Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 536059 times)

Offline Hjay

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2016
  • Posts: 1345
  • Total likes: 93
  • DansDeals.com Hat Tips 1
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4040 on: June 27, 2021, 08:50:38 AM »
I got round 1 PPP with kabbage, when it first started last year. On the website it says I’m supposed to get an email with a link to get forgiveness through biz2credit. I never got that email, anybody else have this & know how to get forgiveness?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4378
  • Total likes: 1320
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4041 on: June 27, 2021, 10:20:35 AM »
I got round 1 PPP with kabbage, when it first started last year. On the website it says I’m supposed to get an email with a link to get forgiveness through biz2credit. I never got that email, anybody else have this & know how to get forgiveness?
They'll send it to you once they roll out the platform.

Offline Hjay

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2016
  • Posts: 1345
  • Total likes: 93
  • DansDeals.com Hat Tips 1
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4042 on: June 27, 2021, 11:00:47 AM »
They'll send it to you once they roll out the platform.

So that means it’s still not set up yet. Wow

Offline Ver hut gazugt

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Jan 2021
  • Posts: 540
  • Total likes: 577
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New york
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4043 on: June 27, 2021, 12:45:17 PM »
So that means it’s still not set up yet. Wow

My bank did not send me the link. I googled it and found it. so maybe they have one they just did not tell you yet.

Offline ShimshonK

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Nov 2018
  • Posts: 550
  • Total likes: 148
  • DansDeals.com Hat Tips 3
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4044 on: June 28, 2021, 01:42:13 AM »
Applying for EIDL caused a credit check on my profile. Was that hard?
Even thought I'm not actually going for the loan..

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30535
  • Total likes: 7832
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4045 on: June 28, 2021, 07:12:33 AM »
Applying for EIDL caused a credit check on my profile. Was that hard?
Even thought I'm not actually going for the loan..

Unfortunately, yes. It’s a hard pull.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline jaywhy

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Sep 2012
  • Posts: 3768
  • Total likes: 68
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4046 on: June 28, 2021, 10:43:34 AM »
Does SBA make you sign new loan docs for the increased loan amounts?

Offline Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 4102
  • Total likes: 1015
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Some of this and some of that.
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4047 on: June 28, 2021, 11:11:12 AM »
Does SBA make you sign new loan docs for the increased loan amounts?
yes
#TYH

Offline YitzyS

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jan 2015
  • Posts: 5552
  • Total likes: 13698
  • DansDeals.com Hat Tips 34
  • Gender: Male
    • View Profile
  • Location: Lakewood, NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4048 on: July 01, 2021, 12:51:08 PM »
Any advice to get my EIDL Advance application rolling? I applied almost a month ago, and they got all my tax documents from the IRS more than 3 weeks ago. It's been sitting since just waiting to be assigned to someone. Any advice?

Offline YitzyS

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jan 2015
  • Posts: 5552
  • Total likes: 13698
  • DansDeals.com Hat Tips 34
  • Gender: Male
    • View Profile
  • Location: Lakewood, NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4049 on: July 02, 2021, 12:00:06 AM »
PPP Draw 2 forgiven!

Thanks @cgr

Offline shapsam

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Feb 2017
  • Posts: 3017
  • Total likes: 637
  • DansDeals.com Hat Tips 11
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4050 on: July 02, 2021, 12:30:51 AM »
25% less gross income to be eligible for PPP2, is that line 1 on schedule C or line 3 – gross after COGS?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4378
  • Total likes: 1320
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4051 on: July 02, 2021, 08:47:32 AM »
25% less gross income to be eligible for PPP2, is that line 1 on schedule C or line 3 – gross after COGS?
Line 1

Offline cholent

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2014
  • Posts: 2647
  • Total likes: 518
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4052 on: July 02, 2021, 10:35:16 AM »
Any idea how long reconsideration of EIDL targeted grant is now taking?
Don't ask stupid questions and you won't get stupid answers

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4378
  • Total likes: 1320
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4053 on: July 02, 2021, 10:55:35 AM »
Any idea how long reconsideration of EIDL targeted grant is now taking?
I know of someone that submitted for reconsideration in early May- nothing yet.
Reps say it's normal and nothing to worry about.

Offline cholent

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2014
  • Posts: 2647
  • Total likes: 518
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4054 on: July 02, 2021, 10:57:05 AM »
I know of someone that submitted for reconsideration in early May- nothing yet.
Reps say it's normal and nothing to worry about.
Good to know, I sent mine June 7. I guess I'll sit tight
Don't ask stupid questions and you won't get stupid answers

Offline dovy2

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Oct 2012
  • Posts: 2379
  • Total likes: 299
  • DansDeals.com Hat Tips 24
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4055 on: July 02, 2021, 07:18:23 PM »
@cgr was there any guidance given regarding getting back the un-forgiven eidl advance amount, for those that filed for forgiveness before the rules were changed?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4378
  • Total likes: 1320
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4056 on: July 05, 2021, 10:40:25 AM »
@cgr was there any guidance given regarding getting back the un-forgiven eidl advance amount, for those that filed for forgiveness before the rules were changed?
Yes, the banks received guidance on this.
If you applied for forgiveness before this was in place, I suggest you reach out to your bank- they should be able to wipe off the remaining balance that's outstanding due to the EIDL rule change.

Offline dovy2

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Oct 2012
  • Posts: 2379
  • Total likes: 299
  • DansDeals.com Hat Tips 24
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4057 on: July 05, 2021, 07:25:56 PM »
Yes, the banks received guidance on this.
If you applied for forgiveness before this was in place, I suggest you reach out to your bank- they should be able to wipe off the remaining balance that's outstanding due to the EIDL rule change.
Thanks. Just logged into my k-servicing account, and I see they indeed refunded me. I now have a negative balance, and it says they will submit a refund ach payment.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30535
  • Total likes: 7832
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4058 on: July 05, 2021, 07:28:02 PM »
It was with Kababge A"h :)
And I already paid them back... Any hope for me? (So much for being a good boy and taking care of things right away)

Between Amex and Kservicing someone should be able to help you.

Did you try emailing pppforgiveness@kservicing.com ?
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30535
  • Total likes: 7832
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4059 on: July 05, 2021, 07:29:05 PM »
Thanks. Just logged into my k-servicing account, and I see they indeed refunded me. I now have a negative balance, and it says they will submit a refund ach payment.

Nice, I think you should ask for the refund, if you wait until they get around to it it might be a while.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael