Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 197641 times)

Online Moshe123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3780 on: May 07, 2021, 04:58:16 PM »
My credit was just pulled for the increase request. Anybody else?

You seem to be the first one here to report hearing back. When did you ask for the increase? Was it by email or online?

Online Moshe123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3781 on: May 08, 2021, 10:04:14 PM »
I got an email from the SBA today requesting things. Bh

Offline helpusout

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3782 on: May 09, 2021, 11:20:29 AM »
I got an email from the SBA today requesting things. Bh

Same, it says over 25k they secure it with all the business assets, what does that mean?

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3783 on: May 09, 2021, 11:21:35 AM »
Same, it says over 25k they secure it with all the business assets, what does that mean?

It means that the chair and desk in your office is theirs in case if default. But because they don't ask you for a list of things it's basically meaningless.

Offline helpusout

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3784 on: May 09, 2021, 11:25:05 AM »
It means that the chair and desk in your office is theirs in case if default. But because they don't ask you for a list of things it's basically meaningless.

what about if you take out another business loan? will this pull up ?

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3785 on: May 09, 2021, 12:57:27 PM »
what about if you take out another business loan? will this pull up ?

It does not get reported anywhere.

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3786 on: May 09, 2021, 12:57:44 PM »
Your SBA Economic Injury Disaster Loan Modification is Approved

A modification to your loan number XXXXXXXXX has been approved. Please login to your SBA Economic Injury Disaster Loan Portal account to complete the next steps within the next 30 days.

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3787 on: May 09, 2021, 01:40:16 PM »
Got the invitation for the Supplemental Targeted Advance. Clicked through with tge EIN and got declined within the hour.  Says I'm not showing 50% decline in gross receipts, which is correct. Was actually surprised i got second round of grant.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3788 on: May 09, 2021, 01:47:55 PM »
Got the invitation for the Supplemental Targeted Advance. Clicked through with tge EIN and got declined within the hour.  Says I'm not showing 50% decline in gross receipts, which is correct. Was actually surprised i got second round of grant.
I suggest all that have a 30% decrease should apply for Supplemental, even if they're not eligible right now. Per the bill if funds are not exhausted after evaluating all candidates for a 50% decrease, the threshold for Supplemental gets lowered to 30%. You want to be in the running for that, if it gets there.

Offline nafnaf12

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3789 on: May 10, 2021, 08:42:53 AM »
I suggest all that have a 30% decrease should apply for Supplemental, even if they're not eligible right now. Per the bill if funds are not exhausted after evaluating all candidates for a 50% decrease, the threshold for Supplemental gets lowered to 30%. You want to be in the running for that, if it gets there.
even before receiving the invite email?
A smooth sea never made a skilled sailor.

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3790 on: May 10, 2021, 12:17:50 PM »
even before receiving the invite email?
You can only do that when receiving the Supplemental invite, or if you receive the Targeted invite now check off the box.
My point is don't skip it just because you know you're not eligible right now- requirements might change and you want to give yourself a fighting chance.

Online Moshe123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3791 on: May 10, 2021, 03:01:09 PM »
I got an email from the SBA today requesting things. Bh

And credit was pulled...

Offline Fish Tank

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3792 on: May 11, 2021, 07:10:30 PM »

I applied for first time EIDL. I can't click on the "start" button. Does anyone know what that means, or how to fix it?




Offline EliJelly

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3793 on: May 11, 2021, 11:45:52 PM »
I applied for first time EIDL. I can't click on the "start" button. Does anyone know what that means, or how to fix it?

You'll be notified by email when they're up to that step and you'll be able to sign and submit the 4506-T doc then.

Offline Eliyohu

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3794 on: May 12, 2021, 12:19:46 AM »
Are there any banks still accepting applications for ppp?

Offline Zalc

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3795 on: May 12, 2021, 07:34:49 AM »
You'll be notified by email when they're up to that step and you'll be able to sign and submit the 4506-T doc then.
How long is it taking from submitting that to when they disburse?

Online AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3796 on: May 12, 2021, 08:06:28 AM »
Are there any banks still accepting applications for ppp?

No, funding for bank-originated PPP is depleted. Maybe @cgr can recommend a CDFI?

Offline Fish Tank

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3797 on: May 12, 2021, 09:03:48 AM »
You'll be notified by email when they're up to that step and you'll be able to sign and submit the 4506-T doc then.
Thank you. What's the general time frame on that?

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3798 on: May 12, 2021, 09:34:33 AM »
No, funding for bank-originated PPP is depleted. Maybe @cgr can recommend a CDFI?
For now I only have a best-of-the-worse option.

https://ndconline.org/ppp/
They're overwhelmed and can't guarantee that they'll process your application.

NDC can only approve applicants located in a CDFI zone.
Use the map here, enter the business address, and select 2010 and 2015 from the layers tab. If the address is in green, you're eligible.
https://cimsprodprep.cdfifund.gov/CIMS4/apps/pn-cdfi/index.aspx#?center=-98.212,38.724&level=4

I'm working on partnering with a more reliable CDFI, but right now it looks like they'll only allow me to enter applications, not 3rd parties.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3799 on: May 12, 2021, 11:43:59 PM »
Just received email to apply for Supplemental Targeted advance