Someone needs to call the White House and each Governors Office and stop this SBA insanity.
Landlords don't need "Loans" they need payment vouchers.
Housing and Urban Development is the correct way to manage the rental issue.
This is the correct and efficient way to manage this at the Federal/State level.
This is as simple as it has to be.
Landlords register their properties from their Schedule E from their 1040 with Section 8 online.
Tenants who have been approved for unemployment are automatically authorized Section 8 vouchers with online verification
At the end of the year landlords will receive a 1099-MISC for each property for the amount of rent received which is totally subject to depreciation.
At the end of the year tenants will receive a 1099-MISC for the amount of rent paid on their behalf and subject to their tax bracket.
This can all be set up online, is totally verifiable, and efficient.
When you no longer qualify for unemployment, you lose your section 8 and landlords only qualify for rentals that have unemployed tenants and not those with the ability to pay.
Again this can all be done online and is simple for both the Landlord and Tenant to understand.
It is also the correct way to do it by the Internal Revenue Code.
This SBA Loan program is a complete sham and is being run by the BANKS under guise of the DEPT OF TREASURY.
I would get a lawyer opinion before I would do this, because not only are you going to go bankrupt you are going to wind up dealing with the bank secrecy act and treasury regulations in addition to the IRC.
WARNING LANDLORDS YOU ARE PLAYING WITH FIRE IF YOU GO THIS ROUTE. This is the worst way to do this.
You have to ask yourself why didn't congress or the executive branch think of doing it this way?
I will tell you why. BANKS.
This is a way to run more money through the Federal Reserve and the Banking System.
This SBA sham is a way to bail out the banks and have Landlords on the hook.
I am totally confused as to why the Department of Housing and Urban Development isn't all over this.
I believe this isn't going to be what landlords think it is.