Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 230917 times)

Offline Tzadik Nistar

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1660 on: June 16, 2020, 12:27:09 PM »
Anyone got approved for PPP with self employed income reported on Schedule E?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1661 on: June 16, 2020, 12:35:42 PM »
Anyone got approved for PPP with self employed income reported on Schedule E?

Schedule E is not eligible for PPP as it's considered passive income.

Offline mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1662 on: June 16, 2020, 12:53:24 PM »
PPP and EIDL are under same login or need to setup separate login to add loan?
Same login

Offline bp27

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1663 on: June 16, 2020, 12:59:28 PM »
I applied for PPP for 2 different companies via Kabbage over 6 weeks ago and the applications were still "under review".

Based upon recommendations found here, I applied via Bluevine on Sunday. Got approval for one almost instantly, and funds were in the account by Tuesday. The second company got approved today (Tuesday).

Just a heads up in case anyone else is still waiting on Kabbage. Thanks all for the Bluevine reccomendation!

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1664 on: June 16, 2020, 01:06:26 PM »
Same login

Yup, same login for me too.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1665 on: June 16, 2020, 01:07:24 PM »
Helping someone with an EIDL. He just received his loan docs and his loan amount is 25k.
His 2019 revenue was 250k+, no COGS. He entered 26k as "Lost Rent" disaster effect.
Any way to get his loan increased to 150k? Can agents increase loans?

Definitely worth trying to get them to recognize the higher number.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1666 on: June 16, 2020, 02:08:56 PM »
Same login
Now I see just my PPP how do I add another loan to it?

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1667 on: June 16, 2020, 02:34:53 PM »
Just signed in to accept my loan amount, 2 minutes later I received a phone call from SBA that they cant verify my bank account since I didnt write if its a checking or a saving, she told me that they are deleting my bank info and I should re-enter it while they are on the phone with me. got it done in 2 minutes.
For all those upthread who had issues with bank account could be this was the issue

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1668 on: June 16, 2020, 02:40:27 PM »
Just signed in to accept my loan amount, 2 minutes later I received a phone call from SBA that they cant verify my bank account since I didnt write if its a checking or a saving, she told me that they are deleting my bank info and I should re-enter it while they are on the phone with me. got it done in 2 minutes.
For all those upthread who had issues with bank account could be this was the issue

Did you get your advance? If not, you should have asked.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1669 on: June 16, 2020, 02:42:00 PM »
Did you get your advance? If not, you should have asked.
Whats the difference. I anyway got PPP

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1670 on: June 16, 2020, 02:44:15 PM »
Whats the difference. I anyway got PPP

In case you have issues with forgiveness? Itís definite money now vs. probably money later.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1671 on: June 16, 2020, 02:46:13 PM »
Helping someone with an EIDL. He just received his loan docs and his loan amount is 25k.
His 2019 revenue was 250k+, no COGS. He entered 26k as "Lost Rent" disaster effect.
Any way to get his loan increased to 150k? Can agents increase loans?
Additionally, you may request a loan increase for additional disaster-related damages as soon as the need for additional funds is discovered. However, the SBA will not consider a request for a loan increase received more than two years from the date of loan approval unless, ďthere are extraordinary and unforeseeable circumstances beyond the control of the borrower.Ē

https://www.forbes.com/sites/brianthompson1/2020/05/20/sba-approving-economic-injury-disaster-loans-eidls-what-you-need-to-know/#3bf1dac36120

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1672 on: June 16, 2020, 02:50:43 PM »
In case you have issues with forgiveness? Itís definite money now vs. probably money later.
Oh my.... What issues.... with 24 weeks

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1673 on: June 16, 2020, 03:11:21 PM »
Oh my.... What issues.... with 24 weeks

You got your PPP loan from Dime, considering what they did with processing Iím not too hopeful forgiveness will be a quick or painless process for you. Personally Iím skeptical even with the ďeasierĒ banks/platforms.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1674 on: June 16, 2020, 03:16:39 PM »
You got your PPP loan from Dime, considering what they did with processing Iím not too hopeful forgiveness will be a quick or painless process for you. Personally Iím skeptical even with the ďeasierĒ banks/platforms.
Sorry but this is called paranoid.
#1 as I wrote already upthread I had the best experience with Dime as they included all my retirement income vs kabbage did not. It just takes them long to process which is frustrating but it was worth the wait to receive additional 24K.
#2 I have regular payroll not SE. with 24 weeks I just submit my payroll report

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1675 on: June 16, 2020, 03:28:35 PM »
Sorry but this is called paranoid.
#1 as I wrote already upthread I had the best experience with Dime as they included all my retirement income vs kabbage did not. It just takes them long to process which is frustrating but it was worth the wait to receive additional 24K.
#2 I have regular payroll not SE. with 24 weeks I just submit my payroll report

The two of us have different situations, different experiences, and different conclusions.

Offline ual902

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1676 on: June 17, 2020, 08:03:58 AM »
Is this loan forgivable? https://covid19relief.sba.gov/#/

If yes what are the chances of approval?

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1677 on: June 17, 2020, 08:28:12 AM »
Is this loan forgivable? https://covid19relief.sba.gov/#/

If yes what are the chances of approval?
No. Only the advance part which us 1K per employee, 10 employees max. If you didnt receive PPP.

Looks like 98%....

Offline TBD

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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1679 on: June 17, 2020, 08:31:34 AM »
Loan approved.

Mazal Tov! Loan docs means youíre approved. Did they already fund you?