Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 536024 times)

Offline TravelSER

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1100 on: May 15, 2020, 01:22:14 AM »
Who stopped?
The lender I was working with, I sent them all docs, and they told me a few hours latter that they are not funding any more as of now.

Offline yitz1000

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1101 on: May 15, 2020, 07:20:57 AM »
The lender I was working with, I sent them all docs, and they told me a few hours latter that they are not funding any more as of now.

Go apply with Bluevine: https://www.bluevine.com/paycheck-protection-program/

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1102 on: May 15, 2020, 09:24:50 AM »
The lender I was working with, I sent them all docs, and they told me a few hours latter that they are not funding any more as of now.

Which lender is this?
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Offline beeweegee

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1103 on: May 15, 2020, 11:01:24 AM »
For those who filed for unemployment and PPP, once you get PPP you cant have both. What are people doing who want to go back on UE after the 8 weeks? Certifying for UE for the weeks prior to PPP, then just not certifying for 8 weeks, then continuing? Or do you have to leave UE and then reapply in 8 weeks? Or do you certify and just write you were working?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1104 on: May 15, 2020, 11:03:50 AM »
For those who filed for unemployment and PPP, once you get PPP you cant have both. What are people doing who want to go back on UE after the 8 weeks? Certifying for UE for the weeks prior to PPP, then just not certifying for 8 weeks, then continuing? Or do you have to leave UE and then reapply in 8 weeks? Or do you certify and just write you were working?

You have two choices (and they essentially mean the same thing to the DOL)
1) stop certifying for those 8 weeks or
2) certify that you were working
Your won't have to reapply. Each claim has a benefit ending year date and it will remain open til that date.

Offline beeweegee

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1105 on: May 15, 2020, 11:09:32 AM »
You have two choices (and they essentially mean the same thing to the DOL)
1) stop certifying for those 8 weeks or
2) certify that you were working
Your won't have to reapply. Each claim has a benefit ending year date and it will remain open til that date.
Thanks. Does that mean that there is no way around those 8 weeks (for which you are not collecting UE) counting toward your UE total (the 26 weeks plus whatever they add)?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1106 on: May 15, 2020, 11:14:49 AM »
Thanks. Does that mean that there is no way around those 8 weeks (for which you are not collecting UE) counting toward your UE total (the 26 weeks plus whatever they add)?

In NY:
It's not 26 consecutive weeks, it's 104 days. Each day you file a full claim you get 4 days deducted from your balance.
If you file a partial claim they deduct less days.
Not filing or filing and being eligible for 0 days means nothing is deducted and your current balance passes over to the next week.
Check out this situation I'm wondering about: https://forums.dansdeals.com/index.php?topic=115175.msg2252794#msg2252794

Offline beeweegee

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1107 on: May 15, 2020, 11:16:48 AM »
In NY:
It's not 26 consecutive weeks, it's 104 days. Each day you file a full claim you get 4 days deducted from your balance.
If you file a partial claim they deduct less days.
Not filing or filing and being eligible for 0 days means nothing is deducted and your current balance passes over to the next week.
Check out this situation I'm wondering about: https://forums.dansdeals.com/index.php?topic=115175.msg2252794#msg2252794
Makes sense, thanks! Does the same apply in NJ? I'd imagine so...

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1108 on: May 15, 2020, 11:26:00 AM »
Makes sense, thanks! Does the same apply in NJ? I'd imagine so...

I believe all states have either "total effective days" where days get deducted from or a "maximum amount payable" where the weekly benefits paid gets deducted from, or both. If you're not cashing out days and/or benefits your balance doesn't get reduced and is carried over weekly until your benefit year ends.

Offline ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1109 on: May 15, 2020, 11:31:30 AM »
DW finally got loan documents to sign from Kabbage.

Of note - Kabbage uses different banks to fund the loans. My loan is from Customers Bank, DW's loan is from Cross River.

Since my loan never showed up in my bank account, and Kabbage is useless at this point, I actually reached out to Customers Bank. Let's see if that helps.
« Last Edit: May 15, 2020, 11:36:13 AM by ExGingi »
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1110 on: May 15, 2020, 11:35:54 AM »
Thanks. Does that mean that there is no way around those 8 weeks (for which you are not collecting UE) counting toward your UE total (the 26 weeks plus whatever they add)?
If you work those 8 weeks only 3 days a week and earn 75% of your prior income, up to $504 a week, you can still file for partial UI and receive the $600, while also use the funds from PPP,

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1111 on: May 15, 2020, 11:41:19 AM »
If you work those 8 weeks only 3 days a week and earn 75% of your prior income, up to $504 a week, you can still file for partial UI and receive the $600, while also use the funds from PPP,

He's in NJ. He gets an even better deal...
He can earn up to 20% more than his Weekly Benefit Rate and get the difference between his wages and his WBR from UI, plus $600 weekly.

Offline beeweegee

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1112 on: May 15, 2020, 12:26:10 PM »
He's in NJ. He gets an even better deal...
He can earn up to 20% more than his Weekly Benefit Rate and get the difference between his wages and his WBR from UI, plus $600 weekly.
During the 8 weeks of PPP? I'm sorry, I'm not totally following.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1113 on: May 15, 2020, 12:33:53 PM »
During the 8 weeks of PPP? I'm sorry, I'm not totally following.

Probably not but a remote possibility if your wages are dropped to 75% of your previous rate.

Offline beeweegee

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1114 on: May 15, 2020, 12:45:37 PM »

Probably not but a remote possibility if your wages are dropped to 75% of your previous rate.
They would be, if not for  PPP, which is covering wages of those 8 weeks.

I guess the quote below is what I'm confused about.

If you work those 8 weeks only 3 days a week and earn 75% of your prior income, up to $504 a week, you can still file for partial UI and receive the $600, while also use the funds from PPP.

« Last Edit: May 15, 2020, 12:49:36 PM by beeweegee »

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1115 on: May 15, 2020, 12:58:26 PM »
They would be, if not for  PPP, which is covering wages of those 8 weeks.

I guess the quote below is what I'm confused about.

If you work those 8 weeks only 3 days a week and earn 75% of your prior income, up to $504 a week, you can still file for partial UI and receive the $600, while also use the funds from PPP.

There's something called 'partial unemployment' in most states. Basically if your wages drop to below your WBR, you can collect UI for the difference (and right now that entitles you to $600 as well). (NY has different rules than everyone else of course...)

In order to be eligible for PPP wages need to be maintained at 75% but could be dropped by up to 25% without penalty.
If this is you, and your 75% wages are less than your WBR you're eligible for partial unemployment.

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1116 on: May 15, 2020, 01:05:54 PM »
Received today email from Dime banker with some clarifications requests from the underwriter
What kind of info requests? I got that they need more business info. But it was only to open bank account... I told them that I'm not completing that until I'm ready and approved to be funded..
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 #1117 on: May 15, 2020, 01:23:04 PM »
What kind of info requests? I got that they need more business info. But it was only to open bank account... I told them that I'm not completing that until I'm ready and approved to be funded..
They needed some clarifications about employee benefits

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1118 on: May 15, 2020, 01:24:14 PM »
Just received now email from Dime banker that underwriting approved the loan. Should receive email from funding dept in next couple of days

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1119 on: May 15, 2020, 03:01:39 PM »
Just received now email from Dime banker that underwriting approved the loan. Should receive email from funding dept in next couple of weeks
FTFY.

On what day did you apply? What was your app number?
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