All Forum Posts by: C. Scott Forrest

 I didn't get a say.  I applied very early for the loan (March 22), so I was in repeated phone conversations with my SBA contact.  She called at one point and said I had qualified for $20K, then I got papers in the mail (for $20.5K), signed and uploaded them to the SBA website, then got a deposit in my account a week later.  It all has to be paid back - not like the PPP.  The EIDL used to be an automatic $10K loan that was basically a grant.  Now they don't have enough funds, so it's $1K per employee, and $1K if you are self-employed.  I believe the application actually specified $10K (as in, 'up to $10K).

Update: I received a $22.5K 3.75% loan, and a $1K EIDL 1% loan.  I initially thought they were both from the first application, but just noticed in my bank deposit note that the $1K actually was a result of the second application, so SBA came through for me in both instances.

 Yes, I reported '0' employees for a personally-owned rental.

Digging around, I found this email from the SBA, received April 13.  Now it seems the email was a response to my EIDL application, and they were telling me they planned to send me $1,000.

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:

Today I received an EIDL deposit in checking of $1,000 with no email communication today or at any other time since I applied on March 30.  The money just showed up unannounced.  I had read somewhere that you did not have to ask for EIDL and that it would be applied automatically if you applied for an SBA loan (which I did on March 22, and received).  I don't know what's true any more, as any small business affected in a declared disaster area was supposed to get a $10K grant.  Then I heard that you could get $1,000 per employee.  Now $1,000 shows up.  So who knows, but that, the $1,200 and a SBA loan has me taken care of.  

It's all good since I got sick last week and have not been around people since - even if someone now booked my Airbnb, I could not go get it ready for at least ten more days.  Oddly, I've basically been self-quarantined for 42 days now - only public exposure has been Safeway and one trip to the beer store, and I was one of the first to wear gloves and masks at Safeway - yet I still got sick.  I can no longer breath through a mask - not enough air gets through and I have a good mask (3M, not hand-made).  Everyone stay healthy and good luck with your financial recovery efforts.

That is really unfortunate for those of us who deserve the $10K grant, and who it was created for.  As someone who will lose $10-20K as a result of the pandemic, I certainly would have qualified before the Federal Government created their new plan to 'help' us.  Now I don't, for the same reasons as yourself - I got an email from the SBA saying as much, two days ago.

I would like to thank my government for helping somebody, although it isn't me and I don't know who it is.  All I know is that trillions are being given to larger businesses that supposedly need it more than me.  I think the only difference is that I can't afford lawyers to get it done.

I sincerely hope that the trillions we (meaning all of us) are giving to larger businesses actually ends up benefiting our economy.

Hi Jeb,

Mine is a standard SBA disaster loan that any business with financial loss would qualify for when their area is declared a disaster, even before the Coronavirus Pandemic.  I am a sole proprietorship with no employees and predicted a loss (based on last year) of $10-20K.  I did not have to contact a bank - the SBA is depositing a check in my bank account.  I got this because I applied before the Federal Government overloaded the SBA with their new program.

They called me today and said my loan would be deposited next week.  I applied on March 22, so that might be why I received more.  She also said that the grants were going to be handled by a different area of the SBA.

It's funny you mention that ("out debt").  I was discussing this with my girlfriend later, and that's exactly what we said.  I've been listening to subject matter experts discuss this and while I have no idea what we can get away with, the people (on television) who I agree with on other matters think we'll be okay economically.  The ones who I generally don't agree with on other things, think we're in for another great depression.  Personally, I'm amazed that we've ever survived with such huge debt, so what's a few trillion more?

The more you learn, the more you find that this $2 Trillion bill is a total mess, especially the example you give.  Also, many people who did not lose one dollar of income will be getting a $1,200 check.  What's the point of that?  It's easy to forget that all the money being 'given' to us is OUR money.  That $1,200 to people making under $99K is just a redistribution of wealth.  Then you add the extra unemployment to the standard amount of unemployment dollars, AND they can be on 'standby' to get their job back - just more redistribution of wealth.  On the other hand, most of the money will go to big businesses, the argument being that it will 'trickle down'.  What a confused mess of ideologies.