Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535720 times)

Offline yitz1000

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1020 on: May 12, 2020, 01:14:26 PM »

Offline ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1021 on: May 12, 2020, 01:20:10 PM »
Was anyone able to get through to Kabbage?

I signed loan docs last week, it said I should see the funds in my account by May 12th, yet nothing as of today. A friend signed a couple of hours after me, got the same message, and got funds this past Friday (the 8th).
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline beeweegee

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1022 on: May 12, 2020, 01:47:02 PM »
Was anyone able to get through to Kabbage?

I signed loan docs last week, it said I should see the funds in my account by May 12th, yet nothing as of today. A friend signed a couple of hours after me, got the same message, and got funds this past Friday (the 8th).
This is the only number (of many I tried) that worked for me.  888-313-4078

Offline ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1023 on: May 12, 2020, 01:52:20 PM »
This is the only number (of many I tried) that worked for me.  888-313-4078

TYVM. Actually speaking to someone now!

 >:( Not much use. Seems like a total waste of time. Just spitting back whatever dashboard says, whether it makes sense or not.

Waiting to be escalated.
« Last Edit: May 12, 2020, 02:25:16 PM by ExGingi »
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1024 on: May 12, 2020, 01:55:32 PM »
I'm grappling with one specific PPP loan that I applied for which is up to the docusign stage - whether I should take it or not. There's very clear language that 1099s are not included in Payroll when a business is applying and only counts for the sole prop themselves if they apply for a loan.

I believe in the very beginning this was unclear but I don't know if there was specific language stating that it's allowed.

I was approved on an application for a business that consisted solely of a single 1099 paid out to someone and I'm trying to figure out if there's a way I can justify accepting it and obtaining forgiveness. Unless I have something substantial to fall back on I'm going to just let it go.

Anyone have experience with this?

1. If the bank issues you the loan it’s unlikely you’ll have claims against you that you applied fraudulently.
2. Forgiveness might or might not be possible, it’s still a 2 year loan at 1% with a six month deferral on payments.
« Last Edit: May 12, 2020, 06:27:50 PM by AsherO »
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Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1025 on: May 12, 2020, 02:09:08 PM »
I'm grappling with one specific PPP loan that I applied for which is up to the docusign stage - whether I should take it or not. There's very clear language that 1099s are not included in Payroll when a business is applying and only counts for the sole prop themselves if they apply for a loan.

I'm assuming it's the same if an S corp owner sent himself a 1099 for 2019, or does the salary have to be a W2?

Offline ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1026 on: May 12, 2020, 02:11:15 PM »
3. Even if you don’t get forgiveness, it’s a six-month interest-free loan
Source?

Payments are deferred for 6 months, but where does it say that interest isn't accrued/charged for those 6 months?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1027 on: May 12, 2020, 02:19:09 PM »
I'm assuming it's the same if an S corp owner sent himself a 1099 for 2019, or does the salary have to be a W2?

If an S Corp owner sent himself a 1099 he should apply under his own name with the 1099 instead of applying via the S Corp.
Doesn't have to be W2 wages, although S Corps are more tricky. Individuals with 1099s are a bit simpler.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1028 on: May 12, 2020, 03:00:27 PM »
Not too late to apply through BlueVine...

In other news, BlueVine sent an email about forgiveness, wrote what they know so far, and we’re very clear that they’re still waiting for further guidance from the SBA to clarify things about forgiveness.
We have given Applicant's request careful consideration, and regret that we are unable to extend
credit to Applicant at this time for the following reason(s):
1. Your application was rejected due to a duplicate tax ID, which indicates you have submitted an
application with more than one lender and the other lender is preparing to offer you a loan.
Receiving this rejection does not preclude you from approval from the other lender.

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1029 on: May 12, 2020, 04:04:35 PM »
Have you applied anywhere else besides dime?
You can say what you think when you think what you say.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1030 on: May 12, 2020, 04:07:35 PM »
Have you applied anywhere else besides dime?
This is a BlueVine denial because of Dime's approval, I don't know how @AsherO managed to receive approval after DIMEs approval

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1031 on: May 12, 2020, 04:29:57 PM »
This is a BlueVine denial because of Dime's approval, I don't know how @AsherO managed to receive approval after DIMEs approval
i also got approved by Kabbage after Dime's verbal approval
#TYH

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1032 on: May 12, 2020, 04:38:45 PM »
i also got approved by Kabbage after Dime's verbal approval
I was denied by Kabbage, and Paypal.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1033 on: May 12, 2020, 04:54:53 PM »
Source?

Payments are deferred for 6 months, but where does it say that interest isn't accrued/charged for those 6 months?

You’re right, it’s 1% for those six months as well. Will edit my original post accordingly.
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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1034 on: May 12, 2020, 04:55:11 PM »
This is a BlueVine denial because of Dime's approval, I don't know how @AsherO managed to receive approval after DIMEs approval

Not sure, maybe it’s not consistent
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Offline ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1035 on: May 12, 2020, 05:27:12 PM »
You’re right, it’s 1% for those six months as well. Will edit my original post accordingly.

At 1% per annum, I'll take as much as I can get my hands on. And with deferred payments, I'll double up on that.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1036 on: May 12, 2020, 07:16:13 PM »
At 1% per annum, I'll take as much as I can get my hands on. And with deferred payments, I'll double up on that.
Yup, my dad was going to take the money whether he hired his workers back or not. It's a win either way.
Either 25% free money. Or a (basically) free 2 year loan
Life isn't about checking the boxes. Nobody cares.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1037 on: May 12, 2020, 07:19:14 PM »
Yup, my dad was going to take the money whether he hired his workers back or not. It's a win either way.
Either 25% free money. Or a (basically) free 2 year loan

Wasn't that the whole idea of the safe harbor amnesty program? I'm not so sure they won't only not be eligible for forgiveness, they might run into issues for having taken the loan in the first place.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1038 on: May 12, 2020, 07:24:07 PM »
Wasn't that the whole idea of the safe harbor amnesty program? I'm not so sure they won't only not be eligible for forgiveness, they might run into issues for having taken the loan in the first place.

Safe harbor was for abuse, or at least for companies who certified they needed it in bad faith. Not for an employer who will borrow to be able to pay his employees, but it’s still a win for him if it doesn’t get forgiven.
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1039 on: May 12, 2020, 07:46:08 PM »
Safe harbor was for abuse, or at least for companies who certified they needed it in bad faith. Not for an employer who will borrow to be able to pay his employees, but it’s still a win for him if it doesn’t get forgiven.

Referring to those who are taking it on 1099 subs basis, or not planning to rehire their employees at all.