Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535694 times)

Offline yossisch1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #860 on: May 05, 2020, 05:32:33 PM »
I just got an email from Kabbage that I was approved.  I want to open a bank account for the funds to go there. 
1)Where can I open a business account online?
2) Can I wait to sign the docs or I am risking funds being exhausted?

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #861 on: May 05, 2020, 06:06:06 PM »
Kabbage has asked me to upload my 1040 - C 3 times already. I spoke to a rep & they said I shouldn’t even need to upload it as I’m an independent contractor…

& eastern union with their new application yesterday hasn’t changed anything either.

Offline yossisch1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #862 on: May 05, 2020, 06:08:23 PM »
Kabbage has asked me to upload my 1040 - C 3 times already. I spoke to a rep & they said I shouldn’t even need to upload it as I’m an independent contractor…

& eastern union with their new application yesterday hasn’t changed anything either.

They also asked me for that.  I send it in and got approved within hours.  It does not need to be filed.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #863 on: May 05, 2020, 06:11:55 PM »
Kabbage has asked me to upload my 1040 - C 3 times already. I spoke to a rep & they said I shouldn’t even need to upload it as I’m an independent contractor…

& eastern union with their new application yesterday hasn’t changed anything either.

Why wouldn’t they need a schedule C for an independent contractor?

What do you mean eastern union has a new app? Did they ditch cross river?

They also asked me for that.  I send it in and got approved within hours.  It does not need to be filed.

I uploaded mine a week ago, they’re still “reviewing my information”.
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Offline yossisch1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #864 on: May 05, 2020, 06:17:00 PM »
Why wouldn’t they need a schedule C for an independent contractor?

What do you mean eastern union has a new app? Did they ditch cross river?

I uploaded mine a week ago, they’re still “reviewing my information”.

Call them

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #865 on: May 05, 2020, 06:55:30 PM »
They also asked me for that.  I send it in and got approved within hours.  It does not need to be filed.

I sent it in all 3 times. There’s no deductions on it just income maybe that’s why they feel it’s not filled out idk. Really annoying.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #866 on: May 05, 2020, 06:58:14 PM »
Call them

I tried and pretty sure their phone system kicks you off after 5 minutes in the queue.
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Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #867 on: May 05, 2020, 06:58:17 PM »
Why wouldn’t they need a schedule C for an independent contractor?

What do you mean eastern union has a new app? Did they ditch cross river?

I uploaded mine a week ago, they’re still “reviewing my information”.

Idk that’s what the rep told me I uploaded it regardless.

EU sent out an email yesterday basically saying if you haven’t been approved with kabbage yet reapply with a link they sent in an email & they’ll be on top of it. If you don’t receive a response within a few hours reply to the email. No proactive engagement on their end since but I’m in middle of emailing somebody there so be’h it should work out.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #868 on: May 05, 2020, 06:59:36 PM »
Idk that’s what the rep told me I uploaded it regardless.

EU sent out an email yesterday basically saying if you haven’t been approved with kabbage yet reapply with a link they sent in an email & they’ll be on top of it. If you don’t receive a response within a few hours reply to the email. No proactive engagement on their end since but I’m in middle of emailing somebody there so be’h it should work out.

Somebody there means somebody at EU? Can you plz post the link they shared?
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Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #869 on: May 05, 2020, 07:06:17 PM »
I tried and pretty sure their phone system kicks you off after 5 minutes in the queue.

I though u got approved already? If you need I can forward you the email & you can apply from there.

Kabbage does do that with phone calls but I’ve been able to get in touch with them a few times.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #870 on: May 05, 2020, 07:07:59 PM »
I though u got approved already? If you need I can forward you the email & you can apply from there.

Kabbage does do that with phone calls but I’ve been able to get in touch with them a few times.

Dime banker gave me a verbal assurance I’m approved. The more time that passes and neither of my three applications (including Dime) show any movement, the more skeptical I am about the Dime approval.

Regarding EU, I’m just wondering what they’re doing. I don’t plan on applying a fourth time now.
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Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #871 on: May 05, 2020, 07:10:54 PM »
Dime banker gave me a verbal assurance I’m approved. The more time that passes and neither of my three applications (including Dime) show any movement, the more skeptical I am about the Dime approval.

Regarding EU, I’m just wondering what they’re doing. I don’t plan on applying a fourth time now.

Ah thought u wanted it I sent it to you. Basically as I said earlier personally pushing through the applications it seems like

Online moko

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #872 on: May 05, 2020, 08:10:50 PM »
Quote from: Roth&Co email
Please read if you have received PPP funds but suspect you may not be eligible.

The CARES Act provided relief through the Payroll Protection Program (“PPP”) loans to small businesses meeting certain conditions. These much-needed loans were a great relief to business owners who clamored to receive funding. The CARES Act states that the loan must be “necessary to support the on-going operations of the applicant”. Unfortunately, the term “necessary” was left vague and unexplained. Until now, borrowers were able to self-assess their need for the PPP loans, but the SBA continuously issued announced new clarifications and guidelines. As a result of further guidelines imposed by the Small Business Administration, a business was eligible for PPP if there is economic uncertainty and the loan was necessary to support the business’ ongoing operations, taking into account its current business activity and its ability to access other sources of liquidity.

The SBA also stated that it will audit businesses with loan amounts in excess of $2 million, as well as random audits for other small businesses. If an employer is found to have taken a loan that wasn’t necessary, the funds may have to be returned and the applicant may face criminal penalties or imprisonment. The SBA decided to provide a grace period, until May 7th, for ineligible businesses to return loans as part of a safe harbor amnesty program.

If you have any concerns regarding your eligibility of PPP or if you would like to conduct a study to assess your certification and whether the PPP loan was necessary for your business, please feel free to reach out to your partner or our advisory team at advisory@rothcocpa.com.

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #873 on: May 05, 2020, 09:25:07 PM »
I tried and pretty sure their phone system kicks you off after 5 minutes in the queue.

Try emailing them. They kept asking me for a document that I didn't have, and after I emailed them they moved forward.

Offline zh cohen

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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #875 on: May 05, 2020, 09:55:10 PM »
Applied EIDL April 8, received advance May 4

Offline zale

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #876 on: May 05, 2020, 10:45:19 PM »
Applied EIDL April 8, received advance May 4

How much?

I received $1k. I’m not trying to bite the hand that feeds, but it’s unfair that they changed the terms after I applied to give $1k per employee. The EIDL was supposed to protect independent, sole-proprietor and single member businesses as much as any other business, and the PPP was for employees.

Why should an independent contractor who makes 100k per year get less than a small restaurant with a few employees when the restaurant can apply for PPP???

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #877 on: May 05, 2020, 10:47:47 PM »
How much?

I received $1k. I’m not trying to bite the hand that feeds, but it’s unfair that they changed the terms after I applied to give $1k per employee. The EIDL was supposed to protect independent, sole-proprietor and single member businesses as much as any other business, and the PPP was for employees.

Why should an independent contractor who makes 100k per year get less than a small restaurant with a few employees when the restaurant can apply for PPP???

The SP can also apply for PPP.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #878 on: May 05, 2020, 10:47:55 PM »
How much?

I received $1k. I’m not trying to bite the hand that feeds, but it’s unfair that they changed the terms after I applied to give $1k per employee. The EIDL was supposed to protect independent, sole-proprietor and single member businesses as much as any other business, and the PPP was for employees.

Why should an independent contractor who makes 100k per year get less than a small restaurant with a few employees when the restaurant can apply for PPP???

What's preventing you from applying for PPP?
The EIDL is mostly a loan and the PPP is mostly a grant.

Offline yitz1000

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #879 on: May 05, 2020, 11:12:15 PM »
Applied EIDL April 8, received advance May 4

Applied EIDL April 6, received advance May 1 - 1k