Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 74866 times)

Offline sillypainter

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I see there there is no dedicated thread for SBA small business PPP loans and EIDL loans. So I am opening this thread.

Can anybody confirm if they were able to fill out an application at Chase https://recovery.chase.com/cares1 I tried filling out and I received an error. Was it maybe because I already filled out a form to get a call on Friday?

I also applied for EIDL loan, and I now see that you will get by this week $1K per employee. Anybody else filled out an EIDL loan form?

I alos filled out the Cross River bank PPP app through Eastern Union on Friday. So far I have not received a follow up. Anybody else? Whoever responds first, will get my application in.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1 on: April 07, 2020, 12:20:25 PM »
There's a thread on the Stimulus package as a whole with many of these discussed there.
I know some that submitted applications to Chase on Friday (for PPP).
I applied for EIDL but entity has no employees so not feeling very optimistic.
Be careful about submitting multiple applications. You can try with multiple banks before they request a signature, but once you're at the signature stage your application gets an SBA #, and you're certifying on the application that you're not submitting more than one.

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2 on: April 07, 2020, 12:30:19 PM »
There's a thread on the Stimulus package as a whole with many of these discussed there.
I know some that submitted applications to Chase on Friday (for PPP).
I applied for EIDL but entity has no employees so not feeling very optimistic.
Be careful about submitting multiple applications. You can try with multiple banks before they request a signature, but once you're at the signature stage your application gets an SBA #, and you're certifying on the application that you're not submitting more than one.

I think the small business loans deserve their own thread.. You are YOUR companies employee, so I hope you put 1 at least, so you will be getting $1K by this week.

I understand that I can't make multiple loan apps, just trying to see who gets back to me first. Nothing is done until I sign.

Offline ltttc

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3 on: April 07, 2020, 12:51:04 PM »
Just keep in mind that if you want PPP to be forgiven, you can't apply for EIDL as well

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4 on: April 07, 2020, 12:56:09 PM »
Can anybody confirm if they were able to fill out an application at Chase https://recovery.chase.com/cares1 I tried filling out and I received an error. Was it maybe because I already filled out a form to get a call on Friday?

Chase site is having trouble. On my computer I was getting stuck in a loop, but i managed to submit the application from my phone (using the desktop site).

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #5 on: April 07, 2020, 12:59:34 PM »
1. Can I get an EIDL grant and apply for a PPP loan?
2. Where am I best off applying for PPP if Iím an independent contractor thatís unincorporated and I donít have a business account (any account really) with an SBA lender?
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Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #6 on: April 07, 2020, 01:02:04 PM »
Just keep in mind that if you want PPP to be forgiven, you can't apply for EIDL as well

Wrong info. Check before you post.

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #7 on: April 07, 2020, 01:02:16 PM »
Just keep in mind that if you want PPP to be forgiven, you can't apply for EIDL as well

Are you sure? I thought that the amount of the PPP forgiveness is reduced by the Grant portion of the EIDL. So if you get $1k from EIDL and $20K from PPP only $19K of the PPP is forgiven.

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #8 on: April 07, 2020, 01:02:58 PM »
1. Can I get an EIDL grant and apply for a PPP loan?
2. Where am I best off applying for PPP if Iím an independent contractor thatís unincorporated and I donít have a business account (any account really) with an SBA lender?

Sole proprietors can get PPP loans, check out this guy on Youtube https://www.youtube.com/channel/UCigUBIf-zt_DA6xyOQtq2WA

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #9 on: April 07, 2020, 01:03:27 PM »
Are you sure? I thought that the amount of the PPP forgiveness is reduced by the Grant portion of the EIDL. So if you get $1k from EIDL and $20K from PPP only $19K of the PPP is forgiven.

Still doesnít mean you canít apply for both.
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Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #10 on: April 07, 2020, 01:03:30 PM »
Are you sure? I thought that the amount of the PPP forgiveness is reduced by the Grant portion of the EIDL. So if you get $1k from EIDL and $20K from PPP only $19K of the PPP is forgiven.

You got it.

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #11 on: April 07, 2020, 01:05:14 PM »
PPP will basically allow you to refinance the EIDL loan, so YES, you can get emergency cash through EIDL which will be given out this week. I don't think the SBA loan will start coming in this week, so EIDL will be quicker cash. You will however only get $1K per employee, that's what the SBA clarified yesterday contrary to everybody's believe that you will get 10K.

Offline mme

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #12 on: April 07, 2020, 01:06:50 PM »
1. Can I get an EIDL grant and apply for a PPP loan?
IIRC yes but the will subtract the amount of the grant off of the amount that will be forgiven

Offline mme

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #13 on: April 07, 2020, 01:15:03 PM »
Are you sure? I thought that the amount of the PPP forgiveness is reduced by the Grant portion of the EIDL. So if you get $1k from EIDL and $20K from PPP only $19K of the PPP is forgiven.
IIRC yes but the will subtract the amount of the grant off of the amount that will be forgiven
this is the sba website where they stat it clearly on page 15
https://www.sba.gov/document/policy-guidance--ppp-interim-final-rule

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #14 on: April 07, 2020, 01:19:15 PM »
Wrong info. Check before you post.
Thought so, but for most people there won't be much benefit to getting the EIDL if they also get the PPP.

A few possible benefits;
1 - Get money quicker (maybe)
2 - Less restrictions on what the EIDL can be spent on.
3 - Max loan amount for the EIDL is a lot higher so if you want a low interest loan (for the non-forgiven part).