SBA PPP and EIDL Small Business Loans (some money is forgivable)

[cgr]

Anyone received already invitation for the additional $5,000 of Supplemental Targeted Advance?

I wonder why it's not automated- after all they already have the data from the original targeted application which is a prerequisite anyway.

And btw another knock to those that didn't apply prior to 12/27...

[AsherO]

Most businesses don't have COGS- only manufacturing businesses do.
Many chose to accept 25k only even if they were eligible for more. They're now eligible for more than 4X 25k.

So I was right when I said $112k upthread because it was 4x what was offered, though it seems they're allowing that poster to request up to $115.5 so they're doing something a bit different in their calclations.

[AsherO]

Anyone received already invitation for the additional $5,000 of Supplemental Targeted Advance?

Thanks for bringing this to my attention. I didn't even know about it but I likely qualify.

[shmooz]

Thanks for bringing this to my attention. I didn't even know about it but I likely qualify.

Seems they reach out to you if you are qualified. I'm still waiting on the targeted advance. Hopefully supplemental after that.

[EliJelly]

Anyone received already invitation for the additional $5,000 of Supplemental Targeted Advance?

I don't think this goes by invitation. I received the targeted EIDL Advance invitation yesterday and the Supplemental 5k seems to be just a box to be checked on that application if you would like to be considered for the Supplemental Targeted Advance too.

[Buruch]

The EIDL grant is currently only for those that received EIDL prior to 12/27.
NJ is running a grant program if that is of interest to you.

Thanks, and no thanks.

[shmooz]

I don't think this goes by invitation. I received the targeted EIDL Advance invitation yesterday and the Supplemental 5k seems to be just a box to be checked on that application if you would like to be considered for the Supplemental Targeted Advance too.

That box seems new

[cgr]

I don't think this goes by invitation. I received the targeted EIDL Advance invitation yesterday and the Supplemental 5k seems to be just a box to be checked on that application if you would like to be considered for the Supplemental Targeted Advance too.

That's new.
For everyone that applied prior this was not an option, and will most likely see an invitation.

[AsherO]

That's new.
For everyone that applied prior this was not an option, and will most likely see an invitation.

Hopefully. But how can it just be a checkbox? They aren't asking for proof of the eight-week 50% YoY revenue reduction

[Barryg]

Most businesses don't have COGS- only manufacturing businesses do.
Many chose to accept 25k only even if they were eligible for more. They're now eligible for more than 4X 25k.

Question on this.
Gross income (2019) = a
Expenses (2019) = b
Net income (2019) = c
COGS = $0
In original EIDL app expenses were (mistakenly) entered as COGS so c was used for loan amount (50% of c)
SBA login screen shows 2*c as total loan amount which is four times what's currently on loan.
Should eligible loan amount now be 2*a - 50% of c?
How do I ask SBA to adjust this?

[cgr]

Hopefully. But how can it just be a checkbox? They aren't asking for proof of the eight-week 50% YoY revenue reduction

On the Targeted application you enter monthly sales. They can calculate the 50% same as they do the 30%.

[cgr]

Question on this.
Gross income (2019) = a
Expenses (2019) = b
Net income (2019) = c
COGS = $0
In original EIDL app expenses were (mistakenly) entered as COGS so c was used for loan amount (50% of c)
SBA login screen shows 2*c as total loan amount which is four times what's currently on loan.
Should eligible loan amount now be 2*a - 50% of c?
How do I ask SBA to adjust this?

Call them?

[shmooz]

Are any of the non forgivable loans available if you turned it down last last june?

[AsherO]

On the Targeted application you enter monthly sales. They can calculate the 50% same as they do the 30%.

You're right, I remember that now. But monthly numbers could still potentially mask a very specific 8-week period where there was a 50% reduction. Pretty sure I have some two-entire-month periods with >50% YoY decrease, so it shouldn't affect me.

[cgr]

Are any on the non forgivable loans available if you turned it down last last june?

EIDL? Generally the offer expires after 8 or 9 months and then you can reapply if needed.
I'm not sure if you need to call them to reactivate your application or if you can simply submit a new one.

[cgr]

You're right, I remember that now. But monthly numbers could still potentially mask a very specific 8-week period where there was a 50% reduction. Pretty sure I have some two-entire-month periods with >50% YoY decrease, so it shouldn't affect me.

Doesn't look like they're actually allowing for an 8 week loss, but rather a 2 month loss (even if they use the terminology "8 weeks")

[hvaces42]

Keep in mind the range is the total not the increase. If you received 25k last time and move the slider to 50k, you'll receive an additional 25k.

I did not know that. Thank you.

[Barryg]

Call them?

I did. Funny answer, they said system was updating and everything is so new so they have no idea.

[TBD]

Most businesses don't have COGS- only manufacturing businesses do.
Many chose to accept 25k only even if they were eligible for more. They're now eligible for more than 4X 25k.

Every retail/online store has COGS

[Mordyk]

My EIDL Loan does not show button for increase