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

[Dave321]

I applied for a SBA increase and it says " your loan modification is being processed" for the last week and a half.  How long does this process typically take?

been waiting over a month

[hvaces42]

been waiting over a month

+1

Spoke to them this morning. They said they have a huge backlog. They had all my docs.

[dovy2]

+1

Spoke to them this morning. They said they have a huge backlog. They had all my docs.

I'm waiting for targeted advance for over three months!

[cgr]

I'm waiting for targeted advance for over three months!

Doesn't sound right. I suggest you email them at TargetedAdvance@sba.gov.

[ShimshonK]

I don’t think he actually got funded. I think he got closing docs and rejected it. (Which means the lesser amount should still be available... or he can always reach out to me )

Ya that makes sense with their wording of "cancelled". Thought I read it say clearly that he returned it, either they edited the article or it was the title that threw me off.

[dovy2]

Doesn't sound right. I suggest you email them at TargetedAdvance@sba.gov.

I emailed and called 10 times already.. they keep telling me to wait

[cgr]

I emailed and called 10 times already.. they keep telling me to wait

Do you have an SBA portal?
Did you get a 4506-T?

[mag717]

Does anyone here know the time frame I sent my application in at the begging of April and then I sent the 4506 form in on the 24th of April. Still haven't heard back about the increase request! Nor does it show in the portal! Any ideas as to how long? Would we get a denial email if it was denied?

[cgr]

Does anyone here know the time frame I sent my application in at the begging of April and then I sent the 4506 form in on the 24th of April. Still haven't heard back about the increase request! Nor does it show in the portal! Any ideas as to how long? Would we get a denial email if it was denied?

Supposedly they're going in order.
I know that one that applied 4/19 got funded today.

[dovy2]

Do you have an SBA portal?
Did you get a 4506-T?

Yes.
Signed and completes. In the portal it says submitted for weeks already

[Traveler718]

Hope you're sitting down, this is crazy! I posted 2 months ago that I received 1st draw in January and then had difficulty getting 2nd draw approved. Posters gave me some new places to try, but I got declined or no response from all of them. Finally a small bank in NJ that someone PM'd me about got me approved for 2nd draw, and I thought I was done and life was simple.

Then out of nowhere one of the places that had been silent suddenly emailed me that I was approved - but for 1st draw when I'd applied for 2nd. My 1st and 2nd draw approvals were under my EIN, while this new approval was under my SSN.

As tempted as I was to take free money, cgr told me it was fraud and also that it wouldn't even get approved for final disbursal, so I never responded to them or filled out the Docusign closing docs and 2483 that they sent me. But when I logged in to my bank, I see that they just deposited the money in my bank account a few weeks ago!

Now what? It's a lot of money to me and I would of course love to keep it at this point, but it's not worth going to jail over, nor does it help me to have money that won't get forgiven and that I'll have to eventually pay back. I didn't sign any form attesting that I haven't received another loan, though I think you may have to sign that when you apply for forgiveness? Or would I even have to apply for forgiveness if I never signed the closing docs?

Any advice would be greatly appreciated.

[S209]

Hope you're sitting down, this is crazy! I posted 2 months ago that I received 1st draw in January and then had difficulty getting 2nd draw approved. Posters gave me some new places to try, but I got declined or no response from all of them. Finally a small bank in NJ that someone PM'd me about got me approved for 2nd draw, and I thought I was done and life was simple.

Then out of nowhere one of the places that had been silent suddenly emailed me that I was approved - but for 1st draw when I'd applied for 2nd. My 1st and 2nd draw approvals were under my EIN, while this new approval was under my SSN.

As tempted as I was to take free money, cgr told me it was fraud and also that it wouldn't even get approved for final disbursal, so I never responded to them or filled out the Docusign closing docs and 2483 that they sent me. But when I logged in to my bank, I see that they just deposited the money in my bank account a few weeks ago!

Now what? It's a lot of money to me and I would of course love to keep it at this point, but it's not worth going to jail over, nor does it help me to have money that won't get forgiven and that I'll have to eventually pay back. I didn't sign any form attesting that I haven't received another loan, though I think you may have to sign that when you apply for forgiveness? Or would I even have to apply for forgiveness if I never signed the closing docs?

Any advice would be greatly appreciated.

Ladies and gentlemen, the United States of America.

[YitzyS]

Ladies and gentlemen, the United States of America.

It is no longer proper in the United States of America to say Ladies and Gentlemen.

[Ver hut gazugt]

Hope you're sitting down, this is crazy! I posted 2 months ago that I received 1st draw in January and then had difficulty getting 2nd draw approved. Posters gave me some new places to try, but I got declined or no response from all of them. Finally a small bank in NJ that someone PM'd me about got me approved for 2nd draw, and I thought I was done and life was simple.

Then out of nowhere one of the places that had been silent suddenly emailed me that I was approved - but for 1st draw when I'd applied for 2nd. My 1st and 2nd draw approvals were under my EIN, while this new approval was under my SSN.

As tempted as I was to take free money, cgr told me it was fraud and also that it wouldn't even get approved for final disbursal, so I never responded to them or filled out the Docusign closing docs and 2483 that they sent me. But when I logged in to my bank, I see that they just deposited the money in my bank account a few weeks ago!

Now what? It's a lot of money to me and I would of course love to keep it at this point, but it's not worth going to jail over, nor does it help me to have money that won't get forgiven and that I'll have to eventually pay back. I didn't sign any form attesting that I haven't received another loan, though I think you may have to sign that when you apply for forgiveness? Or would I even have to apply for forgiveness if I never signed the closing docs?

Any advice would be greatly appreciated.

I don’t think you will go to jail for it. Not unless it’s a lot of money like minimum a few hundred k. Plus you have a very good reason why it happened.
You can simple return the money, once the loan is due.

[AsherO]

Hope you're sitting down, this is crazy! I posted 2 months ago that I received 1st draw in January and then had difficulty getting 2nd draw approved. Posters gave me some new places to try, but I got declined or no response from all of them. Finally a small bank in NJ that someone PM'd me about got me approved for 2nd draw, and I thought I was done and life was simple.

Then out of nowhere one of the places that had been silent suddenly emailed me that I was approved - but for 1st draw when I'd applied for 2nd. My 1st and 2nd draw approvals were under my EIN, while this new approval was under my SSN.

As tempted as I was to take free money, cgr told me it was fraud and also that it wouldn't even get approved for final disbursal, so I never responded to them or filled out the Docusign closing docs and 2483 that they sent me. But when I logged in to my bank, I see that they just deposited the money in my bank account a few weeks ago!

Now what? It's a lot of money to me and I would of course love to keep it at this point, but it's not worth going to jail over, nor does it help me to have money that won't get forgiven and that I'll have to eventually pay back. I didn't sign any form attesting that I haven't received another loan, though I think you may have to sign that when you apply for forgiveness? Or would I even have to apply for forgiveness if I never signed the closing docs?

Any advice would be greatly appreciated.

Contact the SBA and ask them which loan to cancel out. It looks much better cancelling the loan and returning the money than the bank reporting it as being paid off.

Whatever you do, don’t apply to get all three loans forgiven...

[Mordyk]

Contact the SBA and ask them which loan to cancel out. It looks much better cancelling the loan and returning the money than the bank reporting it as being paid off.

Whatever you do, don’t apply to get all three loans forgiven...

One of them isn't even a loan!

[AsherO]

One of them isn't even a loan!

I’d check eTran/caweb before assuming it isn’t...

[zh cohen]

I’d check eTran/caweb before assuming it isn’t...

How could it be a loan if he didn't sign a loan agreement?

[Fish Tank]

I sent it my Schedule C, and I got this response.

What else do they want ?

[cgr]

I sent it my Schedule C, and I got this response.

What else do they want ?

They want your full tax return.