Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 74878 times)

Offline haltkup

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Offline thebudgetdeals

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2191 on: July 29, 2020, 04:15:49 PM »
Anyone knows of a successful main street lending application and approval?

Offline chilugutbaum

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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2193 on: July 29, 2020, 04:46:08 PM »
Wish EIDL gets forgiven up to 150K :-) Who want sot start a petition?

Wishful thinking.
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Offline thebudgetdeals

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2194 on: July 31, 2020, 01:54:29 AM »
https://www.sba.gov/sites/default/files/2020-07/SBA_OIG_Report_20-16_508.1.pdf

Banks are contacting SBA if they see suspected fraudulent EIDL transactions, like deposits in newly opened account or without prior business activity or with multiple deposits in same account.

Offline screwyelp

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2195 on: July 31, 2020, 03:46:30 AM »
Wow. The report above from OIG and response is very detailed and worth the read.

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2196 on: July 31, 2020, 09:06:19 AM »
looking more & more that up to 150K will be forgiven without questions.

https://www.forbes.com/sites/alangassman/2020/07/28/rubio--collins-bill-will-revolutionize-ppp-loans-for-small-businesses-and-those-suffering-profound-revenue-losses/#1abdf4b4af7b

But now what weve heard until now about any loan under 2mil would be assumed as taken in good faith without any audit wouldnt be true

Offline helpusout

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2197 on: July 31, 2020, 11:56:19 AM »
Finally got approval for 150k on EIDL loan, after months of back and forth. I  entered all bank information and everything, and today I see that the loan wasnt approved. How can this be? I literally signed all the forms. Is there any number to call .

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2198 on: July 31, 2020, 12:32:28 PM »
Finally got approval for 150k on EIDL loan, after months of back and forth. I  entered all bank information and everything, and today I see that the loan wasnt approved. How can this be? I literally signed all the forms. Is there any number to call .
800-659-2955

Offline helpusout

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2199 on: July 31, 2020, 12:59:55 PM »
800-659-2955
800th person in line and then it hangs up on me after 30 minutes.

Offline yossig

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2200 on: July 31, 2020, 01:07:19 PM »
800th person in line and then it hangs up on me after 30 minutes.
try again.

I was once the 2800th person and waited about 45 minutes

Offline helpusout

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2201 on: July 31, 2020, 01:35:13 PM »
try again.

I was once the 2800th person and waited about 45 minutes

i got thru. seems they approved and then denied my loan at the last second. should i try and appeal?! 
« Last Edit: July 31, 2020, 02:45:46 PM by helpusout »

Offline ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2202 on: August 02, 2020, 03:45:41 PM »
Not sure if this is the right thread for this, but the following is a very interesting and eye opening thread:

I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2203 on: August 02, 2020, 04:12:11 PM »
Not sure if this is the right thread for this, but the following is a very interesting and eye opening thread:

Very interesting. So basically you can only get a CARES loan (PPP, EIDL, Main Street) right now, or go private.

I'm seeing an interesting trend on the personal side too. It's become incredibly hard (if not impossible) to consolidate credit across multiple banks or open a personal line of credit.

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2204 on: August 02, 2020, 08:58:30 PM »
I know this is a complex topic, but hoping to get some insight here.
I was a sole prop in 2019, opened entity in 2020. Didn't realize until recently that I might actually be eligible for PPP (thought payroll was required).
If business did not lose any money at all from Covid, I shouldn't apply? What exactly must be signed?