we say "misdeeds". I seem to remember they ran afoul of some banking regulation or other a while back. That would expalin the asset cap.

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Mike Instructor
Fresno, California
Mike Default
 

Excerpt of an email I got from my local SBA office a couple of days ago clarifying things (I apologize if this doesn't forma properly) Thanks for contacting the SBA. You can apply for both the EIDL loan program as well as the PPP program. To apply for the EIDL, you will use the link on the SBA webpage: covid19relief​.​sba​.​gov If you wish to apply for the PPP…

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