Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 176623 times)

Online Traveler718

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3525 on: April 05, 2021, 04:43:32 PM »
You can only receive PPP matching the docs you have- if you have an LLC or Corp and your payroll or tax docs are in that name, I'd be very surprised to see a bank get through the full underwriting process and approve you on your name in this round- it happened plenty last time, but it shouldn't (won't) be happening now.
You cannot repay your First Draw to receive a higher First Draw now.

Hmm, I checked last year's Schedule C, and it has both my name and SSN and also the LLC name and EIN. But my profile on CAWEB shows this loan payable to my personal name with status "Active Un-Disbursed." Does that mean that it was fully approved, or could it still be flagged and denied were I to fill out the closing documents to receive the funds? And given your understanding of the situation, how likely would it be to go through, and how risky would it be to try it? @cgr

Offline Barryg

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3526 on: April 05, 2021, 05:09:56 PM »
Thank you:)
Unfortunately after my experiences with Biz2Credit in the last 2-3 weeks I'm no longer recommending them, and I hope to have a new partnership in place later today with a different outfit.
be Matzliach with the new partnership!!

Offline Fiddy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3527 on: April 05, 2021, 08:30:09 PM »
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.
Same!
Thanks again [mention]cgr [/mention]

Offline ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3528 on: April 06, 2021, 03:00:48 PM »
Thank you:)
Unfortunately after my experiences with Biz2Credit in the last 2-3 weeks I'm no longer recommending them, and I hope to have a new partnership in place later today with a different outfit.

Do you have an ETA on this? Would you tell someone who got 1st draw with Biz2Credit to go elsewhere for 2nd draw, or do the 2nd draw with Biz2Credit?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3529 on: April 06, 2021, 03:19:53 PM »
Do you have an ETA on this? Would you tell someone who got 1st draw with Biz2Credit to go elsewhere for 2nd draw, or do the 2nd draw with Biz2Credit?
I'll start passing the link around later today.
Second time with Biz2 is not a problem- the issue is with first-time clients.

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3530 on: April 06, 2021, 03:55:40 PM »
Hmm, I checked last year's Schedule C, and it has both my name and SSN and also the LLC name and EIN. But my profile on CAWEB shows this loan payable to my personal name with status "Active Un-Disbursed." Does that mean that it was fully approved, or could it still be flagged and denied were I to fill out the closing documents to receive the funds? And given your understanding of the situation, how likely would it be to go through, and how risky would it be to try it? @cgr
If you got a Second Draw approval under your EIN, it has to be that your First Draw was also under your EIN- there's no Second Draw without a corresponding First Draw.
Active Un-Disbursed generally means that an Etran has been issued, but the bank didn't disburse the funds yet- I'm confused now with all the etrans you have going on here, so not sure if this makes sense in your case or not...

I don't suggest trying to get 2 First Draws on the same documents- it's fraud.

Offline jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3531 on: April 06, 2021, 05:29:44 PM »
Anybody received the targeted advance yet?
Thanks!
Anyway to push this along?
If you focus on being a boss, you will never be a leader. Leaders lead people to growth and improvement.

Offline minkr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3532 on: April 06, 2021, 06:10:09 PM »
Just got approved for SBA targeted advance! additional 9k

Offline jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3533 on: April 06, 2021, 06:26:33 PM »
Just got approved for SBA targeted advance! additional 9k
Funds received?
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Offline USam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3534 on: April 06, 2021, 06:35:58 PM »
Got an email on Shabbos saying targeted advance was approved.
Funds  were deposited today BH.

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3535 on: April 06, 2021, 06:43:36 PM »
Just got approved for SBA targeted advance! additional 9k

What day did you apply?

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3536 on: April 06, 2021, 06:43:46 PM »
Got an email on Shabbos saying targeted advance was approved.
Funds  were deposited today BH.

What day did you apply?

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3537 on: April 06, 2021, 06:53:23 PM »
Dear SBA borrower,

According to our records, you received a COVID-19 Economic Injury Disaster Loan (EIDL) from the U.S. Small Business Administration (SBA) to help your business weather the financial hardships brought on by the pandemic. These loans were previously limited to six months of economic injury up to a maximum of $150,000. The SBA recently announced a policy change that significantly increases loan limits up to 24 months of economic injury with a maximum loan amount of $500,000.

We are reaching out to inform you that the SBA's new increased loan limits for the COVID-19 EIDL program are now in effect and you may be eligible to receive additional loan funds. Please be advised that for loan amounts over $25,000, SBA will continue to take a security interest in business assets evidenced by a general security agreement and UCC filing. SBA will also require an unsecured personal guarantee for loan amounts over $200,000 from any individual with 20 percent or more ownership. Real estate collateral will not be required for any loans of $500,000 or less.

As a reminder, SBA announced last month that we are extending the first payment due date for all loans until 2022. For COVID-19 EIDL loans made in calendar year 2020, the first payment due date is extended until 24 months from the date of the note, and for loans made in calendar year 2021 the first payment due date is extended until 18 months from the date of the note. Loan interest continues to accrue during the deferment period, and a loan increase will not further extend your first payment due date.

Follow these instructions if you wish to request a loan increase:

Send email to CovidEIDLIncreaseRequests@sba.gov
Use subject line "EIDL Increase Request for [insert your 10-digit application number]"
Be sure to include in the body of your email identifying information for your current loan including application number, loan number, business name, business address, business owner name(s), and phone number.
Important: Do not include any financial documents or tax records with your initial request. You will receive a follow up email notification if we need additional documents.
We will process increase requests in the order they are received. Due to the expected high volume of incoming requests, it may be several weeks before you receive a response from SBA on next steps to follow. Please do not resend multiple requests if you do not hear back right away as the extra emails could slow down the overall response time.

If you have any questions regarding the COVID-19 EIDL program, or SBA's other COVID relief program, please visit our website at SBA.gov/relief for the most current updates.

We look forward to assisting with your recovery from this pandemic.

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3538 on: April 06, 2021, 08:21:34 PM »
Thanks much! Email sent to SBA for an increase. I did not get the email yet, but I used the info I got from your post. Will report back when I hear back.

Received auto reply.

Thank you for contacting the Covid EIDL Increase Team.  Your request has been received and will be processed in the order it was received.   


Thank You,
Covid EIDL Increase Team



 

Online the great

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3539 on: April 06, 2021, 09:11:56 PM »
Where do I find the loan number? Is it the same as the application number?