Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 73890 times)

Offline bubkiz

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1905 on: June 29, 2020, 12:49:10 AM »
RE: EIDL Advance: if the loan is accepted before the advance is processed, will the amount of the advance still be forgiven?

Offline Mikes@Micro

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1906 on: June 29, 2020, 01:01:53 AM »
Anyone with friends that has a small business call them up and check with the if they applied already for PPP... Its shocking that after all the talk and news about this program there are still a lot of folks out there who didnt apply because of misconceptions or plain ignorance. Either because they are on UI and dont know that can apply or for some other reasons. there is free money out there and it is a real mitzvah of hashuvas aveidah
Can this work for an 18yrold  who has ran a backyard camp for the past several years and hired a bunch of her friends?
Quote or engagement  equals full throated endorsement and vote!
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Online thebudgetdeals

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1907 on: June 29, 2020, 01:15:35 AM »
Can this work for an 18yrold  who has ran a backyard camp for the past several years and hired a bunch of her friends?
did she file the payroll?

Offline Mikes@Micro

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1908 on: June 29, 2020, 10:06:11 AM »
did she file the payroll?
Never did in the past. E/t was always off the books
Quote or engagement  equals full throated endorsement and vote!
H/t PinchosL

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1909 on: June 29, 2020, 10:15:19 AM »
Never did in the past. E/t was always off the books

The one year when people are upset for having gotten away with it...
I know of an accountant who actually refiled his clients Schedule Cs to not take any/as many deductions (he had a formula figured out to calculate up to what point it would be worth it to revise, based on their tax ramifications).

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1910 on: June 29, 2020, 12:26:09 PM »
Is Cross River taking applications?

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1911 on: June 29, 2020, 04:03:59 PM »
If cross river denies the application, is there still time to try tomorrow with another bank?
Who will process with a k-1 partnership?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1912 on: June 29, 2020, 05:26:55 PM »
If cross river denies the application, is there still time to try tomorrow with another bank?
Who will process with a k-1 partnership?

At this point throw it at anyone still accepting applications.
BlueVine is still accepting. Approvals coming in in less than an hour from submission.

They have instructions on what to include when applying for a partnership https://www.bluevine.com/how-to-calculate-ppp-loan-amount/ (in my experience they rejected but doesn't hurt to try).

Online thebudgetdeals

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1913 on: June 29, 2020, 05:38:56 PM »
The one year when people are upset for having gotten away with it...
I know of an accountant who actually refiled his clients Schedule Cs to not take any/as many deductions (he had a formula figured out to calculate up to what point it would be worth it to revise, based on their tax ramifications).
Its still not too much of a gain, if including FICA

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1914 on: June 29, 2020, 08:21:56 PM »
At this point throw it at anyone still accepting applications.
BlueVine is still accepting. Approvals coming in in less than an hour from submission.

They have instructions on what to include when applying for a partnership https://www.bluevine.com/how-to-calculate-ppp-loan-amount/ (in my experience they rejected but doesn't hurt to try).
When doing a partnership with Bluevine, it asks for payroll form 941 for all 4 quarters.
What are you supposed to attach when the partnership has no payroll? There is no 941.
You can't attach the same k1, 4 times.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1915 on: June 29, 2020, 08:28:16 PM »
When doing a partnership with Bluevine, it asks for payroll form 941 for all 4 quarters.
What are you supposed to attach when the partnership has no payroll? There is no 941.
You can't attach the same k1, 4 times.

Are you sure you answered all the questions correctly? Because if you did it shouldn't ask for 941s.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1916 on: June 29, 2020, 08:30:17 PM »
Anyone applied for EIDL for a non-profit? Got approved based on 50% of revenue?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1917 on: June 29, 2020, 08:59:55 PM »
Anyone applied for EIDL for a non-profit? Got approved based on 50% of revenue?

Yes and yes.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1918 on: June 29, 2020, 11:10:16 PM »
Yes and yes.
Did you receive a call from them? did they ask how many expenses you have?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1919 on: June 29, 2020, 11:17:15 PM »
Did you receive a call from them? did they ask how many expenses you have?

No, but my experience was with the earlier round of applications. Maybe they have more time on their hands now...