Vacation rentals and COVID 19
#1
Admirals Club



Thread Starter

I have read some of the regs on SBA but honestly have not had time to really read them all
Curious if anyone with vacation rentals has applied for the EIDL from SBA, right now our vacation home only has 1 week rented However we have been lucky, had LT renters in there since Oct and looks like they are staying through May
Our vacation rental is a 1065 partnership (my Sister and I ) and I am guessing summer rentals will be slim if any at all at this point
I do not want not want to apply right now in case this stuff gets out of here by end of May but do not want to miss out on this if we can do it
Curious if anyone with vacation rentals has applied for the EIDL from SBA, right now our vacation home only has 1 week rented However we have been lucky, had LT renters in there since Oct and looks like they are staying through May
Our vacation rental is a 1065 partnership (my Sister and I ) and I am guessing summer rentals will be slim if any at all at this point
I do not want not want to apply right now in case this stuff gets out of here by end of May but do not want to miss out on this if we can do it
#2
Admirals Club 


We own 3 vacation rental units and have lost over $30k in rentals due to cancellations so far. We have even had people want to cancel for July and one even wants to cancel for next year already. We applied this week. From what I understand, the funds may be limited and if you don't get an application before it's too late, it will be too late. I'm certainly no expert on this, but the answer to your question is "yes" we've applied.
#3
Admirals Club



Thread Starter

We own 3 vacation rental units and have lost over $30k in rentals due to cancellations so far. We have even had people want to cancel for July and one even wants to cancel for next year already. We applied this week. From what I understand, the funds may be limited and if you don't get an application before it's too late, it will be too late. I'm certainly no expert on this, but the answer to your question is "yes" we've applied.
Thanks
Will fill out app today, been doing these for clients since last Friday or getting their information for PPP programs
By way there is more money coming it appears
#4
THT Sponsor


Join Date: Mar 2007
Location: Wisconsin And Marathon,Fl
Posts: 9,173
Received 2,523 Likes
on
1,146 Posts

We own 3 vacation rental units and have lost over $30k in rentals due to cancellations so far. We have even had people want to cancel for July and one even wants to cancel for next year already. We applied this week. From what I understand, the funds may be limited and if you don't get an application before it's too late, it will be too late. I'm certainly no expert on this, but the answer to your question is "yes" we've applied.
#5
Admirals Club



Thread Starter

You are talking at about the PPP
The other one is the EIDL which is a “non repayable loan” (grant ) that you can apply for. That one is VERY simple and takes about 5 minutes on the SBA website
#6
THT Sponsor


Join Date: Mar 2007
Location: Wisconsin And Marathon,Fl
Posts: 9,173
Received 2,523 Likes
on
1,146 Posts

Thank you, I filled it out, I see one of the questions asked is, how much have you lost? How in the world can you answer that, as we won't know for a while.
#7
Admirals Club 


My wife does all of the accounting, so, she's been handling the application and is currently working on the next one (but I'm not sure which program she's looking into). I'll ask which direction she is headed for the amount over $10k and will update it if I don't drink to much bourbon again tomorrow night.
#8
Senior Member


Feel for you. Think about it.
Who is buying appliances or having work done at their homes?
Who is buying cars. boats or other big ticket items?
Who is going to sell a house and have who knows who with who knows what that sticks around for days in and who is going to go in to a house to look around?
Who is going to rent a place that rents by the week?
This environment is more than toxic to some folks.
Who is buying appliances or having work done at their homes?
Who is buying cars. boats or other big ticket items?
Who is going to sell a house and have who knows who with who knows what that sticks around for days in and who is going to go in to a house to look around?
Who is going to rent a place that rents by the week?
This environment is more than toxic to some folks.
#9
Senior Member

We have 3 vacation rentals as well and went for the FEMA Covid money. Our counties shut down lodging on March 15. Everybody out. The time is indefinite. We are in Western North Carolina. My retail stores also closed. Tourism here is non-existent. We have lost about $20,000 for March and April now.
#10
Senior Member

it is an advance for the EIDL loan of "up to" 10k which whatever amount they advance you won't have to repay, even if you don't qualify for the loan.
so what we don't yet know is:
- when the hell anyone will get it because it was supposed to be in 3 days but hasn't been
- how much you will get
- this is per taxable entity aka EIN/ TIN so some people may qualify multiple times
- what requirements need to be met later on to qualify for non repayment/grant status, if any. Some possible Ex: you actually have to apply with an SBA lender and accept a loan if offered, or complete an application which is SBA reviewed by a certain date.
I admit I don't know many details, but it seems nobody does yet. So just be aware it may not be be $10k and who knows what devils are in the details.
#11
Admirals Club



Thread Starter

let's clarify this some.
it is an advance for the EIDL loan of "up to" 10k which whatever amount they advance you won't have to repay, even if you don't qualify for the loan.
so what we don't yet know is:
- when the hell anyone will get it because it was supposed to be in 3 days but hasn't been
- how much you will get
- this is per taxable entity aka EIN/ TIN so some people may qualify multiple times
- what requirements need to be met later on to qualify for non repayment/grant status, if any. Some possible Ex: you actually have to apply with an SBA lender and accept a loan if offered, or complete an application which is SBA reviewed by a certain date.
I admit I don't know many details, but it seems nobody does yet. So just be aware it may not be be $10k and who knows what devils are in the details.
it is an advance for the EIDL loan of "up to" 10k which whatever amount they advance you won't have to repay, even if you don't qualify for the loan.
so what we don't yet know is:
- when the hell anyone will get it because it was supposed to be in 3 days but hasn't been
- how much you will get
- this is per taxable entity aka EIN/ TIN so some people may qualify multiple times
- what requirements need to be met later on to qualify for non repayment/grant status, if any. Some possible Ex: you actually have to apply with an SBA lender and accept a loan if offered, or complete an application which is SBA reviewed by a certain date.
I admit I don't know many details, but it seems nobody does yet. So just be aware it may not be be $10k and who knows what devils are in the details.
Agreed
Not a lot of detailed information
My issues with applying for EIDL right now is we technically have not lost any revenue to this point Long term renters been in since Oct and leaving end of April, possibly could stay through May (told agent whatever they would pay to take it basically )
With that said I see only 1 week booked in summer and quite honestly that is when we normally collect 90% of rents (this winter has been a lifesaver so far).
So I can not in good faith say we have lost any revenue as of today but I am sure by summers end that will be much different Not sure if I have to wait until later on to complete the app and submitted it and do not want to collect something we are not entitled to
#12
Senior Member

Agreed
Not a lot of detailed information
My issues with applying for EIDL right now is we technically have not lost any revenue to this point Long term renters been in since Oct and leaving end of April, possibly could stay through May (told agent whatever they would pay to take it basically )
With that said I see only 1 week booked in summer and quite honestly that is when we normally collect 90% of rents (this winter has been a lifesaver so far).
So I can not in good faith say we have lost any revenue as of today but I am sure by summers end that will be much different Not sure if I have to wait until later on to complete the app and submitted it and do not want to collect something we are not entitled to
Not a lot of detailed information
My issues with applying for EIDL right now is we technically have not lost any revenue to this point Long term renters been in since Oct and leaving end of April, possibly could stay through May (told agent whatever they would pay to take it basically )
With that said I see only 1 week booked in summer and quite honestly that is when we normally collect 90% of rents (this winter has been a lifesaver so far).
So I can not in good faith say we have lost any revenue as of today but I am sure by summers end that will be much different Not sure if I have to wait until later on to complete the app and submitted it and do not want to collect something we are not entitled to
so if you believe you have, by way of cancellations or not receiving bookings like you have in years past, that may qualify.
Hey, it may even be summer by the time this thing rolls out anyway! I doubt SBA would be on your case if you sent them the "up to 10k" back if it turns out you aren't impacted.
#13
Senior Member



Join Date: Jan 2005
Location: Suburb of Sugar Tit SC
Posts: 14,347
Received 9,224 Likes
on
4,981 Posts

Agreed
Not a lot of detailed information
My issues with applying for EIDL right now is we technically have not lost any revenue to this point Long term renters been in since Oct and leaving end of April, possibly could stay through May (told agent whatever they would pay to take it basically )
With that said I see only 1 week booked in summer and quite honestly that is when we normally collect 90% of rents (this winter has been a lifesaver so far).
So I can not in good faith say we have lost any revenue as of today but I am sure by summers end that will be much different Not sure if I have to wait until later on to complete the app and submitted it and do not want to collect something we are not entitled to
Not a lot of detailed information
My issues with applying for EIDL right now is we technically have not lost any revenue to this point Long term renters been in since Oct and leaving end of April, possibly could stay through May (told agent whatever they would pay to take it basically )
With that said I see only 1 week booked in summer and quite honestly that is when we normally collect 90% of rents (this winter has been a lifesaver so far).
So I can not in good faith say we have lost any revenue as of today but I am sure by summers end that will be much different Not sure if I have to wait until later on to complete the app and submitted it and do not want to collect something we are not entitled to
#14
THT Sponsor


Join Date: Mar 2007
Location: Wisconsin And Marathon,Fl
Posts: 9,173
Received 2,523 Likes
on
1,146 Posts

This is also my plan if I really see .1 cent. But I know in my case, I have an 11 year history of what I have reported on my taxes as income from my rental to make a case of lost income.