Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535661 times)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #920 on: May 06, 2020, 06:11:19 PM »
Are SEP IRA contributions eligible for forgiveness as retirement payroll expenses? Chase counted them for the loan amount.

https://www.cainwatters.com/digitalblogs/ppp-expenses/
Quote from: cainwatters.com
RETIREMENT PLAN FUNDING
Retirement plan contributions made during the 8-week qualified period are eligible PPP expenses. This includes employer contributions funded to Defined Benefit Plans, Defined Contribution Plans and SEP IRAs.

CWA Interpretation: Because of the lack of current guidance on the PPP forgiveness, it is unclear how much, if any, benefits will be forgiven that are paid to the owner or the owner’s family. In previous guidance, the administration states they desire to “prevent windfalls that Congress did not intend.” It is for this reason we believe the amount of forgivable retirement contributions may be limited. We recommend that you make payments for the employer funding, at a minimum, two times to reflect monthly contributions.

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #921 on: May 06, 2020, 06:45:37 PM »
My experience:

So I suggest you call just to give the process a push.

Thank you. I did as you said. Just a tip I’ve never got a hold of a rep at kabbage by pressing any number other than 6. So if you’re trying to reach them press 6 & ask them wtvr you need

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #922 on: May 06, 2020, 09:43:31 PM »
Dear Applicant,


You are receiving this message as a notification that your Economic Injury Disaster Loan (EIDL) and EIDL Advance application will not be considered at this time. As of May 4, 2020, new applications will only be accepted from Agricultural Businesses due to the availability of appropriations and the unprecedented number of applications SBA has already received for the EIDL COVID-19 program.

We recognize the challenges your business is facing due to the massive disruption caused by the COVID-19 pandemic and will try to assist in other ways. Information on other SBA resources that can support your business during these times, including the Paycheck Protection Program, may be found online at www.sba.gov/coronavirus. We thank you for your understanding.

Offline safsel

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #923 on: May 06, 2020, 09:51:25 PM »
Dear Applicant,


You are receiving this message as a notification that your Economic Injury Disaster Loan (EIDL) and EIDL Advance application will not be considered at this time. As of May 4, 2020, new applications will only be accepted from Agricultural Businesses due to the availability of appropriations and the unprecedented number of applications SBA has already received for the EIDL COVID-19 program.

We recognize the challenges your business is facing due to the massive disruption caused by the COVID-19 pandemic and will try to assist in other ways. Information on other SBA resources that can support your business during these times, including the Paycheck Protection Program, may be found online at www.sba.gov/coronavirus. We thank you for your understanding.

got the same email. frustrated that my accountant told me early on in the process not to apply (when open enrollment was avail the first time around)

Offline SR21

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #924 on: May 07, 2020, 04:50:21 AM »
Did anyone received email notification as "Exceeded SBA application program limit" from Chase? This mean my EIN under review or process with SBA thru different lender or has been approved with different lender?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #925 on: May 07, 2020, 10:35:16 AM »
New FAQ released on 5/6. Other than the safe harbor amnesty program to return funds don't see any major changes.
Still no clarity on how FT employees will be calculated. (equivalent FT? FT only?)
https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #926 on: May 07, 2020, 10:36:51 AM »
Did anyone received email notification as "Exceeded SBA application program limit" from Chase? This mean my EIN under review or process with SBA thru different lender or has been approved with different lender?
I suggest you move this to the existing SBA thread (https://forums.dansdeals.com/index.php?topic=115517.0). You might get some answers there.

Offline SR21

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #927 on: May 07, 2020, 11:18:28 AM »
Thanks CGR

Online AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #928 on: May 07, 2020, 11:50:25 AM »
Did anyone received email notification as "Exceeded SBA application program limit" from Chase? This mean my EIN under review or process with SBA thru different lender or has been approved with different lender?

It might mean Chase maxxed their allowance, I think it’s 10% of total PPP funds.
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #929 on: May 07, 2020, 11:57:11 AM »
Its 10 days since Dime received SBA approval, still no mention of funding.

Offline Shua

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #930 on: May 07, 2020, 11:58:03 AM »
Zoom conference given by Roth and Co and with opening statements by someone in Aguda.

One of the topics is tuition and parsonage.

https://zoom.us/webinar/register/WN_47bBsIbiROu7j76c6tyMBQ

Offline SR21

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #931 on: May 07, 2020, 12:02:57 PM »
Thanks AsherO. That might make sense as well.

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #932 on: May 07, 2020, 12:40:12 PM »
Did anyone received email notification as "Exceeded SBA application program limit" from Chase? This mean my EIN under review or process with SBA thru different lender or has been approved with different lender?

I got the same email. I had already been approved by a different bank.

It might mean Chase maxxed their allowance, I think it’s 10% of total PPP funds.

As of 5/1 the top lender had only  4.6% of the funds. (Doesn't say which bank that was)

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #933 on: May 07, 2020, 02:29:14 PM »
Its 10 days since Dime received SBA approval, still no mention of funding.
Similar situation. Doesn't sound right.. Has anyone been funded by them yet?
You can say what you think when you think what you say.

Offline mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #934 on: May 07, 2020, 05:58:52 PM »
got the same email. frustrated that my accountant told me early on in the process not to apply (when open enrollment was avail the first time around)

Did you get PPP?

If you did you didn't loss anything

Offline Abc1234561

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #935 on: May 07, 2020, 08:49:06 PM »
Latest from dime:

We are currently in the process of reviewing daily all the applications submitted and approved by the SBA. There were over 2300 applications & I am sure you understand it is a process that will take more than a few days.
Once I have been notified that your application has cleared review, I will inform you immediately.
While I understand your concern kindly bear with us while we complete out reviews

Offline yitz1000

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #936 on: May 07, 2020, 08:55:53 PM »
Bluevine clearly had the most automated process here. Somehow they processed applications from apply all the way through to deposit in record time.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #937 on: May 07, 2020, 10:00:48 PM »
Did you get PPP?

If you did you didn't loss anything
Except those who want to receive a loan with low interest rate

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #938 on: May 07, 2020, 10:01:39 PM »
Latest from dime:

We are currently in the process of reviewing daily all the applications submitted and approved by the SBA. There were over 2300 applications & I am sure you understand it is a process that will take more than a few days.
Once I have been notified that your application has cleared review, I will inform you immediately.
While I understand your concern kindly bear with us while we complete out reviews
But why didnt we hear still from a even one funding???????????? :'(

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #939 on: May 07, 2020, 10:24:54 PM »
Has anyone come across any published guidelines for Schedule C forgiveness if the business was a) only in operation for a part of 2019 or b) operational only in 2020?
My assumption would be that the 8/52 rule would not apply to them and they'd be able to use 8/weeks in operation- but would love to see something official. So far my search has yielded no results.