Do I have any other options? Copyright, Trademark and Patent Information, An individual who operates as a sole proprietorship or as an independent contractor, A private nonprofit organization that is a nongovernmental agency or entity, Any illegal activity as defined by the federal government, Any activities of a prurient sexual nature, Earning more than one-third of its gross income from legal gambling activities. According to the Wall Street Journal, it usually takes SBA around one month to process a 7(a) loan. In response to the COVID-19 pandemic, the CARES Act established eligibility for two SBA loan programs: Section 7(a) Payroll Protection Program loans (PPP) and Construction and real estate Both of these loan programs offer a number of advantages for real estate agents. Lets say you have a regular, ongoing sole proprietorshipwith no employees, and your businesshas been in operation for at least a full year. The lender may require the EBL borrower to pay the loan, in part or in full, if the borrower is approved for long-term disaster financing (such as an EIDL) that allows loan proceeds to be used for EBL loan reimbursement. When can I submit my loan forgiveness certification or application? Must be able to provide acceptable form of government-issued photo ID. So, while the housing market may be hot, theres a ton of competition to contend with. Between March 2020 and February 2021, SBA provided about 3.8 million low-interest EIDL loans and 5.8 million grants (called advances) totaling $224 billion to help However, keep in mind that all loan proceeds for borrowers without employees can be attributed as proprietor expenses or owner income replacement, and there is no need for these borrowers to attribute any of the loan proceeds to the non-payroll costs category. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. WebI was offered $150k on the Economic Injury Disaster Loan (EIDL) - should I take it? Step 4: Add the outstanding amount of any Economic Injury Disaster Loan (EIDL) made between January 31, 2020 and April 3, 2020 that you seek to refinance, less We have not reviewed all available products or offers. Business finance If you are applying for a second draw PPP loan, the best option may be to work with the lender that provided you with the initial PPP loan.