Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 355368 times)

Offline iluv2travel

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2520 on: December 28, 2020, 07:45:37 PM »
Does unemployment money count towards income when calculating eligibility?

I doubt it. It doesn't have anything to do with the gross quarterly revenue of your business.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2521 on: December 28, 2020, 07:46:17 PM »
Does unemployment money count towards income when calculating eligibility?
It doesn't go anywhere near your Schedule C, but then again how many times is the gov gonna pay you for the same thing over and over again...

Online YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2522 on: December 28, 2020, 07:48:02 PM »
It doesn't go anywhere near your Schedule C, but then again how many times is the gov gonna pay you for the same thing over and over again...
17  ;D

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2523 on: December 28, 2020, 07:52:46 PM »
It doesn't go anywhere near your Schedule C, but then again how many times is the gov gonna pay you for the same thing over and over again...

If businesses can expense PPP payroll and double dip, then independent contractors who cannot expense PPP payroll can double dip with UI.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2524 on: December 28, 2020, 07:53:28 PM »
17  ;D

17 would be nice, but I’ll settle for 3/4/5 times as much.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2525 on: December 28, 2020, 07:59:18 PM »
If businesses can expense PPP payroll and double dip, then independent contractors who cannot expense PPP payroll can double dip with UI.
Actually based on that logic you should be able to include your first round of PPP for this round, but I don't see that as being the case because it's not reportable on your Schedule C at all for 2020.

Guess we'll find out everything once they start releasing guidance (with new IFRs every day to contradict the one from the day before).

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2526 on: December 28, 2020, 08:05:07 PM »
Actually based on that logic you should be able to include your first round of PPP for this round, but I don't see that as being the case because it's not reportable on your Schedule C at all for 2020.

Guess we'll find out everything once they start releasing guidance (with new IFRs every day to contradict the one from the day before).

I guess once you qualify on an IFR apply before the contradicting one comes out 😂

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2527 on: December 28, 2020, 08:08:10 PM »
According to this post (https://helloskip.com/blog/will-you-qualify-for-an-eidl-grant-new-stimulus-package/) my community district (K09) qualifies as low income because just over 20% live below poverty (frightening statistic mind you). If I got a $1,000 EIDL grant, but an EIDL loan above $10,000, am I eligible for another $9,000?

IOW, assuming I qualify for the low income EDIL grant, do they give me the difference between my grant and $10k, or the difference between my loan and $10k?
« Last Edit: December 28, 2020, 08:11:26 PM by AsherO »

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2528 on: December 28, 2020, 08:09:01 PM »
How can I check if it in fact is?

Trying to figure this out and came across this -

Quote
Section 45D(e) of the Internal Revenue Code of 7 1986 as follows:

“The term “low-income community” means any population census tract if the poverty rate for such tract is at least 20 percent, or in the case of a tract not located within a metropolitan area, the median family income for such tract does not exceed 80 percent of statewide median family income, or in the case of a tract located within a metropolitan area, the median family income for such tract does not exceed 80 percent of the greater of statewide median family income or the metropolitan area median family income.” (There are some additional ways areas may qualify as a low-income community in that reference.)

In simple english, your "census tract" has to have either
1 - At least 20 percent of people below the poverty line
Or
2 - The tract's median income is 80% or less than the state(or metro area)'s median income.

Next step is to figure out what census tract I'm in.

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2529 on: December 28, 2020, 08:12:01 PM »
According to this post, my community district (K09) qualifies as low income because just over 20% live below poverty (frightening statistic mind you). If I got a $1,000 EIDL grant, but an EIDL loan above $10,000, am I eligible for another $9,000?

IOW, assuming I qualify for the low income EDIL grant, do they give me the difference between my grant and $10k, or the difference between my loan and $10k?

They will give you a grant of $9k. I wonder if they will just reduce the balance due on your EIDL loan by that amount.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2530 on: December 28, 2020, 08:12:44 PM »
Trying to figure this out and came across this -

In simple english, your "census tract" has to have either
1 - At least 20 percent of people below the poverty line
Or
2 - The tract's median income is 80% or less than the state(or metro area)'s median income.

Next step is to figure out what census tract I'm in.

Reflects what’s posted in the article I linked to just above your post. Maybe a community district in NYC is the same as a census tract

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2531 on: December 28, 2020, 08:13:31 PM »
They will give you a grant of $9k. I wonder if they will just reduce the balance due on your EIDL loan by that amount.

That would suck as I would prefer $9k cash and a $9k loan payable over $30 years at 3.75%. Though it’s obviously better than no $9k at all.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2532 on: December 28, 2020, 08:15:37 PM »
They will give you a grant of $9k. I wonder if they will just reduce the balance due on your EIDL loan by that amount.
I doubt they'd take such initiative- after all the grant is intended to offer additional working capital.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2533 on: December 28, 2020, 08:16:30 PM »

In simple english, your "census tract" has to have either
1 - At least 20 percent of people below the poverty line
Or
2 - The tract's median income is 80% or less than the state(or metro area)'s median income.

Next step is to figure out what census tract I'm in.

I'm hoping (is it too much to expect from the SBA?) that they'll release a list of ZIP codes or an interactive map that provides it for us...

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2534 on: December 28, 2020, 08:18:41 PM »
Maybe a community district in NYC is the same as a census tract

Seems like census tracts are approximately but not exactly the same as community districts.

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2535 on: December 28, 2020, 08:26:04 PM »
Next step is to figure out what census tract I'm in.

This link (from the article @AsherO posted) worked - https://geomap.ffiec.gov/FFIECGeocMap/GeocodeMap1.aspx

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2536 on: December 28, 2020, 08:43:41 PM »
This link (from the article @AsherO posted) worked - https://geomap.ffiec.gov/FFIECGeocMap/GeocodeMap1.aspx

Thanks, according to that my tract is at 29%, so I made the cut.


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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2537 on: December 28, 2020, 08:55:10 PM »

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2538 on: December 28, 2020, 09:04:20 PM »
Will you be able to get another 2.5 months of ppp, based on the same 2019 schedule c?
(2020 income will be lower)
wondering the same...  cant seem to find any data points
#TYH

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2539 on: December 28, 2020, 09:14:58 PM »
This link (from the article @AsherO posted) worked - https://geomap.ffiec.gov/FFIECGeocMap/GeocodeMap1.aspx

Added to my business relief article with instructions- thanks a ton for saving me the research time :)