Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable) (Read 544032 times)

ilherman · « **Reply #420 on:** April 28, 2020, 10:09:30 AM »

Bh my EIDL came in today.

Don't give up guys. Applied 4/2.

chff · « **Reply #421 on:** April 28, 2020, 10:19:12 AM »

Quote from: aygart on April 27, 2020, 01:33:36 PM

My status with Chase is submitted to SBA.

Mine are

Quote

Application Status
Paycheck Protection Program loan
Status: Awaiting SBA approval
We completed our review of the documents you provided demonstrating your payroll amounts and are ready to send your application to the SBA if funding is available for the program.

cgr · « **Reply #422 on:** April 28, 2020, 10:25:00 AM »

Quote from: ilherman on April 22, 2020, 02:49:11 AM

@cgr after doing some research it seems that there are 2 different k1s. 1120 and 1065. In short, 1065 which does pay se tax is eligible, and 1120 which does not pay all the se taxes (this is the whole idea of S Corp) is considered an investment and can not be included.

See this link: https://www.wendroffcpa.com/how-the-paycheck-protection-program-affects-self-employed-people/

If you are an SCorp owner, 1065 partnership owner, sole proprietor, independent contractor or gig worker, you qualify for a PPP loan:
1120S/S Corporation owners without employees other than themselves and who pay themselves salary and take a distribution.

Note that 1120S is eligible, but only if they take a salary.

sillypainter · « **Reply #423 on:** April 28, 2020, 10:39:13 AM »

Quote from: chff on April 28, 2020, 10:19:12 AM

Mine are

Chase does not have a "submitted to SBA" status, so I think aygart is confused here.

AsherO · « **Reply #424 on:** April 28, 2020, 10:54:20 AM »

Quote from: thebudgetdeals on April 28, 2020, 09:26:33 AM

http://www.Dime.com/ppp

Shkoyach! Applied and got a (Dime) Loan Number below 2,000, sounds promising. I wonder how many loan officers they have handing PPPs. Was advised that a loan officer would be in touch.

Quote from: ilherman on April 28, 2020, 10:08:52 AM

they accepting applications?

Very much so. More complicated application that Kabbage (at least for independent contractor), but the Sage platform they're using was smooth.

aygart · « **Reply #425 on:** April 28, 2020, 11:06:28 AM »

Quote from: sillypainter on April 28, 2020, 10:39:13 AM

Chase does not have a "submitted to SBA" status, so I think aygart is confused here.

Correct. My status is the same. Ready to submit.

shapsam · « **Reply #426 on:** April 28, 2020, 11:07:24 AM »

Quote from: AsherO on April 28, 2020, 10:54:20 AM

Shkoyach! Applied and got a (Dime) Loan Number below 2,000, sounds promising. I wonder how many loan officers they have handing PPPs. Was advised that a loan officer would be in touch.

Very much so. More complicated application that Kabbage (at least for independent contractor), but the Sage platform they're using was smooth.

Which docs do they request?

TBD · « **Reply #427 on:** April 28, 2020, 11:13:28 AM »

Quote from: AsherO on April 28, 2020, 10:54:20 AM

Shkoyach! Applied and got a (Dime) Loan Number below 2,000, sounds promising. I wonder how many loan officers they have handing PPPs. Was advised that a loan officer would be in touch.

Very much so. More complicated application that Kabbage (at least for independent contractor), but the Sage platform they're using was smooth.

Just got an SBA approval number from Dime. My application # was in the 1400's

TBD · « **Reply #428 on:** April 28, 2020, 11:17:41 AM »

Quote from: thebudgetdeals on April 28, 2020, 11:13:28 AM

Just got an SBA approval number from Dime. My application # was in the 1400's

But still need to move thru their underwriting process

TBD · « **Reply #429 on:** April 28, 2020, 11:28:32 AM »

Anyone applied thru Paypal and had any specific update from them except the general email that was post up-thread?

AsherO · « **Reply #430 on:** April 28, 2020, 11:42:42 AM »

Quote from: thebudgetdeals on April 28, 2020, 11:13:28 AM

Just got an SBA approval number from Dime. My application # was in the 1400's

Nice, when did you apply? I'm in high 1700s.

Quote from: thebudgetdeals on April 28, 2020, 11:17:41 AM

But still need to move thru their underwriting process

Hopefully that isn't a hassle. Also hopefully an SBA number means there's funding set aside for you, I'm not sure.

AsherO · « **Reply #431 on:** April 28, 2020, 11:43:45 AM »

I also applied through Celtic (they're using a platform called BlueVine), wasn't too bad.

Hoping my bet hedging won't bite me in the @$$.

TBD · « **Reply #432 on:** April 28, 2020, 11:44:52 AM »

Quote from: AsherO on April 28, 2020, 11:42:42 AM

Nice, when did you apply? I'm in high 1700s.

Motzei Shabbes

Hopefully that isn't a hassle. Also hopefully an SBA number means there's funding set aside for you, I'm not sure.

Mordyk · « **Reply #433 on:** April 28, 2020, 12:01:45 PM »

Dime is requesting payroll Docs but im Schedule C so i dont have any.

anyone had success as self employed individual?

AsherO · « **Reply #434 on:** April 28, 2020, 12:03:06 PM »

Quote from: Mordyk on April 28, 2020, 12:01:45 PM

Dime is requesting payroll Docs but im Schedule C so i dont have any.

anyone had success as self employed individual?

In the notes on the docs page they seem to offer alternative documents, that’s what I went with.

hvaces42 · « **Reply #435 on:** April 28, 2020, 12:03:28 PM »

Quote from: AsherO on April 28, 2020, 11:43:45 AM

I also applied through Celtic (they're using a platform called BlueVine), wasn't too bad.

Hoping my bet hedging won't bite me in the @$$.

Just applied through Dime. Thanks. Low 1800s. Totally did it wrong with Capital One. Hope this doesnt bit me in the @$$ either.

hvaces42 · « **Reply #436 on:** April 28, 2020, 12:04:20 PM »

Quote from: AsherO on April 28, 2020, 12:03:06 PM

In the notes on the docs page they seem to offer alternative documents, that’s what I went with.

I just submitted my partnership return for all the 940/941 and NYS 45s

Mordyk · « **Reply #437 on:** April 28, 2020, 12:18:26 PM »

Quote from: AsherO on April 28, 2020, 10:54:20 AM

Shkoyach! Applied and got a (Dime) Loan Number below 2,000, sounds promising. I wonder how many loan officers they have handing PPPs. Was advised that a loan officer would be in touch.

Very much so. More complicated application that Kabbage (at least for independent contractor), but the Sage platform they're using was smooth.

+1

AsherO · « **Reply #438 on:** April 28, 2020, 12:25:01 PM »

Quote from: hvaces42 on April 28, 2020, 12:03:28 PM

Just applied through Dime. Thanks. Low 1800s. Totally did it wrong with Capital One. Hope this doesnt bit me in the @$$ either.

Quote from: hvaces42 on April 28, 2020, 12:04:20 PM

I just submitted my partnership return for all the 940/941 and NYS 45s

Good luck!

metsgiantsfan · « **Reply #439 on:** April 28, 2020, 01:57:42 PM »

2 friends of mine who applied for EIDL on 4/4 received funds in their accounts today. One got $8,000 (he has 8 employees) the other one is self employeed and got $1000. I applied the same day, self employeed with 0 employees and nothing so far. Anyone else apply on 4/4 and nothing yet?