SBA Loan Info

939 Views | 4 Replies | Last: 5 yr ago by HeardAboutPerio
Howdy84Ag
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AG
Howdy. I own four restaurants in Oklahoma. One has been closed, two are take out only and the 4th is still fully open for now. This virus has destroyed my normally robust business model.

On Friday night, the Governor finally completed the disaster process with the SBA. I completed the application about noon Saturday. Here are some suggestions.

1. Apply online. The website is slow and you are not able to upload tax documents because of the traffic on the site. They must be emailed to a separate site. I am told though, it's the fastest way to complete the process.

2. Call the SBA during the process. The website was drafted by government folks and many questions do not make sense or use financial terms incorrectly. Mistakes on the application will cause processing delays. They were very helpful and wait times yesterday were not to bad.

3. I have been told that the process may take 30-45 days from application to funding. Way too long given the circumstances but that's government.
LOYAL AG
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AG
Emailing tax docs is a recipe for identity theft. Good job, SBA.
shalackin
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AG
What restaurants and where? I like to support Ags business when I can. When they are open.
The Kingfish
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AG
I was told by an accountant that if you have a disaster loan, you will not be able to get a loan through the CARES Act. The loans in the CARES Act are partially forgiven, to clarify, the amount used on payroll is forgiven. Keep that in mind.
You know the way to grandma's house! R.I.P. Buddy D
kingj3
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AG
Do you know anything about a partnership with no employees getting/qualifying?
HeardAboutPerio
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AG
Great, I'm being told it may all be the same thing...

I definitely want the forgivable portion as that's essentially why I was looking into the SBA for payment of employees...

May be best to wait and see. They have to pass it to know what's in it. Sound familiar?
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