USA Hosts SBA loan for Disaster Relief

[Juan63]

We all know how little(none really) we have been supported by the mothership through this process, and many of us maybe in danger of losing our investments. Depending on your situation, you maybe eligible for a long term, very low interest rate loan through the Federal SBA program. My understanding is restrictions have be eased dramatically. I am applying to cover 6 months loss reservations. The worst they could tell you is no. The website is overloaded, please be patient. I was able to complete the application with no issue or slowdown at 4:00 AM.

https://disasterloan.sba.gov/ 

[Helen3]

When we run a business @Juan63 we are responsible for managing it, and making sure there is enough liquidity in our business to cover the lows as well as the peaks. We should always be saving some of our profits as a cushion to invest in our business to cover low periods. Three or four months without a booking shouldn't be sending your business venture down the pan.

Personally I think it is a very risky business approach to just rely on STR income to cover property investment.

The problem is many property investors saw it as easy money and didn't run their STRs as proper businesses.

I don't know why you expect Airbnb or any other STR marketing channel to cover your operating costs when there is an unexpected pandemic, that no-one could have foreseen.

We will be fortunate if Airbnb and other STRs are here at the end of this crisis.

In the UK mortgage breaks are available to help those who are struggling to make payments. Do you have those in the US?

[Juan63]

@Helen3  Assumptions galore. I never have expected handouts from Airbnb so I really don't understand your response.  No support from the mothership does equate to "pay my debts for me." I have ran a very successful design business for 15 years, so I don't really need business advice and I really don't feel the need to display my assets here, but thx. PLENTY of successful companies take out loans for cash flow.

Please don't be a negative Nancy. This post is to try and help others with SOLUTIONS.

[Helen3]

Hi @Juan63 

You complained about not getting by 'the mothership' so I assumed that like many other hosts here you were talking about financial help.  What other support were you referring to that you wanted from Airbnb?

I am not being negative - I suggest another source of help for hosts - mortgage breaks.

[Juan63]

@Helen3 we’ve beaten that horse to a pulp. If you don’t think Airbnb could have been more supportive of hosts by now, then not sure you will ever understand. I can not control what you assume a post means.

[Carol62]

Airbnb is eligible to apply for SBA loans. I certainly am going to at least apply. 

Why anyone would judge how you chose to handle your Airbnb listing is inappropriate at best and out of line for sure. 

[Sheila22]

@Helen3  Don't know why you are hanging around these posts all day which are of no interest or concern to you. 

[Carol62]

There are several other ways Airbnb can provide additional support to their host. I'm fairly sure it's not in reference to financial support. It certainly isn't for me. 

[Sheila22]

@Helen3 Airbnb broke binding contracts, between themselves and Hosts, and Airbnb enabled Guests to break contracts with Hosts.   We don't need Airbnb-apologists preaching to us about appropriate business practices at this time.  Ironic.

@Juan63   Thank you for sharing.

[Erin443]

@Juan63, I really appreciated the information. Thank you for trying to help us have some options. 🙂

[Juan63]

*doesn’t equate

[Sonia411]

Hi there, Thank you or your suppot, i  started  the application but i have some questions

can some one give me a hand please ?

Gross Revenue ?

Lost rents ... 

Can some want  can givme igures xamples please ? I have 4 properties 

thanks, Sonia

[Juan63]

@Sonia411  You should call the SBA. I am not qualified to give you advice.

[Sonia411]

ok Juan Thanks

[Juan63]

@Sonia411  

Webinar on the loan process

http://epages2.paychex.com/dc/FL7OPi4vv3_D-oL8n04y3-MRlGQNTIf_MtYvTpXNpphiGnJV2IxEeiH69amnbOtP1MUpUx...