SBA disaster relief for self employed people

Discussion in 'Trucker Taxes and Truck Financing' started by pete1, Apr 4, 2020.

  1. pete1

    pete1 Heavy Load Member

    Linte_Loco Thanks this.
  2. Imhungry

    Imhungry Bobtail Member

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    Apr 4, 2020
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    Anyone know if past felony (1999) disqualifies you. They ask about it. You never pay your debt in today's world. Thanks be safe.
     
  3. Lite bug

    Lite bug Heavy Load Member

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    Probably good as long as it was not for wire fraud. Advice always pay your debts.
     
  4. Snailexpress

    Snailexpress Road Train Member

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    Apr 28, 2014
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    I owe exactly 10,000 in 2019 taxes. Can I just don't pay it? It will save a lot of paperwork.
     
  5. Scooter Jones

    Scooter Jones Road Train Member

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    Apr 19, 2011
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    When you get your $10,000 deposit, be sure to let us know over here ;-)

    $10,000 EIDL GRANT
     
  6. 4noReason

    4noReason Road Train Member

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    Nov 29, 2012
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    can a single owner op leased to a carrier really qualify and not pay it back
     
  7. Linte_Loco

    Linte_Loco Road Train Member

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    Apr 24, 2011
    Central FL
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    Email today


    Dear Applicant,

    On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

    You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:

    Paycheck Protection Program Full EIDL Loan

    PURPOSE

    Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable)

    To meet financial obligations and operating expenses that could have been met had the disaster not occurred (amount of any EIDL advance is forgiven)

    TERMS

    Up to $10 million

    1% interest rate

    Up to $2 million

    3.75% for businesses

    2.75% for non-profits

    FORGIVABLE

    YES

    NO – EIDL Loan

    YES – EIDL Advance

    MATURITY

    2 years

    30 years

    FIRST PAYMENT DUE

    Deferred 6 months

    Deferred 1 year



    To locate a Paycheck Protection Program Lender, please visit: www.SBA.gov/PaycheckProtection.

    Information on available resources may be found at www.sba.gov/coronavirus. For more information on these services, please go to www.sba.gov/local-assistance to locate the email address and phone number for the nearest SBA district office and/or SBA's resource partners.
     
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