Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 235802 times)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4220 on: July 29, 2021, 04:08:04 PM »
The SBA announced the upcoming launch of a streamlined forgiveness application available to borrowers with PPP loans of $150,000 or less whose banks have opted into this feature. The SBA hopes to open the portal to applicants by August 4, 2021.
https://www.sba.gov/article/2021/jul/28/sba-announces-opening-paycheck-protection-program-direct-forgiveness-portal

Participating banks:
https://www.sba.gov/document/support-ppp-lenders-participating-direct-forgiveness

Portal:
https://directforgiveness.sba.gov/requests/borrower/login/?next=/

Guide:
https://sba-forgiveness-docs.s3-us-gov-west-1.amazonaws.com/SBA-PPP-DF-User-Guide.pdf

Offline dovy2

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4221 on: July 29, 2021, 05:01:55 PM »
The SBA announced the upcoming launch of a streamlined forgiveness application available to borrowers with PPP loans of $150,000 or less whose banks have opted into this feature. The SBA hopes to open the portal to applicants by August 4, 2021.
https://www.sba.gov/article/2021/jul/28/sba-announces-opening-paycheck-protection-program-direct-forgiveness-portal

Participating banks:
https://www.sba.gov/document/support-ppp-lenders-participating-direct-forgiveness

Portal:
https://directforgiveness.sba.gov/requests/borrower/login/?next=/

Guide:
https://sba-forgiveness-docs.s3-us-gov-west-1.amazonaws.com/SBA-PPP-DF-User-Guide.pdf
I didn't see biz2credit.. are they under a different bank which is on the list?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4222 on: July 29, 2021, 05:14:43 PM »
I didn't see biz2credit.. are they under a different bank which is on the list?
Their bank is Itria Ventures, but they're not on the list.
A lot of banks that you'd really wish would join are not on there.

Offline YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4223 on: July 29, 2021, 05:23:46 PM »
But I already got forgiveness from Biz2Credit...
Monkeys don't fly unless you put them on airplanes

Offline Moishy123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4224 on: August 01, 2021, 04:47:05 PM »
E filed my 2019 return Monday night, by Friday I was able already to get a transcript from my online IRS account, Does this mean that the SBA will also be able to request already a transcript if I apply now for the targeted advance grant?

Offline gozalim

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4225 on: August 01, 2021, 04:49:25 PM »
E filed my 2019 return Monday night, by Friday I was able already to get a transcript from my online IRS account, Does this mean that the SBA will also be able to request already a transcript if I apply now for the targeted advance grant?
2019 can E-file, but not E-amend?

Offline Moishy123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4226 on: August 01, 2021, 04:51:25 PM »
2019 can E-file, but not E-amend?
I E filed it now for the first time. not amended

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4227 on: August 01, 2021, 08:07:10 PM »
2019 can E-file, but not E-amend?

Anyone can still e-file a 2019 return?

Offline gozalim

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4228 on: August 01, 2021, 08:09:54 PM »
Anyone can still e-file a 2019 return?
sounds like @Moishy123 just did

Offline cholent

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4229 on: August 01, 2021, 08:12:11 PM »
Anyone can still e-file a 2019 return?
I think only if you use a CPA
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Offline gozalim

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4230 on: August 01, 2021, 08:17:26 PM »
I think only if you use a CPA
can a CPA efile an amendment? To a return that I efiled myself?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4231 on: August 01, 2021, 08:30:56 PM »
I think only if you use a CPA

Thatís what I thought, which is why I asked if anyone can efile. @Moishy123 how did you efile?

Offline Moishy123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4232 on: August 01, 2021, 09:01:51 PM »
Thatís what I thought, which is why I asked if anyone can efile. @Moishy123 how did you efile?
only paid preparers registered with the IRS

Offline Moishy123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4233 on: August 02, 2021, 10:45:39 AM »
E filed my 2019 return Monday night, by Friday I was able already to get a transcript from my online IRS account, Does this mean that the SBA will also be able to request already a transcript if I apply now for the targeted advance grant?
Anyone?

Offline cholent

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Don't ask stupid questions and you won't get stupid answers

Offline gozalim

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4235 on: August 02, 2021, 02:32:23 PM »
I just applied for the advance, and within minutes got a rejection saying:
Quote
Not Eligible: The applicant business did not substantiate the required reduction in gross receipts to
establish an economic loss greater than 30 percent.
Unverifiable Information: During the loan underwriting process there were one or more items that
were reviewed that caused the SBA to question the validity of certain information you submitted as part of
your application.
Regarding the 1st one, I'm guessing the issue was
hypothetical example:
someone was paid on a 10 month schedule (same both years; '19 '20)
so compare Jul-Aug '20 gross ($0) to Jan-Feb '20 gross ($100/mo)
and they for some reason were comparing the dips to the same month previous year, (same row on the chart). Is that incorrect?
what would be the 2nd issue?
we haven't submitted transcripts, as we still need to file 2019 Sched C. could that be it?

Offline ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4236 on: August 02, 2021, 06:57:26 PM »
biz2credit just made forgiveness applications available.

For a sole proprietor with no employees, does it make a difference what period one puts on a second draw PPP forgiveness application? Can one just put 8 weeks, regardless of any other details?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4237 on: August 03, 2021, 12:29:53 AM »
Just got the following email on one of my EIDL increase requests:

Quote
Dear ExGingi,

In these unprecedented times, we understand the challenges you are facing. The SBA is making every effort to support small businesses, which are the backbone of the American economy. Unfortunately, although we made every effort to approve your loan modification request, we are unable to modify your loan for the following reason(s):

Unverifiable Information

During the loan underwriting process there were one or more items that were reviewed that caused the SBA to question the validity of certain information you submitted as part of your application.
If you disagree with our decision, you may request reconsideration, subject to the availability of funds.

You can submit your request to any of the following:
a. Mail your request to the address at the top of this letter.
b. Fax your request to: 202-481-5931.
c. E-mail your request to: pdcrecons@sba.gov.

Your request must:
1. Be in writing and be received by this office as soon as possible (but no later than 6 months from
the date of this letter.)
2. Contain all significant information that will overcome the decline/withdrawal reason(s).

We understand that this is a challenging time for your business and for the nation. The SBA has local offices in your community which can refer you to resources that may be able to help you address the underlying reason for your loan denial. For more information on these services, please go to www.sba.gov/local-assistance to locate the email address and phone number for the nearest SBA district office and/or SBA's resource partners. Please call or email for a virtual appointment.
If you have any questions regarding this matter, please contact us at 800-659-2955 (TTY: 1-800-877-8339).
 
Sincerely,

Application Processing Department

How do I figure out what was unverfiable, and how do I clear it?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4238 on: August 03, 2021, 09:00:06 AM »
what would be the 2nd issue?

Just got the following email on one of my EIDL increase requests:

How do I figure out what was unverfiable, and how do I clear it?

It's not an exact science, but generally submitting the following is enough for them to clear it up.
-Copy of Owner's Drivers License (front and back)
-2019 Business Tax Return
-IRS form 4506-T (make sure the address and all other info matches your 2019 return exactly)
-SBA form 2202 (https://www.sba.gov/sites/default/files/2020-07/2202%20Schedule%20of%20Liabilities-508.pdf or a letter stating that you have no regular payables- PM me for a template)
-Proof of Business (things like a Bank Statement, SOS printout, Website for your business, etc)

Your case manager might want another one or two items, and will request it.

I'm seeing it happen more often with 1099/Sole props, which leads me to believe that they run the business name through DUNS or similar, and if it doesn't come up they make you go the extra step of reconsideration to get it cleared up.

Offline EliJelly

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4239 on: August 03, 2021, 12:14:53 PM »
My Targeted Advance application was pending for months already for no given reason. Finally today I received an email with a letter notifying that the business is not eligible since it is not located in a low income community, however it is located in a low income community, and is clearly showing so on the SBA map. @cgr did you hear that happen before? Is my only option to email to reconsideration and wait again for my turn?