Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 232729 times)

Offline YesThatsMe

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: May 2017
  • Posts: 678
  • Total likes: 109
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #80 on: April 19, 2020, 07:49:12 PM »
Right, my bad. At 1-5% the banks are making a killing. JPMC’s ROI on this one must be epic.

Back of the envelope figures of 74% of loans under $150K and average loan of $206K yields around $11B in lender fees. On a risk free note as good as a T-Bill. And tradeable tomorrow morning.

Who doesn’t see 2008esque bank bailout in this all over again....?

Offline ilherman

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2013
  • Posts: 8815
  • Total likes: 149
  • DansDeals.com Hat Tips 35
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #81 on: April 19, 2020, 07:51:09 PM »
Not sure what your accountant told you, but one of the strict laws of S Corp is that you must take a reasonable wage compared to others in your field.
but he said that the first year or 2 you can get away with it.
You can say what you think when you think what you say.

Offline hvaces42

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2013
  • Posts: 5217
  • Total likes: 923
  • DansDeals.com Hat Tips 14
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #82 on: April 19, 2020, 07:53:31 PM »
Back of the envelope figures of 74% of loans under $150K and average loan of $206K yields around $11B in lender fees. On a risk free note as good as a T-Bill. And tradeable tomorrow morning.

Who doesn’t see 2008esque bank bailout in this all over again....?
Neil Barofsky of 2008 fame called it before CARES Act was even signed! When you look at 2008 you see how much was written off on the banks books and how much toxicity the Maiden Lane vehicles took off the Banks hands its no wonder they were showing HUGE profits over the last decade. Every loan that they had written off and then foreclosed upon went straight to their bottom line. Pure profit. This will do that for them again. 
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1062
  • Total likes: 131
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #83 on: April 19, 2020, 08:09:13 PM »
Btw the bankers dont have anything else what to do, as loans arent getting approved...
The only other options for them is answering phone calls for mortggage forbearance and delaying cc payments....

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 60653
  • Total likes: 7969
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA Global Services, AA Lifetime Plat, DL Dirt, SPG Plat, Hyatt Diamond, Fairmont Lifetime Plat, Hilton Diamond, Priority Club Plat, Avis Chairman, National EE, Hertz PC
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 mgarfin

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 2218
  • Total likes: 183
  • DansDeals.com Hat Tips 2
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #85 on: April 19, 2020, 09:02:48 PM »
At this point shouldn't banks and governments be able to figure out what amount of money is needed to fund this for all businesses

Chase seems to have a number It still needs to cover 26b

Online ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 11339
  • Total likes: 3737
  • DansDeals.com Hat Tips 15
    • View Profile
  • Location: 770
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #86 on: April 19, 2020, 09:05:11 PM »
At this point shouldn't banks and governments be able to figure out what amount of money is needed to fund this for all businesses

Chase seems to have a number It still needs to cover 26b

ROTFLMAO
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline mgarfin

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 2218
  • Total likes: 183
  • DansDeals.com Hat Tips 2
    • View Profile

Offline Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 3769
  • Total likes: 695
  • 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 #88 on: April 19, 2020, 09:26:07 PM »
How can i know of I'm scheduled to receive the eidl up to $10k grant?
#TYH

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 26056
  • Total likes: 3220
  • DansDeals.com Hat Tips 75
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #89 on: April 19, 2020, 10:52:00 PM »
How can i know of I'm scheduled to receive the eidl up to $10k grant?

I applied and got a mass-mailed update to applicants that didn’t have anything substantial in it. It seems they are no longer accepting new EIDL applications and the ones they received are being processed on a first-come-first-served basis. I’m not holding my breathe.

Offline shapsam

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Feb 2017
  • Posts: 2570
  • Total likes: 429
  • DansDeals.com Hat Tips 10
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #90 on: April 19, 2020, 10:57:37 PM »
I applied for the EIDL grant about 2 weeks ago and just got a hard pull on Experian from the SBA. I did not apply for PPP btw.

Offline YossieW

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2014
  • Posts: 3727
  • Total likes: 254
  • DansDeals.com Hat Tips 448
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #91 on: April 19, 2020, 11:46:50 PM »
Update from Cross River Bank

https://www.crossriversba.com/

We are now accepting and reviewing new applications, with the goal of having them be ready for submission to SBA. In anticipation of increased demand, we have partnered with Kabbage to serve as many as possible.

We are also continuing to review existing applications, so that they will be ready for submission to SBA if the PPP Program resumes.

Offline jackofall

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Nov 2012
  • Posts: 703
  • Total likes: 34
  • DansDeals.com Hat Tips 2
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #92 on: April 20, 2020, 12:36:33 AM »
Not sure what to think of CrossRiver. They obviously got some people approved, I wonder how many with no prior relationship. But they completely oversold themselves. They should have never opened themselves up to the public because they had no chance of processing even a  fraction of those applications and ppl relied on them.
I am retracting this. Apparently they did a lot better job than I first heard. Kudos to them.
If you focus on being a boss, you will never be a leader. Leaders lead people to growth and improvement.

Online ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 11339
  • Total likes: 3737
  • DansDeals.com Hat Tips 15
    • View Profile
  • Location: 770
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #93 on: April 20, 2020, 06:38:45 AM »

Click on tweet to Read thread.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Shua

  • Dansdeals Platinum Elite
  • ****
  • Join Date: May 2011
  • Posts: 341
  • Total likes: 28
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: New york city
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #94 on: April 20, 2020, 08:14:38 AM »


Click on tweet to Read thread.

Wow. Some Yeshivas did really well.

BMG: $5,899,593
Yeshiva Viznitz $1,198,248
Torah Voddas $459,637
Touro: $7,558,879
YU: $2,479,795

It's all on this website. Click on Allocations

https://www2.ed.gov/about/offices/list/ope/caresact.html

Online ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 11339
  • Total likes: 3737
  • DansDeals.com Hat Tips 15
    • View Profile
  • Location: 770
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Shmobaum

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Nov 2017
  • Posts: 543
  • Total likes: 170
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Lakewood
  • Programs: National EE, Hertz Presidential, Marriott Gold Elite, Daf Yomi Presidential Platinum Premier
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #96 on: April 20, 2020, 08:49:46 AM »
Wow. Some Yeshivas did really well.

BMG: $5,899,593
Yeshiva Viznitz $1,198,248
Torah Voddas $459,637
Touro: $7,558,879
YU: $2,479,795

It's all on this website. Click on Allocations

https://www2.ed.gov/about/offices/list/ope/caresact.html
Is this a loan or a grant??

Offline Shua

  • Dansdeals Platinum Elite
  • ****
  • Join Date: May 2011
  • Posts: 341
  • Total likes: 28
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: New york city
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #97 on: April 20, 2020, 09:16:39 AM »

Offline Yef

  • Dansdeals Gold Elite
  • ***
  • Join Date: Aug 2017
  • Posts: 231
  • Total likes: 31
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #98 on: April 20, 2020, 12:05:09 PM »
Can you apply to more than one bank in the hope that the at least one will be accepted? Or will it cause problems?

Offline mgarfin

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 2218
  • Total likes: 183
  • DansDeals.com Hat Tips 2
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #99 on: April 20, 2020, 12:06:44 PM »