Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 72126 times)

Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #15 on: April 07, 2020, 01:25:05 PM »
Any way to update the EIDL application if I wrote 0 employees?

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #16 on: April 07, 2020, 01:50:44 PM »
Any way to check the status of the EIDL? I applied on 3/31 got a confirmation number and thats it.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #17 on: April 07, 2020, 01:55:58 PM »
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?

Pretty sure 1099 workers have to wait until April 10th to apply for the PPP.

Do you have a chase business credit card? I don't know if that's the best, but that might allow you to apply through them
« Last Edit: April 07, 2020, 02:07:13 PM by zh cohen »

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #18 on: April 07, 2020, 02:14:30 PM »
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).

EIDL is quicker, you will get it this week. $1K per employee.

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #19 on: April 07, 2020, 02:15:28 PM »
Any way to check the status of the EIDL? I applied on 3/31 got a confirmation number and thats it.

Nope. You will get $1K per employee this week as per SBA.

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #20 on: April 07, 2020, 02:37:23 PM »
You are YOUR companies employee, so I hope you put 1 at least, so you will be getting $1K by this week.

Not true by definition. I don't draw payroll from that entity (unearned income), so technically that entity has 0 employees (which is what I put on the application).

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #21 on: April 07, 2020, 02:42:58 PM »
Not true by definition. I don't draw payroll from that entity (unearned income), so technically that entity has 0 employees (which is what I put on the application).

If it's a company that you don't work for then it's an INVESTMENT for you. Usually the IRS requires you take some W2 payroll from a company that you WORK for.

Offline YSP

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #22 on: April 07, 2020, 02:48:51 PM »
Wells fargo said they are no longer accepting applications

https://update.wf.com/coronavirus/paycheckprotectionprogram/

Any other way to submit the application if it's not through your bank?

Offline herb

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #23 on: April 07, 2020, 02:49:54 PM »
Wells fargo said they are no longer accepting applications

https://update.wf.com/coronavirus/paycheckprotectionprogram/

Any other way to submit the application if it's not through your bank?
tried cross river?

Offline ltttc

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #24 on: April 07, 2020, 03:11:19 PM »
Wrong info. Check before you post.
Again, this is as per my accountant and I confirm with Roth & co too before posting. If you got different info, please provide the source as there's lots of conflicting info out there.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #25 on: April 07, 2020, 03:21:16 PM »
Again, this is as per my accountant and I confirm with Roth & co too before posting. If you got different info, please provide the source as there's lots of conflicting info out there.
You can apply to both programs, and roll your EIDL into your PPP, but your grant will be deducted from your PPP forgiveness.

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #26 on: April 07, 2020, 03:36:45 PM »
Wells fargo said they are no longer accepting applications

https://update.wf.com/coronavirus/paycheckprotectionprogram/

And just like that they made $500 Million...

Offline Dan

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #27 on: April 07, 2020, 04:35:39 PM »
So much for the 3BM, Chase has caught on  >:( ;)

Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #28 on: April 07, 2020, 05:09:24 PM »
When I go to Chase they tell you that you can fill out the form online, or if you get an error to fill out a call back form. I am the one getting the error message. Is anybody else getting an error? Not sure why they have the "official" error link. Looks very weird.

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #29 on: April 07, 2020, 05:21:44 PM »
I've spent countless hours researching the PPP. The way it's set up now, they clearly tried to plug most loopholes. But in the rush they did not close them all. However, when the dust settles a lot of people will get very nicely audited about their application. If you don't NEED it, don't sign up for it. Remember who you're dealing with here, the Feds themselves. PGFHGS. If you have doubts, wait for guidance, the program WILL NOT run out money for those who deserve it.

Do not lie on this question: "Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant. "