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

[TBD]

https://www.magnetmail.net/actions/email_web_version.cfm?ep=EGwyTOOkAXjG_ZfUVZCMmFMgVhy3Y-VbaZ3xnD9sjwddCQtH6MH3I6HXR8kwzj-LEnpostl1Jzs9M5McJ_BQSIZQXORhlkOnxYAhQYl2z6GQThHFcqD4TB-WYJT1D1i2

Note: For purposes of the ERC, a spouse is not a “related individual.”

https://www.withum.com/resources/irs-issues-new-guidance-on-the-employee-retention-credit/
Even though spouses are not included in the list of “relatives,” if a greater-than-50% shareholder/partner has a living relative, and such relative is also related to the spouse, then the spouse’s wages are not qualifying wages (because the constructive ownership rules attribute the stock/partnership interest to the Relative, and then to the spouse).

[cgr]

Any specific phone number?

800-659-2955
Press 1 for English, then 1 for Covid relief, and then 2 for a rep

[cgr]

Is there an ERTC thread?

https://forums.dansdeals.com/index.php?topic=116651.0

[ah giten]

If I only have a 1099 from '19. can I still apply for EIDL and get the targeted 15k?
Is no income viewed the same as reduction in income?
And if there's no income in 2020, then the buisness wasn't active in 2020. I think I remember seeing  such a requirement.

[cgr]

If I only have a 1099 from '19. can I still apply for EIDL and get the targeted 15k?
Is no income viewed the same as reduction in income?
And if there's no income in 2020, then the buisness wasn't active in 2020. I think I remember seeing  such a requirement.

It's a grey area

[ah giten]

It's a grey area

But it goes through?

[cgr]

But it goes through?

Yes, but filing for it when non-operational is questionable.

[TBD]

Any DP on current turnaround time for approving targeted advances?

[cgr]

Any DP on current turnaround time for approving targeted advances?

6-8 weeks at least, for new applicants.

[LNS]

6-8 weeks at least, for new applicants.

was just told by accountant that its 21 days...hmmm

[cgr]

was just told by accountant that its 21 days...hmmm

That's what the SBA originally announced as their target. They haven't been keeping to it...

[oldguy]

6-8 weeks at least, for new applicants.

I applied 8 weeks ago and still nothing...

[helpusout]

Hi I received approval for an SBA loan, but one of the emails to a partner was entered incorrectly, and he cannot sign the loan documents. I called numerous times and they claim they resent the email, however it hasnt been received and I am concerned we will forfeit the loan for lack of response. Any ideas?

[helpusout]

Hi I received approval for an SBA loan, but one of the emails to a partner was entered incorrectly, and he cannot sign the loan documents. I called numerous times and they claim they resent the email, however it hasnt been received and I am concerned we will forfeit the loan for lack of response. Any ideas?

anyone? I cant seem to get them to send a new email . i tried numerous times.

[Ver hut gazugt]

anyone? I cant seem to get them to send a new email . i tried numerous times.

Try to email the agent taking care of your loan.

[helpusout]

Try to email the agent taking care of your loan.

where do I get that information?

[Ver hut gazugt]

where do I get that information?

Did someone email you for docs ?
Look at every email you got from sba. email each one see if something sticks.

[unavailable]

Any DP on current turnaround time for reevaluation on targeted advances?

[cgr]

Any DP on current turnaround time for reevaluation on targeted advances?

Months and months

[ah giten]

Can I get the targeted advance on a 1099 if I already applied for an EIDL loan on an LLC?