Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 288761 times)

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1980 on: July 05, 2020, 09:20:42 AM »
On a different EIDL app, got a email saying I need a bank account in business name. Anyone know where I can set up an online business banking account fast and easy?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1981 on: July 05, 2020, 11:40:15 AM »
are you referring to 1-800-659-2955 ?

Yes.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1982 on: July 05, 2020, 11:40:59 AM »
On a different EIDL app, got a email saying I need a bank account in business name. Anyone know where I can set up an online business banking account fast and easy?

That's a new one... have't seen that one before.

Offline yossig

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1983 on: July 05, 2020, 12:00:26 PM »
Yes.
thanks.

What is the turnover time from loan acceptance to final approval?

Offline Savingsbeast

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1984 on: July 05, 2020, 12:03:19 PM »
On a different EIDL app, got a email saying I need a bank account in business name. Anyone know where I can set up an online business banking account fast and easy?
Try https://radiusbank.com

Offline justaregularguy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1985 on: July 05, 2020, 12:07:27 PM »
Holy cow I got the 1,000$ in my account 🤯🥳
I literally did not believe I would get it.
Blind faith in DDFers  8)
How does this work with maaser? Is it considered income or something I found on the street? (I actually don’t know if you give maaser from something you found-do you?)
nothings impossible- the word itself says Im possible

Offline joeberg

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1986 on: July 05, 2020, 12:52:04 PM »
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?
I think that email is down.
Try this: PDC.Reconsideration@sba.gov

Offline jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1987 on: July 06, 2020, 01:48:45 PM »
If you focus on being a boss, you will never be a leader. Leaders lead people to growth and improvement.

Online cholent

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1988 on: July 06, 2020, 02:20:20 PM »
Don't ask stupid questions and you won't get stupid answers

Offline jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1989 on: July 06, 2020, 02:24:15 PM »
Very interesting. Thanks for posting
Welcome!
You know we have a "like" button ;)
If you focus on being a boss, you will never be a leader. Leaders lead people to growth and improvement.

Online cholent

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1990 on: July 06, 2020, 02:24:43 PM »
Welcome!
You know we have a "like" button ;)
I'm on tapa but because you asked I'll open it in my browser
Don't ask stupid questions and you won't get stupid answers

Offline TBD

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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1992 on: July 06, 2020, 02:39:15 PM »
PPP data made public. (over 150K)
https://sba.app.box.com/s/tvb0v5i57oa8gc6b5dcm9cyw7y2ms6pp

Now we can start the whole tuition discussion all over again... I see many mosdos got some nice $$$.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1993 on: July 06, 2020, 02:40:55 PM »
My attorney received clarity from the SBA that this paragraph only refers to SBA funds.
Thanks @jackofall  for the letter, however the letter states that this applies to ALL funds not just SBA funds

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1994 on: July 06, 2020, 02:42:06 PM »
Thanks @jackofall  for the letter, however the letter states that this applies to ALL funds not just SBA funds
It is a limitation on the EIDL borrower from transferring any of the EIDL borrower's assets (this would include any assets owned by the EIDL borrower including cash, cash equivalents, short-term and long-term assets, etc.) to basically anyone, whether a current owner of or partner in the EIDL borrower, or any company owned by an owner or partner, or any other company.  This would include any EIDL loan proceeds as well.  This language is there to prevent the depletion of the EIDL borrower's assets by the company owners/partners or any company owned by them, or any other unaffiliated company.  Note:  as shown below for regular 7a loans, they are not referring to assets used in the ordinary course of business.

 

SBA has a similar prohibition on its SBA 7a loans – see below for example of the language on non-PPP SBA 7a loans:

C. Borrower and Operating Company certify that they will not, without Lender’s prior written consent:

[ ] 3. Transfer of Assets - Sell, lease, pledge, encumber (except by purchase money liens on property acquired after the date of the Note), or otherwise dispose of any of Borrower’s property or assets, except in the ordinary course of business.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1995 on: July 06, 2020, 02:43:22 PM »
Now we can start the whole tuition discussion all over again... I see many mosdos got some nice $$$.
Pleeeeeease open a separate thread

Offline jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1996 on: July 06, 2020, 03:07:49 PM »
It is a limitation on the EIDL borrower from transferring any of the EIDL borrower's assets (this would include any assets owned by the EIDL borrower including cash, cash equivalents, short-term and long-term assets, etc.) to basically anyone, whether a current owner of or partner in the EIDL borrower, or any company owned by an owner or partner, or any other company.  This would include any EIDL loan proceeds as well.  This language is there to prevent the depletion of the EIDL borrower's assets by the company owners/partners or any company owned by them, or any other unaffiliated company.  Note:  as shown below for regular 7a loans, they are not referring to assets used in the ordinary course of business.

 

SBA has a similar prohibition on its SBA 7a loans – see below for example of the language on non-PPP SBA 7a loans:

C. Borrower and Operating Company certify that they will not, without Lender’s prior written consent:

[ ] 3. Transfer of Assets - Sell, lease, pledge, encumber (except by purchase money liens on property acquired after the date of the Note), or otherwise dispose of any of Borrower’s property or assets, except in the ordinary course of business.
If you focus on being a boss, you will never be a leader. Leaders lead people to growth and improvement.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1997 on: July 06, 2020, 03:10:00 PM »

Correct, but you can't take out a distribution from your assets or a bonus that is not in ordinary, for the next 30 years. As well as no loans from your business etc

Offline jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1998 on: July 06, 2020, 03:16:23 PM »
Correct, but you can't take out a distribution from your assets or a bonus that is not in ordinary, for the next 30 years. As well as no loans from your business etc
If you regularly take out, it is  a non issue. Basically no funny business. Seems  (somewhat) fair.
If you focus on being a boss, you will never be a leader. Leaders lead people to growth and improvement.

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1999 on: July 06, 2020, 06:10:58 PM »
PPP data made public. (over 150K)
https://sba.app.box.com/s/tvb0v5i57oa8gc6b5dcm9cyw7y2ms6pp

Just for loans under $150k, so far $79M went to Lakewood...

For loans above $150k in Lakewood:
258 businesses got loans between 150,000 and 350,000
116 businesses got loans between 350,000 and 1 Million
39 businesses got loans between 1 Million and 2 Million
16 businesses got loans between   2 Million and 5 Million
1 business got between 5 Million and 10 Million
« Last Edit: July 06, 2020, 06:33:43 PM by 123-Rosh »