Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 165899 times)

Offline Traveler718

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3285 on: February 25, 2021, 11:09:50 AM »
Has anybody asked or looked into the halachos of giving maaser on PPP? Is it obvious that you have to since it's essentially income in the form of a forgivable loan, or is there a reason why it wouldn't technically be income since it came in the form of a loan that was only subsequently forgiven?

Offline YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3286 on: February 25, 2021, 11:17:47 AM »
Has anybody asked or looked into the halachos of giving maaser on PPP? Is it obvious that you have to since it's essentially income in the form of a forgivable loan, or is there a reason why it wouldn't technically be income since it came in the form of a loan that was only subsequently forgiven?
My rov told me that I have to give Maaser on it.

Offline aygart

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3287 on: February 25, 2021, 11:23:30 AM »
My rov told me that I have to give Maaser on it.
I am assuming this is for a sole prop or similar?
Feelings don't care about your facts

Offline YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3288 on: February 25, 2021, 11:45:28 AM »
I am assuming this is for a sole prop or similar?
Sole props

Offline Moishy123

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Offline Chaimel6

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3290 on: March 01, 2021, 08:54:12 AM »
Does it matter which company to use for a first PPP loan? If yes, who do you recommend?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3291 on: March 01, 2021, 09:31:28 AM »
Does it matter which company to use for a first PPP loan? If yes, who do you recommend?
You can PM me

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3292 on: March 01, 2021, 09:54:48 AM »
If anyone here is in a situation where they own multiple companies (50%+ ownership) and didn't have a 25% reduction on one entity, but did have a 25% reduction across all entities when computed together, and wants to apply for PPP on the non-reduction entity, I have a bank that approves the 25% reduction based on affiliation. PM me.

Offline Crunchy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3293 on: March 01, 2021, 02:18:11 PM »
Is it possible that I should have an update on my account for the targeted Eidl advance if I applied just yesterday or is the update I see still from the last time I applied ?

Offline David101

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3294 on: March 01, 2021, 02:24:13 PM »
Trying to get 1st rd ppp. I've applied as a sole prop with a 2020 1040c, recent bank statement, and a FEB 2020 statement that wasn't my primary account used at the time but has my name and some minor transactions.

1. Will the 2020 statement I have cause app to be declined or does this not matter?

2. I've applied directly with CRB and got the manual review message anyone get past this?

3. I applied with Bluevine two days ago and today was declined reason stated "Unable to verify Applicant's identity from documents submitted or discrepancies in information submitted" called them to see what this can be and they basically said they can't tell me but that its a hard decline and there's nothing they can do about it. Anyone know what this can be? I didn't know they use CRB at the time, does this likely mean my CRB app will get declined as well?

Any suggestions who I might try to get this done in a timely matter are appreciated.

What a nightmare this has been. Since this post CRB hasn't even replied and app still in review lol.

I applied with biz2cred a couple days later and they got me a etran next day, signed the first docusign paper work and thought things were looking good. Then on 2/17 application is showing information needed and there is no one to get speak to. Emails, VM, BBB, trust pilot I tired everything no one will get back to you. I just want to cancel the app at this point and move on but cant reach anyone.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3295 on: March 01, 2021, 02:30:25 PM »
What a nightmare this has been. Since this post CRB hasn't even replied and app still in review lol.

I applied with biz2cred a couple days later and they got me a etran next day, signed the first docusign paper work and thought things were looking good. Then on 2/17 application is showing information needed and there is no one to get speak to. Emails, VM, BBB, trust pilot I tired everything no one will get back to you. I just want to cancel the app at this point and move on but cant reach anyone.
PM me. I work with Biz2 and can help

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3296 on: March 01, 2021, 11:28:53 PM »
Is it possible that I should have an update on my account for the targeted Eidl advance if I applied just yesterday or is the update I see still from the last time I applied ?

Log into the portal and check?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3297 on: March 01, 2021, 11:31:04 PM »
So, someone PM’d me asking about the EIDL targeted advance and that prompted me to login. My targeted advance status was “in progress” like before, but now I also noticed a button for “Submit your application for processing” or something. I clicked it and now my EIDL targeted advance shows “submitted”. Wondering if I missed a step last time.

Anyone else? @S209 @minkr

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3298 on: March 01, 2021, 11:56:38 PM »
So, someone PM’d me asking about the EIDL targeted advance and that prompted me to login. My targeted advance status was “in progress” like before, but now I also noticed a button for “Submit your application for processing” or something. I clicked it and now my EIDL targeted advance shows “submitted”. Wondering if I missed a step last time.

Anyone else? @S209 @minkr
Same by me

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3299 on: March 02, 2021, 12:35:06 AM »
Same by me

Meaning yours was in progress until today when you checked it, clicked the submit button, and thus switched it to “submitted”?