Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 536123 times)

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1316
  • Total likes: 206
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #600 on: April 30, 2020, 12:19:48 PM »
Dime is telling me that they got SBA approval and it may take a few weeks for their underwriting team to complete. Seems like most bank send to the underwriting team before forwarding to the SBA and dime is right away sending to SBA to secure funds and then sending to the underwriting team for approval.
Application Number?

Offline mgarfin

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2012
  • Posts: 2569
  • Total likes: 294
  • DansDeals.com Hat Tips 2
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #601 on: April 30, 2020, 12:22:39 PM »
Funded in 36 hours!

https://www.dansdeals.com/go/kabbage/

Mazal Tov

Still, this doesn't seem to be the common

I know many that applied early and still have not gotten a reply and let alone funding

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1316
  • Total likes: 206
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #602 on: April 30, 2020, 12:29:50 PM »
Any update how much money from SBA is committed already?

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Diamond Elite
  • **********
  • Join Date: May 2008
  • Posts: 67601
  • Total likes: 16913
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA GS, AA EXP, DL Dirt, Hyatt Glob, Fairmont Lifetime Plat, DD Diamond, Blocked By @NeriaKraus
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #603 on: April 30, 2020, 01:09:07 PM »
Mazal Tov

Still, this doesn't seem to be the common

I know many that applied early and still have not gotten a reply and let alone funding
Several others reporting the same for applications this week, weird that it's not going in order.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30535
  • Total likes: 7832
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #604 on: April 30, 2020, 02:31:51 PM »
Several others reporting the same for applications this week, weird that it's not going in order.

Maybe they’re processing the biggest ones (closest to $350k) first?
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline yitz1000

  • Dansdeals Gold Elite
  • ***
  • Join Date: Aug 2015
  • Posts: 210
  • Total likes: 21
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Brooklyn NY
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #605 on: April 30, 2020, 02:41:22 PM »
Maybe they’re processing the biggest ones (closest to $350k) first?
Yeah, it's more than likely that each step of the way here people are continuing to do what works out best for their own interests.

Online Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 4102
  • Total likes: 1015
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Some of this and some of that.
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #606 on: April 30, 2020, 02:58:14 PM »
Maybe they’re processing the biggest ones (closest to $350k) first?
i applied for a family member $8300, sunday night, had approval last night and funds are on the way.  very random with Kabbage
#TYH

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30535
  • Total likes: 7832
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #607 on: April 30, 2020, 02:58:59 PM »
Yeah, it's more than likely that each step of the way here people are continuing to do what works out best for their own interests.

Another theory is that banks are finding what they can process quickest within their workflows and first pushing though applications that fit that criteria
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline yitz1000

  • Dansdeals Gold Elite
  • ***
  • Join Date: Aug 2015
  • Posts: 210
  • Total likes: 21
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Brooklyn NY
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #608 on: April 30, 2020, 03:02:16 PM »
i applied for a family member $8300, sunday night, had approval last night and funds are on the way.  very random with Kabbage
small payroll or self-employed with Schedule C?

Online Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 4102
  • Total likes: 1015
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Some of this and some of that.
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #609 on: April 30, 2020, 03:25:07 PM »
small payroll or self-employed with Schedule C?
this
#TYH

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1316
  • Total likes: 206
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #610 on: April 30, 2020, 03:54:21 PM »
Applied by Kabbage, than by Dime.
Received now from Dime that they submitted application but received error from SBA that I was already approved by another bank. Kabbage still doesnt show approved

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Diamond Elite
  • **********
  • Join Date: May 2008
  • Posts: 67601
  • Total likes: 16913
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA GS, AA EXP, DL Dirt, Hyatt Glob, Fairmont Lifetime Plat, DD Diamond, Blocked By @NeriaKraus
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #611 on: April 30, 2020, 04:02:31 PM »
Maybe they’re processing the biggest ones (closest to $350k) first?
Mine was nothing like that, but it's payroll.
Maybe that's going faster than sched C?
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline yitz1000

  • Dansdeals Gold Elite
  • ***
  • Join Date: Aug 2015
  • Posts: 210
  • Total likes: 21
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Brooklyn NY
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #612 on: April 30, 2020, 04:05:16 PM »
Applied by Kabbage, than by Dime.
Received now from Dime that they submitted application but received error from SBA that I was already approved by another bank. Kabbage still doesnt show approved
I have a feeling that Kabbage may be sitting on many approvals as well as denials and they are slow on the updates. Hopefully for you what you received from Dime reflects SBA approval and you'll be notified soon.

Sounds like you probably did but make sure to check the portal as it seems to reflect updates much faster than their email notifications.

Offline yitz1000

  • Dansdeals Gold Elite
  • ***
  • Join Date: Aug 2015
  • Posts: 210
  • Total likes: 21
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Brooklyn NY
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #613 on: April 30, 2020, 04:06:08 PM »
Mine was nothing like that, but it's payroll.
Maybe that's going faster than sched C?
Do we know of any Kabbage approvals on Schedule C apps?

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1316
  • Total likes: 206
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #614 on: April 30, 2020, 04:53:08 PM »
Applied by Kabbage, than by Dime.
Received now from Dime that they submitted application but received error from SBA that I was already approved by another bank. Kabbage still doesnt show approved
It was a Cross River approval not Kabbage

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30535
  • Total likes: 7832
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #615 on: April 30, 2020, 05:59:37 PM »
It was a Cross River approval not Kabbage

Because Cross River uses Kabbage, the two became interchangeable, might be the source of some of the confusion, especially because the hourly limits are per bank, not per platform.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30535
  • Total likes: 7832
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #616 on: April 30, 2020, 06:00:07 PM »
Applied by Kabbage, than by Dime.
Received now from Dime that they submitted application but received error from SBA that I was already approved by another bank. Kabbage still doesnt show approved

Hopefully this is good news.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline Ergel

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Jun 2010
  • Posts: 12818
  • Total likes: 905
  • DansDeals.com Hat Tips 3
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #617 on: April 30, 2020, 07:24:30 PM »
My dad got approved through his local bank with round 2 (they weren't taking applications round 1 and he went with a big bank and they never even processed his application).
A couple of questions:
Anyone know what happens if he's not able to open after 8 weeks and needs to lay off everyone again?
Employees over 100K aren't eligible for loan forgiveness - does that mean they are eligible up to 100K of their salary? Or they are not eligible at all? If the latter, what happens if you hire back everyone except those with over 100K salary? Are you still eligible for forgiveness?
Life isn't about checking the boxes. Nobody cares.

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4378
  • Total likes: 1320
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #618 on: April 30, 2020, 07:35:35 PM »
My dad got approved through his local bank with round 2 (they weren't taking applications round 1 and he went with a big bank and they never even processed his application).
A couple of questions:
Anyone know what happens if he's not able to open after 8 weeks and needs to lay off everyone again?
Employees over 100K aren't eligible for loan forgiveness - does that mean they are eligible up to 100K of their salary? Or they are not eligible at all? If the latter, what happens if you hire back everyone except those with over 100K salary? Are you still eligible for forgiveness?
Payroll only needs to he maintained for those 8 weeks. After that he's free to do what he wishes.

They're eligible up to 100k.

Online Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 4102
  • Total likes: 1015
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Some of this and some of that.
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #619 on: April 30, 2020, 07:40:17 PM »
Mine was nothing like that, but it's payroll.
Maybe that's going faster than sched C?
schedule C Kabbage applied last night and got approval just now. did it for my friend  $3500.

everyone i helped got approved...  and I'm still waiting for my own.   :(
#TYH