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

[YSACC]

Got this reply,

"We have received your reevaluation request for the Targeted Advance. Due to inconsistencies in your application, we are unable to offer you the Targeted Advance."

Is there any point in trying to see what the issue is?

[Ver hut gazugt]

If I got an approval email and a modification letter. Is just funding now or is there still a process till funds are received?

[cgr]

If I got an approval email and a modification letter. Is just funding now or is there still a process till funds are received?

You need to sign your closing docs in the portal before they'll fund you.

[YSACC]

Anybody had luck with getting approval for targeted advance in the past month. I'm getting declines without reason, Just "Due to inconsistencies in your application, we are unable to offer you the Targeted Advance."

[cholent]

Anybody had luck with getting approval for targeted advance in the past month. I'm getting declines without reason, Just "Due to inconsistencies in your application, we are unable to offer you the Targeted Advance."

I'm seeing some of those and some approvals

[YSACC]

I'm seeing some of those and some approvals

Have been successful to get a 2nd reevaluation approved in 2022?

[cholent]

Have been successful to get a 2nd reevaluation approved in 2022?

Yes. Send a new request with sightly different wording and at least one new document.

For an organization that isn't required to file any tax return or 990, what do you upload for tax return under documents for the loan?

[cgr]

For an organization that isn't required to file any tax return or 990, what do you upload for tax return under documents for the loan?

990 exemption letter and 2019 P&L

[YOSSI170]

Increase declined due to IRS not finding my 2019 tax return, my business opened on Nov 2019, tax return was filed in July for 11/01/2019 - 10/31/2020, can anyone please guide me how to proceed here?

[dealsrus]

For any grants (PPP, Eidl, NYS, NYC) are they sending out 1099's ?

[hvaces42]

Increase declined due to IRS not finding my 2019 tax return, my business opened on Nov 2019, tax return was filed in July for 11/01/2019 - 10/31/2020, can anyone please guide me how to proceed here?

Tried calling IRS today. No one answers phones anymore. Good luck.

Ive been waiting 8 weeks for IRS to send transcript. They said multiple times over the last 3 weeks that it was received 3 weeks ago and this morning they say they still dont have it. No one to speak to. Very frustrating. Any ideas?

[cgr]

Increase declined due to IRS not finding my 2019 tax return, my business opened on Nov 2019, tax return was filed in July for 11/01/2019 - 10/31/2020, can anyone please guide me how to proceed here?

Was the 4506-T completed with 12/31/2019 listed as the tax year? Or 10/31/2020?
I've seen declines (although it's rare) for transcript issues if the tax year was listed as 12/31/19 when the business had a different fiscal-year ending date.

[cgr]

For any grants (PPP, Eidl, NYS, NYC) are they sending out 1099's ?

PPP- no, not taxable federally nor for NY/NJ
EIDL- no, not taxable federally nor for NY/NJ
NYS- no, not taxable for NY. Federally taxable. Unclear if taxable for NYC (local) tax
NYC- yes, although if you got funded in 2022 you'll only get it in January 2023

[cgr]

Tried calling IRS today. No one answers phones anymore. Good luck.

Ive been waiting 8 weeks for IRS to send transcript. They said multiple times over the last 3 weeks that it was received 3 weeks ago and this morning they say they still dont have it. No one to speak to. Very frustrating. Any ideas?

Reach out to your local Senator/Congressperson?

[YOSSI170]

Was the 4506-T completed with 12/31/2019 listed as the tax year? Or 10/31/2020?
I've seen declines (although it's rare) for transcript issues if the tax year was listed as 12/31/19 when the business had a different fiscal-year ending date.

First one was submitted 12/31/19 and was declined, I fixed it to 10/31/20 and was declined again

[dealsrus]

PPP- no, not taxable federally nor for NY/NJ
EIDL- no, not taxable federally nor for NY/NJ
NYS- no, not taxable for NY. Federally taxable. Unclear if taxable for NYC (local) tax
NYC- yes, although if you got funded in 2022 you'll only get it in January 2023

Thanks. for NYC funded in 2021, and did not receive any 1099. Did anyone receive? Their site says "If awarded the grant, the business should be prepared to receive a 1099 and report the amount on the business taxes unless otherwise advised."

[cgr]

First one was submitted 12/31/19 and was declined, I fixed it to 10/31/20 and was declined again

Any chance your tax return wasn't processed with the IRS yet? Your accountant should be able to check the status.

[cgr]

Thanks. for NYC funded in 2021, and did not receive any 1099. Did anyone receive? Their site says "If awarded the grant, the business should be prepared to receive a 1099 and report the amount on the business taxes unless otherwise advised."

I did see 1099s from the NYC program.

[YOSSI170]

Any chance your tax return wasn't processed with the IRS yet? Your accountant should be able to check the status.

Accountant says it was processed

[Mordyk]

Eidl increase:

Got denied due to not being able to pay back.

Sent a recon email explaining that there are other businesses.  No response via email yet. And phone rep says need to wait for email.

Any other tips?