Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable) (Read 548207 times)

cgr · « **Reply #3900 on:** June 03, 2021, 12:03:27 AM »

Quote from: elimmm on June 02, 2021, 11:51:56 PM

As self employed I missed round two of ppp, am I still able to get anything now?

Quote from: cgr on May 28, 2021, 11:50:19 AM

https://www.bizjournals.com/bizjournals/news/2021/05/26/sba-eidl-advance-cash-grant-small-businesses.html

SBA to open Targeted and Supplemental grants in early June to EIDL applicants that received a loan after Dec 27, 2020, as well as to those with no loan.

And NY and NJ are both running grant programs if that helps.

Barryg · « **Reply #3901 on:** June 03, 2021, 12:41:18 AM »

Quote from: cgr on May 28, 2021, 11:50:19 AM

https://www.bizjournals.com/bizjournals/news/2021/05/26/sba-eidl-advance-cash-grant-small-businesses.html

SBA to open Targeted and Supplemental grants in early June to EIDL applicants that received a loan after Dec 27, 2020, as well as to those with no loan.

Article is for subscribers only. If anyone wants to post the whole thing...

AsherO · « **Reply #3902 on:** June 03, 2021, 06:08:52 AM »

Quote from: elimmm on June 02, 2021, 11:51:56 PM

As self employed I missed round two of ppp, am I still able to get anything now?

PPP program is over, sorry.

YitzyS · « **Reply #3903 on:** June 04, 2021, 08:27:25 AM »

I got an email this morning that I can apply for targeted advance!!

(I did not apply for EIDL loan until last month)

shapsam · « **Reply #3904 on:** June 04, 2021, 08:29:52 AM »

Has anyone gotten a response yet from targeted advance reevaluation?

YitzyS · « **Reply #3905 on:** June 04, 2021, 08:30:27 AM »

Quote from: YitzyS on June 04, 2021, 08:27:25 AM

I got an email this morning that I can apply for targeted advance!!

(I did not apply for EIDL loan until last month)

Now a question: When it says I need gross receipts, what does that mean?

A copy of every check I deposited for business? A copy of all my invoices?

cgr · « **Reply #3906 on:** June 04, 2021, 08:42:10 AM »

Quote from: YitzyS on June 04, 2021, 08:30:27 AM

Now a question: When it says I need gross receipts, what does that mean?

A copy of every check I deposited for business? A copy of all my invoices?

They want your sales #s, not the documentation.

YitzyS · « **Reply #3907 on:** June 04, 2021, 09:21:13 AM »

Quote from: cgr on June 04, 2021, 08:42:10 AM

They want your sales #s, not the documentation.

Thanks

Traveler718 · « **Reply #3908 on:** June 04, 2021, 10:03:18 AM »

Quote from: YitzyS on June 04, 2021, 08:27:25 AM

I got an email this morning that I can apply for targeted advance!!

(I did not apply for EIDL loan until last month)

Does this mean that people who didn't apply for/receive EIDL last year are now eligible? If so, how does one go about applying, and any other rules/conditions I should know about?

YitzyS · « **Reply #3909 on:** June 04, 2021, 10:09:07 AM »

Quote from: Traveler718 on June 04, 2021, 10:03:18 AM

Does this mean that people who didn't apply for/receive EIDL last year are now eligible? If so, how does one go about applying, and any other rules/conditions I should know about?

Seems so. I didn't apply for an advance, but I applied for a loan last month. And now got an email with a link to apply for advance.

YitzyS · « **Reply #3910 on:** June 04, 2021, 10:30:44 AM »

When calculating gross receipts, am I supposed to calculate based on the date of the invoice or the date I deposited the check? TIA.

cgr · « **Reply #3911 on:** June 04, 2021, 10:43:59 AM »

Quote from: YitzyS on June 04, 2021, 10:30:44 AM

When calculating gross receipts, am I supposed to calculate based on the date of the invoice or the date I deposited the check? TIA.

Depends on your accounting type. Check your tax return to see if it's cash or accrual based.
Cash= payment date
Accrual= invoice date

Zalc · « **Reply #3912 on:** June 04, 2021, 10:49:56 AM »

Same.
I didn't even get approved for my EIDL loan yet but got the invite.

They requested a transcript of my 2020 taxes but I haven't filed yet. Will this hold up the application for the loan?

Traveler718 · « **Reply #3913 on:** June 04, 2021, 11:24:02 AM »

Are these loans and/or advances forgivable, and if so, what are the basic terms and conditions?

cgr · « **Reply #3914 on:** June 04, 2021, 11:31:13 AM »

Quote from: Zalc on June 04, 2021, 10:49:56 AM

Same.
I didn't even get approved for my EIDL loan yet but got the invite.

They requested a transcript of my 2020 taxes but I haven't filed yet. Will this hold up the application for the loan?

Check the request again- should be a 2019 tax return request.

cgr · « **Reply #3915 on:** June 04, 2021, 11:37:32 AM »

Quote from: Traveler718 on June 04, 2021, 11:24:02 AM

Are these loans and/or advances forgivable, and if so, what are the basic terms and conditions?

Loans- not forgivable. 3.75% interest, 30 year term.
Advance- actually a grant so not even a loan to begin with.

The loan has some limitations such as capital investments and debt repayment. It can be used for everyday business expenses.
The grant has not limitations- can be used as you wish.

Zalc · « **Reply #3916 on:** June 04, 2021, 11:46:24 AM »

Quote from: cgr on June 04, 2021, 11:31:13 AM

Check the request again- should be a 2019 tax return request.

Correct!

They 2018 and 2019, and then requested 2019 again separately.
Is this common?

The request came after I emailed them for an update.

YitzyS · « **Reply #3917 on:** June 04, 2021, 12:08:58 PM »

Quote from: cgr on June 04, 2021, 10:43:59 AM

Depends on your accounting type. Check your tax return to see if it's cash or accrual based.
Cash= payment date
Accrual= invoice date

Thanks!

YitzyS · « **Reply #3918 on:** June 04, 2021, 12:49:52 PM »

Quote from: cgr on June 04, 2021, 10:43:59 AM

Depends on your accounting type. Check your tax return to see if it's cash or accrual based.
Cash= payment date
Accrual= invoice date

It's listed as Cash. Another question: Does payment date mean the date on the check, or the date I deposited it my account? (I have many month-end invoices that are deposited at the beginning of the next month...)

cgr · « **Reply #3919 on:** June 04, 2021, 01:11:32 PM »

Quote from: YitzyS on June 04, 2021, 12:49:52 PM

It's listed as Cash. Another question: Does payment date mean the date on the check, or the date I deposited it my account? (I have many month-end invoices that are deposited at the beginning of the next month...)

It's somewhat debatable, but prevailing opinion is that you use the mail (check) date, not the deposit date.