Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 289221 times)

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4540 on: November 10, 2021, 11:41:41 AM »
Keep and working at it, correct your mistakes and submit again.

Common mistakes

1) address not the exact same as tax report ( even pl vs place )
2) but name again on line 3 ( as shown on taxes)
3) make sure you put the correct type of tax number. I.e 1065 etc..
4) check the boxes that need to be checked.
5) if you are emailing you must sign by hand and scan.
6) date it and put your phone number.
7) put proper title
Done over and over.
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Offline Barryg

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4541 on: November 10, 2021, 11:46:29 AM »
Done over and over.
Are you in recon for a denial, or other recon?

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4542 on: November 10, 2021, 11:53:13 AM »
Are you in recon for a denial, or other recon?
This is for the increase. They already funded the original amount. Denial for inability to confirm business (which was done by AI not a live person). This is basically the address on the 4506T didnt match the tax return because the business has 2 different addresses. Fixed that the first time.

The stupidity of it all is that it was an approved funded loan that they had the same paperwork for previously. 
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Offline Barryg

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4543 on: November 10, 2021, 12:35:57 PM »
This is for the increase. They already funded the original amount. Denial for inability to confirm business (which was done by AI not a live person). This is basically the address on the 4506T didnt match the tax return because the business has 2 different addresses. Fixed that the first time.

The stupidity of it all is that it was an approved funded loan that they had the same paperwork for previously. 
So I have a different issue. I'd suggest reading reddit boards, I think the main takeaway is that many were successful after having their congressperson contact SBA for them.

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4544 on: November 10, 2021, 01:20:45 PM »
So I have a different issue. I'd suggest reading reddit boards, I think the main takeaway is that many were successful after having their congressperson contact SBA for them.
Just spoke to them. The form is missing a checkbox from their pre-filled form... >:( >:( >:(

They keep switching the prefilled form from having their address to a blank form and changing the years they are requesting from 2019 to 2017, 2018 and 2019. Box 6c must be checked as well. They neglected to say that anywhere. So...resubmitted with corrected checkbox...and hoping for the best.
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Offline Barryg

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4545 on: November 10, 2021, 03:11:30 PM »
Just spoke to them. The form is missing a checkbox from their pre-filled form... >:( >:( >:(

They keep switching the prefilled form from having their address to a blank form and changing the years they are requesting from 2019 to 2017, 2018 and 2019. Box 6c must be checked as well. They neglected to say that anywhere. So...resubmitted with corrected checkbox...and hoping for the best.
Ahh the all important check mark by 6C. Been there as well. Mine is two months past that. Will let you know if any other tips come from my experiences, but you're 3-4 weeks out from even a regular follow up.

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4546 on: November 10, 2021, 07:16:54 PM »
Applied for Loan Mod 4/30, funded today. Don't give up!

Offline hcn0132

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4547 on: November 10, 2021, 07:50:07 PM »
I got the email below from them. My question is, I didn’t have an official “Business” rather  I did consulting work and got paid with a 1099. Am I eligible? What do I send them?

Upon the review of your Economic Impact Disaster Loan application, some additional information is required.  Please review and address the following:

1.     Please provide a color copy of your Government Issued Photo ID for identity verification. Both front and back of this document are required.

2.     Please provide proof of business existence before January 31, 2020 such as:     

·       Link to Website

·       Bills in the business' name dated prior to the disaster (i.e., cell phone, utilities related to the business office)

·       Business insurance policy in 2019

·       Business accounts (credit card statements or business bank statements, etc.)

·       Business invoices from 2019

·       Rental/lease agreements for business property dated prior to the disaster 

·       Business license or other state filings in 2019

Upload at least 3 of the documents listed above.
 

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4548 on: November 10, 2021, 08:23:22 PM »
I got the email below from them. My question is, I didn’t have an official “Business” rather  I did consulting work and got paid with a 1099. Am I eligible? What do I send them?
Items 2, 4, and 5 from the second list is probably easiest. If you don't have an LLC then "Business name" = your name.

Offline JACKBLUE

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4549 on: November 11, 2021, 10:22:38 AM »
Any way to change the bank info for Targeted EIDL Advance?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4550 on: November 11, 2021, 11:11:48 AM »
Any way to change the bank info for Targeted EIDL Advance?
After submitting the grant application? Or in preparation of submitting?

Offline JACKBLUE

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4551 on: November 11, 2021, 02:25:03 PM »
After submitting the grant application? Or in preparation of submitting?
After.

While i was submitting they asked me to update my info and i did, but now when i log in to my account i see they still have my old info.

Offline hcn0132

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4552 on: November 11, 2021, 03:24:52 PM »
How long does it take from approval to funding for the loan?

Offline Moshe123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4553 on: November 11, 2021, 04:32:49 PM »
How long does it take from approval to funding for the loan?

Recent large amounts are taking a very long time for most.

Offline hcn0132

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4554 on: November 11, 2021, 05:12:53 PM »
Recent large amounts are taking a very long time for most.

What’s considered large amount?

Offline Buruch

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4555 on: November 12, 2021, 06:02:59 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).

This is what I was looking for. Do you disagree with her?

https://youtu.be/5eNRailbnTY

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4556 on: November 12, 2021, 07:46:14 AM »
This is what I was looking for. Do you disagree with her?

https://youtu.be/5eNRailbnTY
Not fully but somewhat. She's advising sole props to take 2019 line 31, but since you can't take a bonus you can really only take 2019 line 31 minus 2020 line 31 (so this only works if 2020 is less than 2019), and then the same for 2021.

Offline Buruch

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4557 on: November 12, 2021, 07:57:31 AM »
Not fully but somewhat. She's advising sole props to take 2019 line 31, but since you can't take a bonus you can really only take 2019 line 31 minus 2020 line 31 (so this only works if 2020 is less than 2019), and then the same for 2021.

But the tax treatment you agree with? It's essentially the equivalent of a distribution, and not payroll.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4558 on: November 12, 2021, 08:53:51 AM »
But the tax treatment you agree with? It's essentially the equivalent of a distribution, and not payroll.
Yes- sole props only get taxed on line 31, and a loan wouldn't flow through to line 31, regardless of the cash implications.

Offline greenfeldgreenfeld5

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4559 on: November 15, 2021, 11:06:53 AM »
got a email on the 10th that will get the Targeted EIDL Advance in 7 to 10 days .how long  will it take?