SBA disaster loan info for O/O’s

Thanks for the link. Stay safe out there

 

SBA loans are handled through lending institutions. The process is very tedious and bureaucratically cumbersome. I have one, I know.

All the normal processes and qualifications for obtaining a commercial loan apply and more. If your company, or you as an individual can't guarantee said loan, forget it.

This option is not free candy at the local corner store. Those perks are reserved for the big corporate boys, not your average blue collar entrepreneur trying to eek out a living.

 

If you got good enough credit take out a personal loan then use it

 

We’re from the government and we’re here to help !!!! no thanks!

 

No way.

ive gotten out of credit all together, I provide literally my own credit now. Medical billing is retired first and next month I have a opportunity to wrap all of them up and be debt free. If I get hauled into Virus etc, you can bill uncle sam for the trouble and shoot me.

What Boeing and others have started doing is empty or max out their corporate lines of credit. Clean out the banks on very large multi billion dollars in cash and interest rate be darned just this past week.

With enough unemployed the Banks may fail if their liabilites (Including credit lent out) exceed assets in the next 60 days. It would be far greater than the 1929-1931 situation that led to a wider depression that only a all out war broke.

 

I hate to state the obvious but if you are an O/O and you got in to this without a month or so income in reserve then you're screwed anyway! Just wait til someone hits your tractor and you see how long it takes a body shop to get you rolling again.

There are LOTS of reasons why you need to self insure yourself as an O/O and the best time to do this is before you start.

 

Never wanted anything out of the government, except to leave me alone.
Any type of government assistance, loans or otherwise, always comes with strings attached.