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Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 547084 times)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3420 on: March 15, 2021, 09:13:36 PM »
Quote from: JuryDuty on March 15, 2021, 09:06:27 PM
Oh wow. And 2.5x is based on the income from 2019 divided by 12?
Yes.
You can use line 7 of your Schedule C (and if 2020 is higher you can use that).
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Offline Jack345

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3421 on: March 15, 2021, 09:16:22 PM »
Quote from: ExGingi on March 15, 2021, 02:04:40 PM
Thanks @cgr biz2credit seem to be working at warp speed. Got two second draw PPP loans approved. Will now try to see if I can get 1st and 2nd draw on time for one more business.

I thought I need to wait 8 weeks between first and second draw, no?
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Offline JuryDuty

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3422 on: March 15, 2021, 09:41:11 PM »
Quote from: cgr on March 15, 2021, 09:13:36 PM
Yes.
You can use line 7 of your Schedule C (and if 2020 is higher you can use that).

Does the reduction in income in 2020 include unemployment or without?
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Jury Duty: Nothing to do there but chill and write a TR. Kinda like the beach but missing the view and ocean breeze.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3423 on: March 15, 2021, 10:14:26 PM »
Quote from: JuryDuty on March 15, 2021, 09:41:11 PM
Does the reduction in income in 2020 include unemployment or without?
Without.
Only business income matters.
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3424 on: March 16, 2021, 10:19:36 AM »
Did anyone who applied for the Targeted Advance and did not receive a loan previously (ie no portal access) get the transcript request?
I'm trying to convince the SBA that they have an issue with these applications because these applicants can't log in to submit fully, but it's falling on deaf ears.
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Offline Jack345

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3425 on: March 16, 2021, 10:24:54 AM »
Quote from: cgr on March 16, 2021, 10:19:36 AM
Did anyone who applied for the Targeted Advance and did not receive a loan previously (ie no portal access) get the transcript request?
I'm trying to convince the SBA that they have an issue with these applications because these applicants can't log in to submit fully, but it's falling on deaf ears.

I did get a loan and have portal access, however I never got the transcript request....
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Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3426 on: March 16, 2021, 02:58:31 PM »
Quote from: Jack345 on March 16, 2021, 10:24:54 AM
I did get a loan and have portal access, however I never got the transcript request....
Same here, and the application does not show in the online portal, all I see is the first loan.
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Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3427 on: March 16, 2021, 03:35:25 PM »
Has anyone who got invited for EIDL grant in 2021 gotten their grant yet? I got my invite 2/28 and haven't heard anything since.
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Offline USam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3428 on: March 16, 2021, 07:57:32 PM »
Quote from: cgr on March 16, 2021, 10:19:36 AM
Did anyone who applied for the Targeted Advance and did not receive a loan previously (ie no portal access) get the transcript request?
I'm trying to convince the SBA that they have an issue with these applications because these applicants can't log in to submit fully, but it's falling on deaf ears.

Got the first advance
Didn't take the loan (they officially declined it end Dec/beg Jan)
Have portal access
Got transcript request
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Offline dovy2

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3429 on: March 16, 2021, 08:24:02 PM »
Quote from: YesThatsMe on March 16, 2021, 03:35:25 PM
Has anyone who got invited for EIDL grant in 2021 gotten their grant yet? I got my invite 2/28 and haven't heard anything since.
I got my application on Feb 2 and still nothing
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Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3430 on: March 16, 2021, 08:28:13 PM »
Quote from: Jack345 on March 16, 2021, 10:24:54 AM
I did get a loan and have portal access, however I never got the transcript request....
Do you see the Targeted Advance application in your online login?
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Offline minkr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3431 on: March 16, 2021, 09:50:35 PM »
Quote from: cgr on March 16, 2021, 10:19:36 AM
Did anyone who applied for the Targeted Advance and did not receive a loan previously (ie no portal access) get the transcript request?
I'm trying to convince the SBA that they have an issue with these applications because these applicants can't log in to submit fully, but it's falling on deaf ears.
I'm not sure if I'm understanding you correctly, but I received $1k EIDL advance last April. I declined the loan. On February 8th I got my invitation to apply for targeted advance. On Feb 24 I got an email to continue my application, which included the transcript request. Right now on my account, I see "targeted advance - submitted" - this is under the heading "advance type".
Above that, I see "your quote" - "status: declined" and "status: You're application has been withdrawn" - I assume that's referring to the loan that I declined.
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3432 on: March 16, 2021, 10:22:25 PM »
So far it looks like account access= transcript request.
Any transcript request for those that weren't offered a loan and have no account access?
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Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3433 on: March 16, 2021, 10:32:31 PM »
Quote from: cgr on March 16, 2021, 10:22:25 PM
So far it looks like account access= transcript request.

Not in my case, as I wrote above.
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3434 on: March 16, 2021, 10:34:29 PM »
Quote from: shapsam on March 16, 2021, 10:32:31 PM
Not in my case, as I wrote above.
You mentioned you have access. Looking specifically for data points on those that don't.

(Not saying that everyone who has access got, but trying to determine if anyone without access got).
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Offline lakewood34

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3435 on: March 16, 2021, 11:22:31 PM »
house passes bill to extend deadline to apply for ppp by 2 months bill sent to senate

https://www.wsj.com/articles/house-votes-to-extend-ppp-application-deadline-11615944497?mod=hp_listb_pos3
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3436 on: March 16, 2021, 11:41:05 PM »
Quote from: lakewood34 on March 16, 2021, 11:22:31 PM
house passes bill to extend deadline to apply for ppp by 2 months bill sent to senate

https://www.wsj.com/articles/house-votes-to-extend-ppp-application-deadline-11615944497?mod=hp_listb_pos3
The question is which banks will stay open. Some of the big ones already bowed out earlier in the week when banks were informed by the SBA that they feel strongly it'll pass.
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Offline oldguy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3437 on: March 16, 2021, 11:53:25 PM »
Quote from: cgr on March 16, 2021, 11:41:05 PM
The question is which banks will stay open. Some of the big ones already bowed out earlier in the week when banks were informed by the SBA that they feel strongly it'll pass.
Why shouldn't the banks want the loans?
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3438 on: March 17, 2021, 12:00:34 AM »
Quote from: oldguy on March 16, 2021, 11:53:25 PM
Why shouldn't the banks want the loans?
They're sick and tired of it.
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Offline oldguy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3439 on: March 17, 2021, 12:46:40 AM »
Quote from: cgr on March 17, 2021, 12:00:34 AM
They're sick and tired of it.
will biz2credit stay open?
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