Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535885 times)

Online aygart

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #720 on: May 02, 2020, 11:21:35 PM »
I'm asking if there's a way to double dip. In this case many independent contractors of the S corp are not applying on their own for various reasons.
This somewhat applies to me and I found that these are not eligible payroll expenses.
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Online AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #721 on: May 02, 2020, 11:29:07 PM »
This somewhat applies to me and I found that these are not eligible payroll expenses.

I'm asking if that's true for all lenders, I seemed to remember some banks were accepting IC/1099 as Payroll, but I don't remember where and it wasn't relevant to me at the time, now it is.
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Online aygart

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #722 on: May 02, 2020, 11:32:39 PM »
I'm asking if that's true for all lenders, I seemed to remember some banks were accepting IC/1099 as Payroll, but I don't remember where and it wasn't relevant to me at the time, now it is.
It is from SBA guidelines. I think that some accepted at first while the SBA was vague but that they have since issued clearer guidelines. The ability to include 1099 would have been very valuable to me.
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #723 on: May 02, 2020, 11:58:53 PM »
Interestingly, I just recieved this email from the SBA. I got an EIDL advance and a PPP loan but did not apply for any other loan.


Dear Applicant,

We understand the challenges your business is facing due to the massive disruption caused by the Coronavirus (COVID-19) pandemic. You are receiving this message as a notification that your Economic Injury Disaster Loan (EIDL) application is currently being processed in the order it was received. You will receive an email notification when there is a change to your application status.

Without question, COVID-19 has caused an extraordinary impact on our nation's small businesses, and the demand for emergency working capital provided by the EIDL program is at historic levels. The SBA is processing applications from small businesses and private non-profit organizations across the country as quickly as possible. We thank you for your patience and understanding as we work to assist as many applicants as possible.

Additional information on available resources to assist your business during the effects of COVID-19 may be found online at www.sba.gov/coronavirus.
« Last Edit: May 03, 2020, 12:10:05 AM by aygart »
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #724 on: May 03, 2020, 12:03:20 AM »
I'm asking if that's true for all lenders, I seemed to remember some banks were accepting IC/1099 as Payroll, but I don't remember where and it wasn't relevant to me at the time, now it is.

https://www.sba.com/funding-a-business/government-small-business-loans/ppp/faq/contractors-included-payroll-calculations-ppp/

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #725 on: May 03, 2020, 12:03:54 AM »
Interestingly, I just recorded this email from the SBA. I got am EIDL advance and a PPP loan but shots not apply for any other loan.

Shots?

SBA will have a few billion left over (I estimated as much as $30B) once they give all 4 million applicants their grants. A few lucky SBA applicants will also get EIDL, which has much more favorable terms, but I'm not sure how it would work for them if they also got PPP.
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #726 on: May 03, 2020, 12:05:53 AM »
https://www.sba.com/funding-a-business/government-small-business-loans/ppp/faq/contractors-included-payroll-calculations-ppp/

Hope anyone who applied early and got approved under this premise won't have issues with forgiveness, that would such for businesses who go on paying contractors expecting to get forgiven, and are left holding the bag.
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Offline yitz1000

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #727 on: May 03, 2020, 12:06:57 AM »
Interestingly, I just recorded this email from the SBA. I got am EIDL advance and a PPP loan but shots not apply for any other loan.


Dear Applicant,

We understand the challenges your business is facing due to the massive disruption caused by the Coronavirus (COVID-19) pandemic. You are receiving this message as a notification that your Economic Injury Disaster Loan (EIDL) application is currently being processed in the order it was received. You will receive an email notification when there is a change to your application status.

Without question, COVID-19 has caused an extraordinary impact on our nation's small businesses, and the demand for emergency working capital provided by the EIDL program is at historic levels. The SBA is processing applications from small businesses and private non-profit organizations across the country as quickly as possible. We thank you for your patience and understanding as we work to assist as many applicants as possible.

Additional information on available resources to assist your business during the effects of COVID-19 may be found online at www.sba.gov/coronavirus.

Looks like some auto-correct going on there. I think you meant to say that you received EIDL & PPP already? Please clarify.

I received this email too. Looks like it was probably sent to all EIDL applicants.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #728 on: May 03, 2020, 12:08:34 AM »
Looks like some auto-correct going on there. I think you meant to say that you received EIDL & PPP already? Please clarify.

I received this email too. Looks like it was probably sent to all EIDL applicants.

Yes, he got an EIDL grant, and PPP loan.

If you're an EIDL applicant, expect a grant to magically appear in your bank account, they don't really notify you before or afterwards.
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #729 on: May 03, 2020, 12:10:49 AM »
Shots?

SBA will have a few billion left over (I estimated as much as $30B) once they give all 4 million applicants their grants. A few lucky SBA applicants will also get EIDL, which has much more favorable terms, but I'm not sure how it would work for them if they also got PPP.
Looks like some auto-correct going on there. I think you meant to say that you received EIDL & PPP already? Please clarify.

I received this email too. Looks like it was probably sent to all EIDL applicants.
Edited to

Interestingly, I just recieved this email from the SBA. I got an EIDL advance and a PPP loan but did not apply for any other loan.
Feelings don't care about your facts

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #730 on: May 03, 2020, 12:19:13 AM »
Just got email from Dime with Bank account opening docs. seems that its already after underwriting approval

Offline Moshe123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #731 on: May 03, 2020, 12:28:41 AM »
Interestingly, I just recieved this email from the SBA. I got an EIDL advance and a PPP loan but did not apply for any other loan.


Dear Applicant,

We understand the challenges your business is facing due to the massive disruption caused by the Coronavirus (COVID-19) pandemic. You are receiving this message as a notification that your Economic Injury Disaster Loan (EIDL) application is currently being processed in the order it was received. You will receive an email notification when there is a change to your application status.

Without question, COVID-19 has caused an extraordinary impact on our nation's small businesses, and the demand for emergency working capital provided by the EIDL program is at historic levels. The SBA is processing applications from small businesses and private non-profit organizations across the country as quickly as possible. We thank you for your patience and understanding as we work to assist as many applicants as possible.

Additional information on available resources to assist your business during the effects of COVID-19 may be found online at www.sba.gov/coronavirus.


Got the same tonight.

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #732 on: May 03, 2020, 12:29:05 AM »
Just got email from Dime with Bank account opening docs. seems that its already after underwriting approval
Got the same email. Asked banker if this means that the underwriting team has already approved it and she said no.
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #733 on: May 03, 2020, 12:29:31 AM »
Got the same tonight.
What did you apply for?
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #734 on: May 03, 2020, 12:37:42 AM »
What did you apply for?
EIDL with advance

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #735 on: May 03, 2020, 12:49:49 AM »
+$XXXXX ;D

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.
very interesting scenario. i just got the approval email from Kabbage. so might be that Dime banker got the notification that my social is approved. and he might have thought that its through his application.
#TYH

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #736 on: May 03, 2020, 01:17:45 AM »
very interesting scenario. i just got the approval email from Kabbage. so might be that Dime banker got the notification that my social is approved. and he might have thought that its through his application.
BH you got approval.

I got 2 approvals from BV on Friday (applied on Friday!) and they say they already initiated deposits.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #737 on: May 03, 2020, 01:19:44 AM »
very interesting scenario. i just got the approval email from Kabbage. so might be that Dime banker got the notification that my social is approved. and he might have thought that its through his application.

That’s really odd. Banker should be able to see who the lender on the approval is, no?
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Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #738 on: May 03, 2020, 01:21:08 AM »
That’s really odd. Banker should be able to see who the lender on the approval is, no?
i would think so. i guess time will tell who gives the payout
#TYH

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #739 on: May 03, 2020, 02:07:46 AM »
That’s really odd. Banker should be able to see who the lender on the approval is, no?
Which leads me to think that what dime bankers are saying about getting loan number and funds put aside may not be so simple. If he was approved by a different bank already then the banker is mistaken by saying that he has a loan number for him. Then maybe all bankers are repeating the same non sense. Maybe the LPL number they are referring as SBA number is just an internal approval number before actually going to the SBA.
You can say what you think when you think what you say.