Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535996 times)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1880 on: June 26, 2020, 02:05:27 PM »
Did the SBA pull the 06/16/20 updated forgiveness application?
I wasn't able to access from their site this morning, but was able to access it via direct link. Now the direct link is returning an error as well.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1881 on: June 26, 2020, 02:15:07 PM »
Did the SBA pull the 06/16/20 updated forgiveness application?
I wasn't able to access from their site this morning, but was able to access it via direct link. Now the direct link is returning an error as well.
https://www.sba.gov/sites/default/files/2020-06/PPP%20Loan%20Forgiveness%20Application%20%28Revised%206.16.2020%29-fillable_0-508.pdf


Offline lakewood34

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1883 on: June 26, 2020, 05:25:53 PM »
if someone actually had more business then last year and is self employed  can he still apply?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1884 on: June 26, 2020, 05:32:44 PM »
if someone actually had more business then last year and is self employed  can he still apply?

Assuming you're referring to PPP:
If your loan is under 2MM (which it will be as SE) you can apply and do not need to have suffered economic hardship.

I actually recieved this question a few times today. I hope not too many are missing out because they assume they're ineligible.

Offline Joshua

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1885 on: June 28, 2020, 01:29:30 AM »
Which Banks are still processing applications?

Offline TBD

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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1887 on: June 28, 2020, 01:42:07 AM »
10.Question:  I am self-employed and was in operation on February 15, 2020, but was not in operation between February 15, 2019, and June 30, 2019.  I will file a Form 1040 Schedule C or Schedule F for 2020.  What is my maximum PPP loan amount?Answer:  In this case, your maximum PPP loan amount is generally equal to 2.5 times your average monthly payroll costs incurred in January and February 2020, plus the outstanding amount of any EIDL loan received between January 31, 2020, and April 3, 2020, that will be refinanced by the PPP loan.

https://www.sba.gov/sites/default/files/2020-06/How-to-Calculate-Loan-Amounts.pdf

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1888 on: June 28, 2020, 01:43:55 AM »
10.Question

Yet still nothing on how to calculate forgiveness in this scenario.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1889 on: June 28, 2020, 02:07:36 AM »
https://realtime.inc.com/question/in-the-eidl-loan-docs-it-says-limits-on-distribution-of-assets-borrower-will-not--5ec6e6dc883ddc52f1535a8a

https://www.revelcpa.com/blog#:~:text=Here's%20the%20exact%20text%20so,or%20partner%20or%20any%20of

There’s a very tricky clause in here that vaguely alludes to not having the resources go to the owners—or even employees, at least not in unusual ways. Here’s the exact text so you can interpret for yourself:  “Borrower will not, without the prior written consent of SBA, make any distribution of Borrower’s assets, or give any preferential treatment, make any advance, directly or indirectly, by way of loan, gift, bonus, or otherwise, to any owner or partner or any of its employees, or to any company directly or indirectly controlling or affiliated with or controlled by Borrower, or any other company.”

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1890 on: June 28, 2020, 11:07:23 AM »
https://realtime.inc.com/question/in-the-eidl-loan-docs-it-says-limits-on-distribution-of-assets-borrower-will-not--5ec6e6dc883ddc52f1535a8a

https://www.revelcpa.com/blog#:~:text=Here's%20the%20exact%20text%20so,or%20partner%20or%20any%20of

There’s a very tricky clause in here that vaguely alludes to not having the resources go to the owners—or even employees, at least not in unusual ways. Here’s the exact text so you can interpret for yourself:  “Borrower will not, without the prior written consent of SBA, make any distribution of Borrower’s assets, or give any preferential treatment, make any advance, directly or indirectly, by way of loan, gift, bonus, or otherwise, to any owner or partner or any of its employees, or to any company directly or indirectly controlling or affiliated with or controlled by Borrower, or any other company.”

Based on the way the EIDL terms are written, it seems to me that regular payroll or standard owner compensation is fine (that much is clearly spelled out), but anything out of the ordinary is not. A bit complicated for SE who finish the year with a positive number on their Schedule C, but don't actually take out any funds.

Offline joeberg

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1891 on: June 28, 2020, 01:02:47 PM »
Seems like for the EIDL need min 570 credit score.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1892 on: June 28, 2020, 07:42:44 PM »
Kabbage is still accepting PPP applications till midnight. Someone applied today and had an approval within 3 hours.
התורה חסה על ממונם של ישראל

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1893 on: June 28, 2020, 07:54:42 PM »
Thoughts?

EIDL applications are open til 12/21/20 (or until funds run out).
PPP is closing soon and then forgiveness applications will start rolling in.

For anyone just looking for the grant portion, it might be a good idea to wait til after PPP forgiveness and then apply for EIDL grant. No express guidance on this but that might prevent your EIDL grant from being deducted from your PPP forgiveness.

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1894 on: June 28, 2020, 07:57:10 PM »
Thoughts?

EIDL applications are open til 12/21/20 (or until funds run out).
PPP is closing soon and then forgiveness applications will start rolling in.

For anyone just looking for the grant portion, it might be a good idea to wait til after PPP forgiveness and then apply for EIDL grant. No express guidance on this but that might prevent your EIDL grant from being deducted from your PPP forgiveness.

Fraud?

Offline shapsam

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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1896 on: June 28, 2020, 08:00:25 PM »
Thoughts?

EIDL applications are open til 12/21/20 (or until funds run out).
PPP is closing soon and then forgiveness applications will start rolling in.

For anyone just looking for the grant portion, it might be a good idea to wait til after PPP forgiveness and then apply for EIDL grant. No express guidance on this but that might prevent your EIDL grant from being deducted from your PPP forgiveness.
Those who use 8 weeks forgiveness and didn't receive the advance can do it by now already... and @123-Rosh not every LEGAL concept that doesn't make sense is fraud...
All ppl who signed on EIDL loans are going to do much more fraud than this,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1897 on: June 28, 2020, 08:19:54 PM »
Fraud?

There's nothing in either PPP or EIDL rules that state that you must first go for EIDL and only then go for PPP. It's perfectly legal to go for PPP first and then, if still experiencing hardship go for an EIDL....

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1898 on: June 28, 2020, 08:27:34 PM »
There's nothing in either PPP or EIDL rules that state that you must first go for EIDL and only then go for PPP. It's perfectly legal to go for PPP first and then, if still experiencing hardship go for an EIDL....
BUt on the EIDL application you have to fill out if... Compensation From Other Sources Received as a Result of the Disaster

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1899 on: June 28, 2020, 08:32:33 PM »
EIDL Application

Business Activity: Real Estate
Detailed business activity: Property Management Realty or Real Estate Developers.

Anyone can provide DP if got approved when choosing Real Estate Developers Category? Anyone got a denial because not approved category or just received no response from SBA