|
SIMPLE LOANS
LATEST SBA LOAN NEWS… Interstate 10 Freeway Fire EIDL The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses economically impacted by the Interstate 10 fire and road closures that occurred Nov. 11 - 19, 2023. SBA acted under its own authority to declare a disaster following a request received from Gov. Gavin Newsom on Jan. 25, 2024.
It is important that business owners in Los Angeles County apply for assistance to initiate an SBA application as a result of economic impact to their businesses. Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for small businesses and 3.25 percent for private nonprofit organizations with terms up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship. The Economic Injury Deadline is Oct. 28, 2024.
Beginning Jan. 30, SBA customer service representatives are available at the following virtual Business Recovery Center (below) to answer questions about SBA’s disaster loan program, explain the application process and help each business owner complete their application. The virtual center will be open on the days and times indicated below. No appointment is necessary. VIRTUAL BUSINESS RECOVERY CENTER Monday – Friday (5 days/week) 8:00 a.m. – 4:30 p.m. [email protected] (916) 735-1501 EIDL HARDSHIP NEWS
For COVID EIDL and PPP borrowers, the SBA has implemented a 60-day goodwill exception period lasting to March 3, 2024. However, an SBA representative confirmed to continue requesting your EIDL Hardship and PPP Forgiveness. They can always respond the time has elapsed to apply but you never know. https://www.sba.gov/article/2024/01/05/small-business-administration-announces-further-action-help-ppp-covid-eidl-borrowers#:~:text=For%20COVID%20EIDL%20and%20PPP%20borrowers%20with%20loans%20under%20%24100%2C000,lasting%20through%20March%203%2C%202024 __________________________________________________________________ PPP (PAYCHECK PROTECTION PROGRAM) FORGIVENESS
https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness Banks that are participating in the PPP Direct Forgiveness Portal https://www.sba.gov/document/support-ppp-lenders-participating-direct-forgiveness SIMPLE LOANS If you need a quick Loan from $ 1,000 to $ 25,000 with Limited Financial Documentation @ 0% for 12-36 months, you may want to consider applying to the organizations below. 1. Kiva Los Angeles Since 2005 KIVA has been helping borrowers crowd-Lend up to $ 15,000 @ 0% with payment terms of 12-36 months depending on the Loan you are awarded. Learn the 3 basic steps to getting a KIVA Loan. Register to take the next Webinar, “How To Succeed At Getting A Kiva Loan” on WENESDAY, March 20,2024 @ 3pm using the link below. https://neworg.ecenterdirect.com/events/1021931 2. Jewish Free Loan Association A Non-Profit organization offering interest free loans since 1904. Assisting all communities with 0% no fee loans up to $36,000. Must have a FICO score of 680+ for any request over $7,500 and two qualified guarantors. Loans under $7,500 require a FICO score of 580+ and one qualified guarantor. Must be a US citizen and complete an online application and submit supporting documents. A virtual interview is required, and the process generally takes 2-4 weeks. If approved, funds are deposited into your bank account and payment begins approximately 30-45 days after funding. Loans are paid back in 36 months. www.jfla.org 4. The Small Business Loan Guarantee Program IBank’s Small Business finance Center features a loan guarantee program designed to assist small businesses that experience capital access barriers. The Small Business Loan Guarantee program encourages lenders to provide funds to small businesses to help them grow and prosper. https://ibank.ca.gov/small-business/loan-guarantees/
March 12, 2024 |
