Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 289238 times)

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 27235
  • Total likes: 4079
  • DansDeals.com Hat Tips 76
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4500 on: November 02, 2021, 01:01:49 PM »
Why was it declined and how would paying someone have prevented that?

They have connections/experience, and an incentive $$ to get around things resolved.

Offline Fish Tank

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Feb 2012
  • Posts: 716
  • Total likes: 85
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4501 on: November 02, 2021, 01:56:06 PM »
Why was it declined and how would paying someone have prevented that?
There's no one to talk to at the SBA.

The people who charge to do this as a service for you have gathered a lot of data from the many applications they submitted. They know exactly what works and what doesn't work.

If you submit the form in the wrong format, or sign in the wrong place, or get rejected for a generic reason, etc. etc. your application will get declined. Then you need to resubmit for reconsideration which can take months on end (and still be rejected).



Offline ae123

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Mar 2011
  • Posts: 1842
  • Total likes: 136
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4502 on: November 02, 2021, 08:06:40 PM »
If you submit the form in the wrong format, or sign in the wrong place, or get rejected for a generic reason, etc. etc. your application will get declined. Then you need to resubmit for reconsideration which can take months on end (and still be rejected).
.....and time & funding is running out.

Offline coffeebean

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Feb 2018
  • Posts: 2023
  • Total likes: 419
  • DansDeals.com Hat Tips 7
  • Gender: Male
    • View Profile
  • Location: Connecticut
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4503 on: November 03, 2021, 08:56:53 AM »
Can someone pm me someone who will work through the process for me with a minimal fee? Thanks
I try to sound as intelligent as possible.

Offline Fish Tank

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Feb 2012
  • Posts: 716
  • Total likes: 85
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4504 on: November 03, 2021, 12:04:43 PM »
Can someone pm me someone who will work through the process for me with a minimal fee? Thanks
What do you consider minimal?

Offline coffeebean

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Feb 2018
  • Posts: 2023
  • Total likes: 419
  • DansDeals.com Hat Tips 7
  • Gender: Male
    • View Profile
  • Location: Connecticut
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4505 on: November 03, 2021, 10:47:34 PM »
I would like to publicly thank @cholent for taking the time to walk me through the entire process.
I try to sound as intelligent as possible.

Offline coffeebean

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Feb 2018
  • Posts: 2023
  • Total likes: 419
  • DansDeals.com Hat Tips 7
  • Gender: Male
    • View Profile
  • Location: Connecticut
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4506 on: November 03, 2021, 10:53:37 PM »
What do you consider minimal?
Did not have anything specific in mind.
I try to sound as intelligent as possible.

Offline cholent

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2014
  • Posts: 2392
  • Total likes: 314
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4507 on: November 04, 2021, 09:58:12 AM »
I would like to publicly thank @cholent for taking the time to walk me through the entire process.
It was my pleasure!

If there is anyone else who could use assistance with the application process, please feel free to PM me. I do not charge.
Don't ask stupid questions and you won't get stupid answers

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 27235
  • Total likes: 4079
  • DansDeals.com Hat Tips 76
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4508 on: November 04, 2021, 10:01:12 AM »
It was my pleasure!

If there is anyone else who could use assistance with the application process, please feel free to PM me. I do not charge.

This calls for a super-like!

Offline helpusout

  • Dansdeals Gold Elite
  • ***
  • Join Date: Oct 2008
  • Posts: 237
  • Total likes: 1
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4509 on: November 04, 2021, 11:14:05 AM »
is there someone that helps with denials for the EIDL loan ? denied for reconsideration as well.. willing to pay

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3632
  • Total likes: 868
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4510 on: November 04, 2021, 12:11:41 PM »
is there someone that helps with denials for the EIDL loan ? denied for reconsideration as well.. willing to pay
You can PM me

Offline Moshe123

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Sep 2012
  • Posts: 5781
  • Total likes: 493
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: Spring Valley
  • Programs: Lost
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4511 on: November 04, 2021, 01:15:02 PM »
It's crazy that funding for the last increase has been delayed by internal errors at SBA and most people didn't get funded weeks after final approval and signing.

Offline Pupashtetl

  • Dansdeals Gold Elite
  • ***
  • Join Date: Dec 2013
  • Posts: 128
  • Total likes: 17
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4512 on: November 04, 2021, 05:18:08 PM »
Do the people that do it for money have a way to prevent rejection due to unverifiable identity?

Offline cholent

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2014
  • Posts: 2392
  • Total likes: 314
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4513 on: November 04, 2021, 06:44:25 PM »
Do the people that do it for money have a way to prevent rejection due to unverifiable identity?
I wonder if anyone can truly prevent that. They probably decrease the chances by ensuring the obvious stuff is done right, all info matches, etc
Don't ask stupid questions and you won't get stupid answers

Offline Buruch

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 1941
  • Total likes: 33
  • DansDeals.com Hat Tips 3
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4514 on: November 05, 2021, 02:54:30 AM »
Distributions would depend on the entity setup. Nots that EIDL funds are not permitted to be used as bonuses above regular payroll (and payroll is always taxed and considered income).

Would you say a sole proprietorship could take a distribution up to usual net income?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3632
  • Total likes: 868
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4515 on: November 05, 2021, 03:04:47 AM »
Would you say a sole proprietorship could take a distribution up to usual net income?
Sole props don't really take "distributions"- all net income in the business is theirs as earned income.

Offline Buruch

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 1941
  • Total likes: 33
  • DansDeals.com Hat Tips 3
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4516 on: November 05, 2021, 03:35:35 AM »
Sole props don't really take "distributions"- all net income in the business is theirs as earned income.

So how would funds from eidl be treated?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3632
  • Total likes: 868
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4517 on: November 06, 2021, 10:07:38 PM »
The new infrastructure bill removed $17.5B in funding from the Targeted EIDL program, as well as $13.5B from the EIDL loan program.

Offline Fish Tank

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Feb 2012
  • Posts: 716
  • Total likes: 85
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4518 on: November 06, 2021, 10:16:57 PM »
The new infrastructure bill removed $17.5B in funding from the Targeted EIDL program, as well as $13.5B from the EIDL loan program.
Sneaky. That really sucks.

Where does that leave us? How much funds are currently remaining?

Offline Pupashtetl

  • Dansdeals Gold Elite
  • ***
  • Join Date: Dec 2013
  • Posts: 128
  • Total likes: 17
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4519 on: November 08, 2021, 05:35:36 PM »
I was originally declined for the grant due to identity issues, so I asked for a reconsideration and provided all necessary documents. Today I received an email from the SBA that the status of my application was updated and I should login to continue to the next step. However, when I logged in everything seemed the same! It still says declined for the grant, and shows that a reconsideration is in process.

Did anyone have this?