Anyone else trying to figure out how to fill out SBA PPP Forms? Airbnb please help!!

[Brian-and-Leah0]

As you may know, SBA “CARES” Act has authorized loans and grants designed to help hosts during the COVID-19 crisis.   Specifically the 1) Paycheck Protection Program (PPP) and 2) Economic Injury Disaster Loan “EIDL”.  

What is less clear is how to apply for these programs and what documentation will be necessary.  

Here is the SBA form for PPP program:  

https://www.sba.gov/sites/default/files/2020-04/PPP%20Borrower%20Application%20Form.pdf

 I’ve asked Airbnb for guidance on how to apply for these programs but have not yet heard back.

Does anyone have any thoughts on how to fill out the form and/or calculate “monthly payroll” or EIDL  on form?  What supporting documentation will be necessary?  

I’ve also reached out to my banks (Chase and Wells Fargo ). Both are overwhelmed and are not taking applications or answering questions.  I’ve also heard that some banks are refusing to accept PPP applications unless you have a business account and/or mortgage or lending relationship with the bank.  

Given that Airbnb successfully lobbied congress on behalf of hosts for assistance I’d hope they’d also provide tools and streamlined documentation in support of our applications.  Specifically I’d appreciate a Q & A and/or webinar with information for navigating these programs & forms.  Time is of the essence as these programs are “first come first served” and currently capped at 350 billion.  

[Helen3]

I am rather confused why would you expect a company that you list your STR business with to help you fill out forms for a loan @Brian-and-Leah0 

I am not sure how payroll would apply to you unless you employ staff?

In my country STR is seen as rental income and has nothing to do with employment.

[Brian-and-Leah0]

@Helen3  because we are “partners” with Airbnb naturally.  Didn’t you know that?  All kidding aside,  Airbnb sent US based hosts all sorts of emails encouraging us to apply for relief grants/loans under the CARES act passed by our legislature.   Airbnb lobbied congress to specifically include “hosts” for inclusion in both PPP program and EIDL but provided very little guidance on how to avail ourselves of the program.  Given that hosts have to apply using certain codes (ie.  Nacis code 721199  for STRs) and that “payroll” has been expanded to include STR income this information would have been especially useful since as you noted many of us do not have “traditional” payroll and the banks are not sure how to categorize us.   

Also helpful would have been help navigating practical obstacles to the programs such as needing a business banking relationship etc.  This is not a big ask and could have been handled with a simple webinar. 

...In my country and for purposes of the CARES act—hosts are “self employed” or “sole proprietors” who are entitled to apply for grants for 2.5 months of lost net income, mortgage interest payments, utilities, etc.  In short, we are considered small businesses entitled to relief.    

And yes, many hosts employ full time staff... While I do not employ full time staff— I employ housecleaners, pool service, landscaper, pest control as independent contractors.   

[Lisa723]

@Brian-and-Leah0 I don't know much about the PPP but it doesn't seem to apply to Airbnb hosting, unless you have payroll to meet.

You can apply for the EIDL here:

https://covid19relief.sba.gov/#/

The process is very simple and only takes a few minutes.

[Brian-and-Leah0]

@Lisa723 Thanks.  I’ve applied for the PPP and will apply for EIDL loan as well.  ....The PPP can definitely apply to hosts.  Check with your accountant though as there might be a distinction between Schedule C vs. Schedule E income.  Definitely worth looking into as it covers, mortgage interest, net income, utilities, health insurance premiums, etc.  Good luck.  

[Stan-And-Juris0]

@Brian-and-Leah0   So what 1040 schuedule did your lender accepted?  Our tax was filed as schedule E, but the lender Kabbage says SBA won't take schedule E.  They'll take airbnb, but if it is schedule C, but we don't have employees.  We applied as sole proprietor, self employed.  Please help, if anyone knows how to go about this because we applied the first time PPP was offered, and because of back and forth with the lender about the schedule C vs E, we missed the deadline.  Now it is being offered again and the new deadline is Aug 8.  However, some lenders will take applications only until last week of July.

Need some help here, please!

[Timothy289]

@Lisa723 what did you put as Business Activity on the application? The only thing I see is hotel. Thanks!

[Lisa723]

@Timothy289 "hotels & lodging" then "none of the below"

[Kyle454]

Has anybody heard anything back once applied? I got a confirmation number, but nothing else. 

[Lucimar21]

I called the information line and was told they are behind and dont have access to my paperwork and just wait fir the email. Got no information after be 642 in the que and 2 hours on hold. Its a broken system. GLTA

[Rae-And-Stephen0]

Airbnb hosts generally SHOULD be eligible for the PPP/SBA loans. We just filled out our application and I am including the following links within an attachment to the application in case the lender questions eligibility:

https://www.airbnb.com/d/host-message

("We have worked together to secure support for hosts in the US Government’s recent COVID-19 Stimulus Bill. This legislation now allows for US hosts to take advantage of many relief measures, including small business grants, small business loans, and unemployment assistance. A huge thank you for the more than 105,000 calls and emails you made to members of Congress.")

and: https://www.nbcnews.com/health/health-news/blog/2020-03-25-coronavirus-news-n1168156/ncrd1169086#blo...

("Airbnb hosts can get small business loans through federal relief bill
Airbnb hosts will be eligible to receive small business loans and unemployment insurance through the coronavirus relief bill.

"We are deeply appreciative of bipartisan Senate and House leadership for recognizing there is a new sector of the workforce who depend on Airbnb for their monthly economic needs,” said Chris Lehane, Airbnb’s vice president of policy and communications.

The bill, as it is currently written, requires eligible borrowers to show that they need the loan because of the uncertainty of the economic crisis caused by the virus. The loan can only be used to maintain payroll, leases and utility payments.")

Hope this is helpful (and hope it works!)

[Tim670]

Has anyone secured PPP money yet? Not EIDL from the SBA but PPP from an SBA approved lender?

[Laurie336]

This article from CNBC offers some perspective on the situation of applying for these loans:  https://www.cnbc.com/2020/04/15/these-sba-emergency-business-loans-hit-by-delays-and-funding-issues.....

My conclusion after reading this is to be prepared to get less than what you need.  Also, I have discovered that at this time the only businesses that can apply for EIDL loans are agribusinesses.  If you applied before April 15 for either EIDL or PPP, your application may actually get processed (on a first-come, first-served basis) and you may receive some funds.  

It seems to me that a disaster of this scale should warrant more support for small businesses.  Should we all just apply using paper applications anyway, send a copy to Airbnb so they can see how many hosts actually applied, and then help Airbnb lobby Congress for more funding for the EIDL and PPP programs?