Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 73177 times)

Offline shulemw

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1920 on: June 29, 2020, 11:24:41 PM »
they will ask you for your expenses. if you entered really low nonsesnse expenses on your application

Offline thebudgetdeals

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1921 on: June 29, 2020, 11:27:11 PM »
they will ask you for your expenses. if you entered really low nonsesnse expenses on your application
Where do you enter expenses at all? Dont they ask only for COGS?

Offline cholent

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1922 on: June 29, 2020, 11:46:52 PM »
Helping someone apply for a ppp through bluevine, they are putting their name as business name and being told it isn't valid. Anyone have experience with this or know how to get around it?
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Offline ari3

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1923 on: June 30, 2020, 12:24:34 AM »
I am pretty ignorant about all this. I tried reading up some but am still pretty confused. This is my situation.

I own and manage some real estate a couple of units myself and a couple with a partner under an LLC (with k-1's). I applies (in april) for EIDL both under my own name (for the stuff that is mine) and for the LLC. I received a $1000 deposit into my personal account but nothing into my LLC's account. I Also keep getting emails and voice messages from them to finish my applications.
I logged in to my account and I am approved for a $1900 loan. From what I understand if I do nothing I can keep the $1000 advance. If I accept the loan (I have no need for the loan unless I won't need to repay) what do I need to do to get it forgiven. (I have no employees and as of now b"h basically I have been receiving the rents just some a bit late). Also would I now need to pay back the $1000.
As far as the LLC I have received no funds yet. I got approved for $1000. Same question as above what do I need to do to get it forgiven?

Thank you

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1924 on: June 30, 2020, 01:18:23 PM »
Someone was approved for a $10,000 loan for PPP, but would also be eligible for $15,000 in employee retention credits for employee payroll. Also, he already got the grant worth $3,000, so the most forgiveness that he would be eligible for is $7,000. Wouldn't it make sense to skip the PPP and go for the $15,000 credits? Want to make sure I'm not missing anything...

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1925 on: June 30, 2020, 01:53:04 PM »
I applies (in april) for EIDL both under my own name (for the stuff that is mine) and for the LLC. I received a $1000 deposit into my personal account but nothing into my LLC's account.
Call them to see why you didn't get the grant for your LLCs.


I logged in to my account and I am approved for a $1900 loan. From what I understand if I do nothing I can keep the $1000 advance. If I accept the loan (I have no need for the loan unless I won't need to repay) what do I need to do to get it forgiven. (I have no employees and as of now b"h basically I have been receiving the rents just some a bit late). Also would I now need to pay back the $1000.
As far as the LLC I have received no funds yet. I got approved for $1000. Same question as above what do I need to do to get it forgiven?

Thank you
The grant is the only thing that is forgivable, and that doesn't change if you do or don't accept the loan.
There's no step for forgiveness. They'll only check if you used it for allowed expenses if you're audited.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1926 on: June 30, 2020, 01:58:12 PM »
Someone was approved for a $10,000 loan for PPP, but would also be eligible for $15,000 in employee retention credits for employee payroll. Also, he already got the grant worth $3,000, so the most forgiveness that he would be eligible for is $7,000. Wouldn't it make sense to skip the PPP and go for the $15,000 credits? Want to make sure I'm not missing anything...

Just make sure that it's $15,000 in credits, not $15,000 in eligible wages.
It's a 50% credit so if it's $15,000 in wages, it's a $7,500 credit.

As a general rule the retention credit is harder to be eligible for, as you need to have a suffered a certain % in economic injury to be eligible. Also the retention credit maxes out at 10k in wages per employee, so the max is a 5k credit per employee.
https://forums.dansdeals.com/index.php?topic=116651.msg2261148#msg2261148

Offline thebudgetdeals

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1927 on: June 30, 2020, 02:16:05 PM »
they will ask you for your expenses. if you entered really low nonsesnse expenses on your application
It seems that Non- profit they call after accepting the loan amount, they ask you how much expenses, and reduce the loan amount to 50% of expenses.

Offline thebudgetdeals

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1928 on: June 30, 2020, 02:18:38 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
Real Estate Developers are not an eligible category for the EIDL loan, the advance you could get but not the loan.

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1929 on: June 30, 2020, 02:31:33 PM »
Did a Cross River yesterday and didn't receive any email that they are submitting my application.
At the same time I've seen others apply last night as well as today, and they have gotten the email from Cross River.

How do I check with cross river where I am up to, and if they plan to submit mine.

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1930 on: June 30, 2020, 04:31:14 PM »
Just make sure that it's $15,000 in credits, not $15,000 in eligible wages.
It's a 50% credit so if it's $15,000 in wages, it's a $7,500 credit.

As a general rule the retention credit is harder to be eligible for, as you need to have a suffered a certain % in economic injury to be eligible. Also the retention credit maxes out at 10k in wages per employee, so the max is a 5k credit per employee.
https://forums.dansdeals.com/index.php?topic=116651.msg2261148#msg2261148

Correct. So based on all that, he's eligible for $15k in retention credits. So it makes more sense to skip the PPP?

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1931 on: June 30, 2020, 04:45:34 PM »
Cross River said that my application would need a manual review of the payroll, and they aren't doing manuals anymore. Does anyone have a contact there to help push it through?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1932 on: June 30, 2020, 05:26:50 PM »
Correct. So based on all that, he's eligible for $15k in retention credits. So it makes more sense to skip the PPP?

Yes, but if it's 15k over time have him file Form 7200 for the refund advance- no use in waiting months for it to accrue and then deduct.

Offline cholent

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1933 on: June 30, 2020, 07:51:04 PM »
Anyone except blue vine still accepting applications?
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Offline nocknock

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1934 on: June 30, 2020, 08:37:10 PM »
Anyone except blue vine still accepting applications?
https://euapply.crossriversba.com/#/start/

Very easy process