Created a bank account in QB called “SBA Loan Payments” Created an income account called “Grants” For each month I deposited the amount SBA paid on my behalf into the “SBA Loan Payment” account then used this to record a “pay...
or in cases where it makes sense to borrow the down payment in order to get more attractive terms, the SBA allows you to get a loan for the required equity. There are a few ways to do this:
1. The program allows a down payment or equity of as little as 10%. 2. The loan allows you to finance most closing costs and soft costs reducing out of pocket expenses to approximately 10% of the project cost and creating a near 90% loan to cost transaction. ...
The co-owner of H&S Property Maintenance applied for a small business loan the moment the Payment Protection Program (PPP) opened up two weeks ago. “Then, yesterday morning we get an email from US Bank saying the funds have been exhausted. And that caused a lot of frustration,” said H...
Under the program, eligible recipients may qualify for loans of up to $10 million determined by eight weeks of previously established average payroll. The first loan payment is deferred for six months. All loans will have an interest rate of 1%, a maturity of two years, and no borrower or...
Although officers’ salaries are generally not considered withdrawals for purposes of this paragraph, SBA will count those salaries as withdrawals where SBA believes that a firm is attempting to circumvent the excessive withdrawal limitations through the payment of officers’ salaries. SBA will look at...
These loans of up to $35,000 under the America's Recovery Capital pro- gram, or ARC, do not require collateral, are interest-free, carry a 100 percent SBA guarantee, require no SBA fees and defer payment for more than year. "It's unheard of," said Ruben Garcia, San Diego district ...