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/ 

[Timothy289]

@Juan63 When you applied, what did you list as “Business Activity” and “Detailed Business Activity” ??

[Juan63]

@Timothy289  I may have put something like Short Term Vacation Rental. But I wouldn't know the difference between the two questions.

[Juan63]

@Timothy289  Webinar on the loan process

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

[Timothy289]

@Juan63 Thanks for that info. 

on the current application for COVID-19 related loans the Business Activity is the industry. The only thing related to us says “Hotels and Lodging” then the detailed only options are Hotels and Timeshares. Is that different from when you applied?

[Juan63]

@Timothy289 definitely sounds different. I know late last week they had some hacking issues and they created a new form. Sorry I can not be any more help.

[Susan17]

Best of luck, @Juan63, @Timothy289 , @Sonia411 , @Carol62 , @Erin443 

Hope you all manage to get approved for what you need to carry you through. Every little helps! ;))

[Juan63]

@Susan17 Thank you Susan.  I'm taking a proactive approach just incase things get exponential worse.

[Erin443]

@Susan17 Thank you so much! It's really sweet of you to think of us. 🙂 I'm elbows deep in paperwork as we speak!

[Heather1051]

The SBA disaster relief loan advance seems to include loss of rental income. My question is, there's a line for "cost of goods sold" (which, if my research is correct, also means cost of services). Does this mean the cost of the rent or mortgage paid and/or the cost of the property manager/house keeper?

[Juan63]

@Heather1051 my uneducated guess would be N/A. To me it sounds like your cost of tangible goods that you sold. But I would be guessing. I think the best would be to call one of their counselors. 

[Samir36]

My accountant said hosting fee could be considered a COGS

[Maria12517]

Can I still apply even if I don't have a business? I run my Airbnb thru my personal social security and name. when it asks me about business name and trade name I guess I will just put my name? any ideas?

[Samir36]

I just put my name as sole prop

[Kay966]

Hello!

I was told to put my name for business name and trade name. Have you heard anything back yet???

[Caroline1599]

Hello! I planned to educate myself more on all of this during this tax season so my questions may seem fairly uninformed but I would appreciate any help:

I have only one Airbnb that I manage and clean for myself. I once in a while have another girl I pay to clean. 

Would this business be considered a sole proprietorship? Would my business name be Airbnb or the name for my listing?