Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 354118 times)

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2460 on: December 22, 2020, 03:04:38 PM »
If your first round is under $50K, is anything changing other than the EDIL not being deducted? Under $50K, you can already use the one-page form. Is there any change in the documentation required?
According to the bill text it seems that even the payroll report you must currently provide will not be necessary (although your bank might still require it if they choose).
Other than it'll probably be very similar.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2461 on: December 22, 2020, 03:21:16 PM »
Anyone got this from SBA?


Good Afternoon

 

Per your Loan Authorization and Agreement, please provide the following document(s):

 

Please provide a Board Resolution that includes:
A statement that the Board held a meeting
A statement that the Board authorizes acceptance of the SBA loan and specifying the loan amount
A statement designating an individual or individuals by name and title authorized to sign the SBA loan closing documents
The Resolution should be dated and signed by at least one Board member.  The signature should also include each Board memberís title.
Please provide hazard insurance covering your business contents.
Please email documents to this email address

 

Please be sure to include your SBA Disaster Loan Application number on the documents.  If you have any questions, please contact me at the number below.

 

Thank you,

Offline aygart

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2462 on: December 22, 2020, 03:27:13 PM »
Anyone got this from SBA?


Good Afternoon

 

Per your Loan Authorization and Agreement, please provide the following document(s):

 

Please provide a Board Resolution that includes:
A statement that the Board held a meeting
A statement that the Board authorizes acceptance of the SBA loan and specifying the loan amount
A statement designating an individual or individuals by name and title authorized to sign the SBA loan closing documents
The Resolution should be dated and signed by at least one Board member.  The signature should also include each Board memberís title.
Please provide hazard insurance covering your business contents.
Please email documents to this email address

 

Please be sure to include your SBA Disaster Loan Application number on the documents.  If you have any questions, please contact me at the number below.

 

Thank you,
Which SBA loan is this for?
Feelings don't care about your facts

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2463 on: December 22, 2020, 03:30:13 PM »
Which SBA loan is this for?

EIDL if I had to guess.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2464 on: December 22, 2020, 03:31:46 PM »
EIDL if I had to guess.
It could have been a 7a. Was that program renewed?
Feelings don't care about your facts

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2465 on: December 22, 2020, 03:33:30 PM »

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2466 on: December 22, 2020, 03:38:17 PM »
Anyone got this from SBA?


Good Afternoon

 

Per your Loan Authorization and Agreement, please provide the following document(s):

 

Please provide a Board Resolution that includes:
A statement that the Board held a meeting
A statement that the Board authorizes acceptance of the SBA loan and specifying the loan amount
A statement designating an individual or individuals by name and title authorized to sign the SBA loan closing documents
The Resolution should be dated and signed by at least one Board member.  The signature should also include each Board memberís title.
Please provide hazard insurance covering your business contents.
Please email documents to this email address

 

Please be sure to include your SBA Disaster Loan Application number on the documents.  If you have any questions, please contact me at the number below.

 

Thank you,

Many.

You can email me at chaiplus1@gmail.com I have a template for Corps and LLCs.
Kindly note which one you need.

If your loan was under 25k you can tell them that you're not required to prove hazard insurance.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2467 on: December 24, 2020, 10:58:57 AM »
Had an interesting thought which I'm wondering if the SBA has thought about if the bill should come to pass:
Sole props/independent contractors who lost work- let us say for a full quarter in 2020- and filed for UI during that time.
Will they still get to claim that they lost 25% gross receipts even if UI actually puts them above this threshold, since UI isn't business income?

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2468 on: December 24, 2020, 03:08:24 PM »
Had an interesting thought which I'm wondering if the SBA has thought about if the bill should come to pass:
Sole props/independent contractors who lost work- let us say for a full quarter in 2020- and filed for UI during that time.
Will they still get to claim that they lost 25% gross receipts even if UI actually puts them above this threshold, since UI isn't business income?
And if the SP sold stocks and had a 1M capital gains will it effect PPP? sure not

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2469 on: December 24, 2020, 03:16:34 PM »
And if the SP sold stocks and had a 1M capital gains will it effect PPP? sure not

Technically PPP is a loan to the business to help with payroll. The fact that theyíre allowing independent contractors and sole proprietors to consider themselves a business for eligibility doesnít change the fact that itís the employing entity that is getting the loan. As long as that entity has one employee at the time of application, and can certify the 25% revenue loss for one quarter, the fact that the employee got UI shouldnít matter.

A regular corporation that employed 10 people could have laid those people off for six months on 2020 and could still qualify for PPP for those 10 (re-hired) employees in 2021. Whether they were on UI or not, or for how long, isnít relevant.

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2470 on: December 27, 2020, 09:34:17 AM »
"As of December 21, 2020, Congress passed the Coronavirus Response and Relief Act providing an additional $284 billion of funding for the Small Business Administrationís (SBA) Paycheck Protection Program (PPP) and extending the program through March 31, 2021.

We are hopeful this new legislation will be signed into law by the President. Once that happens, the Small Business Administration will provide lenders and borrowers further information to make the program available. 

Based on the new legislation, there will be changes to the forgiveness application and process. While we wait on further guidance, we will pause accepting any new applications and applications that have not been completed and submitted to Capital One. If your forgiveness application has been submitted to us for review, we will be contacting you soon with next steps, once we receive further guidance from the SBA.

Please visit our website for PPP program updates and note that branches and call centers are not able to help with PPP loans at this time.

Thanks for choosing Capital One. "
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline nucheiner

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2471 on: December 27, 2020, 11:08:41 AM »
Torah Umesorah sent something out to schools that their schools can get a commission if their parents/donors apply for ppp using a referral link (forum rules?!) provided by eastern union. Expect something from your kids school, might as well help them out. Was Eastern Union successful with applications last round?

Offline Yehudaa

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2472 on: December 27, 2020, 11:18:00 AM »
Torah Umesorah sent something out to schools that their schools can get a commission if their parents/donors apply for ppp using a referral link (forum rules?!) provided by eastern union. Expect something from your kids school, might as well help them out. Was Eastern Union successful with applications last round?

Probably this.



Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2473 on: December 27, 2020, 11:21:32 AM »
Probably this.


seems like eastern union makes more money off ppp then off their regular business.  way to much marketing to promote this.  even before anything was passed they sent out notice that its available.
#TYH

Offline Yehudaa

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2474 on: December 27, 2020, 11:26:11 AM »
seems like eastern union makes more money off ppp then off their regular business.  way to much marketing to promote this.  even before anything was passed they sent out notice that its available.
Could just be the sheer volume. They said they did over 10,000 loans last time.

Offline joeberg

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2475 on: December 27, 2020, 11:41:42 AM »
They also gutted their broker team when most of their experienced brokers left.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2476 on: December 27, 2020, 12:52:44 PM »
seems like eastern union makes more money off ppp then off their regular business.  way to much marketing to promote this.  even before anything was passed they sent out notice that its available.

If bank commissions in the next ppp round are really going to be 50% for small loans, then thereís real money (millions) to be had next time around.

They also gutted their broker team when most of their experienced brokers left.

Where did their brokers go and why did they leave?

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2477 on: December 27, 2020, 01:02:55 PM »
If bank commissions in the next ppp round are really going to be 50% for small loans, then thereís real money (millions) to be had next time around.

Where did their brokers go and why did they leave?
A group went on their own
Feelings don't care about your facts

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2478 on: December 27, 2020, 01:13:43 PM »
A group went on their own

Nice. Whatís their business called?

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2479 on: December 27, 2020, 02:27:39 PM »
Nice. Whatís their business called?
Seven Stones Capital.