Coronavirus Government Assistance Programs
147 Posts | 25 Discussions
Math of 100K Covid withdraval
Hey guys, I have been trying to figure out if its more beneficial to take out the 100K from my 401K our not. Can you please help me with that? 1) Lets say I do not take out and keep it in 401K. Then: 100K at 6%... View more
Cashing out 401k due to COVID-19 $100,000 PENALTY FREE
Anyone else considering doing this? Is this a crazy plan?My plan: My wife and I lost daycare so we're splitting time off to take care of our children.  We have significant cash reserves and 75% equity in current RE... View more
Covid 10% early retirement withdrawal penalty completely waived?
Is the 10% penalty waived only if the IRA is repaid within 3 years? I don't intend to repay the account and will use the money for real estate. I know I will have to pay income tax on what is withdrawn, but will I have... View more
Accepting an EIDL loan from SBA as a Sole Proprietor (no LLC)
This is a post that details my experience with accepting an EIDL disaster loan amount above 25k where my properties are held in my personal name, no LLC. A lot of people hold properties in their personal name,... View more
Need Advice- Tenants not paying - Washington State
Hello Everyone, I have a SFR in WA state with tenants not paying. They had paid through August, but in September stopped and have not paid October either. My understanding is eviction is allowed only if selling in WA.... View more
Disaster SBA loan for Short Term Rental losses?
I have had over $12,000 in losses from cancellations where airbnb broke short-term rental contract terms and conditions (strict policy 1 week before check-in, 50% before). The guests should have been offered travel... View more
SBA Disaster loan changed
I just got an email about my application for the SBA economic disaster loan. It appears they have changed it from being a $10,000 advance, be being $1,000 per employee pre-Corona up to $10,000. I think they are trying... View more
Any Assistance for Landlords?
Hello BP. Hope this email finds you all well.  Are there any programs or assistance for landlords?  I had to spend $8K in repairs from my last tenant. I was looking forward to selling the condo unit and moving on to... View more
PPP Programs AND Unemployment Benefits at the same time?
Hello All, I am wondering if anyone can help me clarify this topic?I have applied for the PPP Program for my 'day job' of being a remodeling contractor in a multi-member LLC (K-1), but have NOT hear anything back yet.... View more
SBA EIDL Loan went through!! Unlock credit files to verify ident
I applied for an SBA EIDL loan almost immediately after they announced it. A few days ago I got a note saying they still have my app and sit tight. I got a 2nd email yesterday saying they were going to process it, and... View more
Cancel Rent & Mortgage Payments Through The Coronavirus Emergency
What is everyone's thought on this topic that could see the light of day??? Mainly the Proposal #2 Cancel Rent & Mortgage Payments Through The Coronavirus Emergency. You can read up on the Bill at the bottom with... View more
Let BiggerPockets know of any relief programs
Hello BiggerPockets community!BiggerPockets is working on a piece that will share all relief programs that might be available to Americans (disaster relief, financial relief, unemployment, medical, etc). Please let us... View more
Paycheck protection program for flippers
I'm a new investor and I have my first flip. I'm getting ready to put on the market soon. I have no employees.  Can I apply for the ppp?
Are Loan Programs the Only Option if There Are No Employees?
If a rental business with no employees is facing losses/vacancies due to covid 19, are loans the only option for financial assistance?  Seasonal rentals, student rentals could be hit very hard by vacancies...
Here is how to increase your purchase power with COVID 401K Loan
Typically, you can take a loan of up to $50,000 or 50% of your 401K vested account, whichever is higher. However, the coronavirus relief bill — the CARES Act — temporarily doubled that amount to $100,000. The term of... View more
Proposed: Landlord Relief Fund
Rep. Ilhan Omar, D-Minnesota, introduced a bill in the U.S. House calling for a nationwide cancellation of rent and mortgage payments until the coronavirus pandemic has ended which also would include the creation of a... View more
What jobs/sectors will fall through the cracks despite stimulus?
This post relates to the ongoing discussion about a recession vs. a temporary pause and strong rebound.  Please post your comments on my theory, especially if you disagree!My thought is that the government is pouring... View more
Forbearance – Don’t Skip That Payment till You Read This!
Thousands in Hawaii, and millions across the country are now unemployed and unable to make their mortgage payments. There are also those that own investment property where the tenant is in the same situation and can... View more
Not "Small Business" Loan Options?
I've seen some disaster loan options for rental property investors. However, all of them are for "small businesses." What options do we have if your rentals are not in an "business?" Bought in personal name, etc.
Emergency Funds/Assistance for Ohio Tenants?
Hi all, Cleveland-area PM here. Hoping our community can come together in this time.I foresee a lot of tenants will be financially impacted by the closures necessitated by COVID-19; many are hourly employees who are... View more