Brandon Pearson: The amount of your eligibility is based on things that you paid pro or any mortgage payments, whether it’s, for your practice or on your building. If you own the building, any rent payments, including rent under a lease agreement, payments on any other debt obligations, and then you take what you paid for that year, and multiply it by four and whatever that number is, if you spent, you know, if all those things cost you $100,000, you’d be eligible for a loan of $400,000, or up to $10 million. But hopefully, we don’t have to go that high. you’re allowed to use it for all the same types of things. Payroll, even if it’s for paid sick medical or FMLA leave, anything that has to do with health care benefits for those people who are in that time, employee salaries, mortgage and rent, payments, utilities, and any other obligation that was incurred before the coverage periods.
Brandon Pearson: So before March 1st, there is some information on these for loan forgiveness. we’re not very many deep details in the, and the, and what I read in the Senate package that, explain how this loan forgiveness work. it did say though it would be equivalent to the amount that you could receive and a loan benefit that you could use as, as forgiveness. Kind of wipe it clear and, and, and go from there. So there’s more information that should come out on that. Also, prepayment penalties. Typically with SBA loans, there are prepayment penalties, but if you would like to start paying on these loans, if you do get one, most payments won’t start until January 2021. You are allowed to start making payments before then if you would like, the other type of SBA alone that, that could benefit you is one that’s been around for a while. This economic injury disaster loan program provides pretty low-interest rates. these are to be used as working capital type loans to help you, forward your business and you can be loaned up to $2 million.
Brandon Pearson: Another type of loan is called the SBA express bridge loan. And this loan is, is used to bridge the gap between applying for either the economic impact loan or the small business interruption loan. You can get up to $25,000, and they essentially just, deduct that amount from the overall proceeds of your loans. So this is just a short term to get you by until your loan gets funded.