Landlords: getcha free money !

[calmloki]

https://www.sba.gov/funding-program...onomic-injury-disaster-loan-emergency-advance

Several weeks ago I applied for this SBA loan/grant program. 2-3 page form which was stupid simple and did want my bank routing and account number. The program was instantly overwhelmed and the grants were shrunk. Never heard word one as far as a call or email or letter. Today one of our accounts had a mystery $1000 deposit shown as SBAD TREAS 310. Googling indicates that is the code for the EIDL grants. Anyone else apply? Maybe check your bank account...

 

[Winemaker]

I wouldn't apply unless I needed it, but thanks. All 7 of my tenants are up to date and paid in full.

 

[Sunset]

Great !
Be sure not to spend it all at once....

 

[freedomatlast]

I didn't apply. My tenants are all still working and none are behind on rent.

 

[pacergal]

A family member did and got the same amount.

 

[calmloki]

We had most pay in April but did have some moveouts which may be difficult to fill. More concerned about the next 3-4 months. We had paid our substantial taxes on the 15th just to have that off the plate and actually thought the $1000 represented them catching an error really really fast. Or a mistake in sending us some part of the $1200 stimulus we aren't getting. Sad thing is that I pointed this program out to several who do need it, fed them the links and instructions on how I had done it, and they didn't apply.

 

[Starsky]

We're all concerned about what could happen, but all my tenants paid on-time in April.

Everyone who applied got an immediate $1K no questions asked; while their application is being reviewed. I feel bad for the independent service workers who got slammed on Day 1 and couldn't even get access to the application, the program ran out so fast.

Just goes to show you what big business really thinks about the 'welfare state' - Good for me, not for thee....

 

[Sunset]

We had most pay in April but did have some moveouts which may be difficult to fill. More concerned about the next 3-4 months. We had paid our substantial taxes on the 15th just to have that off the plate and actually thought the $1000 represented them catching an error really really fast. Or a mistake in sending us some part of the $1200 stimulus we aren't getting. Sad thing is that I pointed this program out to several who do need it, fed them the links and instructions on how I had done it, and they didn't apply.

If I had known, I would have applied. Never even thought about it
Good for you !

 

[Letj]

Long time landlord here. I applied several weeks ago and hadn’t heard back. Capital One alerted me last week to a credit inquiry and I noticed it was from SBA but haven’t received anything yet. Is the $1,000 just an initial deposit while they consider how much else to lend you? Three tenants out of 44 did not pay. More lost their job but unemployment kicked in for them so I am not feeling too much pain yet. I worry about the next few months.

 

[harley]

One of my two tenants lost their jobs and has only made partial payments this month. The other is up to date. I'm not going to push on the one that's having problems. I'm pretty set financially, but I've faced hard times in the past and being given a break was always very welcome. Hopefully they'll be able to get back on their feet soon. It's not like I can do anything anyway, with the non-eviction laws currently in place.

But I didn't apply and don't intend to at this point.

 

[michelek]

The EIDL (forgivable) advance was supposed to be $10,000 until too many people applied. Then they switched it to $1000 per employee.
The advance is a grant and will not need to repaid (as of the last time I looked - until they change the rules again). It also may impact any PPP loan you get. The SBA website along with many real estate podcasts like Kathy Fetke, Jason Hartman, Bigger Pockets, have numerous updates on how the two loan programs work together.
I do not know what happens if you applied for the EIDL and the PPP and get both but just intended to get one. My feeling is you should return one. You should return whichever is the least advantageous to your company.

Bottom line is there is no free money.
Buyer beware.

 

[rodi]

I didn't apply. My tenants are all still working and none are behind on rent.

Same. Our tenants are working from home, but still employed. We pay for water - and with them home it might go up a bit... but I'm not to worried about it.

 

[Bongleur]

Does this program apply to a person who does not have a separate business as a rental company, but is just renting their own property -- so the money flows into their personal income directly? I think the phrase is not being "Qualified" -- you cannot deduct your time & expenses for managing it.

if so... what govt web page do you goto to start the process, once the tenant misses a payment?

 

[calmloki]

Does this program apply to a person who does not have a separate business as a rental company, but is just renting their own property -- so the money flows into their personal income directly? I think the phrase is not being "Qualified" -- you cannot deduct your time & expenses for managing it.

if so... what govt web page do you goto to start the process, once the tenant misses a payment?

EIDL is not currently available, but check the link in the first post of the thread..