Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 176625 times)

Online Traveler718

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3495 on: March 31, 2021, 08:41:46 PM »
Update: Despite correcting everything that Bluevine CS told me to fix and reapplying for 2nd draw through both BV and CR, I got denied again - sorry @Dan I tried. I then applied to another bank (#3) that was posted here, but never heard back from them.

Then a DDFer was kind enough to PM me the contact info of a smaller bank (#4) with actual loan officers you can talk to, and B"H they got me approved and sent me the DocuSign closing documents. But after no communication since applying a week ago, I now got an email from bank #3 that also has DocuSign closing documents that are dated 2 days earlier than #4's, meaning that I was seemingly approved twice. Banks #3 and 4 both have SBA loan numbers in the e-sign documents they sent me, and they're not the same!

How is it possible that Etran didn't reject whichever one came in second? And now that they both got approved, does it matter which one I take? I'd prefer to take #4 since they may know I'm frum and I don't want to cause a chillul Hashem, and also because I've interacted with actual people there who could always come in handy if there's any issues with forgiveness. But is it a problem that their SBA loan is dated 2 days later than #3's? And even though both were independently approved, I assume it's illegal and/or really stupid to try to take both, right? Anything else I need to know or do here? @cgr
« Last Edit: March 31, 2021, 08:59:21 PM by Traveler718 »

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3496 on: March 31, 2021, 09:18:31 PM »

How is it possible that Etran didn't reject whichever one came in second? And now that they both got approved, does it matter which one I take? I'd prefer to take #4 since they may know I'm frum and I don't want to cause a chillul Hashem, and also because I've interacted with actual people there who could always come in handy if there's any issues with forgiveness. But is it a problem that their SBA loan is dated 2 days later than #3's? And even though both were independently approved, I assume it's illegal and/or really stupid to try to take both, right? Anything else I need to know or do here?
I've seen 2 etran approvals a few times now, and my only guess is that it's a glitch in the system and happens every now and then.
Regarding accepting both, note that you're certifying that you will only take one First and one Second Draw, so I wouldn't recommend.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3497 on: March 31, 2021, 09:54:49 PM »
Update: Despite correcting everything that Bluevine CS told me to fix and reapplying for 2nd draw through both BV and CR, I got denied again - sorry @Dan I tried. I then applied to another bank (#3) that was posted here, but never heard back from them.

Then a DDFer was kind enough to PM me the contact info of a smaller bank (#4) with actual loan officers you can talk to, and B"H they got me approved and sent me the DocuSign closing documents. But after no communication since applying a week ago, I now got an email from bank #3 that also has DocuSign closing documents that are dated 2 days earlier than #4's, meaning that I was seemingly approved twice. Banks #3 and 4 both have SBA loan numbers in the e-sign documents they sent me, and they're not the same!

How is it possible that Etran didn't reject whichever one came in second? And now that they both got approved, does it matter which one I take? I'd prefer to take #4 since they may know I'm frum and I don't want to cause a chillul Hashem, and also because I've interacted with actual people there who could always come in handy if there's any issues with forgiveness. But is it a problem that their SBA loan is dated 2 days later than #3's? And even though both were independently approved, I assume it's illegal and/or really stupid to try to take both, right? Anything else I need to know or do here? @cgr

You should decline one of them and have them cancel it with the SBA (etran/caweb) ASAP.

For my 1st draw in mid 2020 I got two approvals and only ended up accepting/funding one of them, but the SBA cancelled the one I funded as a duplicate. I had to have the other one cancelled with the SBA and then the funded one reinstated with them. Was a bit of a hassle.

No chance youíll get away with getting two second-draw loans (on the same EIN/SSN), theyíll get flagged sooner or later.

Online Traveler718

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3498 on: March 31, 2021, 11:56:15 PM »
Thanks for the advice and feedback. Upon checking, I see now that Bank #3's DocuSign says "PPP First Draw Borrower Application Form 2483 C" even though I applied for 2nd draw, not 1st. Could this be related to the confusion of the double approvals, or it's irrelevant since Etran should have rejected a new 1st draw application from me since I already received one?

Either way, this seems like another reason to go with Bank #4 for my 2nd draw to avoid any problems. But since I received my original 1st draw based on net and now Bank #3 is based on gross, is there any way to accept it as a new 1st draw based on the higher gross amount and then just repay my original 1st draw from CR? And if I'm not accepting from Bank #3, do I still need to bother to decline it and have it canceled, or a duplicate 1st draw application won't cause me problems at this point?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3499 on: April 01, 2021, 12:24:20 AM »
Thanks for the advice and feedback. Upon checking, I see now that Bank #3's DocuSign says "PPP First Draw Borrower Application Form 2483 C" even though I applied for 2nd draw, not 1st. Could this be related to the confusion of the double approvals, or it's irrelevant since Etran should have rejected a new 1st draw application from me since I already received one?

Either way, this seems like another reason to go with Bank #4 for my 2nd draw to avoid any problems. But since I received my original 1st draw based on net and now Bank #3 is based on gross, is there any way to accept it as a new 1st draw based on the higher gross amount and then just repay my original 1st draw from CR? And if I'm not accepting from Bank #3, do I still need to bother to decline it and have it canceled, or a duplicate 1st draw application won't cause me problems at this point?

If you create a CAWEB account you can see whether #3 loan is a 1st draw or a 2nd draw. Repaying your existing CR 1st draw doesnít make you eligible for another 1st draw from a different lender. I donít even know if SBA rules allow you to borrow gross for your 1st draw if you got that loan before.

Offline Moishy123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3500 on: April 01, 2021, 12:57:43 PM »
Just logged into SBA account and targeted advance shows APPROVED :-*

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3501 on: April 01, 2021, 02:58:27 PM »
Just logged into SBA account and targeted advance shows APPROVED :-*
Anyone got funded? First approvals started coming in about 2 or 3 weeks ago, but no funds yet...

Offline kargagaliciana

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3502 on: April 01, 2021, 03:22:40 PM »
Anyone got funded? First approvals started coming in about 2 or 3 weeks ago, but no funds yet...
Got $9000 in my account on Monday

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3503 on: April 01, 2021, 03:24:23 PM »
Got $9000 in my account on Monday
Nice! Hopefully they'll start flowing now

Online dovy2

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3504 on: April 01, 2021, 07:29:24 PM »
If you create a CAWEB account you can see whether #3 loan is a 1st draw or a 2nd draw. Repaying your existing CR 1st draw doesnít make you eligible for another 1st draw from a different lender. I donít even know if SBA rules allow you to borrow gross for your 1st draw if you got that loan before.
I tried making an account.. what do I put in for loan identification number?

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3505 on: April 01, 2021, 07:42:36 PM »
Just logged into SBA account and targeted advance shows APPROVED :-*

What date did you apply?

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3506 on: April 01, 2021, 07:48:17 PM »
Got $9000 in my account on Monday

What date did you apply?

Offline Moishy123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3507 on: April 02, 2021, 03:46:50 PM »
IRS provides guidance for employers claiming the Employee Retention Credit for first two quarters of 2021
https://www.irs.gov/pub/irs-drop/n-21-23.pdf

Online Traveler718

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3508 on: April 04, 2021, 10:18:52 PM »
I set up a CAWEB account as @AsherO suggested, and 3 different loans came up: the 1st draw that I received earlier this year under the name of my business, the 2nd draw that I was approved for through Bank #4 in the name of my business, and the loan that Bank #3 got approved ... in my name, not my business's name!

And since the loan in my name says Loan Type PPP (not PPS), I assume that means it's first draw, correct? And since my original 1st draw was in the business name and the new one is in my name, would that explain why Etran let them both through? And would it still be asking for trouble to accept the new 1st draw if it's being made to a different party and it's made it through Etran? And even if I can't keep both of them, could I repay the original smaller one in the business name and then accept and get forgiveness for the new larger one in my name? @cgr

In other news which may be helpful to others in my situation, I received an email over Yom Tov from CR CS apologizing for taking 2 weeks to respond to my question, and explaining that the reason they kept denying my 2nd draw app is: "At this time Cross River is not accepting 2nd draw application from customers who received a 1st draw loan during 2021 due to eligibility and forgiveness concerns."

Offline ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3509 on: April 05, 2021, 12:49:06 AM »
I would like to publicly acknowledge @cgr for all of her help and guidance.

Got 3 PPP loans approved and funded via biz2credit.

Having @cgr to communicate with, get updates and suggestions regarding various document and verification requests was helpful, as well as reassuring in having the confidence that I am communicating with someone that knows what she's talking about.
« Last Edit: April 05, 2021, 02:47:57 AM by ExGingi »
I've been waiting over 5 years with bated breath for someone to say that!
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