Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 355802 times)

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #300 on: April 24, 2020, 01:54:34 AM »
I applied for PPP through kabbage. As self employed.   I submitted my schedule c from 2019, but now they say they need more info.  See attached and let me know if you have any other ideas what to submit. Thanks
#TYH

Offline S209

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #301 on: April 24, 2020, 01:59:48 AM »
I don't think (at least the people I spoke to) anybody got more than 1K per employee up to 10K even if requested. Unless nobody requested more than the forgiven portion.
As far as the EIDL? Max grant was always 10K
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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #302 on: April 24, 2020, 06:48:23 AM »
Just to understand, everyone here who says they got EIDL just got a deposit to their account after applying, with no personal/specific contact with/from the SBA since applying?

What this basically means is that I should hope for funds to suddenly show up? Nice.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #303 on: April 24, 2020, 06:52:02 AM »
I applied for PPP through kabbage. As self employed.   I submitted my schedule c from 2019, but now they say they need more info.  See attached and let me know if you have any other ideas what to submit. Thanks

Annoying. I think they had some confusing options for sole proprietor where it wasnít obvious how to tell them youíre unincorporated. Their application had no back button and no way to edit the relevant fields (the final screen before submit did not allow editing the two relevant fields). I think I selected the wrong option and might end up in this situation too, and thereís probably no one to talk to either...

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #304 on: April 24, 2020, 10:11:35 AM »
Annoying. I think they had some confusing options for sole proprietor where it wasnít obvious how to tell them youíre unincorporated. Their application had no back button and no way to edit the relevant fields (the final screen before submit did not allow editing the two relevant fields). I think I selected the wrong option and might end up in this situation too, and thereís probably no one to talk to either...
I just re uploaded my tax return that includes the schedule c.  Hopefully that helps
#TYH

Offline jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #305 on: April 24, 2020, 10:21:25 AM »
Is the SBA accepting new PPP applications yet?
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Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #306 on: April 24, 2020, 10:25:55 AM »
Just to understand, everyone here who says they got EIDL just got a deposit to their account after applying, with no personal/specific contact with/from the SBA since applying?

What this basically means is that I should hope for funds to suddenly show up? Nice.
Yeah. But it seems that if you are a business owner with no employees and when they asked for number of employees you put 0, then you will get 0. Wish there would be a way to update the app and put 1 employee.
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #307 on: April 24, 2020, 10:47:41 AM »
Yeah. But it seems that if you are a business owner with no employees and when they asked for number of employees you put 0, then you will get 0. Wish there would be a way to update the app and put 1 employee.
Same here...

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #308 on: April 24, 2020, 11:01:56 AM »
Yeah. But it seems that if you are a business owner with no employees and when they asked for number of employees you put 0, then you will get 0. Wish there would be a way to update the app and put 1 employee.

Hope I put 1 then. Canít remember for sure.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #309 on: April 24, 2020, 11:04:20 AM »
Is the SBA accepting new PPP applications yet?

You would apply with SBA directly for EIDL, and a donít think theyíre accepting more applications yet.

You can apply with banks for PPP, and those banks will hopefully submit to SBA once they complete their review of your application to make sure itís complete and meets the criteria. I donít think SBA announced yet that theyíre accepting more applications from banks. Itís also possible that SBA also has applications that are pending from when they ran out of funds.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #310 on: April 24, 2020, 11:42:38 AM »
Applied PPP by Paypal on Tuesday. Checked every day status, was just written that it is under review. Today I checked and it says, that I dont have a current application with them. Didnt receive any communication from them. Anyone?

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #311 on: April 24, 2020, 11:49:16 AM »
Yeah. But it seems that if you are a business owner with no employees and when they asked for number of employees you put 0, then you will get 0. Wish there would be a way to update the app and put 1 employee.
same :(
#TYH

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #312 on: April 24, 2020, 11:55:08 AM »
yes. Loan calculation and payroll.

Is the list posted somewhere?

Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #313 on: April 24, 2020, 02:11:02 PM »
Yeah. But it seems that if you are a business owner with no employees and when they asked for number of employees you put 0, then you will get 0. Wish there would be a way to update the app and put 1 employee.
I put 0 employees for sole proprietor and got $1000. I don't know if that's the case with corporations though.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #314 on: April 24, 2020, 02:14:40 PM »
Pro tip when applying for PPP at large banks where there is nobody to talk to-Include a sheet showing each item you are including for the calculation and where it is supported in the uploaded documents.
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Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #315 on: April 24, 2020, 02:15:24 PM »
Applied PPP by Paypal on Tuesday. Checked every day status, was just written that it is under review. Today I checked and it says, that I dont have a current application with them. Didnt receive any communication from them. Anyone?
Where can you check the status?

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #316 on: April 24, 2020, 02:15:58 PM »
Pro tip when applying for PPP at large banks where there is nobody to talk to-Include a sheet showing each item you are including for the calculation and where it is supported in the uploaded documents.
Any banks that didnt accept till now new applications opened up already?

Offline TBD

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Offline shapsam

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Offline mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #319 on: April 24, 2020, 02:59:04 PM »
Applied PPP by Paypal on Tuesday. Checked every day status, was just written that it is under review. Today I checked and it says, that I dont have a current application with them. Didnt receive any communication from them. Anyone?

I had the same, after a day I got an email I was rejected