Image via Adobe Stock
Image via Adobe Stock
The experts at Grant Kaplan have told us that you can receive a stimulus grant for $10,000 as a forgivable loan if you make your application through the SBA, which is the small business administration. This is the economic injury disaster loan from the small business administration. This is the stimulus loan, but in reality, the stimulus bill makes this a stimulus grant. Therefore, this is like free money to small business owners, independent contractors, and sole proprietors.
For all non-immigrant visa holders, including L-1, E-2, all Green Card holders, and United States citizens, this will be a refundable loan or may otherwise be deemed to be a public charge.
There is urgent and available funding for business and sole proprietors, as well as independent contractors. This is on a first-come-first-served basis until the funds are depleted and therefore needs to be filed for as soon as possible.
You will need to have filed a tax return at least and be able to show that you have been operating.
When can I apply?
Starting 3 April 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
Who can apply?
All businesses — including nonprofits, veterans organisations, tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors — with 500 or fewer employees can apply.
What do I need to apply?
You will need to complete the Paycheck Protection Program loan application and submit the application with the required documentation to an approved lender that is available to process your application by 30 June 2020.
What other documents will I need to include in my application?
You will need to provide your lender with payroll documentation.
Do I need to first look for other funds before applying to this programme?
No. Grant Kaplan is waiving the usual SBA requirement that you try to obtain some or all of the loan funds from other sources.
How long will this programme last?
Although the programme is open until 30 June 2020, you are encouraged to apply as quickly as you can because there is a funding cap and lenders need time to process your loan.
How many loans can I take out under this programme?
What can I use these loans for?
You should use the proceeds from these loans on your:
What counts as payroll costs?
Payroll costs include:
How large can my loan be?
Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualised for each employee.
How much of my loan will be forgiven?
You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the eight weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
You will also owe money if you do not maintain your staff and payroll.
When is my loan due?
In two years.
Can I pay my loan earlier than two years?
Yes. There are no prepayment penalties or fees.
Do I need to pledge any collateral for these loans?
No. No collateral is required.
Do I need to personally guarantee this loan?
No. There is no personal guarantee requirement. However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against you.
What do I need to certify?
As part of your application, you need to certify in good faith that:
To get assistance with any of these, or any other immigration concerns or requests, please contact Grant Kaplan. Grant Kaplan provides people with help on a variety of immigration issues and is aware of the implications the unprecedented lockdown is having on US immigration.
Telephone: +1 561 3478440