Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 231164 times)

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1480 on: June 02, 2020, 07:52:35 PM »
I agree. I'm just in this constant state of apprehension about the SBA pulling a fast one...
What is the there to pull?? He asked a question if he can file for unemployment after he finishes PPP.. The answer I believe is Yes. nothing to be scared of SBA

Offline mgoldman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1481 on: June 02, 2020, 07:58:39 PM »
EIDL question: i was approved (not signed yet)as a self employed but i am not sure how i can use the funds as you are not allowed to use them only for operating expenses. can i use it for personal payroll like on the PPP?

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1482 on: June 02, 2020, 08:01:32 PM »
EIDL question: i was approved (not signed yet)as a self employed but i am not sure how i can use the funds as you are not allowed to use them only for operating expenses. can i use it for personal payroll like on the PPP?
Think yes. just not for the same period, however you can pay payroll for yourself for the next 30 yrs

Offline mgoldman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1483 on: June 02, 2020, 08:04:02 PM »
Think yes. just not for the same period, however you can pay payroll for yourself for the next 30 yrs
Thank you!

Offline mord1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1484 on: June 03, 2020, 12:35:45 AM »
the exact question is -  do I need to show payroll on june 30th or I can show through 6/15  and be fine- and not get penalized or have any issues?
it says on the forgivness application
"Enter the total number of employees at the time the Borrower is applying for
loan forgiveness."
how can i fire everyone before I actual apply for the forgivness with this line in there?

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1485 on: June 03, 2020, 01:30:51 AM »
FYI: Chase is now accepting PPP applications again.

Offline Abc1234561

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1486 on: June 03, 2020, 09:51:36 AM »
Applied with Dime on April 28. Funded today.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1487 on: June 03, 2020, 10:12:11 AM »
Applied with Dime on April 28. Funded today.

Application number? I applied with them early May and they supposedly got SBA approval, they’re still not done processing my application. Even if they reopen for more applications, only apply if you’re happy to wait forever for underwriting.

Offline Abc1234561

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1488 on: June 03, 2020, 10:14:36 AM »
Application number? I applied with them early May and they supposedly got SBA approval, they’re still not done processing my application. Even if they reopen for more applications, only apply if you’re happy to wait forever for underwriting.

2027

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1489 on: June 03, 2020, 10:38:23 AM »
2027

I must’ve applied sooner though, my application # is in the 1700s.

So much for “Applications will be processed in the order they were received”.

Offline yitz1000

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1490 on: June 03, 2020, 12:08:55 PM »
I fell off this thread for a bit the last week or 2 and I'm not sure if there were any changes to the limitations of 8/52 on self-employed in regards to PPP loan forgiveness. Specifically, I have 2 questions:

1 - Can expenses be counted for forgiveness if they are schedule C eligible but were not added to the schedule C submitted?
2 - Is there any allowance for bonuses for self-employed if 8/52 is less than $15,385 to reach this max?

Thanks!

Offline aygart

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1491 on: June 03, 2020, 01:27:26 PM »
Dear Business Client,
We’re accepting additional Paycheck Protection Program (PPP) loan applications and will process them until funds run out.

The PPP loans are designed to provide small businesses access to capital for payroll costs and other expenses. Funds are limited and subject to availability from the SBA. If you’ve already received funds through another lender, you will not be eligible for an additional PPP loan.

We encourage you to start the process quickly to get the funds you may need.
How to Apply
You should prepare the following to help expedite the process:
•     Confirm you can sign in to Chase Business Online and verify that you had a Chase Business checking account since May 1.

•     Calculate your average monthly payroll costs to determine your loan amount. For instructions, visit the SBA website.


•     Know the date you started your business and your annual revenue.

•     You will need to provide an email address, phone number and mailing address. Please check your spam folder and email privacy settings so that we can reach you.

Please make sure you have only one Chase.com browser window session open, or you may lose all of your work and have to restart your application.


Apply now

Once you’ve applied, you will be able to receive status updates for your loan application online. Our branch and call center teams can’t answer any questions about the program or the status of your loan application.

Thank you for being a Chase customer.

Sincerely,

Jennifer Roberts

CEO, Chase Business Banking
Feelings don't care about your facts

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1492 on: June 03, 2020, 03:28:52 PM »
I fell off this thread for a bit the last week or 2 and I'm not sure if there were any changes to the limitations of 8/52 on self-employed in regards to PPP loan forgiveness. Specifically, I have 2 questions:

1 - Can expenses be counted for forgiveness if they are schedule C eligible but were not added to the schedule C submitted?
2 - Is there any allowance for bonuses for self-employed if 8/52 is less than $15,385 to reach this max?

Thanks!

Based on the current rules:

1) Specifically says "to the extent that they were deducted on 2019 Schedule C", so no.
2) That's the whole point of the 8/52- so that there's no allowance for bonuses to SE individuals.

Offline mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1493 on: June 03, 2020, 04:20:07 PM »
This is till an outstanding issue for new 2020 businesses as well. What's owner comp forgiveness?

Per https://www.govinfo.gov/content/pkg/FR-2020-04-20/pdf/2020-08257.pdf it says that: SBA will issue additional guidance for those individuals with self-employment income who: (i) Were not in operation in 2019 but who were in operation on February 15, 2020, and (ii) will file a Form 1040 Schedule C for 2020.

I reached to the SBA after the forgiveness application was released to get clarity and was told by the rep that since she doesn't have an answer, her manager will call me back. That was Sunday so still waiting.

Any update on this?

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1494 on: June 03, 2020, 05:01:17 PM »
Any update on this?

Nope. No response and nothing new published on this.

Offline Yef

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1495 on: June 03, 2020, 06:00:17 PM »
Can someone apply for a ppp loan if he receieves a K1?

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1496 on: June 03, 2020, 06:14:06 PM »
Can someone apply for a ppp loan if he receieves a K1?

Depends on the type of K-1. Do a search in the thread it's been discussed.

Offline Yef

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1497 on: June 03, 2020, 06:47:11 PM »
I found it. Ty

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1499 on: June 03, 2020, 07:47:27 PM »
PPP Flexibility Act just passed in the Senate.