Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535836 times)

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #320 on: April 24, 2020, 03:13:25 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 understand you’re discussing EIDL but I did the same for the loan when I applied through eastern union / kabbage & I spoke to somebody at EU who told me to just redo the app. Could be the same would apply for the other ppl who said they made a mistake when applying for the loan.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #321 on: April 24, 2020, 03:34:50 PM »
I had the same, after a day I got an email I was rejected
I didnt receive an email. just when I login it says that I dont have any applications with them.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #322 on: April 24, 2020, 06:26:01 PM »
Kabbage.com just sent out the following:

Quote
Congrats! Your Paycheck Protection Program (PPP)* loan application for ExGingi has been reviewed and is ready to submit.

The SBA will begin accepting applications again on Monday, April 27. We will submit your application as soon as we can. Please keep in mind there may still be delays in the process outside of our control, but we will keep you updated.

DW got the same email.

I also just got an email from my bank (small bank located in MO) that they are now again accepting applications. Any point in applying there too? Multiple banks? Through AMEX?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #323 on: April 24, 2020, 06:31:12 PM »
Kabbage.com just sent out the following:

DW got the same email.

I also just got an email from my bank (small bank located in MO) that they are now again accepting applications. Any point in applying there too? Multiple banks? Through AMEX?

Last round there seems there was loading problems with the SBA
So having an approved application by a bank may not mean it will be able to load it to the SBA in time

Chase advised its clients to try other banks too

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #324 on: April 24, 2020, 06:59:07 PM »
Chase advised its clients to try other banks too

Chase has $26bn lined up, they’re advising people to go elsewhere because SBA isn’t going to approve people applying with Chase today, the new money will be gone by the time it’s ready to go to SBA.
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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #325 on: April 25, 2020, 10:29:50 PM »
What this basically means is that I should hope for funds to suddenly show up? Nice.

Haha, funds posted to my account yesterday, I had already gotten by EIDL "grant" when I posted that.

Is the EIDL grant taxable? Is it considered income w/r/t unemployment?
« Last Edit: April 25, 2020, 10:46:58 PM by AsherO »
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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #326 on: April 25, 2020, 10:43:59 PM »
Now that PPP was expanded (more funds), SBA will start accepting/processing applications from banks starting Monday April 27th.
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #327 on: April 25, 2020, 10:52:22 PM »
From Chase

We continue to work hard to prepare as many applications as possible for processing when the SBA begins taking new applications. However, the SBA recently issued new guidance that we want to communicate to customers whose application is in process as well as those who have already received funding.

The new guidance strengthens some of the language regarding qualifications for a Paycheck Protection Program Loan. Specifically, we would like to remind you:
1.   When you applied you certified that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
2.   You have the opportunity to withdraw your application if you do not feel you meet this criteria.
3.   If you’ve already been funded, and you believe you do not meet this criteria, you can repay your loan by May 7, 2020 and the SBA will treat that repayment as being in good faith.
If you cannot certify and want us to stop processing your application or you want to return your funding, you’ll need to follow the instructions at the bottom of this email.
Read the Important Information below before you make any decisions. Please be sure to read the FAQ shown below in its entirety and, if necessary, consult with your counsel or advisor:


31. Question: Do businesses owned by large companies with adequate sources of liquidity to support the business's ongoing operations qualify for a PPP loan?
Answer: In addition to reviewing applicable affiliation rules to determine eligibility, all borrowers must assess their economic need for a PPP loan under the standard established by the CARES Act and the PPP regulations at the time of the loan application. Although the CARES Act suspends the ordinary requirement that borrowers must be unable to obtain credit elsewhere (as defined in section 3(h) of the Small Business Act), borrowers still must certify in good faith that their PPP loan request is necessary. Specifically, before submitting a PPP application, all borrowers should review carefully the required certification that "current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant." Borrowers must make this certification in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business. For example, it is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification.
Lenders may rely on a borrower's certification regarding the necessity of the loan request. Any borrower that applied for a PPP loan prior to the issuance of this guidance and repays the loan in full by May 7, 2020 will be deemed by SBA to have made the required certification in good faith.
Please remember that you also certified you understood that knowingly making a false statement to obtain a guaranteed loan from SBA is punishable under the law, including under 18 USC 1001 and 3571 by imprisonment of not more than five years and/or a fine of up to $250,000; under 15 USC 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, if submitted to a federally insured institution, under 18 USC 1014 by imprisonment of not more than thirty years and/or a fine of not more than $1,000,000.
If you cannot certify and want us to stop processing your application or you want to return your funding, please email us at PPP.Cancellation@chase.com. If you’ve already received your funding, and you do not believe that your business meets the definition of “economic need”, you may repay it by May 7, 2020, and the SBA will deem your certification to have been made in good faith.

Please include in the email:
•    Business Name
•    Best number to reach you
•    PPP ID:

This email address can only be used to cancel your PPP loan or application.


Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #328 on: April 25, 2020, 11:03:23 PM »
From Chase

We continue to work hard to prepare as many applications as possible for processing when the SBA begins taking new applications. However, the SBA recently issued new guidance that we want to communicate to customers whose application is in process as well as those who have already received funding.

The new guidance strengthens some of the language regarding qualifications for a Paycheck Protection Program Loan. Specifically, we would like to remind you:
1.   When you applied you certified that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
2.   You have the opportunity to withdraw your application if you do not feel you meet this criteria.
3.   If you’ve already been funded, and you believe you do not meet this criteria, you can repay your loan by May 7, 2020 and the SBA will treat that repayment as being in good faith.
If you cannot certify and want us to stop processing your application or you want to return your funding, you’ll need to follow the instructions at the bottom of this email.
Read the Important Information below before you make any decisions. Please be sure to read the FAQ shown below in its entirety and, if necessary, consult with your counsel or advisor:


31. Question: Do businesses owned by large companies with adequate sources of liquidity to support the business's ongoing operations qualify for a PPP loan?
Answer: In addition to reviewing applicable affiliation rules to determine eligibility, all borrowers must assess their economic need for a PPP loan under the standard established by the CARES Act and the PPP regulations at the time of the loan application. Although the CARES Act suspends the ordinary requirement that borrowers must be unable to obtain credit elsewhere (as defined in section 3(h) of the Small Business Act), borrowers still must certify in good faith that their PPP loan request is necessary. Specifically, before submitting a PPP application, all borrowers should review carefully the required certification that "current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant." Borrowers must make this certification in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business. For example, it is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification.
Lenders may rely on a borrower's certification regarding the necessity of the loan request. Any borrower that applied for a PPP loan prior to the issuance of this guidance and repays the loan in full by May 7, 2020 will be deemed by SBA to have made the required certification in good faith.
Please remember that you also certified you understood that knowingly making a false statement to obtain a guaranteed loan from SBA is punishable under the law, including under 18 USC 1001 and 3571 by imprisonment of not more than five years and/or a fine of up to $250,000; under 15 USC 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, if submitted to a federally insured institution, under 18 USC 1014 by imprisonment of not more than thirty years and/or a fine of not more than $1,000,000.
If you cannot certify and want us to stop processing your application or you want to return your funding, please email us at PPP.Cancellation@chase.com. If you’ve already received your funding, and you do not believe that your business meets the definition of “economic need”, you may repay it by May 7, 2020, and the SBA will deem your certification to have been made in good faith.

Please include in the email:
•    Business Name
•    Best number to reach you
•    PPP ID:

This email address can only be used to cancel your PPP loan or application.

Noise for anyone here who’s applying. Who here can not certify in good faith that economic uncertainty means a loan from the government would support their business?
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Online zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #329 on: April 25, 2020, 11:05:29 PM »
Noise for anyone here who’s applying. Who here can not certify in good faith that economic uncertainty means a loan from the government would support their business?

This is probably in response to the publicly about the huge companies getting money. (The FAQ explicitly references publicly traded companies). The question is, when they return it, will that mean that more is available for small businesses?

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #330 on: April 25, 2020, 11:07:24 PM »
Maybe grocery stores or other stores that have regular sales volumes.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #331 on: April 25, 2020, 11:09:15 PM »
This is probably in response to the publicly about the huge companies getting money. (The FAQ explicitly references publicly traded companies). The question is, when they return it, will that mean that more is available for small businesses?

A few high profile companies will return money. My guess is it’ll add up to less than $1bn, probably much less (considering the loans are up to $10mm), meaning this is chump change.

In any case, don’t let any of this intimidate you or I from applying.
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Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #332 on: April 25, 2020, 11:56:11 PM »
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
I just reapplied under self employed.   It seems i did the wrong selection originally.  Because now they only asked for 1040 schedule C.
#TYH

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #333 on: April 26, 2020, 12:10:20 AM »
A few high profile companies will return money. My guess is it’ll add up to less than $1bn, probably much less (considering the loans are up to $10mm), meaning this is chump change.

In any case, don’t let any of this intimidate you or I from applying.
These companies used the guidance allowing each subsidiary to apply separately to allow them to get much more than the 10m limit.
Feelings don't care about your facts

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #334 on: April 26, 2020, 12:11:48 AM »
A few high profile companies will return money. My guess is it’ll add up to less than $1bn, probably much less (considering the loans are up to $10mm), meaning this is chump change.

In any case, don’t let any of this intimidate you or I from applying.
https://www.foxbusiness.com/markets/autonation-coronavirus-loan.amp

Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #335 on: April 26, 2020, 12:28:27 AM »
I just reapplied under self employed.   It seems i did the wrong selection originally.  Because now they only asked for 1040 schedule C.
If someone didn't file 2019 yet, can they provide any other documents?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #336 on: April 26, 2020, 12:30:11 AM »
If someone didn't file 2019 yet, can they provide any other documents?
I remember reading that a draft return could do the job

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #337 on: April 26, 2020, 04:03:47 AM »
If I'm not a new Corp (I'm more than 2 years old) but started payroll at q4 of 2019. Will I only get based on my total 2019 income? Let's say I have an income of 1k per month so I should get 2500 but here since they are basing it on q4 2019 and my total then was 3k so it would be 3k ÷ in 12 x 2.5? So only $625 instead of $2500? This is so messed up.
Question: What time period should borrowers use to determine their number of
employees and payroll costs to calculate their maximum loan amounts?

Answer: In general, borrowers can calculate their aggregate payroll costs using data
either from the previous 12 months or from calendar year 2019. For seasonal businesses,
the applicant may use average monthly payroll for the period between February 15, 2019,
or March 1, 2019, and June 30, 2019. An applicant that was not in business from
February 15, 2019 to June 30, 2019 may use the average monthly payroll costs for the
period January 1, 2020 through February 29, 2020.

Borrowers may use their average employment over the same time periods to determine
their number of employees, for the purposes of applying an employee-based size
standard. Alternatively, borrowers may elect to use SBA’s usual calculation: the average
number of employees per pay period in the 12 completed calendar months prior to the
date of the loan application (or the average number of employees for each of the pay
periods that the business has been operational, if it has not been operational for 12
months).



https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf
« Last Edit: April 26, 2020, 05:40:06 AM by thebudgetdeals »

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #338 on: April 26, 2020, 05:36:58 AM »
Applied thru paypal and got denied based on missing docs  ::) ::) ::)

Why can't they just ask me to submit additional docs?

Any way to reach anyone by phone? Can't find any contact info.

And my credit score they made sure to pull  >:( >:(
Hard pull for PPP??

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #339 on: April 26, 2020, 10:25:22 AM »
Hard pull for PPP??
You better believe it.
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