Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 73889 times)

Offline helpusout

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1965 on: July 01, 2020, 09:25:34 PM »
Apparently only 200 banks out of 5k have signed up. Banks are unhappy with the terms the Fed is demanding they sign.
Wells Fargo does list an email address where you can inquire about eligibility but none of the other big banks have set up a portal or provided more information.

thanks for info

Offline justaregularguy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1966 on: July 01, 2020, 11:06:42 PM »
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.
thank you for clarifying!!
nothings impossible- the word itself says Im possible

Offline jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1967 on: July 02, 2020, 05:05:18 PM »
Read closely again- it says:
Ineligible Uses of Loan
• Dividends or bonuses
• Payment to owners, unless for performance of services

There is another clause, at least on my docs.

LIMITS ON DISTRIBUTION OF ASSETS
• 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.
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1968 on: July 02, 2020, 05:11:12 PM »
There is another clause, at least on my docs.

LIMITS ON DISTRIBUTION OF ASSETS
• 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 jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1969 on: July 02, 2020, 05:12:10 PM »
There is another clause, at least on my docs.

LIMITS ON DISTRIBUTION OF ASSETS
• 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.
If you focus on being a boss, you will never be a leader. Leaders lead people to growth and improvement.

Offline jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1970 on: July 03, 2020, 03:16:09 PM »

My attorney received clarity from the SBA that this paragraph only refers to SBA funds.
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Online thebudgetdeals

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1971 on: July 03, 2020, 03:59:45 PM »
Thanks to @aygart for pointing out the following:

As part of the CARES Act, the SBA is paying principal, interest, and loan fees for a six-month period on SBA 7(a), 504, or Microloans loans if the loan is disbursed prior to September 27, 2020. (this does not include EIDL or PPP loans)

There's still time to apply for these loans and receive 6 months of comped payments!
Anyone with details on this?

Online thebudgetdeals

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1972 on: July 03, 2020, 04:00:56 PM »
My attorney received clarity from the SBA that this paragraph only refers to SBA funds.
Phone? Email? Letter?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1973 on: July 04, 2020, 10:26:30 PM »
PPP deadline has been extended to August 8.

Offline yossig

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1974 on: July 04, 2020, 11:44:34 PM »
Is there any way to update an EIDL application?
It’s a real estate management company and we placed the amount in The cost of goods field the same amount of the gross revenue.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1975 on: July 04, 2020, 11:58:56 PM »
Is there any way to update an EIDL application?
It’s a real estate management company and we placed the amount in The cost of goods field the same amount of the gross revenue.

Yes. You can call.

Offline yossig

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1976 on: July 05, 2020, 12:15:58 AM »
Yes. You can call.
i tried, the number on the website gives you a dial tone.
Do you know of any other number?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1977 on: July 05, 2020, 12:16:57 AM »
i tried, the number on the website gives you a dial tone.
Do you know of any other number?

I've gotten through multiple times during business hours.

Offline yossig

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1978 on: July 05, 2020, 01:03:41 AM »
I've gotten through multiple times during business hours.
are you referring to 1-800-659-2955 ?

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1979 on: July 05, 2020, 09:18:45 AM »
Got a denial for EIDL due to “unverifiable information”.

It has a email address to file an appeal with.

The mailbox is full and the email keeps bouncing back.

I tried calling, they say to email appeal. Has anyone had any success with this?
« Last Edit: July 05, 2020, 11:48:29 AM by YesThatsMe »