Posted on other board may be helpful
Posted: Tue Apr 07, 2020 11:41 am
Ladies apply today. You can apply by contacting your local bank. My bank was consumed by TD bank in the 2008 financial crisis. TD Bank put rules in place for me to apply .. needed to have my business checking with them. It didn't hurt that I already had a business line of credit with them. This requirement may be going away but, the response has been overwhelming for the PPP loans. Recently another 250 billion was allocated.
The loan amount you qualify for is 2.5X your average salary (up to a max of 100k). So, if you are lady that made 250,000 in 2019.. you could take a loan for 20,833.33 (100k max / 12 months 8,333.33 x 2.5). The loan is forgivable if you use it to pay salary (your brothel income), rent (what you pay for your room), and utilities. This should help cover some or most of the lost income while the brothels are closed.
What is you borrow more than what is forgivable.. no big deal. You have up to 2 years to pay the loan portion that is not forgivable at 1% interest. You can prepay the loan with no penalty.
I took the max loan for my business as I have employees, rent for two locations, and utilities.