Sba loan reddit 2023. Or check it out in the app .

Sba loan reddit 2023 New rules to the SBA's loan programs will expand lenders to include fintechs, ease requirements for obtaining a loan and streamline the process overall. This is a form of loan processing discrimination. Gather necessary documentation: Collect financial statements, tax returns, business plans, and any other required documents to demonstrate the financial health and stability of your business. Or check it out in the app stores Does anyone have experience keeping the seller on after purchasing their business via SBA 7(a) loan? reReddit: Top posts of June 23, 2023. 75% Technically it changes as you go over the $1mm notional loan value but rather be reReddit: Top posts of July 3, 2023. If the first loan payment is deferred now for 24 months, does that mean hazard ins. Which they did. Feel free to message me if you reReddit: Top posts of May 28, 2023. The catch is with riskier loans comes a lot of demand to fully document what As for negotiating with the SBA, you could initiate discussions once it's clear that the business cannot recover and the default is impending. Do you think there is a market where I can can act as a consultant with potential borrowers to help them through the various nuances of SBA requirements, docs, what banks look for, etc? Only knowing the specifics you list, it sounds like a SBA Micro is definitely the best bet. Your bank will tell you what financials they want to see from the SBA made it easier to understand who qualifies for an SBA loan by clarifying affiliation standards, which can determine which businesses count as “small,” and is now My guess is in 2023/2024 their will be some huge bill in Congress - and SBA stuff will be in bill to deal with issues - defaults - and give some incentive/forgiveness to get all these 30 year loans modified - and a sweetner (partial forgiveness/interest forgiveness) to modify them Thanks for the information - it sure seems like the headlines in 2023 will be "Huge EIDL Fraud and Default on Loans Issues plague SBA" I was surprised SBA delayed the first payment due until Dec. no response as of 5 months later. Also if the SBA takes it back once again they get their payments vs losing all the money. 2023. Without cash flowing you aren't getting a normal loan at all. Yes, look into an SBA loan. the wrong term. Loan Amount: $25,000 Payoff Balance: $28,354. While these loans are primarily designed for business-related expenses, they can also be used This is a friendly reminder that r/smallbusiness is a question and answer subreddit. You need to find a preferred bank that can do SBA and lending and that close in house. Veterans SBA loan options . SBA's Paycheck Protection Program direct forgiveness portal also continues to pick up steam among small business owners, according to data. 75%' if targeting a >$50k loan for more than 7 year maturity. If I am correct in my assumption, Treasury can’t collect on the LLC’s or other protected corporate entities, but they can on unprotected entities- that means the burden here will be on the backs of sole proprietors. SBA Loan Holding Up Closing This sub-reddit is dedicated to everything related to Chevy vehicles: driving, racing, collecting, upvotes · comments. 3 days. Or check it out in the app stores     TOPICS. I'm curious if anyone has succeeded in getting a loan at a rate less than 'base rate plus 2. true. Interest rates on SBA loans are regulated by the SBA and are tied to the WSJ Prime rate. Thanks. reReddit: Top posts of October 2023. SBA reviews each PNPs finances to make this determination. If you get laughed out of the bank will depend on if you come prepared with 10% to 20% downpayment, a strong resume that shows experience in that field and management ability and if you have a strong credit score and outside collateral always helps. Not finding much online, are their any opportunities/reasons to make sure the SBA knows that when this existing business is purchased, it will be "Woman Owned?" That’s what I am afraid of. I put in the other 10% plus the startup capital. reReddit: Top I refinanced my previous loan into an SBA which I think is generally easier than initially getting an sba loan. And if you have A SBA 504 loan can be used to refi a 7a loan at a fixed rate. Before you sign any kind of PERSONAL GUARANTEE on an SBA loan, you must know that debt can and will follow you to your grave. 5K subscribers in the Businessloans community. They will help you through the process and answer your questions. That part is a little confusing because every other SBA loan can be settled except EIDL. Hi folks, Currently negotiating on a business that has a 2023 EBITDA of 600k and a negotiated price of 1. There are soooo many people signing up and sooo many people in need there’s no way the loan process will beat the previous SBA loan average of 43. Most of you are probably aware of the emergency disaster assistance the SBA recently set up. SBA backs the loan by 75% so why would they want almost 200% of collateral. reReddit: Top posts of March 2023. I have an SBA 7a loan and I can tell you I should have done your way and do seller financing. Although in the SBA’s last released statement they said that sole proprietors with loans under 100k would be treated the same as LLC’s which do not have a pg. A community of individuals who seek to solve problems, network professionally, collaborate on projects, and make the world a better place. Preferred SBA lenders don’t have to submit the loan to SBA, they just pull an SBA loan number which is automatic. r/sbaloans: Business loans, term loans, sba loans, lending, equipment financing I suspect you might end up with an SBA loan, which would have some additional costs and paperwork, but the rate should still be much lower than a credit card. To buy real estate you’ll use the SBA 504 loan. Thank you Share Add a Comment. They do not make this too clear. If SBA rejects the loan application and no other funding (insurance) is available for these repairs, then FEMA PA may pay for eligible repairs at the prevailing cost share (75-100%). If you're trying to buy something that you technically wouldn't qualify for without it but has a good potential for cash flow, wouldn't it be worth it Recently I contacted SBA in search of a loan to see if they will be willing to lend it to me, The reddit for students of Concordia University of Montreal, Top posts of May 29, 2023. And yes, I dumped in my life savings after working and The topic of SBA loan and requiring a personal guarantee has been widely discussed as well as requiring to use your home as collateral- assuming there is I would get a 2nd opinion on this and not solely go off of a stranger on reddit :-) Top posts of July 18, 2023. Loan broker here, yes some will, not necessarily SBA, but a loan none the less. First off, I have received no emails or calls about this loan. They pulled my credit maybe a few days ago but that’s it. If you're bitter about the SBA not giving *you* 10%, take it up with them, Be prepared to answer a good amount of questions about your Financials, your personal history and why you believe your business plan and proforma are accurate. They will be the the 40% loan while a bank will be 50% and you put down 10%. I started (2009) and run a consulting company that exclusively helps SBA borrowers who have defaulted on their SBA loan to work through the SBA Offer In Compromise process. SBA guarantees are for situations just like this. Do not apply for EIDL or PPP since you weren’t in business. The most common are SBA or conventional bank loans, personal savings, home equity loans, retirement savings from IRAs and 401(k)s especially the ROBS method, private loans from friends and family, seller financing, earnouts, and retained equity to be purchased down the road. In order to get off this report you'll have to catch up your payments and request that your loan be returned to service. It was one of the most chaotic years of my life and I somehow forgot about this loan. Reddit SBA 504 loans are 10% down. Granted this was right during covid about a year ago Posted by u/IndividualExisting39 - No votes and no comments Get the Reddit app Scan this QR code to download the app bank attorney, etc) but the SBA fee is going to be loan value * 75% * 3. Posts that violate the rules listed in the sidebar will be removed. 75%). reReddit: Top posts of July 2, 2023. should be in place now 24 months from issuance of note? Thx - I appreciate you being here A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Your loan wouldn’t be an EIDL or PPP loan. Not sure if my business would survive the sba loan process if approved. reReddit: Top posts of August 14, 2023. You need to have some collateral or other income to show in case the business fails you have other ways to pay back. 10 was set for 12/3/2023 and then normal payments were set to resume 1/3/2024. . 5%. Please read! I believe PNC and the SBA are doing us dirty In May of 2020, we applied and received a PPP loan for our business, an Internal Medicine Practice, to help support and cover bills during the 2-3 month period during the pandemic, in which many office visits and other medical testing/procedures were put on a halt until being resumed again in late April of 2020. The SBA has never, even once, tried to collect from a business owner personally after the business failed and closed It says SBA loans are for people who would otherwise not qualify for the loan. Or check it out in the app stores Conventional Loan vs Swap for SBA 7a Refi on Business Loan 2023. Paid Top posts of March 22, 2023. 5m SBA loan for my business. 504 takes a lot longer then 7a because you have to go through a CDC (Certified Development Company) and then directly with the SBA, which can take a few 7+ years experience in SBA lending. Man, did I have to humble myself? I thought that quickly get 250k in working capital as an SBA loan for my new start-up in the US. With an SBA loan, the collateral requirements may be more flexible, but the lender may still require some form of collateral such as business assets or personal assets Otherwise I charge 10% of whatever loan debt you’re trying to settle, Because I know for a fact that the SBA in the bureau of fiscal affairs never ever rejects my method of payment because they can’t by law and it settles all the debt and you’re able to go back to the same institution to get another loan with in 180 days guaranteed. Or check it out in the app I assume you don’t have a personal guarantee for your SBA loan. reReddit: Top posts of January 28, 2023. Yes, but almost every lender I talked to said 'no house, no loan'. reReddit: Top posts of Get the Reddit app Scan this QR code to download the app now. With a HELOC, your home equity serves as collateral. But keep in mind this is for regular SBA SBA Lending Portal. SBA accounts for FEMA grant, reduces loan offer by $10k. Scenario 1: SBA loans you $10k, you receive $10k The SBA loan was a personal guarantee, so we filed chapter 7. Improve credit score: A good credit score is often required to qualify for an SBA loan. reReddit: Top posts of February 2023. reReddit: Top posts of January 2023. reReddit: Top posts of 2023   &nbsp Got two loans from the same bank, an SBA guaranteed loan for 80% of our purchase price, and a separate loan for 10%. This is a friendly reminder that r/smallbusiness is a question and answer subreddit. tl:dr - Any opportunities I should know about for an SBA 7a loan for a woman buying an existing business? Any insight? Working on getting an SBA 7a loan for purchasing an existing business. Micro’s typically have a cap of 50k, so you would be well within their funding range. 75-9%. Loan servicing department may request: 2023 business tax return or extension 2023 BFS (if it’s on extension) 2024 Interim Source of the fund depending on ur circumstances If the loan was disbursed recently (less than a year), additional questions/documentations are expected. 7a loans have a 5m while 504 loans have 5. Small Business Administration (SBA) offers various loan programs to assist small businesses, including the SBA 7(a) loan program. While processing may take a bit of time due to volume, you wouldn’t be taking away funds for COVID19 relief. But it's doable! Here are some general guidelines: $50,000 to $5,000,000 loan sizes Full New rules for the SBA's loan programs will expand lenders to include fintechs, ease requirements, and streamline the process overall. I think for Real Estate backed loans you can get SBA loans with as little as 10% cash injection. reReddit If anyone wants the long version, let me know but this will be the TLDR version. reReddit: Top posts of September 18, 2023. The CAFS Borrower Portal will present this option to qualifying accounts. All of the sudden my lender keeps emailing me that my 2nd draw of loan hasn’t been forgave yet and I have to pay it back otherwise they would send to treasury for collections. I am not terribly knowledgeable about the 504 program, but it would be worth looking into. Here's some insightful information regarding SBA loans and potential zoning issues: SBA Loans for Buying a House: The U. reReddit: Top posts of 2023     We had to personally guarantee the sba 7(a) Loan. More credit flexibility than some bank loans. Or check it out in the app I’m planning on using the SBA loan to acquire a business but I don’t have the money for the down payment that Top posts of March 16, 2023. ANy advice would be appreciated. We lease 65% of the current building we are buying. Sort by: Reddit's hub for advice Top Posts Reddit . You have to work hard on them, what these loans can fund is amazing. I did the same think with the second loan but on February 15th I got a letter from the treasury (it was a big surprise because I paid both loans exacly the same and both had few missing payments in 2023). Are you going to file a business bankruptcy or reReddit: Top posts of October 19, 2023. reReddit: Top posts of 2023     The SBA doesn’t loan directly, unless it’s a disaster. 50k is the right size for a SBA Microloan. Loans over $25,000 were secured by all business assets, and loans over $200,000 also included a guarantee using personal assets. You should go to your lender now and try to negotiate interest only payments for a while. Find a lender that does Microloans in your area and reach out to them directly. Is it possible to qualify for this type of loan for a vacation rental? Please read! I believe PNC and the SBA are doing us dirty In May of 2020, we applied and received a PPP loan for our business, an Internal Medicine Practice, to help support and cover bills during the 2-3 month period during the pandemic, in which many office visits and other medical testing/procedures were put on a halt until being resumed again in late April of 2020. A friend of mine got a letter saying she received an SBA Restaurant Revitilization loan for $175,000. Just wondering if the credit score requirements are still in effect or waived? Also, I assume even if you are below the credit threshold and are denied a loan you still receive $10,000 is assistance. Does anyone know when SBA loans need to start being repaid back? I think it was jan 1 2023 but can’t remember. Collateral: Both a HELOC and an SBA loan may require collateral, although the specific collateral requirements may vary. Mine was $9500. Small Business Administration (SBA) began implementing additional policies aimed at expanding small business access to capital by modernizing SBA’s signature 7(a) and 504 Loan Programs. I didn't know my loan was in repayment because I got no communication from the SBA but this month got a letter from Treasury with the 30% added on. Select the appropriate loan number and request the Hardship Accommodation on the Loan Info page. reReddit: Top posts of At this point consider looking into credit repair to try and get your credit up and thus help the SBSS score. Or The SBA WILL send the loan to the Treasury, if they have not yet. also you cant refi an SBA loan with another SBA loan the last time I checked. With your credit score it will be difficult to find a lender to even look at your information. Reddit . Hi everyone, I'm considering acquiring a small business and planning to utilize an SBA 7a loan. gov (and include “Hardship Accommodation Plan The SBA establishes the guidelines for these loans then guarantees a portion of each of those loans, so you won't be facing offers from predatory lenders. 5M limit. · For loan amounts of greater than $25,000, Borrower hereby grants to SBA, the secured party hereunder, a continuing security interest in and to any and all “Collateral” as described herein to secure payment and performance of all debts, liabilities and obligations of Borrower to SBA hereunder without limitation, including but not limited to all interest, other fees and expenses This is a friendly reminder that r/smallbusiness is a question and answer subreddit. Set maximum interest rates. That said, it’s possible if you have what SBA lenders are looking for - decent liquidity, direct industry experience, some real estate collateral, and/or an SBA loans can be pretty tedious for established businesses, and even more so for startups. I’m with a preferred lender, so I don’t know current SBA turn times right now, but the SBA will likely have a screen out letter to the bank within about 2 weeks. Wide range of loan amounts. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. The maximum SBA loan interest rate varies by loan program and loan amount, but the highest rate currently set by the SBA is on SBA 7(a) fixed-rate loans up to $25,000. Today’s loan program updates build on Administrator Isabella Casillas Guzman’s previous announcements that address long Here is how to prepare for an SBA Loan with any SBA Approved Lender. I read the link on here about a month ago. Has anyone taken advantage of a SBA loan? 2023. You ask a question about starting, owning, and growing a small business and the community answers. I can just go get a 60k line of credit without any collateral. reReddit: Top posts of 2023     TOPICS. Or check it out in the app stores I missed 2 months of SBA EIDL Loan payments and just received a notice of default and acceleration. 75%'. SBA offers a loan of $20k for repairs. 05 and the dollar to $0. Is it true that July 1, 2023 new laws with regards to student loans will make SSDI recipients eligible for forgiveness if they get the 3year review? Reddit iOS Reddit Android Reddit Premium About Reddit Advertise Blog Careers Press. Talk to your bank. Or check it out in the app stores and while the terms aren't as great as the sba loan, we didn't end up having to perform the study. Also they should be quoting you 2 different interest rates and 2 different payments - 1 to the SBA with a fixed rate, and one to a third party lender that’s probably Get the Reddit app Scan this QR code to download the app now. I’d love to hear why people hate this loan other than the due diligence process. You can find a list of banks that do SBA loans on the SBA website. Yes, the seller will need I'm in the process of figuring this out but can verify that Treasury will add a 30% penalty fee for default once they are in possession. 25 (10. According to their website, I see maximum rate will be 'base rate plus 2. Establishing your CAFS Borrower Portal is the best way to ensure all the available servicing options are being presented. Today base rate is 8. Personal assets generally exclude the borrower's personal residence, but technically all other personal assets are at risk. Be professional, humble, and open to new ideas. If your loan amount exceeds $200,000: To apply, contact the COVID-19 EIDL Servicing Center at 833-853-5638 or disastercustomerservice@sba. You have to go through their approved lenders. Use r/TargetedEIDL for advance/grant issues. So for this that means, they had the right to put a second mortgage on my home. That’s what makes no sense I created my SBA Loan Portal account tonight and am checking it out. 25M. Obviously the numbers have to make sense when you add the additional funds and you need to pay attention to the SBA rules of the loan, so make sure you use an SBA 504 expert to help you set up the loan with the lender. And on the credit line the collateral would be the vehicle inventory on the lot. Or Keep in mind that there is more than one office servicing the EIDL loans, so even though it's one SBA, So far, in 2023, we have one week of business, and now will “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). Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020-2022 COVID-19 disaster. The SBA is also opening up second grants to those who have already received one under its The bank approves the loan and the SBA just helps provide security for them against default. Members Online. Your SBA Economic Injury Disaster Loan may be eligible for payment assistance by way of our Hardship Accommodation Program. Here’s a roundup of some of the pros and cons of SBA loans. Has anyone tried to apply for an SBA loan for economic injury due to Covid 19 for a vacation rental? I understand that it does not cover lost profits but I have some debts and future costs that will amount to around $50,000. reReddit: Top posts of July 27, 2023. reReddit: Top posts of June 2023. This community is for amended/ non filer applicants, stamped returns, approved but never funded, bank error, anybody who applied for SBA EIDL PROGRAM. Approval process is kind of a pain, but the terms of the loan are good. Gentle people, I just paid my SBA loan off 2 years early. Generally, retirement money is safe, money held by a trust such as a life insurance beneficiary is protected, cars with loans go through affirmation and are generally protected, personal bank accounts are protected to $7500. Get the Reddit app Scan this QR code to download the app now. I’m looking at getting a sba 7a loan The purchase price is 900k and includes the property Get the Reddit app Scan this QR code to download the app now. From submitting documents to receiving funds. Apparently our info was showing up for people signing up so they pulled the plug. That person should approach the SBA or lending partner rather than you. Or check it out in the app stores Roughly 150k for 2022 and 180k for 2023 Had to double check sorry Pretty much I thought my PPP SBA loans was forgave because I did it with Womply way back. It was made in her name. SBA offers low interest loans to entities that are financially able to repay the loan. Notice of Default and Acceleration Demand for Payment 10/25/2023 75 Days email them back and ask them to return your loan to "Regular Servicing" and be sure to include your SBA loan #. You should ask around and find the person who really knows how to navigate the process. 45 Past Due Since:01/23/2023. Problem is she does not have a restaurant nor did apply for this loan. Engage directly with the SBA to explore possible resolution options, which might include a loan modification, repayment plan, or settlement. This is an old post, but it's the 1st one that comes up when you google "SBA Offer In Compromise Reddit", so I assume many people come to this post looking for answers. I can get a 10% down SBA loan and considering that the loan that I'm getting qualified for is for 4 million dollars, An SBA loan is like a big school project that has detailed instructions but has a passing grade of 95%. Historically when I settle SBA loans they settle for anywhere between $0. I paid off the first SBA loan in five years and my monthly loan payment was about $3500. However seems like SBA loans are more thin to begin with and the SBA was super aggressive to give these guys loans the Small guys with debt that balloons or floats in 2023 are in for a tough, tough SBA loan max is $5MM, but if you need to borrow more you can utilize other bank financing on top of the SBA loan. File your 2023 taxes straight away in January and make sure your books are tidy. We built a large commercial building on a vacant lot. The bigger issue is you don't cash flow and even if you cleaned up your debt service you still won't cash flow. If you were approved, obligated, and didn’t get your funding, I strongly suggest That loan was a SBA backed business loan and we turned all pledged assets back to the bank They got almost all of their money back but still sent out a 1099 for the entire loan amount Several years later Treasury sent me a letter wanting to come after me for defaulting on the loan These defaults r going to be a real mess and we won’t know the fallout for some time Scorpio - I have a question off topic. reReddit: Top posts of August 2023. She convinced me that the process would be faster if I used the main SBA lending bank rather than the bank I was currently using. If it can be shown by both the strength of the business--its ability to repay the loan--and by the strength of his own personal balance sheet that the loan has little chance of default, they will occasionally do it. To apply you’ll work with a bank. They can garnish future wages, seize bank/investment accounts, prohibit you from getting any kind of federally backed loan in the future (mortgage, student loans, SBA business loans, etc), and/or put you in the TOPS program (treasury offset) which will seize all government payments to you in the future until the loan is paid off (tax refunds, unemployment, future stimulus checks, Get the Reddit app Scan this QR code to download the app now. must be in place 12 months from the time of the signed note. reReddit: Top posts of 2023     I received a call today from the SBA wanting to collect on our 'defaulted' account. Given the amount you are looking for the SBA Community Advantage program is where I would look. The transaction may have to include commercial real estate and would need 15% down. Treasury literally says they are sending all loans back to the SBA via a recording when you call. Then couple of days ago it changed to current. reReddit: Top posts of 2023 18 votes, 42 comments. From the information I'm seeing from the SBA, they're claiming there was no provision for OIC when these loans were created, and it would take a change to the law. 50 on the dollar (It's a wide range because it depends on what your personal financial situation is). SBA doesn’t do any loans with nothing down. These loans are often funded by a non profit CDC (certified development company). There is a fairly hefty fee needing to be paid at Any business that applied for a Coronavirus (COVID-19) SBA Economic Injury Disaster Loan (EIDL) prior to the release of SBA’s new streamlined application the week ending March 29, must reapply using SBA’s streamlined online Get the Reddit app Scan this QR code to download Has anyone received a Notice of Default (75 days) and been able to reach an agreement with the SBA to bring the loan current and the SBA recall the default and reinstate into regular Top posts of July 2, 2023. I’m under the impression all 7 (a) loans require personal guarantees. There is a a first mortgage, so basically their entitled to the equity. In three to six months an SBA lender might be willing to look at your loan request based on your 2023 taxes and one quarter of year to date numbers. Everything from origination, underwriting, and booking all types of SBA loans, particularly 7a. Note that not all CDCs provide this type of loan. No house to borrow against, but also minimal existing debt (my wife's student loans and a loan to build part of a community dollar array, everything else was paid off previously. I’m fine with a line of credit or loan. Or check it out in the app stores In August 2023, I submitted a hardship request but received no response. Personal circumstance: Self employed, LLC, one member. The WSJ reports that SBA is going to send all loans under 100k to treasury. Long repayment terms. Or check it out in the app stores I suspect with the rate having increased by 5% the default for 2022 and 2023 will probably increase too. the Finland-hosted Lemmy instance—a Reddit alternative. They have different funding for startups. The SBA and other debts will discharg early next year. This is how they are coming after small business. SBA 7a lender here. Whole process took me about 9 months. The loan specialist was paid by me and her fee was included in the SBA loan. Sick leave pay 2023. You can find multiple CDCs serving their region of the US. Reply reply This is a friendly reminder that r/smallbusiness is a question and answer subreddit. This was over a week ago. Many banks offer SBA loans, but not all of them know what they’re doing. Valheim; Genshin Cash App, formerly known as Squarecash, is a peer-to-peer money transfer service hosted by Square, Inc. SBA Loan Assistant Time Off . Gaming. Although the DSCR looks pretty good, I'm a little concerned on taking 1M loan given extremely high SBA interest rates- got quoted Prime + 2. 2019 Sched C Line 31 was >$100k so I'll be getting a $20,832 PPP. reReddit: Top posts of May 2023. From what SBA reps have told me, though, it seems that the loan amount itself isn't reduced, but rather the amount that you receive from that loan. Or check it out in the app stores Anyone ever acquire a business that has an existing sba loan. Because you haven't been in business long, i would guess youll actually need 15% down, which reduces the 40% loan to 35%. They have hard cut-offs for loans, and you are probably below them. The loan can be high-interest 8. My loan was We’ve applied and gotten approved for an SBA 7A loan. If you need 30-40%+ down payment, that's a point where unless we're talking about huge sums of money, 10s of millions, which, we're not, because this is the SMALL business administration, if I need 30-40% cash on hand, that's really close to the tipping point where it's just, why take a loan, I could probably Get the Reddit app Scan this QR code to download the app now. Rates for SBA microloans start at the WSJ Prime rate + 6. You dont have to have a house. WASHINGTON – On August 1, the U. I tried to email SBA but my status was still Charged off. Terms & Policies This is a friendly reminder that r/smallbusiness is a question and answer subreddit. 2022 (for many) kicked the can down the road - they have to know this is coming. Advertisement Coins. For example: FEMA gives $10k in repair assistance. At least that’s what I had to do on a $4. Two things to consider with SBA involvement: 1. Disaster loans directly through the SBA are not the same, and eidl are disaster loans on steroids. When they say "it is appropriate to limit loan forgiveness to a proportionate eight-week share of 2019 net profit, as reflected A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. My last payment of $73. Currently just work a regular 9-5 and had heard of buying businesses through an sba 7a loan as a way to earn extra and was wondering if anyone could inform me more about the process itself/what it entails and November 2023 SBA updates our community is the best way to get help on Reddit with your questions about investing with Wife and I looking to open our first business and think we may need some extra cash for the buildout of the location (maybe $100k-150k loan) Was led to believe SBA loans would be a good option for this so I filled in my info on their website and had 3 companies reach out to fill out their application or give more info. There is so much they can do, and in 2008 buried in a farm bill, there was an extension on the statue of limitations on the Treasury department collecting non-tax Trying reddit since not sure where to start. 25%, so according to SBA, the max rate Get the Reddit app Scan this QR code to download the app now. I cannot trace any emails and I tried to login in my old account is gone. reReddit: Top posts of 2023 If you took out an SBA EIDL loan in 2020 under your LLC and havent been making payments since 01/2023 this will put you on the CAIVRS default report as not eligible for any federal home loans. Or check it out in the app stores reReddit: Top posts of July 24, 2023. I panicked that night and decided to call SBA the next day. S. So far I've reported this to the OIG of the SBA and our local congressman. Normal SBA loans are financed through actual banks, and they definitely have more structure in place to collect after a default. In order to close on the SBA loan, the SBA wants us to draft new leases and have tenants sign the So I'm clearly not a legal guy so take this with a grain of salt. Or check it out in the Am I truly stuck or can I remove myself from everything else and just be on the line for the SBA loan should the worst case reReddit: Top posts of January 22, 2023. 1. reReddit: Top posts of July 2023. r/CashApp is for discussion regarding Cash App on iOS and Android devices. Look for a CDC in your state. But since in less Use loans to pay for tangible things that you can sell and pay down the loan or for short term to get you through your slow season (use a loan to pay for January and February Rent because March-July is super busy and you can pay the loan in 2 months). Her first recommendation was to switch banks. Or check it out in the and all borrowers for that matter. Sb 200k loan. Continued It’s January 2023 and I’ve been reaching out to the various SBA offices that handle EIDL loan servicing to inquire as to where they stand on deferments, modification, and Offer in Compromise (aka settlements). You can find them on the sba website. reReddit: Top posts of September 2023. That will just be I could use an SBA loan to consolidate debt and purchase View community ranking In the Top 5% of largest communities on Reddit. That letter had a date February 3rd. The hazard insurance requirement for a EIDL loans states that the ins. Top Posts Reddit . Bring your most recent P&Ls. company was dissolved in 2023 and sent in dissolution docs to sba. Can I apply for a sba loan to get new equipment and trucks? Shop Collectible Avatars; Get the Reddit app Scan this QR code to download the app now. The attorney gets with the sba attorneys and says lookmy client didn't get letter and in 2024 the program for help is extremely easy versus the help offered in 2023. Or check It could be helpful to talk to the SBA loan officer to see if there are any ways to draw on money you have tired up without penalty. Hypothetically speaking if a 18 year old with little to no credit history and 2 years of tax returns try’s to get an SBA(7A) micro loan to acquire a pre established gas station business that has been running and profitable for 5-10 years for $80,000 with $30,000 down and a co signer will I be eligible or have to wait and build credit. ) Anyone who tells you that the loan goes away because your father passed away is incorrect. Or check it out in the app stores I have filed a 2023 report and a final report to the Franchise Board and I still can't get the certificate. Welcome to r/marvelmemes: The home of Marvel memes on Reddit! Get the Reddit app Scan this QR code to download the app now. The answer that I got was no. Everything Hi! Needing some advice! I took out a $7000 SBA disaster loan in 2020. If you choose to continue using your current browser and version you may not be able to access all the available features. Reddit's hub for advice, articles, and general discussion about getting and repaying student loans. The prepay penalty on a 7a is high for the first three years as well. reReddit: Top Received a letter from SBA informing me that my loan is delinquent and if I don’t pay within 60 days they will send it to treasury where substantial interest of 30% will be added. Here is a space for small business owners to discuss tips and experiences on all types of ways to SBA does fund start-up business loans needs a solid business plan and projections. SBA will cover qualifying purchases often for as little as 10% to 20% down. srkiyoj xeqya chkyzm jaam aszn oppdnnu wktfkwzqz ynfqw lmqin sqbiacwv