Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 329096 times)

Offline oldguy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2260 on: August 06, 2020, 06:34:15 PM »
At this point I'd say throw your application at anyone still accepting.
by Kabbage does it have to be submitted today? or approved by today?

Offline coffeebean

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2261 on: August 06, 2020, 07:13:45 PM »
I applied this morning (thanks to @cgr 's PSA) first through BlueVine, but I mistakenly uploaded my whole tax return and I didn't get an answer after an hour, so I applied to Kabbage.

Just got approval email from Kabbage. Waiting now for my Bank confirmation deposits to come through so I can verify my account.
You can apply to both?
I try to sound as intelligent as possible.

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2262 on: August 06, 2020, 07:41:39 PM »
by Kabbage does it have to be submitted today? or approved by today?
Submitted.

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2263 on: August 06, 2020, 07:43:39 PM »
You can apply to both?
Yes. I'm not so sure it's a good idea right away doing that because if you get rejected because of a mistake you made you'll just get rejected twice if you complete them exactly the same.
If you submit the second one after your rejection you have a chance at fixing the issue.

At this point I'm not sure which approach is smartest because the deadline is approaching.

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2264 on: August 06, 2020, 09:24:05 PM »
@cgr - Is it true that the bank needs to send the application to the SBA by August 8? So if no response from BlueVine so far, that means it wasn't submitted to the SBA? If so, I'll do Kabbage right now.

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2265 on: August 06, 2020, 09:39:30 PM »
I applied for a PPP loan with Kabbage for myself and a few other people. Same thing happened by all them - I got an email saying I was approved and to log in. When I log in there is an error screen that pops up. Then I go to the dashboard and it says to see below if you still need to submit documents... but there is nothing below. and no loan docs. Is this how it always works with Kabbage?
Look upthread was mention a million and one times.  Send them a DM on twitter to make the documents available.   They can go to backend and do that
#TYH

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2266 on: August 06, 2020, 09:59:15 PM »
BlueVine sent out an automated email (other people got exact same email just now) -

"Hi Shimshon,

Thank you for completing your Paycheck Protection Program (PPP) application with BlueVine. There is no further action that is needed from you at this time.

Due to the high volume of applications, we cannot guarantee your PPP application review will be completed and approved before the program ends on August 8.

We appreciate your patience as our team is working diligently to process PPP applications as quickly and efficiently as possible. We’ll notify you by email once we review your completed tasks. Please check your dashboard for further status updates.

Thanks,

BlueVine

If you need to request a cancellation of your loan, please complete this form and we will get back to you.

For up-to-date information about the Paycheck Protection Program (PPP), visit SBA's Frequently Asked Questions."

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2267 on: August 06, 2020, 11:26:30 PM »
I submitted an application with Kabbage. Odd that there's some different questions on Kabbage than on BlueVine. For example, on Kabbage there's a checkbox to certify in good faith that it's necessary - not on BlueVine.
Kabbage doesn't allow you to write 0 for W2 employees, so had to do 1. Thought that that was maybe my issue on my BlueVine application, but found out someone else that got approved right away also wrote 0 there.
We'll see what happens...

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2268 on: August 07, 2020, 02:01:37 AM »
Got approval from Kabbage!
Should I worry about accepting the money if I have a hard time justifying that I was affected?
BlueVine didn't ask to certify that it's necessary, but Kabbage did.

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2269 on: August 07, 2020, 07:53:41 AM »
Kabbage doesn't allow you to write 0 for W2 employees, so had to do 1. Thought that that was maybe my issue on my BlueVine application, but found out someone else that got approved right away also wrote 0 there.
We'll see what happens...

If you check the instructions you'll see it says to add 1 for every W2 employee or owner receiving covered (not necessarily W2) compensation- that's why 0 isn't an option.

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2270 on: August 07, 2020, 07:55:53 AM »
Got approval from Kabbage!
Should I worry about accepting the money if I have a hard time justifying that I was affected?
BlueVine didn't ask to certify that it's necessary, but Kabbage did.

Congratulations!
There's a 'safe harbor' for loans under 2MM. See more here:
https://www.wipfli.com/insights/articles/tax-covid-ppp-economic-uncertainty-sba-announces-safe-harbor

Offline YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2271 on: August 07, 2020, 08:37:18 AM »
I applied this morning (thanks to @cgr 's PSA) first through BlueVine, but I mistakenly uploaded my whole tax return and I didn't get an answer after an hour, so I applied to Kabbage.

Just got approval email from Kabbage. Waiting now for my Bank confirmation deposits to come through so I can verify my account.


I had no clue that I was eligible until yesterday morning, when @cgr cross-posted in the unemployment thread.

As I've said earlier,
I'm jealous of your Olam Habah, @cgr .

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2272 on: August 07, 2020, 09:56:35 AM »
How long after final EIDL approval and loan signed should i expect the deposit?
#TYH

Online AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2273 on: August 07, 2020, 10:47:04 AM »
How long after final EIDL approval and loan signed should i expect the deposit?

Up to a week.

Offline ae123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2274 on: August 07, 2020, 11:14:33 AM »
Now that Kabbage is not accepting applications, what else can we use that has simple application?
(Cross River asks for lots of documents.)

Offline ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2275 on: August 07, 2020, 12:13:15 PM »
Is there a reason not to take an EIDL loan just because I don't currently have eligible expenses? At that cost of money I might find it worthwhile to just sit in an account as a working capital cushion. The interest rate is acceptable for me to have that cushion (and I might find future ways to spend it on eligible expenses).
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2276 on: August 07, 2020, 02:01:43 PM »
Congratulations!
There's a 'safe harbor' for loans under 2MM. See more here:
https://www.wipfli.com/insights/articles/tax-covid-ppp-economic-uncertainty-sba-announces-safe-harbor
Interesting, good to see that. I looked up the FAQ wording and it seems like that's the threshhold where they'll trust your certification. I think they still want applicants to certify in good faith, just they won't be enforcing it for those lower amounts.
I have heard people that got approved for hundreds of thousand of dollars returning the money, because they felt they couldn't certify in good faith it was needed.
If they're not enforcing under $2M, how did Lamborghini guy get caught for $1.7M?  :)   (he lied about the companies altogether)

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2277 on: August 07, 2020, 02:38:22 PM »
When applying through two banks & they ask if I applied through another bank am I supposed to say yes or no?

Offline skv

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2278 on: August 07, 2020, 02:41:01 PM »
Two people just told me that they heard there might be a heter iska problem with Cross River (which I guess would include Bluevine). Anyone knows about this?

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2279 on: August 07, 2020, 03:26:41 PM »
Two people just told me that they heard there might be a heter iska problem with Cross River (which I guess would include Bluevine). Anyone knows about this?
Aren't they just the middleman between the Fed government and the business? And they just get a fee
#TYH