Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 121582 times)

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #330 on: April 25, 2020, 11:07:24 PM »
Maybe grocery stores or other stores that have regular sales volumes.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #331 on: April 25, 2020, 11:09:15 PM »
This is probably in response to the publicly about the huge companies getting money. (The FAQ explicitly references publicly traded companies). The question is, when they return it, will that mean that more is available for small businesses?

A few high profile companies will return money. My guess is itíll add up to less than $1bn, probably much less (considering the loans are up to $10mm), meaning this is chump change.

In any case, donít let any of this intimidate you or I from applying.
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #332 on: April 25, 2020, 11:56:11 PM »
I applied for PPP through kabbage. As self employed.   I submitted my schedule c from 2019, but now they say they need more info.  See attached and let me know if you have any other ideas what to submit. Thanks
I just reapplied under self employed.   It seems i did the wrong selection originally.  Because now they only asked for 1040 schedule C.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #333 on: April 26, 2020, 12:10:20 AM »
A few high profile companies will return money. My guess is itíll add up to less than $1bn, probably much less (considering the loans are up to $10mm), meaning this is chump change.

In any case, donít let any of this intimidate you or I from applying.
These companies used the guidance allowing each subsidiary to apply separately to allow them to get much more than the 10m limit.
Feelings don't care about your facts

Offline menachemd1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #334 on: April 26, 2020, 12:11:48 AM »
A few high profile companies will return money. My guess is itíll add up to less than $1bn, probably much less (considering the loans are up to $10mm), meaning this is chump change.

In any case, donít let any of this intimidate you or I from applying.
https://www.foxbusiness.com/markets/autonation-coronavirus-loan.amp

Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #335 on: April 26, 2020, 12:28:27 AM »
I just reapplied under self employed.   It seems i did the wrong selection originally.  Because now they only asked for 1040 schedule C.
If someone didn't file 2019 yet, can they provide any other documents?

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #336 on: April 26, 2020, 12:30:11 AM »
If someone didn't file 2019 yet, can they provide any other documents?
I remember reading that a draft return could do the job

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #337 on: April 26, 2020, 04:03:47 AM »
If I'm not a new Corp (I'm more than 2 years old) but started payroll at q4 of 2019. Will I only get based on my total 2019 income? Let's say I have an income of 1k per month so I should get 2500 but here since they are basing it on q4 2019 and my total then was 3k so it would be 3k ų in 12 x 2.5? So only $625 instead of $2500? This is so messed up.
Question: What time period should borrowers use to determine their number of
employees and payroll costs to calculate their maximum loan amounts?

Answer: In general, borrowers can calculate their aggregate payroll costs using data
either from the previous 12 months or from calendar year 2019. For seasonal businesses,
the applicant may use average monthly payroll for the period between February 15, 2019,
or March 1, 2019, and June 30, 2019. An applicant that was not in business from
February 15, 2019 to June 30, 2019 may use the average monthly payroll costs for the
period January 1, 2020 through February 29, 2020.

Borrowers may use their average employment over the same time periods to determine
their number of employees, for the purposes of applying an employee-based size
standard. Alternatively, borrowers may elect to use SBAís usual calculation: the average
number of employees per pay period in the 12 completed calendar months prior to the
date of the loan application (or the average number of employees for each of the pay
periods that the business has been operational, if it has not been operational for 12
months).



https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf
« Last Edit: April 26, 2020, 05:40:06 AM by thebudgetdeals »

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #338 on: April 26, 2020, 05:36:58 AM »
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  >:( >:(
Hard pull for PPP??

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #339 on: April 26, 2020, 10:25:22 AM »
Hard pull for PPP??
You better believe it.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #340 on: April 26, 2020, 11:42:24 AM »
You better believe it.
Officially they don't care about your credit...

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #341 on: April 26, 2020, 11:52:10 AM »
Officially they don't care about your credit...
But they pull no matter. Mine from Experian. We should start a poll where it pulled form.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #342 on: April 26, 2020, 11:55:41 AM »
Officially they don't care about your credit...

Maybe they pull to verify your identity? Not defending the practice, but theyíre probably piggybacking on existing processes.
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Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #343 on: April 26, 2020, 12:06:48 PM »
Question: What time period should borrowers use to determine their number of
employees and payroll costs to calculate their maximum loan amounts?

Answer: In general, borrowers can calculate their aggregate payroll costs using data
either from the previous 12 months or from calendar year 2019. For seasonal businesses,
the applicant may use average monthly payroll for the period between February 15, 2019,
or March 1, 2019, and June 30, 2019. An applicant that was not in business from
February 15, 2019 to June 30, 2019 may use the average monthly payroll costs for the
period January 1, 2020 through February 29, 2020.

Borrowers may use their average employment over the same time periods to determine
their number of employees, for the purposes of applying an employee-based size
standard. Alternatively, borrowers may elect to use SBAís usual calculation: the average
number of employees per pay period in the 12 completed calendar months prior to the
date of the loan application (or the average number of employees for each of the pay
periods that the business has been operational, if it has not been operational for 12
months).



https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf
Interesting. But I did not see any bank giving the option to calculate like this?
You can say what you think when you think what you say.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #344 on: April 26, 2020, 12:09:29 PM »
Interesting. But I did not see any bank giving the option to calculate like this?

Maybe a bank you have a relationship with, someone to talk to?
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