Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 178087 times)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3615 on: April 11, 2021, 06:17:02 PM »
Not hearing back from her.
Does she not work weekends?
Check your inbox. Was offline for a family Simcha bh:)

Offline ae123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3616 on: April 11, 2021, 07:02:57 PM »
Check your inbox. Was offline for a family Simcha bh:)
Mazel Tov!

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3617 on: April 11, 2021, 11:32:57 PM »
mine went from approved to error. weird
Did you receive already the funds?

Offline Moshe123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3618 on: April 11, 2021, 11:44:28 PM »
Anyone got an email confirmation after emailing for the EIDL increase?
It's hilarious how amateurish this whole thing is running...

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3619 on: April 12, 2021, 02:39:59 PM »
Did you receive already the funds?
Not the targeted advance.
Anyone got an email confirmation after emailing for the EIDL increase?
It's hilarious how amateurish this whole thing is running...
Sure. Just make sure youre sending it to the right email. not with the plus in it.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3620 on: April 15, 2021, 01:41:55 PM »
Regarding EIDL loan increase, I just got a response requesting my 2019 tax returns as well as (another) 4506-T. I guess we'll see what happens.

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3621 on: April 15, 2021, 01:44:26 PM »
Regarding EIDL loan increase, I just got a response requesting my 2019 tax returns as well as (another) 4506-T. I guess we'll see what happens.
Cool!  when did you email them, and please post screenshot of their response.  many of us here are waiting for it!
#TYH

Offline Fish Tank

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3622 on: April 15, 2021, 02:19:43 PM »
AFAFM

He is a 1099/independent contractor. He did not get paid anything in April, May, June of 2020.

He collected unemployment during that time.

Can he apply now for first draw PPP ?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3623 on: April 15, 2021, 02:31:15 PM »
AFAFM

He is a 1099/independent contractor. He did not get paid anything in April, May, June of 2020.

He collected unemployment during that time.

Can he apply now for first draw PPP ?
Yep.
He can base it on either his 2019 or 2020 Schedule C.

Offline Fish Tank

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3624 on: April 15, 2021, 03:05:05 PM »
Yep.
He can base it on either his 2019 or 2020 Schedule C.
Thank you.

He's only doing it if it will be forgiven. So he will say it will be used cover payroll for those 3 months back in 2020 (paying himself)

It's not a problem to get "paid double" for those months? Once from unemployment and once from PPP ?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3625 on: April 15, 2021, 03:13:00 PM »
Thank you.

He's only doing it if it will be forgiven. So he will say it will be used cover payroll for those 3 months back in 2020 (paying himself)

It's not a problem to get "paid double" for those months? Once from unemployment and once from PPP ?
Schedule Cs don't have any special forgiveness rules, but the SBA will see it as a wage boost for the next 8-24 weeks. It's not taxable.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3626 on: April 15, 2021, 03:16:10 PM »
Cool!  when did you email them, and please post screenshot of their response.  many of us here are waiting for it!

Pretty generic, emailed them when the email address was first posted here on April 6th in the evening. I think I'm the first DDFer to receive any sort of response:

Quote
Application Number [xxxxxxxxxxxx]

We have reviewed your request for an EIDL loan increase of the above referenced disaster loan application. At this time, we are unable to complete the evaluation of your request until the following information is provided:
Include a complete copy, including all schedules, of the 2019 filed Federal Tax Return for the business.
IRS Tax Form 4506-T for Applicant Business.  The correct version of the form may be obtained at: IRS Form 4506T. IRS Tax Form 4506-T Instructions may be found at:  IRS Form 4506-T Instructions.

Helpful tips to complete Form 4506-T:
Please use the link provided above to ensure submission of the acceptable version of IRS Form 4506-T.
The IRS Form 4506T must be clear. It is recommended to submit a PDF Format (not a photo) to reduce image quality issues.
The document must be signed and dated in ink or digital e-certified electronic signature (digitized version of your handwritten signature).
The correct tax form filed for your business must be entered on line 6.
6C Record of Account must be checked.
Signatory box must be checked.
 
The requested information can be attached to this email and returned to CovidEIDLIncreaseRequests@sba.gov.
 
 
Sincerely,
Application Processing Department

Offline S209

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3627 on: April 16, 2021, 12:20:25 PM »
Regarding EIDL loan increase, I just got a response requesting my 2019 tax returns as well as (another) 4506-T. I guess we'll see what happens.
I was denied due to not meeting eligibility of 30% reduction in an 8 week period. Itís false- we did meet the reduction numbers and the numbers I submitted reflect that. Apparently there is no appeal process :(.

Quote
ďThe U.S. Small Business Administration (SBA) has reviewed the Targeted Economic Injury Advance application you submitted and unfortunately, we are unable to approve your request for the following reason(s)
∑ Not Eligible: The applicant business did not substantiate the required reduction in gross receipts to establish an economic loss greater than 30 percent.Ē

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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3628 on: April 16, 2021, 01:04:44 PM »
I was denied due to not meeting eligibility of 30% reduction in an 8 week period. Itís false- we did meet the reduction numbers and the numbers I submitted reflect that. Apparently there is no appeal process :(.
Have about 10 reports of this so far.
Any hypothesis? Mine so far is that all these entities are showing an increase in year over year sales (even though they have the 2 month decrease).

Offline S209

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3629 on: April 16, 2021, 01:07:16 PM »
Have about 10 reports of this so far.
Any hypothesis? Mine so far is that all these entities are showing an increase in year over year sales (even though they have the 2 month decrease).
I did not have a total year over year increase.. I could email you my monthly numbers if that would help.
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