Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 536157 times)

Offline yitz1000

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #620 on: April 30, 2020, 07:48:23 PM »
schedule C Kabbage applied last night and got approval just now. did it for my friend  $3500.

everyone i helped got approved...  and I'm still waiting for my own.   :(
approval as in full SBA approval?

Online jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #621 on: April 30, 2020, 07:50:18 PM »
Cross river approval. Applied yesterday. Was loan 4XX at Amex nothing. Applied 2 hours after Chase opened. Big banks major fail.
If you focus on being a boss, you will never be a leader. Leaders lead people to growth and improvement.

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #622 on: April 30, 2020, 07:55:48 PM »
approval as in full SBA approval?
Yes!  He couldn't even confirm his bank account yet because less than 24 hours.
#TYH

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #623 on: April 30, 2020, 07:57:09 PM »
Payroll only needs to he maintained for those 8 weeks. After that he's free to do what he wishes.

They're eligible up to 100k.
Up to 100K or up to 100K on an Annualized? Source?

Online jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #624 on: April 30, 2020, 08:02:08 PM »
Up to 100K or up to 100K on an Annualized? Source?
Annualized
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Offline mme

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #625 on: April 30, 2020, 08:13:21 PM »
does anyone know if one of the documents needed to apply for the EIDL loan is my tax return?

Offline avrumy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #626 on: April 30, 2020, 09:35:27 PM »
schedule C Kabbage applied last night and got approval just now. did it for my friend  $3500.

everyone i helped got approved...  and I'm still waiting for my own.   :(
Do you know if i can apply if i am a schedule E thought a 1065-K-1 paying SE tax?

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #627 on: April 30, 2020, 09:41:29 PM »
Do you know if i can apply if i am a schedule E thought a 1065-K-1 paying SE tax?
no clue
#TYH

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #628 on: April 30, 2020, 09:58:01 PM »
Do you know if i can apply if i am a schedule E thought a 1065-K-1 paying SE tax?
If you have a positive # on line 14 of 1065 K1 you can apply.

https://bench.co/blog/operations/owner-draws-ppp/

Offline avrumy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #629 on: April 30, 2020, 11:17:30 PM »

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #630 on: April 30, 2020, 11:44:06 PM »
Just got this from Chase.

XXXXXXXXXX  XXXXXX XXXXXXXX INC
Good news, your Small Business Administration (SBA) Paycheck Protection Program loan request was approved for $XX,XX.00.

Chase will deposit your loan funds into your oldest Chase Business checking account within three business days.

IMPORTANT:

This loan is issued under the SBA Paycheck Protection Program and is subject to various SBA requirements under law that                      apply directly to the borrower. If you have not already done so, you should review and become familiar with all of the                      program details and requirements that apply to borrowers, including applicable rules and FAQs, provided by the SBA and                      the U.S. Department of the Treasury found at SBA.gov and Treasury.gov.

Please remember:

The SBA restricts the use of these loan funds to specified purposes, and at least 75% must be used for payroll costs (as defined by the SBA). For example, you may not use these loan proceeds to pay mortgage principal or pre-payments, under SBA rules.

Additionally, the SBA has issued some guidance for borrowers on if, when, and how they can obtain forgiveness of all or                      a portion of the loan.

You should continue to review program details at SBA.gov and Treasury.gov, which may be updated from time to time,                      including descriptions of eligible uses of loan proceeds and rules concerning forgiveness, as well as the other topics covered.

To make sure you use loan proceeds properly, you may want to review and modify any automatic payments like ACH for the account                      holding these loan proceeds.

As noted above, it is the borrower’s obligation to understand the SBA’s rules.

For more information, visit chase.com/cares.

All loans are subject to SBA eligibility.

SBA funds are limited and are subject to availability.

ETA: Applied April 13 late in the day.
« Last Edit: April 30, 2020, 11:47:27 PM by sillypainter »

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #631 on: April 30, 2020, 11:47:48 PM »
Just got this from Chase.

XXXXXXXXXX  XXXXXX XXXXXXXX INC
Good news, your Small Business Administration (SBA) Paycheck Protection Program loan request was approved for $XX,XX.00.

Chase will deposit your loan funds into your oldest Chase Business checking account within three business days.

IMPORTANT:

This loan is issued under the SBA Paycheck Protection Program and is subject to various SBA requirements under law that                      apply directly to the borrower. If you have not already done so, you should review and become familiar with all of the                      program details and requirements that apply to borrowers, including applicable rules and FAQs, provided by the SBA and                      the U.S. Department of the Treasury found at SBA.gov and Treasury.gov.

Please remember:

The SBA restricts the use of these loan funds to specified purposes, and at least 75% must be used for payroll costs (as defined by the SBA). For example, you may not use these loan proceeds to pay mortgage principal or pre-payments, under SBA rules.

Additionally, the SBA has issued some guidance for borrowers on if, when, and how they can obtain forgiveness of all or                      a portion of the loan.

You should continue to review program details at SBA.gov and Treasury.gov, which may be updated from time to time,                      including descriptions of eligible uses of loan proceeds and rules concerning forgiveness, as well as the other topics covered.

To make sure you use loan proceeds properly, you may want to review and modify any automatic payments like ACH for the account                      holding these loan proceeds.

As noted above, it is the borrower’s obligation to understand the SBA’s rules.

For more information, visit chase.com/cares.

All loans are subject to SBA eligibility.

SBA funds are limited and are subject to availability.

ETA: Applied April 13 late in the day.
Nice!
Feelings don't care about your facts

Offline mme

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #632 on: April 30, 2020, 11:49:39 PM »
wow this sounds like a real mazel tov!
the first here from chase?

Offline yitz1000

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #633 on: April 30, 2020, 11:53:11 PM »
Just got this from Chase.

XXXXXXXXXX  XXXXXX XXXXXXXX INC
Good news, your Small Business Administration (SBA) Paycheck Protection Program loan request was approved for $XX,XX.00.

Chase will deposit your loan funds into your oldest Chase Business checking account within three business days.

IMPORTANT:

This loan is issued under the SBA Paycheck Protection Program and is subject to various SBA requirements under law that apply directly to the borrower. If you have not already done so, you should review and become familiar with all of the program details and requirements that apply to borrowers, including applicable rules and FAQs, provided by the SBA and the U.S. Department of the Treasury found at SBA.gov and Treasury.gov.

Please remember:

The SBA restricts the use of these loan funds to specified purposes, and at least 75% must be used for payroll costs (as defined by the SBA). For example, you may not use these loan proceeds to pay mortgage principal or pre-payments, under SBA rules.

Additionally, the SBA has issued some guidance for borrowers on if, when, and how they can obtain forgiveness of all or a portion of the loan.

You should continue to review program details at SBA.gov and Treasury.gov, which may be updated from time to time, including descriptions of eligible uses of loan proceeds and rules concerning forgiveness, as well as the other topics covered.

To make sure you use loan proceeds properly, you may want to review and modify any automatic payments like ACH for the account holding these loan proceeds.

As noted above, it is the borrower’s obligation to understand the SBA’s rules.

For more information, visit chase.com/cares.

All loans are subject to SBA eligibility.

SBA funds are limited and are subject to availability.

ETA: Applied April 13 late in the day.
Congrats!

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #634 on: April 30, 2020, 11:57:33 PM »
wow this sounds like a real mazel tov!
the first here from chase?

Think so. Haven't seen anyone on here from Chase getting approved. I applied on the 13th because I was getting an error (see first post, I opened this thread) until I figured out what the issue was (after reading about it on Reddit), had to use an old username, otherwise my application would have been in on the first day.

Offline Zalc

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #635 on: April 30, 2020, 11:59:07 PM »
Think so. Haven't seen anyone on here from Chase getting approved.
Got one today as well, applied on pesach.

Signature Bank seems to have gotten many of theirs as well.

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #636 on: May 01, 2020, 12:05:19 AM »
If someone gets the ppp loan, and one low payment hourly worker, get sick with covid19, and doesnt come in for 6 weeks, and wants to apply for unemployment,  does that affect the ppp loan in any way?  (Lets say he will be back, a week or 2 into May.)

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #637 on: May 01, 2020, 12:06:50 AM »
If someone gets the ppp loan, and one low payment hourly worker, get sick with covid19, and doesnt come in for 6 weeks, and wants to apply for unemployment,  does that affect the ppp loan in any way?  (Lets say he will be back, a week or 2 into May.)
I don't think that someone sick is eligible. They would get disability.
Feelings don't care about your facts

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #639 on: May 01, 2020, 12:08:17 AM »
If someone gets the ppp loan, and one low payment hourly worker, get sick with covid19, and doesnt come in for 6 weeks, and wants to apply for unemployment,  does that affect the ppp loan in any way?  (Lets say he will be back, a week or 2 into May.)
You need to maintain 75% of your usual wages during those 8 weeks.
That means you can either cut up to 25% of your workforce (assuming similar average wages), or you can cut pay to all your employees by 25%, and still qualify.