Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535680 times)

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #640 on: May 01, 2020, 12:13:15 AM »
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.

You also need to have the same amount of FTE employees.

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #641 on: May 01, 2020, 12:14:56 AM »
Full time employess the entire time, or as long as they are rehired before June?

Offline Zalc

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #642 on: May 01, 2020, 12:24:50 AM »
If applying now, any reason to apply via cross river's site or Kabbage's?

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #643 on: May 01, 2020, 12:32:01 AM »
Full time employess the entire time, or as long as they are rehired before June?
I find this June thing to be very confusing, but looks like only for those 8 weeks in it's entirety.

Your potential loan forgiveness may be reduced if you employ fewer people on average in the eight weeks after you receive a PPP loan compared to specific lookback periods set by the CARES Act.

you will be asked to compare the average number of monthly full-time equivalent (FTE) employees you employ during the eight-week period after you receive your loan with the average number of monthly full-time equivalent employees you employed during one of the following lookback periods:

February 15, 2019, to June 30, 2019
January 1, 2020, to February 29, 2020


https://quickbooks.intuit.com/small-business/coronavirus/resources/paycheck-protection-laid-off-employees/

Offline Dan

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #644 on: May 01, 2020, 12:35:58 AM »
If applying now, any reason to apply via cross river's site or Kabbage's?
I'm partial, but if you do apply for Kabbage:
http://dansdeals.com/go/kabbage
:)
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #645 on: May 01, 2020, 12:41:10 AM »
Also just got approved. Chase.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #646 on: May 01, 2020, 12:44:45 AM »
does anyone know if one of the documents needed to apply for the EIDL loan is my tax return?

EIDL is closed. You’re eligible for PPP if you’re a business or (sometimes) if you’re self employed. PPP is for Payroll Protection Program, meaning you have to be paying someone (or yourself) to be eligible. And yes, I’m pretty sure in all instances you need a tax return, unless your business began after 1/1/2019 but before 2/15/2019
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #649 on: May 01, 2020, 01:50:11 AM »
Any update from SBA how much funds commited already?

Offline mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #650 on: May 01, 2020, 07:33:01 AM »
Got approved for 2 business by Chase


Good news, your Small Business Administration (SBA) Paycheck Protection Program loan request was approved for $xxxxx.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.
« Last Edit: May 01, 2020, 07:44:48 AM by mgarfin »

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #651 on: May 01, 2020, 09:05:20 AM »
Just got BofA notice to sign loan docs. They're saying funds will be released 1-2 days after signing.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #652 on: May 01, 2020, 09:09:27 AM »
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.

Companies that qualify for loan forgiveness under legislation Congress approved won’t be able to deduct the wages or other businesses expenses they paid for using the loan, according to an IRS notice published Thursday.

“This treatment prevents a double tax benefit,” the agency said in the notice. “This conclusion is consistent with prior guidance of the IRS.”

https://finance.yahoo.com/news/irs-denies-deductions-forgiven-paycheck-002908409.html

Offline Abc1234561

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #653 on: May 01, 2020, 09:10:02 AM »
After Cross River telling me my April 7 application was lost, Kabbage telling me i am not eligible. I applied with Dime on April 28 and just got this email:

 All,

 Kindly note that we have secured a PLP (SBA Loan #) on behalf __________

This mean your funding amount is secure & earmarked with the SBA.

We will be moving to the underwriting/review part of the process – it make take a bit longer since we have a tremendous amount of applications but fewer hands to get to them.

I ask for your patience & I will keep you updated as I have more info.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #654 on: May 01, 2020, 09:18:47 AM »
Got email from Chase about approval
No need to cancel Kabbage....

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #655 on: May 01, 2020, 09:37:28 AM »
Woke up to an approval from Chase. I had applied Apr 21 and was rejected and reapplied on the 24th.
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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #656 on: May 01, 2020, 09:48:02 AM »
Wonder why so many DDFers are getting approved by Chase in the past 24 hours.

Also, if anyone has any direct contact info for a PPP banker at Dime, kindly share the info.

Thanks,

Asher
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Offline Abc1234561

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #657 on: May 01, 2020, 09:54:28 AM »
Wonder why so many DDFers are getting approved by Chase in the past 24 hours.

Also, if anyone has any direct contact info for a PPP banker at Dime, kindly share the info.

Thanks,

Asher

Constantine (Dean) Highland

Assistant Vice President – Branch Manager

631-768-1319

dhighland@dime.com

 

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #658 on: May 01, 2020, 09:56:10 AM »
Constantine (Dean) Highland

Assistant Vice President – Branch Manager

631-768-1319

dhighland@dime.com

 

Super thanks!
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Offline Joe4007

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #659 on: May 01, 2020, 10:11:08 AM »
Wonder why so many DDFers are getting approved by Chase in the past 24 hours.

Also, if anyone has any direct contact info for a PPP banker at Dime, kindly share the info.

Thanks,

Asher
I know of a few Chase approvals as well. I'm guessing some of these were approved over the last few days, they just now got their act together and started sending out the emails.