Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 532794 times)

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2480 on: December 27, 2020, 02:31:08 PM »
A group went on their own

There was a big reason they did…

Offline iluv2travel

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2481 on: December 27, 2020, 02:47:23 PM »
There was a big reason they did…

Which was?

Offline YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2482 on: December 27, 2020, 05:29:52 PM »

Offline iluv2travel

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2483 on: December 27, 2020, 05:36:14 PM »
Sorry, I didn't think it was something bad. In that case, then never mind.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2484 on: December 27, 2020, 05:38:42 PM »
Sorry, I didn't think it was something bad. In that case, then never mind.

Something got deleted?
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Offline YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2485 on: December 27, 2020, 05:51:58 PM »
Sorry, I didn't think it was something bad. In that case, then never mind.
I have no idea what happened, but this seems to indicate it was something negative
There was a big reason they did…

Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2486 on: December 27, 2020, 08:41:16 PM »
Any bank currently accepting applications for round 2?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2487 on: December 27, 2020, 08:44:40 PM »
Any bank currently accepting applications for round 2?
SBA has 17 days to issue guidance to banks on the next round.
I'm hoping it'll be available sooner since they hopefully started working on it over the past week.

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2488 on: December 27, 2020, 09:01:01 PM »
Which was?

I won’t bring any loshon hora in. Simply they lowered commission, which from what I remember was supposed to be made up for in volume, obviously made some ppl not too happy… the rest there’s no need to talk about.

Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2489 on: December 27, 2020, 09:01:28 PM »
SBA has 17 days to issue guidance to banks on the next round.
I'm hoping it'll be available sooner since they hopefully started working on it over the past week.
Thanks. I'm assuming it'll be easiest to stay with the bank used for round 1?

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2490 on: December 27, 2020, 10:09:23 PM »
@cgr any reason to or not to apply for forgiveness now on round 1? Less than 150k. TIA

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2491 on: December 27, 2020, 10:13:20 PM »
@cgr any reason to or not to apply for forgiveness now on round 1? Less than 150k. TIA

Wait for the simplified version? Why not?
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2492 on: December 27, 2020, 10:40:45 PM »
@cgr any reason to or not to apply for forgiveness now on round 1? Less than 150k. TIA

Wait for the simplified version? Why not?

Actually certain things in the new bill are only available to those that did not receive forgiveness:
Additions to 'covered costs' definition (not relevant if you received 100% forgiveness)
Increase to previous loan if the full amount was not received previously (not relevant if you received the full amount you were eligible for)

Offline Yehudaa

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2493 on: December 28, 2020, 11:56:19 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 Zalc

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2494 on: December 28, 2020, 12:10:06 PM »
If a business opened in March 2020, is it possible to get PPP?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2495 on: December 28, 2020, 12:10:44 PM »
If a business opened in March 2020, is it possible to get PPP?
No. Business must have been in operation as of 2/15/20.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2496 on: December 28, 2020, 12:11:56 PM »
No. Business must have been in operation as of 2/15/20.

Maybe @Zalc's business was operating in some limited capacity before the (full?) opening in March 2020.
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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2497 on: December 28, 2020, 12:12:36 PM »
Please post back here once you're aware of any banks accepting applications for the latest round of PPP, it's probably going to be a while.
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2498 on: December 28, 2020, 12:16:32 PM »
Maybe @Zalc's business was operating in some limited capacity before the (full?) opening in March 2020.
That's fine then. If you're going to apply for a company that was incorporated after 2/15 though, you'll get rejected or flagged for fraud. I'm sure there's a workaround for entities that bought out functioning entities, but not sure how that works.

Offline Zalc

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2499 on: December 28, 2020, 12:23:10 PM »
That's fine then. If you're going to apply for a company that was incorporated after 2/15 though, you'll get rejected or flagged for fraud. I'm sure there's a workaround for entities that bought out functioning entities, but not sure how that works.
C-corp was incorporated in December 2019, first payroll was in March 2020.

How does that work out?