Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535947 times)

Offline A3

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1040 on: May 13, 2020, 10:24:07 AM »
Anybody know the process to return the PPP loan? Deadline is tomorrow I think. BOA if it makes a diff

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1041 on: May 13, 2020, 11:40:25 AM »
Dime just sent me docs.  lolol.  i have funds from Kabbage since last week
#TYH

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1042 on: May 13, 2020, 11:52:05 AM »
Dime just sent me docs.  lolol.  i have funds from Kabbage since last week

There's no legal way to accept both loans (even if I only get one of them forgiven), right?
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1043 on: May 13, 2020, 01:09:26 PM »
New FAQ was released. Very disappointed as it fails to answer most of the questions out there...

https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf

Quote from: treasury.gov
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.

And even the above question fails to define what costs are. Costs incurred? Paid?
And if it's incurred what was the point of giving loans at 2.5X payroll?

Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1044 on: May 13, 2020, 01:26:24 PM »
I helped someone apply through Bluevine today, 30 minutes after submitting the application they sent the loan docs and it was approved!

Offline shiframeir

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1045 on: May 13, 2020, 01:37:09 PM »
At least the FAQ gives comfort to people worried about potential fines/claims against them for not taking the 1% loan in good faith.

Offline rivkao

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1046 on: May 13, 2020, 02:01:18 PM »
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.

Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1047 on: May 13, 2020, 02:28:15 PM »
I know someone that got from two places at once.
Tell them to return it ASAP. The law is very clear on that.

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1048 on: May 13, 2020, 03:51:40 PM »
There's no legal way to accept both loans (even if I only get one of them forgiven), right?
i don't want to find out...
#TYH

Offline aygart

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1049 on: May 13, 2020, 04:37:42 PM »
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.
Feelings don't care about your facts

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1050 on: May 13, 2020, 05:57:42 PM »
I know someone that got from two places at once.

Thanks, I know I can. I’m asking if I can do it legally?
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Offline plainbachur

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1051 on: May 13, 2020, 08:53:20 PM »
If anyone needs PPP or EIDL i have a direct connection with bank getting loans approved within 24 hours PM me

Offline yitzf

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1052 on: May 13, 2020, 08:55:46 PM »
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.

To clarify - specifically regarding the requirement that the funds are necessary due to Covid-19, if the loan is under 2MM then it's assumed to have met that requirement. So they wont audit for that requirement specifically.

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.
« Last Edit: May 13, 2020, 09:32:26 PM by yitzf »

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1053 on: May 13, 2020, 11:54:30 PM »
If anyone needs PPP or EIDL i have a direct connection with bank getting loans approved within 24 hours PM me

::) EIDL???!!!

I’ll take an EIDL of as much money as you can get me at 2.5% for 30 years, just let me know what your cut is.
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Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1054 on: May 14, 2020, 06:45:10 AM »
I've seen conflicting info, the EIDL grant is deducted from the PPP forgiveness or not?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1055 on: May 14, 2020, 07:22:53 AM »
I've seen conflicting info, the EIDL grant is deducted from the PPP forgiveness or not?

This is correct, no conflicting info. The only exception I know of is if you don’t get a PPP loan, then you keep the EIDL advance.
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Offline menachemd1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1056 on: May 14, 2020, 07:24:58 AM »
If anyone needs PPP or EIDL i have a direct connection with bank getting loans approved within 24 hours PM me
Is EIDL still granted besides for agriculture ?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1057 on: May 14, 2020, 07:30:38 AM »
Is EIDL still granted besides for agriculture ?

I don’t think you can apply anymore. But if you have an EIDL application from (early?) April, you might still get a loan, albeit unlikely.
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Offline Proisrael

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1058 on: May 14, 2020, 08:28:29 AM »
BH I applied Sunday through Eastern Union, I got the money this morning. 5 days start to finish. BH BH BH BH

Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1059 on: May 14, 2020, 09:02:42 AM »
I helped someone apply through Bluevine today, 30 minutes after submitting the application they sent the loan docs and it was approved!
Was funded this morning.