Frequently Asked Questions (FAQ’s) About SBA Loans and Grants
Most of the SBA Disaster Loan programs are brand new and were created as of March 27th, 2020. Details have been constantly changing from the Federal Government and the Small Business Administration (SBA) on a daily basis.
ACT FAST! Speed is key to help you get your share of the $350 billion in SBA funds made available to you as a small business owner.
Let us help you apply for one or more of the SBA Disaster Loan Programs, some of which are 100% forgivable loans and grants. Schedule a Free Consultation today to find out more.
Who is Disaster Loan Advisors™ and what can you do for my business?
Disaster Loan Advisors™ is a trusted Team of Professionals dedicated to saving small businesses like yours from lost sales, lost customers, lost revenue and rescuing your business from potential financial ruin during this COVID-19 / Coronavirus disaster.
Learn more About Us and Our Mission to help you. Also see the SBA Loan Services and assistance we offer.
Is Disaster Loan Advisors™ part of the SBA?
No, we are not part of the SBA. Our company or website is not endorsed by the SBA in any way. The SBA is a federal government agency. Their official website is SBA.gov.
Disaster Loan Advisors™ is an “Agent” and we provide “Agent Services” as defined by the SBA. In our case, we provide Consulting and Advisory Services. According to the SBA, an “Agent” would be considered one of these: a loan packager, accountant, attorney, consultant, engineer, architect, appraiser, or any other party that receives compensation from representing an Applicant for an SBA disaster loan.
Disaster Loan Advisors™ falls in the “consultant” category providing Consulting and Advisory Services by specifically working with small business owners to provide SBA consulting and application preparation assistance. We’ll submit your application package to the SBA and communicate with the SBA on your behalf. Get the process started today!
What is the Small Business Administration (SBA)?
Created in 1953, the U.S. Small Business Administration (SBA) continues to help small business owners and entrepreneurs pursue the American dream. The SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses.
Find out more About the SBA.
How many small businesses are there in the United States?
According to the SBA, there are more than 30 million small businesses, those with under 500 employees.
Who is the head of the SBA?
Jovita Carranza serves as the 26th Administrator of the U.S. Small Business Administration (SBA). As a member of President Trump’s Cabinet, she advocates on behalf of the 30 million small businesses in America. In her role as Administrator, she leads a team of professionals dedicated to ensuring entrepreneurs located across America have the support and resources they need to start, grow, and expand their small businesses, and recover in the event of a declared disaster.
Am I “guaranteed” to get an SBA loan, grant, forgivable loan, disaster loan, or any other money from the SBA?
There are $350 billion in various SBA funds available now. Some are free money in the form of grants and/or forgivable loans. However, there are no guarantees. Each and every small business owner’s situation is different, and the SBA has it’s own set of criteria and guidelines.
The $2 trillion stimulus package that was signed into law on March 27th, 2020, stated that $350 billion will be made available to small business owners that have less than 500 employees. These are historic times. Literally each day, the SBA is releasing news about how the program will disperse funds and when.
Unless you apply for the various funds available, and fill out all the forms properly and accurately, and include all the other forms the SBA will require, you will not have a shot of being approved or not. The SBA and other news reports state that money will be given out on a first come first serve basis, so the faster you get in motion with applying, the better the chance you will be approved funds by the SBA.
We at Disaster Loan Advisors™ will save you a lot of time and frustration by acting as your “Agent” and assist you with the SBA application process. Get started today!
What is the Paycheck Protection Program (PPP) and how much money can I get?
An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program will be available through June 30, 2020. Hurry now to get your share!
Who Can Apply for the Paycheck Protection Program (PPP)?
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus / COVID-19.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries. Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible. Get help to apply today.
Is this really FREE money?!? What are the Paycheck Protection Program (PPP) Loan Details and Loan Forgiveness information?
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. This loan has a maturity of 2 years and an interest rate of .5%.
Get help to apply for your forgivable loan today!
How do I Apply for the Paycheck Protection Program (PPP)?
Disaster Loan Advisors™ can help you save a lot of time and frustration by acting as your “Agent” and assist you with the SBA application process. Get started today!
What are Economic Injury Disaster Loans (EIDL)?
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
To get application assistance for a COVID-19 Economic Injury Disaster Loan, click here.
Can I really get a $10,000 forgivable Loan Advance?
Yes, according to the SBA, these funds will be made available within three days of a successful application, and this loan advance will not have to be repaid. It is to get much needed cash in your hands, while you wait to see if you are approved for the larger Economic Injury Disaster Loan (EIDL) amount you may have applied for.
Let us help you with the COVID-19 Economic Injury Disaster Loan application process.
What are SBA Express Bridge Loans?
This pilot program allows SBA Express Lenders authority to deliver expedited SBA-guaranteed financing on an emergency basis for disaster-related purposes to eligible small businesses, while the small businesses apply for and await long-term financing.
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
Terms: Up to $25,000, fast turnaround, will be repaid in full or in part by proceeds from the EIDL loan. Get assistance with the SBA Express Bridge Loan application process today.
What is the SBA Debt Relief program?
The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.
Under this program, the SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020. And, the SBA will pay the principal and interest of current 7(a) loans for a period of six months.
What Are My Next Steps???
Don’t you agree that all of this all information above is very confusing? We also agree with you, as we have a Team of experts following this on a daily basis. Most of these programs are brand new and were created as of March 27th, 2020. Details are changing from the Federal Government and the SBA on a daily basis.
Speed is key to help get your share of the $350 billion in funds made available to you as a small business owner.
Let us help you apply for one or more of the SBA Disaster Loans available to you. Schedule a Free Consultation today!