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

[coffeebean]

Regular # - I believe 800-659-2955

What's the general wait time?

[coffeebean]

Regular # - I believe 800-659-2955

The new number is 833-853-5638 option 1, 3, 3, to speak to representative.

[BP11219]

The new number is 833-853-5638 option 1, 3, 3, to speak to representative.

And you can request a call back

[coffeebean]

Just got email from loan officer that my application has now been approved!!!! This was after denial, I called up yesterday to have it pushed through. Big shout out to @cholent for walking me through every step of the way, and helping me through the reconsideration process. I was never asked for any money from @cholent it was all leshmah! Also thank you @cgr for answering some questions. TYH

[YOSSI170]

Who did you call? Whenever I call to expedite it they say they can't do anything

[talmid chuchem]

Who did you call? Whenever I call to expedite it they say they can't do anything

same here

[coffeebean]

Who did you call? Whenever I call to expedite it they say they can't do anything

same here

The new number is 833-853-5638 option 1, 3, 3, to speak to representative.

[Crunchy]

Hi
SBA asks me to fill out a schedule of liabilities for the EIDL loan, but  the only liabilities I currently have is credit card bills, is this good enough ?
And is the more liabilities I have better for the loan or less is better ?

[cgr]

Hi
SBA asks me to fill out a schedule of liabilities for the EIDL loan, but  the only liabilities I currently have is credit card bills, is this good enough ?
And is the more liabilities I have better for the loan or less is better ?

Yes- you can just write "various accounts payable" with a total.
The amount doesn't affect approval much either way.

[Dave321]

I submitted for an increase and this is what i got. any tips?

Dear Applicants,

 

I am working on your EIDL increase request and need some more information.

 

Please provide any sources of outside income. (Income not from ******** LLC). Outside income can include: salary/wages/social security benefits/rental income/distributions from other businesses.

 

Please also indicate if you had any large one time payments in 2019 that did not repeat in 2020.

[Fish Tank]

EIDL loan proceeds may now be used to pay off all types of debt, including loans owned by a Federal agency, regular monthly debt payments, deferred interest, and prepayments of business debt (exception: prepayments will not be permitted on any debt owned by a Federal agency)
EIDL rates are locked in at 3.75% for 30 years, so in some cases it might be beneficial to pay off commercial mortgages with EIDL loan proceeds
Source: http://chaiplus1.com/news/eidl/#EIDL%20Loans

Can I use the funds to pay a commercial mortgage that was obtained after the loan was approved/funded?

[Positive energy]

Anyone who can help me upload my tax return?
Even for pay
Or walk me thru
Compensation offeredjust received this email again

Thanks

[cgr]

Can I use the funds to pay a commercial mortgage that was obtained after the loan was approved/funded?

https://www.sba.gov/sites/default/files/2021-09/COVID-EIDL-FAQs-090821-508.pdf
to pay business debt incurred at any time (past present or future)

[Shlmiel]

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.

This post, as well as all your other comments on the subject are extremely helpful! Thank you! Question, Business (LLC which is filed jointly with our personal taxes) is on my wife's name as well as the original EIDL loan only had my wife's name. Need to send in 4506 for recon and I noticed that the accountant put my name down as the business proprietor on the tax return and not my wife's. (Her name is still on the personal part of the tax filing) Question is do I put my name on the 4506 or my wife's? Also, if my business literally has no liabilities is it ok to put N/A on the 2202 or will that hurt the decision?

Thank you again.

[est]

I was just asked by someone iff his LLC for a real estate investment property is eligible for EIDL?

[cholent]

I was just asked by someone iff his LLC for a real estate investment property is eligible for EIDL?

Assuming it meets eligiblity criteria, sure - and if it's used for rentals, not investments or development

[cgr]

Question, Business (LLC which is filed jointly with our personal taxes) is on my wife's name as well as the original EIDL loan only had my wife's name. Need to send in 4506 for recon and I noticed that the accountant put my name down as the business proprietor on the tax return and not my wife's. (Her name is still on the personal part of the tax filing) Question is do I put my name on the 4506 or my wife's? Also, if my business literally has no liabilities is it ok to put N/A on the 2202 or will that hurt the decision?

Thank you again.

Thank you!
Bentch your accountant first... now the best you can do is hope that the loan officer is too overwhelmed to notice because otherwise you'll need to edit the original application so that your name and SSN is listed as the owner.
The 4506-T needs to match the applicants info- otherwise it'll surely get rejected.
If you don't have any liabilities you can submit a basic explanation stating that you're a service based business etc. I have a basic template for this- you can PM me with your email address and I'll send it over.

[YSACC]

Any idea for applying for a rental property LLC were the property is in a low income area while the tax return address is not?

[cgr]

Any idea for applying for a rental property LLC were the property is in a low income area while the tax return address is not?

Which type of return does the LLC file?

[YSACC]

 

Which type of return does the LLC file?

1065