Dime just sent me docs. lolol. i have funds from Kabbage since last week
20. Question: The amount of forgiveness of a PPP loan depends on the borrower’s payroll costs over an eight-week period; when does that eight-week period begin?Answer: The eight-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. The lender must make the first disbursement of the loan no later than ten calendar days from the date of loan approval.
There's no legal way to accept both loans (even if I only get one of them forgiven), right?
I know someone that got from two places at once.
From an email from Roth and Co regarding certification of necessity:UPDATE: As of May 13th, the SBA has issued guidance that they will not audit any loans under $2 Million and will assume that certification was valid.
46. Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? Answer: When submitting a PPP application, all borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA, in consultation with the Department of the Treasury, has determined that the following safe harbor will apply to SBA’s review of PPP loans with respect to this issue: Any borrower that, together with its affiliates,20 received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith. SBA has determined that this safe harbor is appropriate because borrowers with loans below this threshold are generally less likely to have had access to adequate sources of liquidity in the current economic environment than borrowers that obtained larger loans. This safe harbor will also promote economic certainty as PPP borrowers with more limited resources endeavor to retain and rehire employees. In addition, given the large volume of PPP loans, this approach will enable SBA to conserve its finite audit resources and focus its reviews on larger loans, where the compliance effort may yield higher returns.
If anyone needs PPP or EIDL i have a direct connection with bank getting loans approved within 24 hours PM me
I've seen conflicting info, the EIDL grant is deducted from the PPP forgiveness or not?
Is EIDL still granted besides for agriculture ?
I helped someone apply through Bluevine today, 30 minutes after submitting the application they sent the loan docs and it was approved!