sba disaster loan
 

anyone apply for sba disaster loan?

Re: sba disaster loan
 

Which one? There is the Disaster Recovery loan that you get through the SBA and the other one that you get through an SBA approved lender. Details aren't there yet. That's the big one because it can be forgiven if employers use it to pay their employees and not lay them off.

Re: sba disaster loan
 

i just filled out 4 applications. i'll find out if citizenship makes a factor or not

Re: sba disaster loan
 

Sorry, I just looked at the forms for the Payroll Protection Plan (the one that gives you a loan which can be forgiven if you spend it all on employee salaries and rent within 8 weeks) and they specifically say that if you're a non-citizen or non-green card holder, you don't qualify.

Re: sba disaster loan
 

so for payroll protection, what if my employees are citizens. I think PPP I should be able to get. I'm going to the bank tomorrow.

Re: sba disaster loan
 

Well, you're the one getting the loan... By the way you may want to call the bank because they don't have the loans ready yet, although they're allowed to have them ready by tomorrow (Friday) and the ones I've seen will have the application online somewhere and no doubt it will be bonkers.

Re: sba disaster loan
 

Yeah, I bank with TD and they said I could do it online. I heard it's first come first serve which is going to be a rush. This situation is crazy.

Re: sba disaster loan
 

Well right now it's a COMPLETE shitshow. Bank of America, who are anti-immigrant assholes who ask for citizenship status and even ask Americans if they're dual citizens is so far the worst of them and is giving priority to those who have already got loans from them.

Chase (also anti-immigrant assholes who ask for passports from non-green card holders or citizens) has started but they require a business account with them.

The rest are still on hold. Wells Fargo is telling people to check in. I don't know any other banks that are live yet.

BUT who knows...each bank is having their own twist on the application so maybe your bank will not ask.

Re: sba disaster loan
 

I have good relations with TD Bank and Chase but I don't see a way around the immigration requirements. It's funny I qualify for 800k mortgage loan but they won't give me 15k. The loan affect my employees more than me. At this moment, I'm not paying rent or paying payroll. If I get the loan I promised my employees I'll pay them during the down time so it's a net zero for me. My landlord wanted a piece of it but he's backed in a corner cause of force majeure clause in the lease.

Re: sba disaster loan
 

My wife applied for the one that gives you $10k in advance that you don't have to pay back.