🚨The US passed a $2T #COVID-19 stimulus.
💸Startups and SMBs can qualify for up to $10M in loans.
✅Our community pulled together a cheat sheet to see if you qualify.
🚣Plus other resources to stay afloat.
askalmanac.com/articles/13941…
💸Startups and SMBs can qualify for up to $10M in loans.
✅Our community pulled together a cheat sheet to see if you qualify.
🚣Plus other resources to stay afloat.
askalmanac.com/articles/13941…
2/ Stimulus TL;DR:
💵Loan max is $10M or 250% of annual payroll
🆓First 8 weeks of pay, rent/mortgage & utilities will be forgiven
😬Companies with 500+ employees don’t qualify (that includes employees of your investors’ portcos)
👴🏻For companies started before Feb 15, 2020
💵Loan max is $10M or 250% of annual payroll
🆓First 8 weeks of pay, rent/mortgage & utilities will be forgiven
😬Companies with 500+ employees don’t qualify (that includes employees of your investors’ portcos)
👴🏻For companies started before Feb 15, 2020
3/ For venture-backed startups:
If your raised from investors whose portcos have 500+ employees, there’s still hope.
The @nvca is advocating to the SBA to make the stimulus work for startups.
If your raised from investors whose portcos have 500+ employees, there’s still hope.
The @nvca is advocating to the SBA to make the stimulus work for startups.
4/ Disaster loans can also help:
💳$5-25K w/out collateral, up to $2M w/
🔻3.75% rate for businesses
🏢Use loans for payables, debt, payroll, and bills
🌲Up to 30 year terms
💳$5-25K w/out collateral, up to $2M w/
🔻3.75% rate for businesses
🏢Use loans for payables, debt, payroll, and bills
🌲Up to 30 year terms
5/ Cities and states have their own loans. So far:
🗽NYC: $27K grant, $75K loans
🚗MI: $10K grant, $200K loans
🏢Chicago: $50K loans
🏖️FL: $100K loans
⛰️Denver: $7.5K grant
🌟LA: $20K loans
🌉SF: $10K loans
🗽NYC: $27K grant, $75K loans
🚗MI: $10K grant, $200K loans
🏢Chicago: $50K loans
🏖️FL: $100K loans
⛰️Denver: $7.5K grant
🌟LA: $20K loans
🌉SF: $10K loans
6/ We’ll be updating our guide, so please DM us with additional resources!
Almanac ingesting new knowledge for you👇
Almanac ingesting new knowledge for you👇
8/ Do SBA affiliation rules apply to startups with SAFEs or convertible debt? Doesn't look encouraging:
"SBA treats [convertible securities] as though the rights granted have been actually exercised."
Thanks to @trevorloy for sharing.
sba.gov/sites/default/…
"SBA treats [convertible securities] as though the rights granted have been actually exercised."
Thanks to @trevorloy for sharing.
sba.gov/sites/default/…
10/ "Most early-stage venture backed businesses can qualify for [stimulus funds]."
An encouraging perspective from @neildugal that we're adding to our guide.
stimulusloan.org
An encouraging perspective from @neildugal that we're adding to our guide.
stimulusloan.org
