Are You Eligible for a Disaster Relief Loan From the SBA? — Joseph Amato CalNeva Law Podcast

Joseph Amato is the District Director for the SBA’s Nevada District Office as of 2017. A former executive and business leader with over 30 years of experience in small business development and commercial lending, Amato oversees the delivery of Small Business Administration services in Nevada from the SBA’s Las Vegas District Office and Reno area office. Today, he offers advice on how small business owners can apply for the SBA’s EIDL (Economic Injury Disaster Loan) Program and the PPP Loan (Paycheck Protection Program).
 
Highlights:
What do small businesses need to know about the current SBA programs offered in the midst of a crisis? The PPP affords a business eight weeks of average payroll to pay their employees to bring them back to employment. What businesses are eligible for this loan? Who cannot apply for the PPP? You can only include an employee’s payroll up to $100,000 a year. When you’re looking at the PPP, you’re really focused on forgiveness of debt. What would lenders need from you? Payroll records, payroll tax records, and 1099 or Schedule-C forms. You get the EIDL at SBA.gov and you get the PPP loan you get through your area lender. Will the money run out? Some business owners are having trouble with this. What should you do if a lender isn’t responding? Are banks showing favoritism to larger accounts?  
Resources:
Suttonhague.com
Calnevalaw.com
Sba.gov
Sba.gov/disaster
Sba.gov/paycheckprotection/find
Kabbage.com
Ondeck.com
If you’re in Nevada email Joseph: Joseph.Amato@sba.gov