Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 73790 times)

Offline shulemw

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1950 on: July 01, 2020, 03:24:53 PM »
i am on a S corp and i take out whatever is left. last year i took out like 100k. my question if i get the eidl loan am i restricted from taking out more this year?
or if my business has a booming year can i take out 300k this year?
thanks @cgr

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1951 on: July 01, 2020, 03:30:29 PM »
i am on a S corp and i take out whatever is left. last year i took out like 100k. my question if i get the eidl loan am i restricted from taking out more this year?
or if my business has a booming year can i take out 300k this year?
thanks @cgr

If your business is booming you shouldn't be taking EIDL. Your only permitted to take EIDL if you have suffered economic injury.

Offline nocknock

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1952 on: July 01, 2020, 03:39:03 PM »
Unverifiable information
were you able to fix?

Offline shulemw

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1953 on: July 01, 2020, 03:56:54 PM »
I say lets say if it gets better in 2 years can I then take out more. or for the life of the loan I can not take out more?

the dry facts of the terms looks like this. but makes no sense for me

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1954 on: July 01, 2020, 04:05:14 PM »
the dry facts of the terms looks like this. but makes no sense for me
I'm not so sure. Let's say you usually take out 30% of the profits. Do you think taking 30% of profits a year or two down the line will be considered an increase in compensation just because it's a larger $ amount?

I'm wondering about which period they'll be comparing too.

Offline jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1955 on: July 01, 2020, 04:12:31 PM »
I say lets say if it gets better in 2 years can I then take out more. or for the life of the loan I can not take out more?

the dry facts of the terms looks like this. but makes no sense for me
The language in the loan says no distributions, which is insane. I would love to see official clarity from the SBA on this.
If you focus on being a boss, you will never be a leader. Leaders lead people to growth and improvement.

Offline justaregularguy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1956 on: July 01, 2020, 04:19:46 PM »
You do not need to create an account for the grant. It just shows up in your account if you checked off that box on the application. You can ignore your loan docs/offer.
If you didn't receive the grant call the SBA to check up on the status.
what box was i to check off? a box to accept a grant, or to have it deposit in my account?
i did provide my account n routing # for my bank- so does that mean that was right?
nothings impossible- the word itself says Im possible

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1957 on: July 01, 2020, 04:20:31 PM »
Was PPP extended?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1958 on: July 01, 2020, 04:20:33 PM »
The language in the loan says no distributions, which is insane. I would love to see official clarity from the SBA on this.

Read closely again- it says:
Ineligible Uses of Loan
Dividends or bonuses
Payment to owners, unless for performance of services

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1959 on: July 01, 2020, 04:22:52 PM »
what box was i to check off? a box to accept a grant, or to have it deposit in my account?
i did provide my account n routing # for my bank- so does that mean that was right?

There is a checkbox for the grant specifically.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1960 on: July 01, 2020, 04:23:32 PM »
Was PPP extended?

Not yet. Only passed a vote in the Senate.

Offline justaregularguy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1961 on: July 01, 2020, 06:41:41 PM »
There is a checkbox for the grant specifically.
the box that says I would like to be considered for a 10,000$ loan? i did check that. and was notified of 1000$ as the loan availible. is that what ppl are seeing?sry i did not understand all this application stuff :-\ :-\
nothings impossible- the word itself says Im possible

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1962 on: July 01, 2020, 06:50:53 PM »
the box that says I would like to be considered for a 10,000$ grant? i did check that. and was notified of 1000$ as the loan availible. is that what ppl are seeing?sry i did not understand all this application stuff :-\ :-\
FTFY
If you checked off that box you should get a 1k ACH to your bank- nothing to do with the loan offer.
Wait a week from when you submit your application, and if you haven't received the 1k grant call them.
Don't accept the loan if you don't want it- they won't turn that into a grant for you.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1963 on: July 01, 2020, 06:52:11 PM »
And as a general PSA:
EIDL loan docs are now coming in faster than the grants. If you received your loan docs but not your grant, don't worry about it until at least a week has passed.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1964 on: July 01, 2020, 07:02:44 PM »
Not yet. Only passed a vote in the Senate.
Passed in the house. Awaiting president's signature.