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

[coffeebean]

Is this true in regards to the grants as well?

Yes

[Ver hut gazugt]

Not saying this will work for everyone, but calling up really helps. I've been waiting for about a month and my reconsideration application was approved a day after speaking with a rep.

Probably called about 100 times

[Ver hut gazugt]

I was in the same position. I paid someone to help me and got approved BH.

I didn't want to pay, but it was worth every penny.... too each their own.

Is this for the grant or the loan ?
How much did they charge ?

[neveryou]

Not saying this will work for everyone, but calling up really helps. I've been waiting for about a month and my reconsideration application was approved a day after speaking with a rep.

Waiting a month for reevaluation, I called yesterday, she said there's nothing she could do,
Still waiting

[neveryou]

Is this for the grant or the loan ?
How much did they charge ?

I've seen people charging 10% for the grant

[coffeebean]

Probably called about 100 times

Twice

[hvaces42]

Not saying this will work for everyone, but calling up really helps. I've been waiting for about a month and my reconsideration application was approved a day after speaking with a rep.

I call every day. They have issues every time I call. First it was clarity of the scanned 4506. Then it was clear but missing a check mark. Then it was missing a date. then it wasnt clear again. Now they cant find the form I sent them 2 weeks ago. And on and on. If I dont call they dont even tell me about the issues. This is for the increase which is insane because they already have my tax returns from the initial application.

I had a second application for another business that was done in 4 weeks start to finish.

Very frustrating.

[YSACC]

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.

Any idea what to do when the spouse filed a schedule C, should the 4506-T be on the taxpayers name or spouse?

[Fish Tank]

I was in the same position. I paid someone to help me and got approved BH.

I didn't want to pay, but it was worth every penny.... too each their own.

To clarify, I don't think it was the "consultant" that did the trick. Obviously everything is from the One above. It was just more histadlus on my part.

[cgr]

Any idea what to do when the spouse filed a schedule C, should the 4506-T be on the taxpayers name or spouse?

Always the applicant. In this case the spouse.

[ah giten]

How does a congregation that didn't file a 2019 return, file the eidl loan. And is such a cong eligible the grant?

[cgr]

How does a congregation that didn't file a 2019 return, file the eidl loan. And is such a cong eligible the grant?

Yes, if they're a private organization.
They'll need to check off box 7 on the 4506-T (which requires speaking with an agent since you can't edit the 4506-T from the portal).

[ah giten]

Yes, if they're a private organization.
They'll need to check off box 7 on the 4506-T (which requires speaking with an agent since you can't edit the 4506-T from the portal).

Other than that the process is all the same?

[cgr]

Other than that the process is all the same?

P&L instead of tax return
No PFS for loans over 500k

[YSACC]

Anyone with experience how to fill out a 4506-T for a corporation that used a PO box as the business address?

[Thechy]

Signed loan docs on 12/8/2021 and the loan still did not fund. Wondering if it is because I requested an increase before signing the original loan Docs. Any info or DP would be appreciated.

[ari3]

I applied for the targeted EIDL grant as a sole proprietor for my rental real estate (my tenants didn't pay at the beginning of covid). I got declined because they are unable to verify the existence of an eligible business. All my rental income is on my schedule E. I called many times and can't get thru.

Should I have been eligible for this business and what is the best way to pursue?

[cholent]

I applied for the targeted EIDL grant as a sole proprietor for my rental real estate (my tenants didn't pay at the beginning of covid). I got declined because they are unable to verify the existence of an eligible business. All my rental income is on my schedule E. I called many times and can't get thru.

Should I have been eligible for this business and what is the best way to pursue?

Did you send in a reevaluation request email?

[ari3]

Did you send in a reevaluation request email?

not yet. I'm not sure why I was rejected so I don't know what to write. I figured I'll ask for advice first.

[cgr]

not yet. I'm not sure why I was rejected so I don't know what to write. I figured I'll ask for advice first.

At this point this denial happens for 85% of sole props. Request reevaluation as per the decline letter you received. Attach 4506-T, 2019 Full Return, and Photo ID all in pdf format.
If they need anything else to reinstate they'll reach out. Be sure to submit your reeval prior to 12/31.