SBA PPP and EIDL Small Business Loans (some money is forgivable)

[AsherO]

They're sick and tired of it.

will biz2credit stay open?

+1

Even b2c? This seems like an opportunity they took and ran with. It was either majorly profitable for them or not, I really don’t know. But they must have streamlined things considering they managed to process so many loans.

[cgr]

will biz2credit stay open?

Yes.

[Fish Tank]

Why shouldn't the banks want the loans?

My uneducated guess is that the banks are required to process the application within a certain amount of time from when the application is received.

Since the deadline hasn't been extended yet, they will receive hundreds of applications in the coming weeks, which will cause an overload.

[Fish Tank]

Yes.

Any word on when they will reopen?

[sillypainter]

Got my "forgiven" email from Chase this morning for an under 15K PPP round 1 loan. No paperwork at all. A simple form was filled out.

[shulemw]

What do they ask for a EIDL advance for a non profit?

A regular business they ask for 4506t form, do they ask something for non profit? bank statements? P&L or just 501c3 ?

[AsherO]

Got my "forgiven" email from Chase this morning for an under 15K PPP round 1 loan. No paperwork at all. A simple form was filled out.

Nice. This is Simplified Forgiveness for PPP loans under $150k. This is SOP under the latest forgiveness rules.

[Fiddy]

What do they ask for a EIDL advance for a non profit?

A regular business they ask for 4506t form, do they ask something for non profit? bank statements? P&L or just 501c3 ?

They asked me to sign 4506T requesting our 990 (Which btw we’re not required to file)

[AsherO]

They asked me to sign 4506T requesting our 990 (Which btw we’re not required to file)

You don’t have to file a 990, but did you?

[Fiddy]

You don’t have to file a 990, but did you?

No

[AsherO]

No

Then maybe try contacting them and asking if they can 4506 something you did file.

[shapsam]

Then maybe try contacting them and asking if they can 4506 something you did file.

501c3 for a religious congregation does not file anything.

[TBD]

501c3 for a religious congregation does not file anything.

2. We have not filed a 2019 Federal Tax return. Are we still eligible?
In most cases, SBA requires a 2019 Federal Tax Return to be filed with the IRS to verify your
eligibility. Certain organizations that were not required to file a 2019 Federal Tax Return are still
eligible, such as churches

https://www.sba.gov/sites/default/files/2021-02/Targeted%20EIDL%20FAQ_Final-508_0.pdf

[incendia]

They asked me to sign 4506T requesting our 990 (Which btw we’re not required to file)

990s are already public

[Traveler718]

I got my first draw loan in January and am now desperately trying to get my second draw before the banks close new applications, but I'm hitting a brick wall. Biz2Credit still hasn't reopened to new applications.

I tried Cross River via Dan's link. Now they denied my application and gave me a link to reapply, but with no explanation of what the problem was. I tried emailing them but have received no response and am not optimistic based on previous feedback about their lack of customer service.

I realize that the House passed an extension, but the Senate isn't taking it up until next week, and who knows what could happen with the filibuster games there, not to mention that banks may just decide not to continue taking new applications.

Does anyone have any contacts at banks that can help me get my application approved while there's still time? @Dan @cgr

[Dan]

I got my first draw loan in January and am now desperately trying to get my second draw before the banks close new applications, but I'm hitting a brick wall. Biz2Credit still hasn't reopened to new applications.

I tried Cross River via Dan's link. Now they denied my application and gave me a link to reapply, but with no explanation of what the problem was. I tried emailing them but have received no response and am not optimistic based on previous feedback about their lack of customer service.

I realize that the House passed an extension, but the Senate isn't taking it up until next week, and who knows what could happen with the filibuster games there, not to mention that banks may just decide not to continue taking new applications.

Does anyone have any contacts at banks that can help me get my application approved while there's still time? @Dan @cgr

Try BlueVine?
DD Link: https://www.dansdeals.com/go/BlueVine/   

[AsherO]

Try BlueVine?
DD Link: https://www.dansdeals.com/go/BlueVine/   

What bank is that with? My first draw was with Celtic Bank via BlueVine, but Celtic had other platforms and BlueVine had other banks.

[shapsam]

On Cross River second draw application, I need to enter a revenue amount greater than 0 for a quarter in 2020 vs 2019. If there was $0 revenue in that 2020 quarter, can I put in $1?

[cgr]

I realize that the House passed an extension, but the Senate isn't taking it up until next week, and who knows what could happen with the filibuster games there, not to mention that banks may just decide not to continue taking new applications.

Does anyone have any contacts at banks that can help me get my application approved while there's still time? @Dan @cgr

I want to address the Senate extension: while nothing is final til actually signed and sealed, one of my bank contacts told me that they received notice early this week that all employee contracts for underwriters have been extended til the end of June, due to the PPP deadline extension- in other words, they're seeing it as a done deal and gearing up. Keep in mind that it passed in the House 415-3 which is just about unanimous.

Biz2Credit is currently reworking their SBA API, so even if I can get you in, it won't go to the SBA til tech does their part, so at the moment no point in doing it...
My other contacts are trying to deal with their existing backlogs (SBA error codes that need to be manually handled) and are not looking for customers at this point.

[Mordyk]

How soon are people getting ppp2 approvals?
And from which banks?