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The SBA is offering Economic Injury Disaster Loans (EIDLs) up to $2 million dollars.These loans may be used to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid because of the pandemic.The maximum loan term is 30 years.The interest rate is determined by formulas and is fixed for the life of the loan. The maximum interest rate for businesses is 3.75%, and the maximum interest rate for non-profit entities is 2.75%.Loan Forgiveness: A borrower is eligible for loan forgiveness equal to the amount spent by the borrower during an 8-week period after the loan origination date for the following expenses incurred prior to February 15, 2020:Payroll costs: Eligible payroll costs do not include compensation above $100,000.Mortgage interest payments.Rent and lease payments.Utilities.The amount forgiven will be reduced:Proportionally by any reduction in employees retained compared to the prior year, andBy the reduction in pay of any employee beyond 25% of his/her prior year’s compensation.Applications can be submitted by mail or via the SBA’s website at following documents must be submitted:Business Loan Application (SBA Form 5).IRS Form 4506-T.Schedule of Liabilities (SBA Form 2202).Copies, including all schedules, of the company’s 2019 federal tax return. If the 2019 tax return has not been filed, a 2019 QuickBooks balance sheet and profit & loss statement should be submitted.Personal Financial Statement (SBA Form 413) for each principal who owns at least 20% of the applicant business. ................
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