Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535789 times)

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1316
  • Total likes: 206
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #740 on: May 03, 2020, 02:19:13 AM »
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.
-1
This is what someone got from his Dime banker


Hi,

 

It seems that your application was approved at another bank, we received the following message:

 

Errors occurred in application 1 of 1:

SBA app 157**** rolled back (no longer exists) due to Validation error:

00001. For Application, Applicant can only have one Payroll Protection loan (237)




Offline mgarfin

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2012
  • Posts: 2566
  • Total likes: 294
  • DansDeals.com Hat Tips 2
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #741 on: May 03, 2020, 02:27:49 AM »
Just received my EIDL grant.
Got PPP on Friday

It's important to remember that grant is also for payroll and can't be the same as expenses as ppp
 when asking for forgiveness you may Need to explain this

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1316
  • Total likes: 206
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #742 on: May 03, 2020, 02:28:32 AM »
From this email you can see 2 things.
1. They dont know who is the other bank who approved you, they are just receiving an error.
2. Dime approval number is an SBA number

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4377
  • Total likes: 1318
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #743 on: May 03, 2020, 02:52:54 AM »
Just received my EIDL grant.
Got PPP on Friday

It's important to remember that grant is also for payroll and can't be the same as expenses as ppp
 when asking for forgiveness you may Need to explain this
EIDL can be used for a lot more than payroll, and a lot more than what the PPP can be used for.


Also:
The EIDL... will be subtracted from the PPP loan forgiveness amount and has to be declared when you apply for the PPP.
https://bench.co/blog/operations/eidl-vs-ppp/

Offline mgarfin

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2012
  • Posts: 2566
  • Total likes: 294
  • DansDeals.com Hat Tips 2
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #744 on: May 03, 2020, 03:04:22 AM »
Can I pay rent upfront for more than these 8 weeks and have it forgiven?
Will they check lease or prior months payments?

Offline joeb1

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2011
  • Posts: 3025
  • Total likes: 40
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
  • Programs: SPG Platinum, Hyatt Diamond, Hilton Diamond, CPA, Travel Agent
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #745 on: May 03, 2020, 05:46:10 AM »
Don’t be an idiot ...

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #746 on: May 03, 2020, 06:22:16 AM »
Can I pay rent upfront for more than these 8 weeks and have it forgiven?
Will they check lease or prior months payments?

At least 75% of loan amount has to be spent on payroll in order to qualify for forgiveness. Based on how they structured it, people should not have been able to borrow much more than 1.25 times their payroll for 8 weeks.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline yitz1000

  • Dansdeals Gold Elite
  • ***
  • Join Date: Aug 2015
  • Posts: 210
  • Total likes: 21
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Brooklyn NY
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #747 on: May 03, 2020, 09:12:49 AM »
At least 75% of loan amount has to be spent on payroll in order to qualify for forgiveness. Based on how they structured it, people should not have been able to borrow much more than 1.25 times their payroll for 8 weeks.

Do you mean 2.25?

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #748 on: May 03, 2020, 09:18:35 AM »
Do you mean 2.25?

Roughly 1.25 because it’s 2.5x the monthly, and a calendar month is a bit longer than 4 weeks.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline mgarfin

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2012
  • Posts: 2566
  • Total likes: 294
  • DansDeals.com Hat Tips 2
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #749 on: May 03, 2020, 09:34:48 AM »
At least 75% of loan amount has to be spent on payroll in order to qualify for forgiveness. Based on how they structured it, people should not have been able to borrow much more than 1.25 times their payroll for 8 weeks.

But we still have the EIDL that still has to be spent on something other than payroll

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1316
  • Total likes: 206
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #750 on: May 03, 2020, 09:50:54 AM »
Anyone knows of a Paypal approval in Round #2?

Offline YesThatsMe

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: May 2017
  • Posts: 736
  • Total likes: 128
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #751 on: May 03, 2020, 09:51:41 AM »
Has anyone here received an EIDL for over $15,000?

Offline mgarfin

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2012
  • Posts: 2566
  • Total likes: 294
  • DansDeals.com Hat Tips 2
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #752 on: May 03, 2020, 09:58:43 AM »
Does the EIDL also need to be used in the first 8 weeks?

Trying to make sure they don't deduct my EIDL from PPP forgiveness.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #753 on: May 03, 2020, 09:59:21 AM »
But we still have the EIDL that still has to be spent on something other than payroll

I think the EIDL advance is subtracted from your PPP forgiveness amount regardless of what it’s spent on. Please CMIIW.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #754 on: May 03, 2020, 10:00:12 AM »
Has anyone here received an EIDL for over $15,000?

Isn’t the advance up to $10k?

You know anyone at all who received an EIDL loan?
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #755 on: May 03, 2020, 10:00:51 AM »
Does the EIDL also need to be used in the first 8 weeks?

Trying to make sure they don't deduct my EIDL from PPP forgiveness.

My understanding is the EIDL is always deducted. You have an authoritative source saying otherwise?
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline mgarfin

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2012
  • Posts: 2566
  • Total likes: 294
  • DansDeals.com Hat Tips 2
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #756 on: May 03, 2020, 10:08:03 AM »
My understanding is the EIDL is always deducted. You have an authoritative source saying otherwise?

Even if payroll is more than EDIL and PPP?
I was still only gets ppp amount forgiven

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4377
  • Total likes: 1318
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #757 on: May 03, 2020, 10:14:45 AM »
Even if payroll is more than EDIL and PPP?
I was still only gets ppp amount forgiven
My understanding is that EIDL is always deducted from PPP forgiveness.
If you spend both on payroll they won't increase your forgiveness to the cumulative amount. The total of your PPP loan is what's eligible for forgiveness, and if you also recieved an EIDL you must roll that in.

Basically going for an EIDL does not increase your PPP. Think of it as one loan with different terms, capped at the total allowed by your PPP calc. If you use 1k from the EIDL bucket you must remove that 1k from the PPP bucket.

Offline Shua

  • Dansdeals Platinum Elite
  • ****
  • Join Date: May 2011
  • Posts: 372
  • Total likes: 33
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: New york city
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #758 on: May 03, 2020, 10:44:18 AM »
My understanding is that EIDL is always deducted from PPP forgiveness.
If you spend both on payroll they won't increase your forgiveness to the cumulative amount. The total of your PPP loan is what's eligible for forgiveness, and if you also recieved an EIDL you must roll that in.

Basically going for an EIDL does not increase your PPP. Think of it as one loan with different terms, capped at the total allowed by your PPP calc. If you use 1k from the EIDL bucket you must remove that 1k from the PPP bucket.

A) I though you arent allowed to use the EIDL and PPP for the same thing.

B) Is the EIDL taken off the top? Meaning let's say you got 20k PPP and have 2 employees (so 2k advance grant). If taken off the top that would mean you calculate your 75% payroll at 18k (13,500). If taken off at the end then would be 75% of 20k (15,000).

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1316
  • Total likes: 206
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #759 on: May 03, 2020, 11:15:27 AM »
What will be considered F/T or P/T employees that you need to have by June 30? Does F/T mean 40 hrs a week or 4 days a week?