Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 235933 times)

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1540 on: June 05, 2020, 07:00:09 PM »
Where have people had success getting approved for SE? Ive seen Kabbaged mentioned on DDMS is that the best route at this point?

BlueVine has approved people within hours or overnight.

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1541 on: June 06, 2020, 11:04:40 PM »
Where have people had success getting approved for SE? Ive seen Kabbaged mentioned on DDMS is that the best route at this point?

I did kabbage

Offline joeberg

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1542 on: June 06, 2020, 11:28:58 PM »
From what I'm seeing they should be able to apply with Schedule C as follows:
2019 Schedule C Income- (line 31)
+ Wages for employees reported on a W-2 Do not include owner, include employees at 100k max (Schedule C line 26)
+ Pension & Profit sharing for employees Do not include owner (Schedule C line 19)
+ Health Insurance for employees Do not include owner

Now I need a bank who will allow this...
Dime worked.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1543 on: June 06, 2020, 11:33:45 PM »
Dime worked.

Thanks but now there's the added hurdle that he got funded W2 from Kabbage, so he's only looking for the difference. Can't put in a new application so looks like he'll need to find a way to convince them to add to his loan.

Offline Geshmak25

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1544 on: June 06, 2020, 11:43:02 PM »
Where have people had success getting approved for SE? Ive seen Kabbaged mentioned on DDMS is that the best route at this point?
Any downside in applying via multiple methods?
PUTPAC = PITA

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1545 on: June 07, 2020, 12:18:12 AM »
Dime worked.

Ha! Dime has been an epic joke

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1546 on: June 07, 2020, 12:34:58 AM »
Ha! Dime has been an epic joke
@AsherO after all, I got from dime double the amount that Kabbage approved me for..
It took very long but it was worth the wait....

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1547 on: June 07, 2020, 12:39:16 AM »
@AsherO after all, I got from dime double the amount that Kabbage approved me for..
It took very long but it was worth the wait....

Isn't the amount determined by Dime when you apply rather than upon final approval?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1548 on: June 07, 2020, 12:48:57 AM »
Odd, after a long time of not logging on, I logged onto Dime's portal now and I don't even see my application(s).

My Kabbage loan is still "Processing"  :o

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1549 on: June 07, 2020, 12:54:08 AM »
Isn't the amount determined by Dime when you apply rather than upon final approval?
correct. But Kabbage didn't include certain Pension contributions that I made and Dime did.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1550 on: June 07, 2020, 12:59:43 AM »
correct. But Kabbage didn't include certain Pension contributions that I made and Dime did.

Nice. I hope you get it all forgiven by Dime :)

Offline Hiding

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1551 on: June 07, 2020, 01:59:05 PM »
Can someone summarize for me if it'll be worth it for me to apply for PPP for a SE business. Originally I didn't look into it as it seemed it'll negatively affect PUA which was more valuable for me. I applied for the EIDL, and expect to receive the $1000 advance. Now that they made the changes to the PPP, should I apply for it as well? Can I use this after the 600 ends, and can I use it in addition to the advance from the EIDL? Also, do I need anything besides a schedule C?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1552 on: June 07, 2020, 02:07:58 PM »
Can someone summarize for me if it'll be worth it for me to apply for PPP for a SE business. Originally I didn't look into it as it seemed it'll negatively affect PUA which was more valuable for me. I applied for the EIDL, and expect to receive the $1000 advance. Now that they made the changes to the PPP, should I apply for it as well? Can I use this after the 600 ends, and can I use it in addition to the advance from the EIDL? Also, do I need anything besides a schedule C?

-With the covered period extended to 24 weeks, it does look like you should be able to start using after the FPUC payments end on 7/26. I'd wait until the SBA released their new FAQs/Interim Rules to be sure of the exact details.

-The EIDL 1k advance will be deducted from your total forgiveness.

-Schedule C should be enough to prove the loan amount if you have no W2 payroll. In most cases they do request ID, organizational docs (if applicable) etc to confirm the business and owner.

Offline mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1553 on: June 07, 2020, 02:39:30 PM »
Update. $150K EIDL loan was deposited this morning minus a $100 application fee.

Did they ask for any docs (other than loan docs) to get you approved?
Tax return, Financial statement...


Offline avrumy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1555 on: June 08, 2020, 12:14:39 PM »
If i am applying today- who would be the best to apply through?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1556 on: June 08, 2020, 12:15:36 PM »
If i am applying today- who would be the best to apply through?

BlueVine has the fastest reported processing time (application to funding) in this thread.

Offline avrumy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1557 on: June 08, 2020, 12:41:57 PM »
ty

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1558 on: June 08, 2020, 04:58:11 PM »
Good news from the SBA:
https://home.treasury.gov/news/press-releases/sm1026

If less than 60% is used towards payroll, the forgiveness amount will be reduced so that 60% of the forgiveness funds are used towards payroll. Means no cliff, just reduction in forgiveness.

Offline TBD

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