Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 330186 times)

Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #220 on: April 21, 2020, 05:54:24 PM »
Just notified that they pulled mine today. Small loan so lets see. Under 10k.
Did you apply for EIDL as well and maybe they pulled for that? They pulled my CR for EIDL, I didn't apply for PPP.
« Last Edit: April 21, 2020, 06:04:18 PM by shapsam »

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #221 on: April 21, 2020, 06:03:45 PM »
Thoughts on the possibility of legitimately doing Unemployment before and after those 8 weeks of PPP?

Before is for sure ok.

After I haven't seen anything that says it is or is not ok.

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #222 on: April 21, 2020, 07:12:45 PM »
Any thoughts on when EIDL round 2 goes live?

And are we limited to one EIDL per SSN? What if I have a few entities?

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #223 on: April 21, 2020, 08:01:24 PM »
My credit just got pulled. Applied April 1 at around 10am. Any idea how long after applying, the EIDL goes into your account?
« Last Edit: April 21, 2020, 08:04:53 PM by sillypainter »

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #224 on: April 21, 2020, 08:16:57 PM »
I asked around and people who have helped other more than I have are saying that many are going for Unemployment, then PPP for 8 weeks, then back on unemployment again until things get better. So far doesn't seem to be anything in the law to prohibit this.

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #225 on: April 21, 2020, 08:33:23 PM »
I asked around and people who have helped other more than I have are saying that many are going for Unemployment, then PPP for 8 weeks, then back on unemployment again until things get better. So far doesn't seem to be anything in the law to prohibit this.
that means they are only gonna use the PPP money for specific time period? but doesnt the count down start upon receiving the funds? how can you pick and choose?
#TYH

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #226 on: April 21, 2020, 08:40:00 PM »
I asked around and people who have helped other more than I have are saying that many are going for Unemployment, then PPP for 8 weeks, then back on unemployment again until things get better. So far doesn't seem to be anything in the law to prohibit this.

Was thinking about that. Can someone owning a S-Corp. go on UE when sales are uncertain and there may be a fat K-1 at the end of the year? Or maybe a good sale coming in any day? How are these things calculated?

Offline mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #227 on: April 21, 2020, 09:20:09 PM »
They are claiming the burn rate is 50 billion a day. When is enough, enough?

But what logic is there some should get and some should not?
If it would be a raffle ok but connection with a banker is just unfair

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #228 on: April 21, 2020, 09:57:24 PM »
On PPP, Question 3, are they asking if I own any other companies at all? Or just related to this one? (if I have multiple corporations do I list all?)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #229 on: April 21, 2020, 10:16:00 PM »
that means they are only gonna use the PPP money for specific time period? but doesnt the count down start upon receiving the funds? how can you pick and choose?
For forgiveness, funds must be use in the 8 weeks immediately after receiving the loan. You can stop certifying UI the day you receive funds, and start again the day after those 8 weeks are over.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #230 on: April 21, 2020, 10:17:30 PM »
Was thinking about that. Can someone owning a S-Corp. go on UE when sales are uncertain and there may be a fat K-1 at the end of the year? Or maybe a good sale coming in any day? How are these things calculated?
Be honest. Go on unemployment when there's no work, and don't certify in a week that there is and you earned above $504 and worked 4 days or more.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #231 on: April 21, 2020, 10:29:01 PM »

And are we limited to one EIDL per SSN? What if I have a few entities?
Short answer is you can apply for each business for both PPP and EIDL.
Long answer: https://www.nav.com/blog/can-i-apply-for-eidl-or-ppp-for-multiple-businesses-599338/

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #232 on: April 21, 2020, 10:55:56 PM »
I asked around and people who have helped other more than I have are saying that many are going for Unemployment, then PPP for 8 weeks, then back on unemployment again until things get better. So far doesn't seem to be anything in the law to prohibit this.
if you are going on unemployment after collecting ppp then the ppp loan has to be paid back, no?
You can say what you think when you think what you say.

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #233 on: April 21, 2020, 11:01:34 PM »
If I'm not a new Corp (I'm more than 2 years old) but started payroll at q4 of 2019. Will I only get based on my total 2019 income? Let's say I have an income of 1k per month so I should get 2500 but here since they are basing it on q4 2019 and my total then was 3k so it would be 3k in 12 x 2.5? So only $625 instead of $2500? This is so messed up.
« Last Edit: April 21, 2020, 11:09:38 PM by ilherman »
You can say what you think when you think what you say.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #234 on: April 21, 2020, 11:02:21 PM »
if you are going on unemployment after collecting ppp then the ppp loan has to be paid back, no?
You need to retain payroll for the 8 weeks you are seeking forgiveness for. That's it.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #235 on: April 21, 2020, 11:04:17 PM »
If I'm not a new Corp (I'm more than 2 years old) but started payroll at q4 of 2019. Will I only get based on my total 2019 income? Let's say I have an income of 1k per month so I should get 2500 but here since they are basing it on q4 2019 and my total then was 4k so it would be 4k in 12 x 2.5? So only $832 instead of $2500? This is so messed up.
Don't think so. The question is "what is your average monthly payroll", and then they explain how you should go about figuring that out. Talk to your bank but my guess is they'll let you use Q4 '19 and Q1 '20, and divide that by 6 to get average monthly.

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #236 on: April 21, 2020, 11:13:42 PM »
Don't think so. The question is "what is your average monthly payroll", and then they explain how you should go about figuring that out. Talk to your bank but my guess is they'll let you use Q4 '19 and Q1 '20, and divide that by 6 to get average monthly.
my accountant told me otherwise. He said it always goes in 12. He said my best scenario would be to include 1q of 2020 so will do q4 of 2019 + q 1 of 2020 for a total of 6k 12 is average 500 per month x 2.5 so I'll get 1250 max. I want to know why I can't get the full 2500!
You can say what you think when you think what you say.

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #237 on: April 21, 2020, 11:15:14 PM »
Don't think so. The question is "what is your average monthly payroll", and then they explain how you should go about figuring that out. Talk to your bank but my guess is they'll let you use Q4 '19 and Q1 '20, and divide that by 6 to get average monthly.

Pretty sure the rules of how to calculate average monthly payroll is in the law. I think there are exceptions for seasonal businesses.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #238 on: April 21, 2020, 11:15:48 PM »
my accountant told me otherwise. He said it always goes in 12. He said my best scenario would be to include 1q of 2020 so will do q4 of 2019 + q 1 of 2020 for a total of 6k 12 is average 500 per month x 2.5 so I'll get 1250 max. I want to know why I can't get the full 2500!
I'm very surprised. The instructions clearly state "most people would use..." I suggest you call a banker who's done a few thousand of these.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #239 on: April 21, 2020, 11:17:17 PM »
If I'm not a new Corp (I'm more than 2 years old) but started payroll at q4 of 2019. Will I only get based on my total 2019 income? Let's say I have an income of 1k per month so I should get 2500 but here since they are basing it on q4 2019 and my total then was 3k so it would be 3k in 12 x 2.5? So only $625 instead of $2500? This is so messed up.
Did you have non-payroll income before Q4? Schedule C or something similar? You can add that too