COVID-19 SBA Economic & Business Resources - Shared screen with speaker view
The Small Business Centers can send the forms to those who request them from us.
A suggestion is to put your application number at the top of all forms if you are mailing or faxing.
Do you know if the loans coming out the stimulus plan will be forgivable?
Will the loans coming out of the stimulus plan be forgivable?
I believe if 20% owner and above, personal financial statements on all will be needed.
What is the form that you have to submit with the application?
Should each partner fill out a separate application?
If the owners each only own 2% In the company, do we still need to provide their personal financial statements.
If you are a business under 500k what else beside the application do you have to present if you are a 50% owner in the business?
Suggestions include completing the hard copy forms, so you will have compiled all the information you need when you go online to apply. BE SURE to write down your user name and password, as I understand SBA can not reset for you and you will have to start over from the beginning. ALSO, save your online application regularly in case you lose power, so you do not have to start all over again.
I also understand it is better to use MS Explorer, Edge or Firefox. Currently, Chrome is not as friendly with the online application service.
You can use Firefos
Firefox is ok
When does the interest rate start after one year
When does the loan start to generate interest? Is it after one year?
Is the loan interest free for the first year or just payment free?
The interest and payment starts in January from my understanding. It starts when the emergency declaration ends, which is currently set for December 2020. Payments/interest start January 2021 unless the declaration is extended.
THANK YOU FOR THIS TIMELY INFORMATION!!
Does applying ding your credit?
The Small Business Centers would like to thank Patrick Rodriguez for this timely information and assistance. We also appreciate the collaboration of the Nashville, Tarboro Edgecombe, Wilson, and Rocky Mount Area Chambers of Commerce.
Charles: It is my understanding applying will show on the credit report.