Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 165698 times)

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3585 on: April 08, 2021, 02:04:07 PM »
Anyone else has this?


Offline S209

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3586 on: April 08, 2021, 02:31:46 PM »
Same here
In a weird twist, on the SBA website the 1,000 advance I received switched from being “approved” to being “funded” but the targeted advance is still “submitted”. It funded a year ago..
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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3587 on: April 08, 2021, 02:43:25 PM »
In a weird twist, on the SBA website the 1,000 advance I received switched from being “approved” to being “funded” but the targeted advance is still “submitted”. It funded a year ago..

That doesn't make sense, the targeted advance (up to $10k for businesses in low income communities) was only legislated in 2021.

Offline Traveler718

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3588 on: April 08, 2021, 03:26:18 PM »
Received 1st draw from CR, just applied for forgiveness with their partner Scratch. Scratch says they usually take 2-4 weeks to review internally, then SBA takes up to 3 months to review. Realistically, how long are people getting their forgiveness responses in through Scratch (for <$150k loans)?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3589 on: April 08, 2021, 05:15:32 PM »
Received 1st draw from CR, just applied for forgiveness with their partner Scratch. Scratch says they usually take 2-4 weeks to review internally, then SBA takes up to 3 months to review. Realistically, how long are people getting their forgiveness responses in through Scratch (for <$150k loans)?

Can’t imagine it actually takes SBA anywhere near 3 months to review/process a 1 page forgiveness form.

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3590 on: April 09, 2021, 12:43:50 AM »
Could this be why I didn't receive a confirmation email (auto response) when I sent my email in? I sent from Gmail, but I copied and pasted the email address so there were no extra characters. (just CovidEIDLIncreaseRequests@sba.gov)
Why don't you check your sent folder to see if it included the plus?

Offline Barryg

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3591 on: April 09, 2021, 01:18:49 AM »
Why don't you check your sent folder to see if it included the plus?
There's no plus,
ty

Offline shulemw

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3592 on: April 09, 2021, 01:58:41 PM »
Can anybody confirm please if need to send the increase request for the EIDL from the email address on file or can use other email address too? Thanks!

Offline ae123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3593 on: April 09, 2021, 05:01:28 PM »
For someone first applying now for both first-draw PPP & second-draw PPP, should they apply for both simultaneously or apply for first-draw, hopefully get approved, and then apply for second-draw?
Thanks.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3594 on: April 09, 2021, 05:08:34 PM »
For someone first applying now for both first-draw PPP & second-draw PPP, should they apply for both simultaneously or apply for first-draw, hopefully get approved, and then apply for second-draw?
Thanks.
A) not possible to apply for Second before receiving the funds for First
B) in order to be eligible for Second Draw you need to have used all your First Draw funds.

Offline ae123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3595 on: April 09, 2021, 05:23:27 PM »
A) not possible to apply for Second before receiving the funds for First
B) in order to be eligible for Second Draw you need to have used all your First Draw funds.
Thank you.
In practical terms, how long after receiving the funds for the first-draw should a second-draw application be submitted?

Offline nafnaf12

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3596 on: April 09, 2021, 05:25:31 PM »
Thank you.
In practical terms, how long after receiving the funds for the first-draw should a second-draw application be submitted?
minimum 8 weeks. This is basic information you can find on CGRs site
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Offline ae123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3597 on: April 09, 2021, 05:34:26 PM »
minimum 8 weeks.
Thank you.
Have been totally out of this sugya for the longest time.

Offline yitzf

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3598 on: April 10, 2021, 10:08:36 PM »
I'll start passing the link around later today.
Second time with Biz2 is not a problem- the issue is with first-time clients.
@cgr Any updates?

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3599 on: April 10, 2021, 11:01:58 PM »
Anyone else has this?

mine went from approved to error. weird
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