SBA PPP and EIDL Small Business Loans (some money is forgivable)

[mme]

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

Thanks i'm just trying to prepare to be ready to apply when the EIDL reopens

[AsherO]

Thanks i'm just trying to prepare to be ready to apply when the EIDL reopens

Not sure EIDL will reopen. My guess is any outstanding funds once they processed grants will be used for EIDL loans (terms are much more favorable but if you got PPP then it gets rolled in).

[mme]

Woke up to an approval from Chase.

BH me too i guess it was a lucky night

[mme]

Not sure EIDL will reopen. My guess is any outstanding funds once they processed grants will be used for EIDL loans (terms are much more favorable but if you got PPP then it gets rolled in).

hope your wrong... but it sounds like your right

[AsherO]

hope your wrong... but it sounds like your right

They got funded a while back, every day that passes it becomes less likely.

[yitz1000]

Has anyone who applied / received approval with BlueVine actually received funds in their bank account yet? Approvals are coming so quickly for some that something does not feel completely legit here.

[mme]

They got funded a while back, every day that passes it becomes less likely.

yup i keep on checking to be on the safe side

[AsherO]

Constantine (Dean) Highland

Assistant Vice President – Branch Manager

631-768-1319

dhighland@dime.com

Major shkoyach to @thebudgetdeals for introducing Dime to this thread and to @Abc1234561 for posting the contact info. Banker called me back (two calls) within minutes and since I was already deemed eligible to apply he was able to push it through himself to SBA and I’m BH approved by them.

Dime is different in that they first get SBA approval then they underwrite. He estimates it will take them 15-20 days to underwrite everyone (even though SBA is still expecting PPP loans to be funded within 10 business days).

If you haven’t applied with Dime it’s probably too late. He said last he check SBA website told him 75-80% of funds from second round have already depleted, and it’s likely funds will run out before they can get all their apps to SBA.

If you’re self employed (unincorporated) and have an application with Dime, they will need your 2019 schedule C draft to underwrite this.

He also told me the thing about opening an account for me, I didn’t get into details on that.

[AsherO]

Has anyone who applied / received approval with BlueVine actually received funds in their bank account yet? Approvals are coming so quickly for some that something does not feel completely legit here.

Their phone menu says they’re aware of an issue accepting SBA offers (for people who got SBA approval) and are working to resolve the issue and that (if you got SBA approval through them) your funds will still be available once they resolve the issue.

Maybe they’re like Dime and are deferring the approvals for later.

Any word on a 3rd round of PPP funding? My guess is round 2 funds will be depleted before the weekend is up.

[sillypainter]

Now the big question is the funding. I was approved by Chase and they have no money issues. I'm thinking how the smaller banks will fund this, they need to go out and borrow money, not sure how that process works, but Dime seems already taking SO long to fund. I also think Cross River doesn't have unlimited funds. Hope they don't fund you after the forgiveness period is over :-)

[Mordyk]

Major shkoyach to @thebudgetdeals for introducing Dime to this thread and to @Abc1234561 for posting the contact info. Banker called me back (two calls) within minutes and since I was already deemed eligible to apply he was able to push it through himself to SBA and I’m BH approved by them.

Dime is different in that they first get SBA approval then they underwrite. He estimates it will take them 15-20 days to underwrite everyone (even though SBA is still expecting PPP loans to be funded within 10 business days).

If you haven’t applied with Dime it’s probably too late. He said last he check SBA website told him 75-80% of funds from second round have already depleted, and it’s likely funds will run out before they can get all their apps to SBA.

If you’re self employed (unincorporated) and have an application with Dime, they will need your 2019 schedule C draft to underwrite this.

He also told me the thing about opening an account for me, I didn’t get into details on that.

+$XXXXX

called this banker and he claims i got a loan number.  huge thanks!

he also claims that PPP funds are probably depleted by end of day today.

[Mordyk]

Now the big question is the funding. I was approved by Chase and they have no money issues. I'm thinking how the smaller banks will fund this, they need to go out and borrow money, not sure how that process works, but Dime seems already taking SO long to fund. I also think Cross River doesn't have unlimited funds. Hope they don't fund you after the forgiveness period is over :-)

supposedly 8 weeks starts after funding, not approval

[AsherO]

Now the big question is the funding. I was approved by Chase and they have no money issues. I'm thinking how the smaller banks will fund this, they need to go out and borrow money, not sure how that process works, but Dime seems already taking SO long to fund. I also think Cross River doesn't have unlimited funds. Hope they don't fund you after the forgiveness period is over :-)

I don’t think this is an issue, though I don’t really know how banking works “from the inside”.

[TBD]

Now the big question is the funding. I was approved by Chase and they have no money issues. I'm thinking how the smaller banks will fund this, they need to go out and borrow money, not sure how that process works, but Dime seems already taking SO long to fund. I also think Cross River doesn't have unlimited funds. Hope they don't fund you after the forgiveness period is over :-)

The money comes from Treasury. Thats why congress approved $310 Billion

[TBD]

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/

@cgr Now that most ppl are approved already B"H, I think it would be great idea to start a separate thread with a WIKI for the forgiveness laws and details.

[TBD]

CAUTION! Forgiveness start from date you are funded. If you pay rent on the 1st and you are funded on the 2nd it won't count. If you have approval but still no funds delay for few days Rent, Payroll, Utilities payments it should be in the forgiveness claculation.

[AsherO]

@cgr Now that most ppl are approved already B"H, I think it would be great idea to start a separate thread with a WIKI for the forgiveness laws and details.

I wouldn’t say most. I think hustlers fared the best here.

Having said that, would be great to have forgiveness info for myself (unincorporated self-employed/independent-contractor). How do I prove I paid myself?

[cgr]

@cgr Now that most ppl are approved already B"H, I think it would be great idea to start a separate thread with a WIKI for the forgiveness laws and details.

Good idea.

[cgr]

I wouldn’t say most. I think hustlers fared the best here.

Having said that, would be great to have forgiveness info for myself (unincorporated self-employed/independent-contractor). How do I prove I paid myself?

Loans to self-employed/independent-contractors were approved based on records of payments made. I suggest you make payments during those 8 weeks in the same manner you usually do.

[AsherO]

Loans to self-employed/independent-contractors were approved based on records of payments made. I suggest you make payments during those 8 weeks in the same manner you usually do.

Not really. It was approved based on 2019 1099 and 2018/2019 schedule C, not payments made.