SBA assistance. Is anyone getting any?

[Tim2235]

Hello all,

Are any of you owners (not incorporated) seeing any assistance from PPP, EIDL, disaster relief loans, and possibly self employed unemployment?  I have 5 airbnbs and can't seem to get anywhere with a schedule E (not a schedule C) on my taxes. Does anyone have any ideas or success stories on how to qualify for the PPP? Have any of you gotten the $10K EIDL?  

Many thanks,

Tim

[Sue663]

Just had the same problem with my bank they don’t want to look at Schedule E anybody having any success

[Randolph1]

Well I called the SBA today to find out about my SBA CARES/ PPE loan request.  I had applied to the SBA and received an application number prior to the process ended/ being closed.  Well she told me that the application was at the lender and they would be contacting me. When that would happen is unknown however, I did try to go with my banks and was told in one way or another no or there was some clause inserted by the bank that would not allow me to apply for the funds.  However, I am going to look on the "glass is half full side" and prepare for positive things to happen.  Wondering has anyone received news about their request from the SBA.  

[Sue663]

I’ve found Banks won’t accept Schedule E as income it’s considered passive rental income. They only look at Schedule C. If anyone finds a bank that will consider Schedule E for PPP Loan let us know! 

[Laurie336]

I think this article from CNBC gives some perspective to those of us applying for these loans:  https://www.cnbc.com/2020/04/15/these-sba-emergency-business-loans-hit-by-delays-and-funding-issues.....

It appears that businesses that applied timely still received much less than they needed to operate.

It is disappointing that right now the only businesses that can apply for EIDL loans are agribusinesses.  I hope Congress finds a way to provide more support to diverse kinds of small businesses.

Congratulations to people who managed to apply for loans before April 15.

[Michelle53]

@Laurie336   I imagine the SBA considers the food supply rather more important than the travel industry, right at this moment.   Supply chains are under pressure, if not decimated, in some cases. Perhaps you've read the news articles about processing plants forced to close, or farms plowing vegetables under, because they can't get produce to market. 

It is important to remember that EIDL is, essentially,  a disaster loan program, and was never designed to be a giant pot of free money. It was swamped early by people just wanting the forgiveable loan advance.

Anyone actually thinking like a businessperson would see EIDL as bridge financing until they could get back on their feet, financially, which they could then pay back, rather than a "bailout" of free money. 

[Troy52]

I applied from both the PPP loan and the SBA Economic Injury Disaster Loan.  I applied for the PPP loan through Chase, because I have my business accounts with them.  They denied my PPP loan because I do not have employees.  I run my Airbnb as an S-corp so I did not qualify for the PPP loan.  If you claim you AirBNB income on Schedule C of a 1040, then you maybe eligible for the PPP loan.  I did recieve a $1,000 grant from the SBA, the grants are give at $1,000 per employee.  If you don't have employees, they give you $1,000. I was just approved for a EIDL for $2,900 that I don't have to start paying back for 12 months and when I do have to start paying it back it will be at $15 per month.

[Troy52]

I only have one listing that is only listed about 50% of the time.  I'm not sure how they calculated how much my loan would be, I think it was based on 2.5 of revenue.

[Tim670]

@Troy52 That's awesome. Good for you. My listing is similar to yours although my monthly revenue is $2500. I've yet to hear back about my SBA application. Nearly 1.5 months now.