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

[cgr]

What's the workaround for schedule e?

If the rentals are listed on the Schedule E you can list the business address on the application as the rental address, and the owner address as the address on the 1040.
That'll allow your 4506-T information to be correct while using a different address for the grant.

[cgr]

Says that it closes December 10

"or thereabouts".
They said it won't officially close, but internally their won't be enough time to process the Supplemental portion before 12/31.

[cgr]

I'll try my luck once more. The Targeted advance was approved last thursaday and already funded. The supplemental $5,000 is still showing as declined. Should I wait to see what happens? Should I call? Email?

Thanks

My guess would be that they only reevaluated the Targeted portion and not the Supplemental.
Did you have the 50% decrease required for the Supplemental portion?

[Pupashtetl]

I had the 50% decrease needed.

Should I call? or email?

[cgr]

I had the 50% decrease needed.

Should I call? or email?

Calling will give you an immediate (although not necessarily satisfactory) answer.
If a loan agent reached out to you regarding the Targeted portion that officer might be able to help you with the Supplemental portion.

[oldguy]

My wife applied and got a auto denial as duplicate, We submitted a reconsideration, but never got the email for the targeted advance. What can we do to get it?

[cgr]

My wife applied and got a auto denial as duplicate, We submitted a reconsideration, but never got the email for the targeted advance. What can we do to get it?

Spousal duplicates do seem to be more common these days.
You'll need to get the application reinstated before they'll send out the invitation.

[cgr]

4506-T Instructions
(I've seen a few questions lately on how these need to be completed, so here's an overview)

Use this version: https://www.sba.gov/sites/default/files/2020-08/SBA%20Form%204506T%20-%20March%202019%20Version-508.pdf
The SBA won't accept the 2018 or 2020 version.
Complete the following lines:
1a, 1b, 3 (enter the info as it was on the 2019 tax return- do not complete line 4 even if the info has since changed), 5b (enter the application #), 6, 6c checked, line 9 blot out everything other than 2019, check off signature attestation box, signature, date, phone #, and title if it's applicable to your organization type.

If you applied for EIDL based on a Schedule C or E on your personal return and file a joint tax return, pretend it's only you when completing the 4506-T. The SBA doesn't want to see anyone else on the 4506-T (regardless of what the IRS instructions are). If your Schedule C or Schedule E has an LLC and EIN # ignore that on the 4506-T as well- input your name and SSN, and ignore the LLC info.

If you're prompted to sign a 4506-T in your portal, it'll be availble for download a few minutes after you sign. It's a good idea to save that in case your application is rejected, as you'll need to submit one with your reconsideration request.

[oldguy]

Most of these are arbitrarily denied.
You can appeal the decision and include: Send everything in PDF format, and include a signed 4506-T as well.

What about the application that started their business in Jan of 2020, would they need a 4506t too?

[cgr]

What about the application that started their business in Jan of 2020, would they need a 4506t too?

Yes- it's mandatory even if it results in no 2019 tax return (or returns an irrelevant tax return with no Schedule C/E).

[AsherO]

Yes- it's mandatory even if it results in no 2019 tax return (or returns an irrelevant tax return with no Schedule C/E).

They’re approving people who didn’t yet file a 2019 return?

[cholent]

They’re approving people who didn’t yet file a 2019 return?

Only if the business started in January 2020

[cgr]

They’re approving people who didn’t yet file a 2019 return?

Only if it's a new business or exempt organization.

[bamo]

Question-my loan was approved today but I was declined for the advance and supplement. Any suggestions on how to get that approved now? TIA

[cgr]

Question-my loan was approved today but I was declined for the advance and supplement. Any suggestions on how to get that approved now? TIA

It's not related. You submitted for grant reconsideration.

[bamo]

Is that with the advance email? Yes I did resend that

[cgr]

Is that with the advance email? Yes I did resend that

Yes. Itll either be reinstated or someone will reach out and request additional docs.

[aspitz6342]

I will try my luck here, Maybe someone can help.

I was approved for Eidl and then the increase to $500k.

When I logged in to apply for the increase to $2mm I didn't have the button in my portal.

I tried emailing any email address I could get my hands on to as well as calling the customer service number.
It has been about 3 months already and I did not receive any response.

I sent to these email addresses;
PDC.Reconsideration@sba.gov
disastercustomerservice@sba.gov
covideidlincreaserequests@sba.gov

Can anyone guide me what I should do to get a response?

[cgr]

I will try my luck here, Maybe someone can help.

I was approved for Eidl and then the increase to $500k.

When I logged in to apply for the increase to $2mm I didn't have the button in my portal.

I tried emailing any email address I could get my hands on to as well as calling the customer service number.
It has been about 3 months already and I did not receive any response.

I sent to these email addresses;
PDC.Reconsideration@sba.gov
disastercustomerservice@sba.gov
covideidlincreaserequests@sba.gov

Can anyone guide me what I should do to get a response?

Keep emailing the last 2 email addresses you posted. Include your application # in the subject line and attach your 2019 return and 4506-T (with a recent date in the signature line).

[yossisch1]

I B'H got approved after being denied for the advances.