Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535727 times)

Offline ilherman

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2013
  • Posts: 8935
  • Total likes: 227
  • DansDeals.com Hat Tips 35
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #280 on: April 22, 2020, 05:52:05 PM »
So K-1 1065 from RE income can file for PPP?
no because it's considered investment not income.
You can say what you think when you think what you say.

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4377
  • Total likes: 1318
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #281 on: April 22, 2020, 06:06:07 PM »
no because it's considered investment not income.
Right. See that now. Thanks!

Offline hvaces42

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2013
  • Posts: 5588
  • Total likes: 1148
  • DansDeals.com Hat Tips 14
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #282 on: April 22, 2020, 06:11:43 PM »
I'm not familiar, but I'm getting a K-1 1065 form from a RE investment partnership and there is no SE taxes on it
SE tax is on your 1040, not your 1065 or K-1.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline hvaces42

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2013
  • Posts: 5588
  • Total likes: 1148
  • DansDeals.com Hat Tips 14
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #283 on: April 22, 2020, 06:12:05 PM »
That’s probably just the EIDL part, no?
Correct
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline ilherman

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2013
  • Posts: 8935
  • Total likes: 227
  • DansDeals.com Hat Tips 35
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #284 on: April 22, 2020, 07:33:12 PM »
SE tax is on your 1040, not your 1065 or K-1.
He probably meant to say there is no SE tax through it...
You can say what you think when you think what you say.

Offline ilherman

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2013
  • Posts: 8935
  • Total likes: 227
  • DansDeals.com Hat Tips 35
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #285 on: April 23, 2020, 04:08:06 PM »
Applied thru paypal and got denied based on missing docs  ::) ::) ::)

Why can't they just ask me to submit additional docs?

Any way to reach anyone by phone? Can't find any contact info.

And my credit score they made sure to pull  >:( >:(
You can say what you think when you think what you say.

Offline shapsam

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Feb 2017
  • Posts: 3017
  • Total likes: 637
  • DansDeals.com Hat Tips 11
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #286 on: April 23, 2020, 04:16:37 PM »
Applied thru paypal and got denied based on missing docs  ::) ::) ::)

Why can't they just ask me to submit additional docs?

Any way to reach anyone by phone? Can't find any contact info.

And my credit score they made sure to pull  >:( >:(
Do they have a list of docs you need to submit?

Offline ilherman

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2013
  • Posts: 8935
  • Total likes: 227
  • DansDeals.com Hat Tips 35
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #287 on: April 23, 2020, 04:23:17 PM »
Do they have a list of docs you need to submit?
yes. Loan calculation and payroll.
You can say what you think when you think what you say.

Online mgarfin

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2012
  • Posts: 2566
  • Total likes: 294
  • DansDeals.com Hat Tips 2
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #288 on: April 23, 2020, 05:26:57 PM »
yes. Loan calculation and payroll.

Was denied too by Paypal, for "time in business" but we started in 12/2019!!

Offline ilherman

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2013
  • Posts: 8935
  • Total likes: 227
  • DansDeals.com Hat Tips 35
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #289 on: April 23, 2020, 05:38:41 PM »
Was denied too by Paypal, for "time in business" but we started in 12/2019!!
And no one to speak, right?
You can say what you think when you think what you say.

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 #290 on: April 23, 2020, 06:19:50 PM »
Congress passed

Offline sillypainter

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2012
  • Posts: 2068
  • Total likes: 200
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #291 on: April 23, 2020, 08:10:25 PM »
Got my EIDL today. Applied April 1 before noon.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #292 on: April 23, 2020, 11:23:49 PM »
Got my EIDL today. Applied April 1 before noon.

The grant or a loan? If the former, is that $1k per employee?
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline hvaces42

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2013
  • Posts: 5588
  • Total likes: 1148
  • DansDeals.com Hat Tips 14
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #293 on: April 23, 2020, 11:24:56 PM »
The grant or a loan? If the former, is that $1k per employee?
Its $1k per employee up to $10k
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #294 on: April 23, 2020, 11:29:23 PM »
Its $1k per employee up to $10k

I’m aware that that’s the guidance they’re offering, I’m asking what he actually got.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline hvaces42

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2013
  • Posts: 5588
  • Total likes: 1148
  • DansDeals.com Hat Tips 14
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #295 on: April 23, 2020, 11:32:41 PM »
I’m aware that that’s the guidance they’re offering, I’m asking what he actually got.
Thats what I got and thats what CPA I spoke with last night telling me other clients getting.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #296 on: April 23, 2020, 11:48:22 PM »
Thats what I got and thats what CPA I spoke with last night telling me other clients getting.

So the SBA is going to exhaust all EIDL funding from the stimulus bills on the up-to-$10k grants? I believe they got 4 million applications before they closed the first round, my guess many of those are for small businesses with fewer than 10 employees. Still $5-30bn but not everything they got. Then again, If $30bn is only enough to give up to $10k/applicant, there won’t be potential for much more with 4m applicants.

The reason EIDL is so interesting vs. PPP, is their interest rate $1% and loan term is supposedly up to 30 years. Let’s say I got a legitimate/justifiable loan at those terms to keep my business afloat, I might choose to not pay it off early since the interest rate is so low.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline aygart

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: May 2008
  • Posts: 17397
  • Total likes: 14336
  • DansDeals.com Hat Tips 14
    • View Profile
    • Lower Watt Energy Brokers
  • Programs: www.lowerwatt.com
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #297 on: April 24, 2020, 12:26:59 AM »
I’m aware that that’s the guidance they’re offering, I’m asking what he actually got.
That is what I got.
Feelings don't care about your facts

Offline S209

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2016
  • Posts: 7469
  • Total likes: 3930
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
    • Gowns By Shevy
  • Location: Lakewood
  • Programs: Marriott Gold, Star Alliance Gold, Hyatt Explorist, Hertz PC, National EE, Rock Royalty Wild Card, Wyndham Diamond, MLife Gold, Caesars Diamond, Hilton Diamond, Uber VIP, IHG Platinum Elite, ANA Platinum, DDF Lifetime Prez Platinum Elite, AmEx Platinum
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #298 on: April 24, 2020, 12:46:40 AM »
Got my EIDL today. Applied April 1 before noon.
Got mine, applied I think they day after it passed
Quote from: YitzyS
Quotes in a signature is annoying, as it comes across as an independent post.

Offline sillypainter

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2012
  • Posts: 2068
  • Total likes: 200
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #299 on: April 24, 2020, 01:19:28 AM »
I don't think (at least the people I spoke to) anybody got more than 1K per employee up to 10K even if requested. Unless nobody requested more than the forgiven portion.