Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535948 times)

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3660 on: April 21, 2021, 11:21:21 PM »
SBA account



That’s your approval for an increase, eh?
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3661 on: April 21, 2021, 11:23:32 PM »
That’s your approval for an increase, eh?
Didnt receive approval  email still. JUst submitted yesterday the return and 4506. Except if this means approval? Anyone else?

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3662 on: April 21, 2021, 11:30:08 PM »
I followed that step chnaged to 500K and it says amount confirmed and it tells me the new payment amount will be $2,518.

I already started the process by email so I'll wait out, but they now have a docusign 4506 prepared with all info prefilled. Pretty impressed from the government that somebody is using their brain and makes it easy.

And there is SO much cash flowing in now in the economy, scary to think.

People that couldn't borrow 20k to their name all of a sudden get 500K loans.....

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3663 on: April 21, 2021, 11:34:21 PM »
SBA account

Got the email today requesting the 1065 and 4506. Submitted them and received acknowledging email. Now have the same button available to me.

Previously had Targeted EIDL Advance showing as Error...now says funded.
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Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3664 on: April 21, 2021, 11:39:47 PM »
I just followed the prompts, didn't sign anything. Was able to change the loan amount, not sure what happens next.

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3665 on: April 21, 2021, 11:42:32 PM »
My gut feeling tells me that the EIDL loan will be forgiven. Who is with me on this one?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3666 on: April 21, 2021, 11:46:25 PM »
I followed that step chnaged to 500K and it says amount confirmed and it tells me the new payment amount will be $2,518.

I already started the process by email so I'll wait out, but they now have a docusign 4506 prepared with all info prefilled. Pretty impressed from the government that somebody is using their brain and makes it easy.

And there is SO much cash flowing in now in the economy, scary to think.

People that couldn't borrow 20k to their name all of a sudden get 500K loans.....

You can only borrow 4x what they originally gave you (I think it’s 24 months of revenues minus COGS, when originally it was 6 months of the same).
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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3667 on: April 21, 2021, 11:47:22 PM »
My gut feeling tells me that the EIDL loan will be forgiven. Who is with me on this one?

More like wishful thinking. Though I agree it would be sweet.

If the Dems will be giving out money, my bet is it’ll go to “low income” individuals, not to small business.
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Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3668 on: April 21, 2021, 11:50:35 PM »
You can only borrow 4x what they originally gave you (I think it’s 24 months of revenues minus COGS, when originally it was 6 months of the same).

I know people that make 2 to 3 million in revenue per year and have no money, and no bank would lend them money. Here you get 500K on a golden plate as long as you have enough gross revenue.

I'm in.....

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3669 on: April 22, 2021, 12:05:16 AM »
You can only borrow 4x what they originally gave you (I think it’s 24 months of revenues minus COGS, when originally it was 6 months of the same).
They offered me $28k originally but opted for 25k because of UCC filing and Insurance requirements. So I should ask for...?  112k? 84k? 87k?
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Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3670 on: April 22, 2021, 12:08:06 AM »
I was able to complete everything online. I signed the 4506 and now it says processing. Let's see what happens.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3671 on: April 22, 2021, 12:27:23 AM »
Any Non-profit that is not required to file a return asked for increase? received response?

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3672 on: April 22, 2021, 01:13:36 AM »
Should I be concerned if no email yet for increase? I submitted the info on day one
#TYH

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3673 on: April 22, 2021, 06:20:19 AM »
I know people that make 2 to 3 million in revenue per year and have no money, and no bank would lend them money. Here you get 500K on a golden plate as long as you have enough gross revenue.

I'm in.....

As long as you have the financials to qualify, go right ahead.

They offered me $28k originally but opted for 25k because of UCC filing and Insurance requirements. So I should ask for...?  112k? 84k? 87k?

IINM 112k is the max you can qualify for, but I’m not an expert at these things so I might be wrong.

How much of that you should ask for is up to you.
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Offline Fiddy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3674 on: April 22, 2021, 07:04:32 AM »
Any Non-profit that is not required to file a return asked for increase? received response?
I received this response:

“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.”

I emailed back the IRS 501c3 determination letter that shows we’re exempt from filing, but no response since.

Offline TBD

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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3676 on: April 22, 2021, 08:38:26 AM »

IINM 112k is the max you can qualify for, but I’m not an expert at these things so I might be wrong.

How much of that you should ask for is up to you.
They're offering 2X of revenue now (not 4X of the original loan) so anyone who took less originally should be able to receive the difference from last time plus the increase.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3677 on: April 22, 2021, 08:39:35 AM »
I received this response:

“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.”

I emailed back the IRS 501c3 determination letter that shows we’re exempt from filing, but no response since.
On the 4506-T you can check off item 7 (verification of nonfiling)

Offline Moshe123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3678 on: April 22, 2021, 10:04:09 AM »
Thanks for the tip. Did the same request online now.
Can't sign the paperwork yet because when clicking start, it says not authorized.

Offline Moshe123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3679 on: April 22, 2021, 10:09:38 AM »
Actually does let me after a few tries. Looks like buggy.