If you own a business and missed out on that previous loan program, this one is around

[Kitaman]

A friend called me and he applied Friday and the money was deposited in his account Tuesday. Its administered by the SBA.

I applied yesterday for my business, and I will repost results when received (or denied).

Its a simple process, and I'm still reading through the loan forgiveness part. Someone more apt on this can probably decipher it quicker.

Just passing it on: SBA Loan Application

 

[auror]

This one is not forgivable except for the advance, which is up to 10k.

 

[Kitaman]

This one is not forgivable except for the advance, which is up to 10k.

I only need about 10k (equipment replacement), so that's forgivable?

 

[gtcam]

EIDL is not forgivable.
If you received the EIDL grant, that will be deducted from your loan
The PPP, which is acquired primarily through banks and CUs, does include a forgivable feature is available through 06/30/2020

 

[gtcam]

I only need about 10k (equipment replacement), so that's forgivable?

did you apply for the grant?
the grant is funds you don not pay back but it is based on the number of people on your payroll - $1000 per person
For machinery you are better off applying for the EIDL loan - the interest rate is 2.50%/3.50% and the repayment is so extended that you will pay peanuts monthly