Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 342764 times)

Offline ilherman

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2013
  • Posts: 8862
  • Total likes: 164
  • DansDeals.com Hat Tips 35
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #260 on: April 22, 2020, 02:49:11 AM »
@cgr after doing some research it seems that there are 2 different k1s. 1120 and 1065. In short, 1065 which does pay se tax is eligible, and 1120 which does not pay all the se taxes (this is the whole idea of S Corp) is considered an investment and can not be included.
You can say what you think when you think what you say.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 28411
  • Total likes: 5272
  • DansDeals.com Hat Tips 77
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #261 on: April 22, 2020, 07:35:35 AM »
Applied by Paypal Yesterday, submitted just 2019 payroll records from payroll company, in the morning they approved already the loan and send me the loan documents to sign, now waiting for additional funds. Maybe can try to submit payroll records showing that it was only for that quarters with a letter of explanation and it will work.

Good data point here. I think it canít hurt to apply at a few more places and only sign loan documents at the lender that delivers them to me first. Chances are they submit to SBA soonest and I have highest likelihood of getting my loan before funds run out.

Offline hvaces42

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2013
  • Posts: 5352
  • Total likes: 1026
  • DansDeals.com Hat Tips 14
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #262 on: April 22, 2020, 07:43:30 AM »
Submitted EIDL about 2 weeks ago and PPP through Capital One 3 days ago. They pulled credit yesterday and Grant portion is in my account this morning.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 28411
  • Total likes: 5272
  • DansDeals.com Hat Tips 77
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #263 on: April 22, 2020, 07:44:28 AM »
Also wonder about the $60bn set aside for smaller banks. Where do Kabbage/PayPal and other fintechs fall in this regard?

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 28411
  • Total likes: 5272
  • DansDeals.com Hat Tips 77
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #264 on: April 22, 2020, 07:44:37 AM »
Submitted EIDL about 2 weeks ago and PPP through Capital One 3 days ago. They pulled credit yesterday and Grant portion is in my account this morning.

Thatís probably just the EIDL part, no?

Online sillypainter

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2012
  • Posts: 1861
  • Total likes: 103
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #265 on: April 22, 2020, 08:08:56 AM »
@cgr after doing some research it seems that there are 2 different k1s. 1120 and 1065. In short, 1065 which does pay se tax is eligible, and 1120 which does not pay all the se taxes (this is the whole idea of S Corp) is considered an investment and can not be included.

Thanks, didn't know there are 2 kind of K1's. Figured it's so, because K1 for S corp. is like any other investment income there are no payroll taxes.

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1156
  • Total likes: 150
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #266 on: April 22, 2020, 08:13:52 AM »
@cgr after doing some research it seems that there are 2 different k1s. 1120 and 1065. In short, 1065 which does pay se tax is eligible, and 1120 which does not pay all the se taxes (this is the whole idea of S Corp) is considered an investment and can not be included.
I'm not familiar, but I'm getting a K-1 1065 form from a RE investment partnership and there is no SE taxes on it

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3820
  • Total likes: 983
  • DansDeals.com Hat Tips 5
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #267 on: April 22, 2020, 09:50:04 AM »
Didnít you mention you were only applying for a loan amount you know will be forgiven? Just curious about that, if thereís something Iím missing
When you think about it, they don't really let you apply for more. You're getting 2.5X payroll costs, to use over 8 weeks. 2X would go towards patroll, and the .5X would go towards mortgage interest/rent, utilities, etc, not to mention many are behind in payroll or other basic bills and shouldn't have an issue using 2.5X in 8 weeks when cash flows have suffered.

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3820
  • Total likes: 983
  • DansDeals.com Hat Tips 5
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #268 on: April 22, 2020, 09:52:20 AM »
@cgr after doing some research it seems that there are 2 different k1s. 1120 and 1065. In short, 1065 which does pay se tax is eligible, and 1120 which does not pay all the se taxes (this is the whole idea of S Corp) is considered an investment and can not be included.
Thanks!

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 28411
  • Total likes: 5272
  • DansDeals.com Hat Tips 77
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #269 on: April 22, 2020, 09:55:21 AM »
When you think about it, they don't really let you apply for more. You're getting 2.5X payroll costs, to use over 8 weeks. 2X would go towards patroll, and the .5X would go towards mortgage interest/rent, utilities, etc, not to mention many are behind in payroll or other basic bills and shouldn't have an issue using 2.5X in 8 weeks when cash flows have suffered.

Especially when (IINM) you only need to prove you spent 75% of forgiveness amount on payroll.

Even if you donít have the full 75% in payroll expenses for whatever reason, your employees would appreciate a payroll advance and the government wouldnít know the difference.

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1156
  • Total likes: 150
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #270 on: April 22, 2020, 10:48:56 AM »
Did anyone apply for PPP using also pension benefits contributions in payroll calculation and got approved?

Offline ilherman

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2013
  • Posts: 8862
  • Total likes: 164
  • DansDeals.com Hat Tips 35
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #271 on: April 22, 2020, 12:24:56 PM »
I'm not familiar, but I'm getting a K-1 1065 form from a RE investment partnership and there is no SE taxes on it
there's no tax on RE. Only on se. That's why re always goes with llc because u save the se tax
You can say what you think when you think what you say.

Offline Fiddy

  • DansDeals Copper Elite
  • *
  • Join Date: May 2008
  • Posts: 12
  • Total likes: 3
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #272 on: April 22, 2020, 01:30:49 PM »
April 7, or 8.
Do you remember what day you signed the DocuSign? Thanks!

Off topic - Just realized my Tapatalk was somehow signed in to my long lost account from when the forums started in 2008. So this is my first post since 2008  :)
« Last Edit: April 22, 2020, 02:06:52 PM by Fiddy »

Offline ilherman

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2013
  • Posts: 8862
  • Total likes: 164
  • DansDeals.com Hat Tips 35
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #273 on: April 22, 2020, 03:07:52 PM »
can we get a list on whi is currently accepting apps? it seems paypal and kabbage are. Who else?
You can say what you think when you think what you say.

Online S209

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2016
  • Posts: 6675
  • Total likes: 2820
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
    • Gowns By Shevy
  • Location: Lakewood
  • Programs: Marriott Gold, Star Alliance Gold, Hyatt Explorist, Hertz PC, National EE, Rock Royalty Wild Card, Wyndham Diamond, MLife Gold, Caesars Diamond, Hilton Diamond, Uber VIP, IHG Platinum Elite, ANA Platinum, DDF Lifetime Prez Platinum Elite, AmEx Platinum
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #274 on: April 22, 2020, 03:12:06 PM »
can we get a list on whi is currently accepting apps? it seems paypal and kabbage are. Who else?
quickloansdirect.com
Quote from: YitzyS
Quotes in a signature is annoying, as it comes across as an independent post.

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Diamond Elite
  • **********
  • Join Date: May 2008
  • Posts: 63118
  • Total likes: 10588
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA Global Services, AA Lifetime Plat, DL Dirt, SPG Plat, Hyatt Diamond, Fairmont Lifetime Plat, Hilton Diamond, Priority Club Plat, Avis Chairman, National EE, Hertz PC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #275 on: April 22, 2020, 03:15:49 PM »
Do you remember what day you signed the DocuSign? Thanks!

Off topic - Just realized my Tapatalk was somehow signed in to my long lost account from when the forums started in 2008. So this is my first post since 2008  :)
DDF user #43 with 1st post after 12 years. Love it :D
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline mgarfin

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 2306
  • Total likes: 204
  • DansDeals.com Hat Tips 2
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #276 on: April 22, 2020, 03:37:09 PM »
quickloansdirect.com

Seems to be Cross River Bank

issue is they make you sign that you did not apply with any other bank

Offline momo

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2008
  • Posts: 1441
  • Total likes: 76
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #277 on: April 22, 2020, 03:55:38 PM »
Do you remember what day you signed the DocuSign? Thanks!

Off topic - Just realized my Tapatalk was somehow signed in to my long lost account from when the forums started in 2008. So this is my first post since 2008  :)
a day or 2 after the gvmt announced that they were out of funds. So last week Thursday or Friday?Eta, it was Friday.

Offline Kobe Bryant

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jan 2017
  • Posts: 3322
  • Total likes: 1954
  • DansDeals.com Hat Tips 15
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #278 on: April 22, 2020, 05:02:50 PM »
seriously? No school I know has given a break for tuition so why wouldn't they be able to pay their employees?

Non profits? You know how much Harvard is worth? Check how much they got.

One thing I'm disappointed from Trump. He didn't manage to clean the swamp. Which benefits the rich and well connected. While businesses are going under because ppp is out of funds, they have 8mm to give to Harvard.
Harvard reverses course.
https://www.marketwatch.com/story/harvard-says-its-keeping-almost-9-million-in-stimulus-money-that-critics-like-trump-say-it-shouldnt-be-taking-2020-04-22

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3820
  • Total likes: 983
  • DansDeals.com Hat Tips 5
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #279 on: April 22, 2020, 05:39:40 PM »
there's no tax on RE. Only on se. That's why re always goes with llc because u save the se tax
So K-1 1065 from RE income can file for PPP?