Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 235264 times)

Offline aygart

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4380 on: September 09, 2021, 08:03:19 PM »
And there's also the fact that thousands of businesses have mortgages in place from the before the pandemic.
Of course but  that wouldn't explain this
Great. Time to rack up some debt before my loan is funded.
Feelings don't care about your facts

Offline ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4381 on: September 10, 2021, 04:11:21 PM »
Is the new amount 2X your 2019 business return line 1?

On another loan I got amount adjusted. Is the maximum amount 2x the amount on the 2019 return, or 2x the revenue from 2/1/2019 to 1/31/2020?
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 #4382 on: September 10, 2021, 04:29:08 PM »
On another loan I got amount adjusted. Is the maximum amount 2x the amount on the 2019 return, or 2x the revenue from 2/1/2019 to 1/31/2020?
The base it on the 2019 tax return, so for most that's calendar year 2019 2 (less COGS).

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4383 on: September 13, 2021, 09:35:31 AM »
The SBA is now allowing some businesses to request increases for loans of up to $2 million (the loan calculation did not change, and is till 2X 2019 sales, less COGS).
Note: EIDL loans over $500k need to be secured with real property.
The property needs to have a $2M value? does it require an appraisal? first lien?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4384 on: September 13, 2021, 12:49:52 PM »
The property needs to have a $2M value? does it require an appraisal? first lien?
See page 4-6 of the new FAQs:
https://www.sba.gov/sites/default/files/2021-09/COVID-EIDL-FAQs-090821-508.pdf
Not sure it'll answer all your questions, but it's a start.

Offline ah giten

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4385 on: September 13, 2021, 07:38:02 PM »
I got approved for the advance 5k but nothing yet on the first 10k.
Is that the normal process?

Your Supplemental Targeted Advance Application No. ******** has been approved in the amount of $5,000.00. SBA will make an ACH deposit to the bank account you provided in your application. As a reminder, the Supplemental Targeted Advance does not need to be repaid.

Online YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4386 on: September 13, 2021, 07:43:35 PM »
So I appealed the Supplemental advance, and I just got an email: "We have reviewed your reevaluation request for the Targeted Advance. At this time, we are unable to offer you the Targeted Advance due to  prohibited EIDL business activity."
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4387 on: September 13, 2021, 07:44:18 PM »
I got approved for the advance 5k but nothing yet on the first 10k.
Is that the normal process?

Your Supplemental Targeted Advance Application No. ******** has been approved in the amount of $5,000.00. SBA will make an ACH deposit to the bank account you provided in your application. As a reminder, the Supplemental Targeted Advance does not need to be repaid.
It's common for the Supplemental to come in before the Targeted by a few hours.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4388 on: September 13, 2021, 07:44:58 PM »
So I appealed the Supplemental advance, and I just got an email: "We have reviewed your reevaluation request for the Targeted Advance. At this time, we are unable to offer you the Targeted Advance due to  prohibited EIDL business activity."
If you're not engaged in a disqualified business activity then you'll need to appeal that...

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4389 on: September 13, 2021, 07:51:01 PM »
If you're not engaged in a disqualified business activity then you'll need to appeal that...
Do I do so by replying to the email, or do I have to email the original appeal email address?
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4390 on: September 13, 2021, 08:28:08 PM »
Do I do so by replying to the email, or do I have to email the original appeal email address?
If you didn't get the official looking rejection letter just try responding to the email you received.

Offline LNS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4391 on: September 13, 2021, 08:59:20 PM »
I got approved for the advance 5k but nothing yet on the first 10k.
Is that the normal process?

Your Supplemental Targeted Advance Application No. ******** has been approved in the amount of $5,000.00. SBA will make an ACH deposit to the bank account you provided in your application. As a reminder, the Supplemental Targeted Advance does not need to be repaid.

that's what happened to me
got the 10k approval a day later

Offline ah giten

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4392 on: September 14, 2021, 07:44:08 PM »
I got approved for the advance 5k but nothing yet on the first 10k.
Is that the normal process?

Your Supplemental Targeted Advance Application No. ******** has been approved in the amount of $5,000.00. SBA will make an ACH deposit to the bank account you provided in your application. As a reminder, the Supplemental Targeted Advance does not need to be repaid.
Funded today BH

Online EliJelly

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4393 on: September 18, 2021, 10:59:21 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?
Appealed, got approved and the $5k funded today. BH!

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Offline Z56

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4394 on: September 19, 2021, 02:15:58 AM »
How can I apply for the 15K grant?
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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4395 on: September 19, 2021, 08:02:58 AM »
How can I apply for the 15K grant?

You would apply for an EIDL loan and dont accept the loan that is offered to you.

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Offline Fish Tank

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4397 on: September 19, 2021, 10:53:58 AM »
How can I apply for the 15K grant?
It's by invite only. The way to generate an email invitation is by applying for a loan.

(You don't need to proceed with the loan application.)

Online dovy2

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4398 on: September 19, 2021, 01:01:32 PM »
Does anyone know if anyone got the ERTC refund checks yet? Or are we waiting another year for that

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4399 on: September 19, 2021, 01:30:59 PM »
Does anyone know if anyone got the ERTC refund checks yet? Or are we waiting another year for that
See ERTC thread. The IRS is months behind on processing 941s.