Quote:
Originally Posted by O.city
Yeah it’s for sure one option
But I’m waiting to see this other short term one that’s got the forgivable options
If they’d just pass it and be done with it for ****s sake
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Been researching this all morning, and it's as clear as mud at this point.
My take on the other SBA loan option (and I profess, I'm am certainly no expert on this):
1. this option sounds no different than a "normal" SBA back loan funded from your bank (other than the special provisions). What I mean by this is that you have to apply through a partner bank / financial institution for funding
2. You will not be able to utilize this option if other means of credit are available
3. Unclear to me, but sounds like this is in complementary to the EIDL, or that you could use this re-fi the EIDL loan, thus making it (effectively) forgivable as well.
4. With the EIDL, you don't have to take funding even if approved, so if it does ultimately prove out that you can use one loan or the other, I would think the SBA would guide you
Sorry I don't have specific links, but I'm reading like 20 different articles + the actual text of the Small Business Act and the bill itself (I will include those links).
https://www.sba.gov/sites/default/fi...ss%20Act_0.pdf
https://www.congress.gov/bill/116th-...29B9DF4626458E
My recommendation is to continue on with EIDL while you explore this option. But shit like this is why I never could be an attorney....to much legal mumbo jumbo for my taste. I hope somebody a little more intelligent than me could chime in (maybe I should post this in the "are you more intelligent...." thread