Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 356029 times)

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2540 on: December 28, 2020, 09:25:19 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?
will this need to be requested? or automatically deposited?
#TYH

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2541 on: December 28, 2020, 09:27:18 PM »
will this need to be requested? or automatically deposited?

I think it's supposed to be automatic for those who already applied, but we'll see.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2542 on: December 28, 2020, 09:27:52 PM »
will this need to be requested? or automatically deposited?
Needs to be requested because even if they can look up your census tract, they need you to confirm the 30%+ 8-week income reduction.

The more I think about it the more I'm astonished at the 8 week criteria. Which business doesn't have an 8 week stretch with less income as compared to any 8 weeks in the previous year?! I mean all you gotta do is take your highest 2019 8 weeks, and compare to your lowest 2020... (if you saw any indication that it requires the SAME period comparison, kindly let me know).

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2543 on: December 28, 2020, 09:28:07 PM »
Mind PMing me a screenshot?

Ugh, I'm a dummy.

@cgr Once the section for payroll expenses showed up, I only filled out 2020 monthly breakdown and didn't see the single pink cell for 2019 payroll on the left side.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2544 on: December 28, 2020, 09:28:52 PM »
Ugh, I'm a dummy.

@cgr Once the section for payroll expenses showed up, I only filled out 2020 monthly breakdown and didn't see the single pink cell for 2019 payroll on the left side.
Whew! Glad that's all it was...

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2545 on: December 28, 2020, 09:30:25 PM »
Needs to be requested because even if they can look up your census tract, they need you to confirm the 30%+ 8-week income reduction.

The more I think about it the more I'm astonished at the 8 week criteria. Which business doesn't have an 8 week stretch with less income as compared to any 8 weeks in the previous year?! I mean all you gotta do is take your highest 2019 8 weeks, and compare to your lowest 2020... (if you saw any indication that it requires the SAME period comparison, kindly let me know).
if i got the $1k and I should technically be able to get the additional $9k. that's my question. besides if they make a new type of application
#TYH

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2546 on: December 28, 2020, 09:32:28 PM »
if i got the $1k and I should technically be able to get the additional $9k. that's my question. besides if they make a new type of application

You must still meet the new eligibility criteria even if you got funds in the previous round.

Offline YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2547 on: December 28, 2020, 09:32:34 PM »
Added to my business relief article with instructions- thanks a ton for saving me the research time :)
Congrats @AsherO on getting your first hat tip from ChaiPlus1

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2548 on: December 28, 2020, 09:37:21 PM »
You must still meet the new eligibility criteria even if you got funds in the previous round.
Oh! I thought it's based off original criteria for this. like to fill in what they couldn't deliver last time
#TYH

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2549 on: December 28, 2020, 09:47:55 PM »
Congrats @AsherO on getting your first hat tip from ChaiPlus1

Hat tip doesn't go to me, the person who wrote the article did the research and @zh cohen discovered the valuable link.

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2550 on: December 28, 2020, 09:50:14 PM »
I'm seeing different numbers below poverty level from that link and other sources from Google like https://opportunitydb.com/

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2551 on: December 28, 2020, 09:55:28 PM »
Any insight into rules for businesses that were run as a sole proprietorship last year and changed to an entity this year? They're looked at as 2 completely separate businesses?
Unfortunately, an entity I opened was only in March, so can't get anything for that, but can I get as a sole prop for my 2019 income?

Offline Luvisrael

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2553 on: December 29, 2020, 03:27:06 PM »
Anyone here has a Cross River contact who I can talk to regarding referrals/commissions? I have a nice customer base and have also partnered with an org/agency similar to mine.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2554 on: December 29, 2020, 03:42:55 PM »
Anyone here has a Cross River contact who I can talk to regarding referrals/commissions? I have a nice customer base and have also partnered with an org/agency similar to mine.

If you were getting a commission I would definitely consider using your bank/referral link

Offline nafnaf12

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2555 on: December 29, 2020, 03:43:09 PM »
Anyone here has a Cross River contact who I can talk to regarding referrals/commissions? I have a nice customer base and have also partnered with an org/agency similar to mine.
yes
A smooth sea never made a skilled sailor.

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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2557 on: December 29, 2020, 03:45:53 PM »
https://elevdt.com/

"Preregister".

That site states:
Quote
▪Itís still unclear if EIDL grants will be deducted if you received PPP funding


What does that mean?

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2558 on: December 29, 2020, 03:48:42 PM »

What does that mean?

▪Itís still unclear if EIDL grants will be deducted if you received PPP funding
That they didn't read the bill?

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2559 on: December 29, 2020, 04:34:03 PM »
Anyone here has a Cross River contact who I can talk to regarding referrals/commissions? I have a nice customer base and have also partnered with an org/agency similar to mine.

If you're responding to my inquiry- looking for someone from Cross River, not for affiliate institutions.