Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 329020 times)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2160 on: July 27, 2020, 01:55:51 PM »
Thanks @cgr but hope won't need to use it just will be automatic forgiveness :-*
Don't we all ;D

Although personally I don't support that move. The whole point of the program was to ensure that employees are rehired- it clearly didn't achieve what it was supposed to- too many loopholes and the covered term was extended for way too long. Let there at least be oversight to ensure some accountability.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2161 on: July 27, 2020, 02:00:19 PM »
Don't we all ;D

Although personally I don't support that move. The whole point of the program was to ensure that employees are rehired- it clearly didn't achieve what it was supposed to- too many loopholes and the covered term was extended for way too long. Let there at least be oversight to ensure some accountability.
Thats why we didn't vote you into the government just some other dummies. We don't need there people with common sense.....

Offline Luvisrael

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Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2163 on: July 28, 2020, 10:31:49 AM »
How can one apply for both PPP & unemployment? I remember a post detailing how itís possible to get both. NY SE With a 1099

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2164 on: July 28, 2020, 10:32:29 AM »
For a person who isnít eligible for PPP what is still available in terms of SBA loans?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2165 on: July 28, 2020, 10:42:11 AM »
How can one apply for both PPP & unemployment? I remember a post detailing how itís possible to get both. NY SE With a 1099
You need to stay below the partial unemployment threshold. You can earn up to $504/week and still be eligible for UI, so you can divide your PPP by 24 and pay yourself over 24 weeks if it's below $504, and still claim UI.
Remember that other income will also affect this calculation and will need to be added to your PPP "paycheck" to confirm that you are still below the threshold.

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2166 on: July 28, 2020, 10:50:56 AM »
You need to stay below the partial unemployment threshold. You can earn up to $504/week and still be eligible for UI, so you can divide your PPP by 24 and pay yourself over 24 weeks if it's below $504, and still claim UI.
Remember that other income will also affect this calculation and will need to be added to your PPP "paycheck" to confirm that you are still below the threshold.

How is it still possible to do 24 weeks if itís already almost August? Doesnít forgiveness period end by December?

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2167 on: July 28, 2020, 10:56:37 AM »
You need to stay below the partial unemployment threshold. You can earn up to $504/week and still be eligible for UI, so you can divide your PPP by 24 and pay yourself over 24 weeks if it's below $504, and still claim UI.
Remember that other income will also affect this calculation and will need to be added to your PPP "paycheck" to confirm that you are still below the threshold.

Earlier question was in regards to somebody getting PPP now. What about somebody who got it beginning of June & the amount of PPP divided over 24 weeks is more than $504, can they calculate PPP say from beginning of July & claim unemployment March - July?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2168 on: July 28, 2020, 11:02:03 AM »
For a person who isnít eligible for PPP what is still available in terms of SBA loans?
Right now EIDL. 30 year term at 3.75% interest.
I have a write-up on the HEALS Act in my signature block below. Too soon to actually get excited about any of it though...

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2169 on: July 28, 2020, 11:02:39 AM »
How is it still possible to do 24 weeks if itís already almost August? Doesnít forgiveness period end by December?

Then it will from the date of the loan through 12/31/2020 instead of over 24 weeks.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2170 on: July 28, 2020, 11:03:38 AM »
Earlier question was in regards to somebody getting PPP now. What about somebody who got it beginning of June & the amount of PPP divided over 24 weeks is more than $504, can they calculate PPP say from beginning of July & claim unemployment March - July?

Since there is no official guidelines on this from the SBA or the DOL, you want to go with something you can defend. In my opinion the two most 'defendable' options are:
1) equal payments spread out over the chosen covered period (8 weeks or 24 weeks)
2) equal payments spread out over any 2.5 months when choosing a 24-week covered period (2.5 months of payments is the actual funding you received)


Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2171 on: July 28, 2020, 01:38:13 PM »


Thank you really appreciate your help.

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2172 on: July 28, 2020, 01:47:28 PM »
Right now EIDL. 30 year term at 3.75% interest.
I have a write-up on the HEALS Act in my signature block below. Too soon to actually get excited about any of it though...

EIDL still avail? What about Main Street lending program?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2173 on: July 28, 2020, 01:52:08 PM »
EIDL still avail? What about Main Street lending program?
EIDL loan is still available (grant is not).
Main Street is around but good luck finding a bank that will work with you without collateral.

Offline lifetimedeals

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2174 on: July 28, 2020, 02:07:28 PM »
Is it worth doing PPP on personal ? UI think won't help much because did get from part time job

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2175 on: July 28, 2020, 02:14:00 PM »
Is it worth doing PPP on personal ? UI think won't help much because did get from part time job
That depends on your Schedule C line 31. The higher it is the more you'll get.
UI is available for those partially employed. Each state has different rules as to what the partial unemployment threshold is.

Offline lifetimedeals

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2176 on: July 28, 2020, 02:25:50 PM »
That depends on your Schedule C line 31. The higher it is the more you'll get.
UI is available for those partially employed. Each state has different rules as to what the partial unemployment threshold is.
NYS if for example do UI partial how much would they give? only up to totally $600 ? both combined

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2177 on: July 28, 2020, 02:33:53 PM »
NYS if for example do UI partial how much would they give? only up to totally $600 ? both combined
If you're eligible (working 3 days or less and earning $504 or less) you receive a 25% deduction in your Weekly Benefit Rate for each day worked so if you work one day, your rate is cut by 25%, 2 days cut by 50% etc. You Benefit Rate amount depends on prior earnings.
This conversation should be moved to the UI thread...

Offline skv

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2178 on: July 28, 2020, 09:49:56 PM »
I think this thread could have used a wiki.
Do I need to read through all 147 pages to figure out what info I will need to apply for and EIDL loan? Or can someone kindly give me the rundown?

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2179 on: July 28, 2020, 10:15:37 PM »
Ask your questions
#TYH