Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable) (Read 549321 times)

JACKBLUE · « **Reply #4060 on:** July 05, 2021, 11:21:12 PM »

I just applied today for an EIDL loan for a LLC, what documents should I expect they will ask for? (I’ve done a few loans when the first rolled out for Real Estate entities and they didn’t ask for any documentation, but I believe they became more strict since?

Mordyk · « **Reply #4061 on:** July 05, 2021, 11:46:38 PM »

Quote from: JACKBLUE on July 05, 2021, 11:21:12 PM

I just applied today for an EIDL loan for a LLC, what documents should I expect they will ask for? (I’ve done a few loans when the first rolled out for Real Estate entities and they didn’t ask for any documentation, but I believe they became more strict since?

I think the returns must be filed so they can pull transcripts

Pupashtetl · « **Reply #4062 on:** July 06, 2021, 02:25:04 PM »

I saw an advertisement for the targeted EIDL 15k grant, for anyone self employed that had a reduction in 2020 from 2019. Anyone with info if this is legit?

AsherO · « **Reply #4063 on:** July 06, 2021, 02:26:40 PM »

Quote from: Pupashtetl on July 06, 2021, 02:25:04 PM

I saw an advertisement for the targeted EIDL 15k grant, for anyone self employed that had a reduction in 2020 from 2019. Anyone with info if this is legit?

There's such a grant, the qualifications might be a bit more than what you specified, and you can apply yourself by applying for an EIDL loan.

Pupashtetl · « **Reply #4064 on:** July 06, 2021, 03:29:24 PM »

Quote from: AsherO on July 06, 2021, 02:26:40 PM

There's such a grant, the qualifications might be a bit more than what you specified, and you can apply yourself by applying for an EIDL loan.

How do I apply for EIDL under a personal name?

Also, how long from when I apply for the loan, until I could apply for the targeted advance?

cgr · « **Reply #4065 on:** July 06, 2021, 03:32:59 PM »

Quote from: Pupashtetl on July 06, 2021, 03:29:24 PM

How do I apply for EIDL under a personal name?

Also, how long from when I apply for the loan, until I could apply for the targeted advance?

Your name and SSN- check your tax returns Schedule C.

The SBA will email you the Targeted grant invitation. Sometimes within hours of applying for the loan.

Fish Tank · « **Reply #4066 on:** July 06, 2021, 03:49:51 PM »

Quote from: cgr on July 06, 2021, 03:32:59 PM

The SBA will email you the Targeted grant invitation. Sometimes within hours of applying for the loan.

I applied for an EIDL loan a few weeks ago. It's pending while and they wait on my transcripts from the IRS.

When/how do I go about applying for the grant that was recently announced?

Pupashtetl · « **Reply #4067 on:** July 06, 2021, 04:25:46 PM »

Quote from: cgr on July 06, 2021, 03:32:59 PM

Your name and SSN- check your tax returns Schedule C.

The SBA will email you the Targeted grant invitation. Sometimes within hours of applying for the loan.

What do I write by business name?

Thanks!

cgr · « **Reply #4068 on:** July 06, 2021, 04:36:36 PM »

Quote from: Fish Tank on July 06, 2021, 03:49:51 PM

I applied for an EIDL loan a few weeks ago. It's pending while and they wait on my transcripts from the IRS.

When/how do I go about applying for the grant that was recently announced?

It's by invitation only. Be on the lookout for an email from the SBA.

cgr · « **Reply #4069 on:** July 06, 2021, 04:37:25 PM »

Quote from: Pupashtetl on July 06, 2021, 04:25:46 PM

What do I write by business name?

Thanks!

Quote from: cgr on July 06, 2021, 03:32:59 PM

Your name

Note that you must also be located in a low income community to qualify for the grant.

Fish Tank · « **Reply #4070 on:** July 06, 2021, 04:56:43 PM »

Quote from: cgr on July 06, 2021, 04:36:36 PM

It's by invitation only. Be on the lookout for an email from the SBA.

Thank you .

Pupashtetl · « **Reply #4071 on:** July 06, 2021, 05:59:27 PM »

So I applied and immediately got approved for the loan. Now all I have to do is wait for the targeted email?

gozalim · « **Reply #4072 on:** July 06, 2021, 06:18:24 PM »

Quote from: ShimshonK on June 23, 2021, 02:12:26 PM

But, as I wrote in the post, business was incorporated March 2020.
So that business does not qualify, correct?

Seems like my only option would be to claim it as a sole proprietor (provided that I can say that business is still in operation).

you had a Sched C for 2019?

shulemw · « **Reply #4073 on:** July 08, 2021, 04:21:45 PM »

@cgr Do you have more concrete info on this scenario

I made in 2020 a little more then 2019 but had 2 months with big decline, Will I be eligible for the grant based on that 2 months or it will get denied as the total for 2020 will be more then total of 2019?

THANKS A TON FOR ALL YOEU HELP

AsherO · « **Reply #4074 on:** July 09, 2021, 10:19:27 AM »

Quote from: shulemw on July 08, 2021, 04:21:45 PM

@cgr Do you have more concrete info on this scenario

I made in 2020 a little more then 2019 but had 2 months with big decline, Will I be eligible for the grant based on that 2 months or it will get denied as the total for 2020 will be more then total of 2019?

THANKS A TON FOR ALL YOEU HELP

You need to show a decline for any 8-week period, so you should be fine if it meets the 30-50% requirement.

YitzyS · « **Reply #4075 on:** July 09, 2021, 10:55:14 AM »

Is there anyone who applied for an EIDL Targeted Advance recently and got approved? I applied about 5 weeks ago and I’m trying to figure out their timetable.

dovy2 · « **Reply #4076 on:** July 09, 2021, 11:42:55 AM »

Quote from: YitzyS on July 09, 2021, 10:55:14 AM

Is there anyone who applied for an EIDL Targeted Advance recently and got approved? I applied about 5 weeks ago and I’m trying to figure out their timetable.

Good luck. I'm waiting over 5 months

YitzyS · « **Reply #4077 on:** July 09, 2021, 11:44:54 AM »

Quote from: dovy2 on July 09, 2021, 11:42:55 AM

Good luck. I'm waiting over 5 months

But I believe 5 months is not the norm. Am I wrong?

They told me that they already have all my tax information. They are just waiting for it to be seen by someone.

shulemw · « **Reply #4078 on:** July 09, 2021, 11:45:12 AM »

Quote from: Pupashtetl on July 06, 2021, 05:59:27 PM

So I applied and immediately got approved for the loan. Now all I have to do is wait for the targeted email?

You did not got approved still for the loan. You just got a create account email
But yes now you need just to wait for the email

Moishy123 · « **Reply #4079 on:** July 09, 2021, 01:32:12 PM »

Can a Trust apply for the EIDL loan/targeted advance?