1
Show Posts
This section allows you to view all posts made by this member.
2
COVID-19 / Wuhan Novel Coronavirus Discussion / Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« on: May 19, 2020, 08:36:46 AM »
Two questions.
I see on the forgiveness form a place to put in if you received the EIDL advance. But it doesn't say anywhere on the form where you include that amount in your calculations! Are you supposed to subtract the amount on line 9?
I am an S corp and I pay myself payroll. Am I considered owner-employee? Would that mean I can't include state and local taxes in forgiveness? If I cant, can I raise my salary? Or include distributions (that go on a K1) into forgiveness?
I see on the forgiveness form a place to put in if you received the EIDL advance. But it doesn't say anywhere on the form where you include that amount in your calculations! Are you supposed to subtract the amount on line 9?
I am an S corp and I pay myself payroll. Am I considered owner-employee? Would that mean I can't include state and local taxes in forgiveness? If I cant, can I raise my salary? Or include distributions (that go on a K1) into forgiveness?
3
COVID-19 / Wuhan Novel Coronavirus Discussion / Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« on: May 17, 2020, 10:41:33 PM »
Im a S-corp and I usually write myself a check (or transfer into my personal) every 2 weeks. My accountant wants to switch to a monthly payroll schedule because since the forgivness loans arent clear, he wants that extra 2 weeks to get clarification. He says that the bank wont know that we used to have a bi-weekly payroll (as it based on last years 940 and 941) last year. I hear what he is saying but I also dont want to rock the boat with something unusual (monthly payroll not as common as bi-weekly, maybe they will ask for last year bank statements?).
Am I overthinking this? Is it better to wait and just do a monthly payroll and get clarification? My PPP loan was funded 2 weeks from tomorrow so if Im going to insist on a bi-weekly I need to cut a check tomorrow.
Am I overthinking this? Is it better to wait and just do a monthly payroll and get clarification? My PPP loan was funded 2 weeks from tomorrow so if Im going to insist on a bi-weekly I need to cut a check tomorrow.
4
COVID-19 / Wuhan Novel Coronavirus Discussion / Re: Will the truth come out how NYC & NYS made blunder after blunder?
« on: May 17, 2020, 11:31:51 AM »5
COVID-19 / Wuhan Novel Coronavirus Discussion / Re: Residential Mortgages
« on: May 12, 2020, 07:53:57 PM »Is there a way to undo a forbearance request?
I called my lender and cancelled my request. They sent me a letter a few days later stating the cancellation went through.
However I requested the forbearance and the cancellation before my mortgage was due. (Requested forbearance at beginning of April, put in cancellation a week later)
6
COVID-19 / Wuhan Novel Coronavirus Discussion / Free business credit report through Experian
« on: May 11, 2020, 07:12:09 PM »7
COVID-19 / Wuhan Novel Coronavirus Discussion / Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« on: May 07, 2020, 11:58:03 AM »
Zoom conference given by Roth and Co and with opening statements by someone in Aguda.
One of the topics is tuition and parsonage.
https://zoom.us/webinar/register/WN_47bBsIbiROu7j76c6tyMBQ
One of the topics is tuition and parsonage.
https://zoom.us/webinar/register/WN_47bBsIbiROu7j76c6tyMBQ
8
COVID-19 / Wuhan Novel Coronavirus Discussion / Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« on: May 05, 2020, 03:07:36 PM »Yesterday I called in to check what was going on after having the above for a few days. Rep said she'll forward file to supervisor. A few min later I had my loan docs, and a few min after signing they updated account to note that they disbursed the funds to the account selected.
Now this morning when I log in there's a new error, There was an error processing your documents, and that I should call them. Phones have been busy all morning.
Wondering if it's a legit error or if it's something like this:
Anyone else receiving this error?
Didn't get that error but try DMing them on Twitter. Very fast response.
9
COVID-19 / Wuhan Novel Coronavirus Discussion / Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« on: May 03, 2020, 12:29:25 PM »As of Apr 24 EIDL issues already "8 TRILLION" dollars in loans with the average loan being approx $200K
https://www.sba.gov/sites/default/files/2020-04/EIDL%20COVID-19%20Loans%204.24.20.pdf
https://www.sba.gov/sites/default/files/2020-04/EIDL%20COVID-19%20Advance%204.24.20.pdf
According to the top PDF you linked it's almost 8 billion in loans. Not 8 Trillion
10
COVID-19 / Wuhan Novel Coronavirus Discussion / Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« on: May 03, 2020, 10:44:18 AM »My understanding is that EIDL is always deducted from PPP forgiveness.
If you spend both on payroll they won't increase your forgiveness to the cumulative amount. The total of your PPP loan is what's eligible for forgiveness, and if you also recieved an EIDL you must roll that in.
Basically going for an EIDL does not increase your PPP. Think of it as one loan with different terms, capped at the total allowed by your PPP calc. If you use 1k from the EIDL bucket you must remove that 1k from the PPP bucket.
A) I though you arent allowed to use the EIDL and PPP for the same thing.
B) Is the EIDL taken off the top? Meaning let's say you got 20k PPP and have 2 employees (so 2k advance grant). If taken off the top that would mean you calculate your 75% payroll at 18k (13,500). If taken off at the end then would be 75% of 20k (15,000).
11
COVID-19 / Wuhan Novel Coronavirus Discussion / Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« on: May 01, 2020, 07:10:08 PM »I think Chase is underwriting, then submitting to SBA, and clearing funds quickly.
Other banks seem to getting the SBA approval first and worrying about the underwing later.
Any bank besides Dime doing that?
12
COVID-19 / Wuhan Novel Coronavirus Discussion / Re: Areivim USA - Coronavirus
« on: April 30, 2020, 08:21:38 PM »
I have never even heard if this organization!
So its usually $28 a month all while setting aside 100,000 per unmarried child under 35?
So its usually $28 a month all while setting aside 100,000 per unmarried child under 35?
13
COVID-19 / Wuhan Novel Coronavirus Discussion / Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« on: April 30, 2020, 11:42:23 AM »What does it mean getting an SBA loan number? Also it seems that besides signing the loan documents with the bank some here are saying that they are getting an SBA loan doc to sign? With Dina they give you a SBA form to sign but that's BEFORE getting any approval from the SBA
Some banks (for me only paypal) had you sign the loan document beforehand. This is the borrowers application.
Kabbage had me sign that afterwards. There were 2 other documents attached to the borrowers application (which paypal and I am assuming Dime didnt have). Resolution to borrow and SBA note. These had my loan number on it and name of the lender (which isnt Kabbage btw)
14
COVID-19 / Wuhan Novel Coronavirus Discussion / Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« on: April 30, 2020, 11:11:57 AM »I have a feeling that the Dime peeps will be the first celebrating here. I applied with Chase, don't want to do double apps because you sign that you won't apply twice but leaving people in the dark with canned email responses and NO ONE to talk to is also not fair.
Strongly advise you to apply with other banks. SBA seems to be throttling large banks to level the playing field (which as pointed above is ridiculous. A bank with thousands of branches shouldn't be on the same level as a bank with 2 branches but I digress). Chase said they submitted 200,000 apps. If they are being throttled to 350 an hour, you will probably get left in the dust
15
COVID-19 / Wuhan Novel Coronavirus Discussion / Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« on: April 30, 2020, 09:47:37 AM »I know of somebody who was excited seeing on Kabbage congratulations your loan has been approved. But if you read the small print it clearly says that the loan is still being processed. So if you're at the step where they ask for your bank info, do NOT here excited yet, read that small words on the bottom.
That's what my loan said. Read the small print as well and realized it just meant was sent to SBA, no guarantee. That's why I DM them on Twitter.