Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535608 times)

Online ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #360 on: April 26, 2020, 06:04:27 PM »
I wonder the same, I don’t think they’ve decided this one yet.

I guess the rules are being made up as they go along.
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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #361 on: April 26, 2020, 07:10:22 PM »
I guess the rules are being made up as they go along.

Yup, forgiveness is only a topic once it’s been 8 weeks since the first loan got funded. Any idea when that was?
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #362 on: April 26, 2020, 07:11:49 PM »
Source?
Can a forgiven loan be considered taxable?

Any amount of loan forgiven as part of the PPP is excluded from gross income, and as such, is not taxable.

https://aronsonllc.com/paycheck-protection-program-ppp-faq/

The Question is if the expenses will also be deductible

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #363 on: April 26, 2020, 07:19:13 PM »
Can a forgiven loan be considered taxable?

Any amount of loan forgiven as part of the PPP is excluded from gross income, and as such, is not taxable.

https://aronsonllc.com/paycheck-protection-program-ppp-faq/

The Question is if the expenses will also be deductible

Expenses?
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #364 on: April 26, 2020, 07:28:46 PM »
Expenses?
Still waiting for guidance from IRS

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #365 on: April 26, 2020, 07:43:38 PM »
Still waiting for guidance from IRS

What do you mean by the word expenses? You mean the 25% of the loan not necessarily used for payroll?
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Online Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #366 on: April 26, 2020, 08:15:42 PM »
Kabbage just changed my status to "Your application has been submitted to the SBA for review"

any reason to get excited just yet?
#TYH

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #367 on: April 26, 2020, 08:15:57 PM »

The Question is if the expenses will also be deductible

I think the question is will the payroll, utilities, and rent be tax deductible as a business expense even though you're receiving funds to cover those expenses? Or will the forgiveness mean that you need to zero those expenses out with the cash received.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #368 on: April 26, 2020, 08:39:16 PM »
Kabbage just changed my status to "Your application has been submitted to the SBA for review"

any reason to get excited just yet?

If it's a simple enough application I think it sounds promising. Not sure how much due diligence the SBA does, but my guess is they're just rubber stamping the banks' underwriting.

Did you have a credit pull? Get any emails from them?
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Online Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #369 on: April 26, 2020, 09:18:04 PM »
If it's a simple enough application I think it sounds promising. Not sure how much due diligence the SBA does, but my guess is they're just rubber stamping the banks' underwriting.

Did you have a credit pull? Get any emails from them?
No, No.  i logged in online and saw the status change
#TYH

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #370 on: April 27, 2020, 08:52:48 AM »
Yeah. But it seems that if you are a business owner with no employees and when they asked for number of employees you put 0, then you will get 0. Wish there would be a way to update the app and put 1 employee.
Just got 1k even though I stated 0 employees on my application🙂

Offline mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #371 on: April 27, 2020, 09:10:34 AM »
Just got 1k even though I stated 0 employees on my application🙂

Do you remember the day you applied
 just curious

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #372 on: April 27, 2020, 09:18:32 AM »
Do you remember the day you applied
 just curious
4/3

Online Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #373 on: April 27, 2020, 09:19:10 AM »
Just got 1k even though I stated 0 employees on my application🙂
Nice! I'm Still Waiting

Do you remember the day you applied
 just curious
I don't think it makes a difference. It seems pretty random these payouts
« Last Edit: April 27, 2020, 09:25:42 AM by Mordyk »
#TYH

Offline Shmobaum

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #374 on: April 27, 2020, 09:21:39 AM »
Just got 1k even though I stated 0 employees on my application🙂
Same here Bh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #375 on: April 27, 2020, 09:22:51 AM »
Same here Bh
Kabbage.com application didn't allow putting 0 employees.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline Shmobaum

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #376 on: April 27, 2020, 09:26:13 AM »
Kabbage.com application didn't allow putting 0 employees.
Applied directly with the SBA site on March 31

Offline mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #377 on: April 27, 2020, 09:44:01 AM »
Kabbage.com application didn't allow putting 0 employees.

I think they're talking about EIDL not PPP

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #378 on: April 27, 2020, 10:01:29 AM »
I think they're talking about EIDL not PPP

Indeed.

Applied directly with the SBA site on March 31

EIDL was direct with SBA. PPP is only through banks.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #379 on: April 27, 2020, 10:15:24 AM »
Just got 1k even though I stated 0 employees on my application🙂
Same here Bh


What type of business did you guys put in as?

Self employed? Maybe thats why you are getting even though 0 employees. I put in S Corp and 0 employees.
« Last Edit: April 27, 2020, 10:21:00 AM by ilherman »
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