Small, self-employed individuals who can prove they could not have made payroll on their own before October 1, 1999, or who use small business provisions, such as filing Form 5562, as part of their regular business practices. Any self-employed person who is a member of a union, self-employed individual, or member of a joint venture, as defined in IRC Section 439(m).
Does the Small Business Administration (SBA) approve grants?
Not on the spot. To be eligible for a small business grant, the applicant must provide proof that it is eligible. The SBA may approve a grant if it determines that an applicant meets its eligibility criteria, but it may also reject the grant. The SBA will also consider a list of small business and subcontractor interests proposed by the recipient with a view toward the grant’s distribution, but it may reject grant proposals simply on the basis of financial adequacy.
How much does the small business grant cover?
The SBA distributes grants to qualifying small business concerns that employ between eight and 12 people. The recipient’s average monthly payroll in 1999 was around $8,000 or less. It was not necessary for a qualifying small business to open a physical branch to obtain a small business grant. Generally, the maximum annual small business grant is $150,000.
Why should I go through the Small Business Administration (SBA)) to get a small business loan?
The SBA is a federal government agency and there may be federal regulations that require participation in a Federal loan plan. The government often imposes requirements to promote borrower responsibility. The SBA is very knowledgeable about all federal loan programs so that a prospective recipient can determine whether they are eligible for a financial assistance loan if he or she is unable to secure a small business loan through traditional funding sources.
Is a small business loan a guaranteed loan?
No, it is an escrow loan that protects the borrower from default and allows the loan administrator to make a partial or full recovery from the borrowers. Most often, a small business loan is a type of insurance against loan defaults and the loss of the borrower. It is important that every borrower understands their rights and that they check their debt in writing prior to signing a loan application, otherwise the loan administrator may take actions that reduce the borrower’s credit standing.
What should I know about small business loans before you apply?
Borrowers should be prepared to answer the following questions:
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