Quote:
Originally Posted by chefs fan in omaha
2.5 months payroll
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Not entirely accurate:
PPP (CARES): With a maximum maturity of 10 years, the amount to be the lesser of (a) $10 million or (b) 2.5 multiplied by the average total monthly payments by the applicant for payroll, mortgage payments, rent payments, and payments on any other debt obligations incurred during the 1 year period before the date on which the loan is made.
EIDL: Up to $2M for working capital. I believe it is based on estimated amount of economic impact (revenue loss), net of any BI.
I also came across an SBA "Express Loan" option this morning....no idea what this means at this point, but it's clearly bridge loan and for disaster relief:
https://www.sba.gov/document/support...-program-guide
Also check your state, city, county sites for CDBG money that may be available. I know here in FL they were offering up interest fee bridge loans of $50K, and have already funded some businesses....NOTE: I would suspect that SBA will take that recovery into account when doling out their loans for EIDL