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Inquiring about eligibiliy for ppp cares act loan

2 REPLIES

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Hi Robert.  At this time, USAA does not participate in this program. I would recommend you visit www.sba.gov to find a list of participating lenders. In the event USAA does participate in the program, we will update this information on USAA.com. If you already have a loan with USAA, please chat or call us to see how we can assist you.  You may reach us at 1-800-531-8722 or 210-531-8722 or #8722 from a mobile device. Our normal business hours are Monday - Friday 5:00 a.m. to 12:00 a.m. CT; Saturday 6:00 a.m. to 10:00 p.m. CT and Sunday 8:00 a.m. to 6 p.m. CT.  Here are also some available webpages to visit regarding the PPP: https://www.sba.gov/paycheckprotection/find and https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-pp....  Hope this helps. ~Jen

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As it was explained to me a few days ago, by a very kind person in the Local Branch of the SBA there are three different types of loans under the CARES Act.

1. EIDL Advance; ECONOMIC INJURY DISASTER LOAN "Advance" up to $10,000 that as I understood it, does not have to be repaid.

2. PPP Loan:  PAYCHECK PROTECTION PROGRAM.  This is a loan that mostly benefits companies with employees inasmuch as 75% is supposed to be used  to keep employees on the payroll. 25% can be used for Utilities, Rent etc

3. I don't recall  the third type, but it almost blows your mind trying to figure which one fits your particular situation.

In NY State, each county (or Region) seems to have an SBA office. I got better info from the local office, without having to go thru 5 minutes of pressing Menu choices by using the National Offices.

 

I received 1k from the advance application (which I don't believe has to be paid back) and was just notified of approval of 20k on the EIDL Loan app. I believe the EIDL is a 30 year payback at 3.75% APR and the payback is not required for 1 year. I AM STILL READING the 11 pages of (fine print) conditions attached to the approval. Haven't received any money yet, but the approval was two days ago and I submitted the application in mid April.

 

In fact, amidst the confusion, I had forgotten that I submitted the EIDL application and was delighhted and surprised when the eMail approval arrived.

 

Best of furtune as it's a muddy road, but apparantly, a little guy can still get through. I  am self employed with no employees.

 

HTH