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

[LoLo]

Apologies if it was asked and answered already..

Do the two months of reduced income for the grant have to be consecutive? And does 0 revenue for those months count or there needs to be some revenue?

[Fish Tank]

If a self employed individual had a 30% drop in revenue for 2 months but he collected unemployment for those months, does that count towards his "revenue"? Or it's still considered a 30% drop?

[AsherO]

Apologies if it was asked and answered already..

Do the two months of reduced income for the grant have to be consecutive? And does 0 revenue for those months count or there needs to be some revenue?

I believe it’s supposed to be any consecutive 8-week period, and $0 would be 100% reduction if the period you compared to had any income, so I can’t see why $0 would be a problem (as long as the company was still in business).

[AsherO]

If a self employed individual had a 30% drop in revenue for 2 months but he collected unemployment for those months, does that count towards his "revenue"? Or it's still considered a 30% drop?

I don’t think that counts as the business’s revenue.

[cgr]

I believe it’s supposed to be any consecutive 8-week period, and $0 would be 100% reduction if the period you compared to had any income, so I can’t see why $0 would be a problem (as long as the company was still in business).

Legally it's 8 consecutive weeks, but practically the SBA is looking at 2 consecutive months.

[TBD]

Does anyone know if anyone got the ERTC refund checks yet? Or are we waiting another year for that

Forms filed on time for Q1 & Q2 2021, people got already refunds, amended filings are really delayed.

[oldguy]

With an EIDL, It says I only have to make payments in 18 months. does interest accumulate right away? or only in 18 months?

[AsherO]

With an EIDL, It says I only have to make payments in 18 months. does interest accumulate right away? or only in 18 months?

Interest starts accruing right away.

[YitzyS]

If you didn't get the official looking rejection letter just try responding to the email you received.

I had a long back and forth with the SBA agent about the Supplemental Advance, and now...






Thanks @cgr - yet again!

[shapsam]

Targeted advance for a sole proprietorship was denied due to "expired business license" has anyone seen this denial reason before or does anyone know what this means?

[beeweegee]

Targeted advance for a sole proprietorship was denied due to "expired business license" has anyone seen this denial reason before or does anyone know what this means?

I'm no expert but it probably just means it got denied by a computer and you need to apply for reevaluation just to get human eyes on it.

[Pupashtetl]

I am an individual with 1099 income reduction applying for the targeted advance. I got an email requesting "PDF Void check OR Bank Verification of your business account".
From which bank account should I provide them with verfication?

[cgr]

I am an individual with 1099 income reduction applying for the targeted advance. I got an email requesting "PDF Void check OR Bank Verification of your business account".
From which bank account should I provide them with verfication?

Assuming you applied in your name (and not with an LLC), provide a void check from your bank account (account holders name must match applicants name).

[Fish Tank]

I had a long back and forth with the SBA agent about the Supplemental Advance, and now...






Thanks @cgr - yet again!

Any tips?

My grant is in the "pending" stage for many months. Who did you have the back and forth with?

(Apparently it doesn't show "submitted" on their end)

[cgr]

Any tips?

My grant is in the "pending" stage for many months. Who did you have the back and forth with?

(Apparently it doesn't show "submitted" on their end)

Did you complete the 4506-T and click "Submit for Processing"?

[Fish Tank]

Did you complete the 4506-T and click "Submit for Processing"?

I did not have the option to complete a 4506-T. It just wasn't there (and therefore there was no "submit" button.)

They opened a ticket with support to add a 4506-T , but it hasn't happened yet. I also emailed a signed 4506-T to targetedadvance@sba , but it seems like it takes months for them to read emails that go to that inbox.

Any other suggestions?

[Ver hut gazugt]

I did not have the option to complete a 4506-T. It just wasn't there (and therefore there was no "submit" button.)

They opened a ticket with support to add a 4506-T , but it hasn't happened yet. I also emailed a signed 4506-T to targetedadvance@sba , but it seems like it takes months for them to read emails that go to that inbox.

Any other suggestions?

I have the same issue. I hear some are mailing in the application to sba. Maybe I will try that. 

[shapsam]

I'm no expert but it probably just means it got denied by a computer and you need to apply for reevaluation just to get human eyes on it.

This denial was after the reevaluation. The first time around it was denied due to "inconsistencies with information on the provided documents and the application"

[Fish Tank]

How do I change this to $24,000 ? I don't want to have to provide insurance docs etc.

[beeweegee]

I had a long back and forth with the SBA agent about the Supplemental Advance, and now...






Thanks @cgr - yet again!

It seems that when approved, the status initially is listed as Approved and is then changed to Funded later. Does it only change to Funded after it hits your account? I ask because my app was recently approved and states Funded but it is not yet showing in my account.