Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable) (Read 545307 times)

TBD · « **Reply #1640 on:** June 15, 2020, 08:09:47 PM »

Quote from: shapsam on June 15, 2020, 08:04:21 PM

+1
@thebudgetdeals did you ever get an email that the application was denied because it's only open for agriculture?

Yes

Dear Applicant,

You are receiving this message as a notification that your Economic Injury Disaster Loan (EIDL) and EIDL Advance application will not be considered at this time. As of May 4, 2020, new applications will only be accepted from Agricultural Businesses due to the availability of appropriations and the unprecedented number of applications SBA has already received for the EIDL COVID-19 program.

We recognize the challenges your business is facing due to the massive disruption caused by the COVID-19 pandemic and will try to assist in other ways. Information on other SBA resources that can support your business during these times, including the Paycheck Protection Program, may be found online at www.sba.gov/coronavirus. We thank you for your understanding.

TBD · « **Reply #1641 on:** June 15, 2020, 08:10:56 PM »

I know 3 applications that were submitted on May 4 and all received the same email that application is being processed.

joeberg · « **Reply #1642 on:** June 15, 2020, 10:19:31 PM »

When trying to submit the SBA app for EIDL I can't get past the beneficial owner screen, the next button is greyed out. Has anyone had this issue?

jackofall · « **Reply #1643 on:** June 15, 2020, 11:26:30 PM »

Quote from: joeberg on June 15, 2020, 10:19:31 PM

When trying to submit the SBA app for EIDL I can't get past the beneficial owner screen, the next button is greyed out. Has anyone had this issue?

Make sure the top question iui s answered. Is the business owned by another business.

joeberg · « **Reply #1644 on:** June 15, 2020, 11:29:17 PM »

TY, I got it to work. I think it had timed out.

Avs175 · « **Reply #1645 on:** June 15, 2020, 11:48:59 PM »

Quote from: cgr on June 15, 2020, 05:47:40 PM

That's correct, but you need to find a bank that will work with you on this.
Applying online is definitely not the answer- you need to talk to a banker who can put in an application for you manually.

Does anyone know of any banks that can work with manually for new businesses that just started this year?

mgarfin · « **Reply #1646 on:** June 16, 2020, 12:27:30 AM »

Quote from: Avs175 on June 15, 2020, 05:29:48 PM

I am a self employed occupational therapist, started my business 11/2019. My 2019 schedule c is just $2500 bec I barely worked in 2019, but I made much more during Jan and Feb 2020 and rest of 2020...

I applied through cross river - and got denied.

And when I try kabbage application, they automatically take my 2019 schedule c income and divide it by 12, x 2.5. How do I get to go by this years income, and not by 2019? I thought new businesses can go by Jan and Feb?

Anybody have any ideas what I can do or who I should use in this case?

Thanks

I got my father a loan from Chase based on Jan Feb 2020

Also try calling kabbage. Someone I know got his app adjusted on the phone

TBD · « **Reply #1647 on:** June 16, 2020, 12:33:45 AM »

Quote from: cgr on June 15, 2020, 08:01:39 PM

Good for you! I'm confused by their process because I saw some emails they sent to those who applied when it was only open to agricultural that they won't consider the application and it will need to be resubmitted.

WOW. THEY ARE MOVING FAST

US SM BUS ADMIN ODA obtained a copy of your Experian Credit Report.

YesThatsMe · « **Reply #1648 on:** June 16, 2020, 01:10:51 AM »

Quote from: thebudgetdeals on June 16, 2020, 12:33:45 AM

WOW. THEY ARE MOVING FAST

US SM BUS ADMIN ODA obtained a copy of your Experian Credit Report.

Do you remember what date you originally applied for the EIDL?

TBD · « **Reply #1649 on:** June 16, 2020, 01:11:56 AM »

Quote from: YesThatsMe on June 16, 2020, 01:10:51 AM

Do you remember what date you originally applied for the EIDL?

May 4

yaakov35 · « **Reply #1650 on:** June 16, 2020, 01:12:10 AM »

My wife got approved for eidl loan and we signed all docs, do they just wire money eventually without telling you? Also does it make sense we never got an advance?

TBD · « **Reply #1651 on:** June 16, 2020, 01:16:09 AM »

Quote from: AsherO on June 15, 2020, 11:33:49 AM

So, fun times with Dime.

I ignored them for a while. Eventually I told them I got a loan elsewhere (Celtic Bank, I applied via BlueVine, signed the docs and got funded before Dime even sent me docs) . Within an hour the other bank (Celtic) emailed me that SBA cancelled my Celtic loan because I had multiple PPP approvals.

Not sure what Dime said to the SBA, but I’m definitely not giving them any PPP business considering how ridiculous they’ve been.

Did any of you know you can create a CAWEB account to log onto SBA’s portal to see all your SBA loans (PPP/EIDL and others)? I logged on after the email from Celtic, and indeed it shows my Celtic loan is cancelled and my Dime loan is still approved. Meanwhile Celtic funded new and I never signed docs with Dime.

I emailed Celtic explaining and they replied telling me that the information I provided should be sufficient and my loan with them is fine. I requested they provide me confirmation of that once it’s sorted with the SBA. I’m still waiting.

I also requested that Dime confirm the SBA cancelled their loan and reinstated the other one, but I’m not sure they’ll do anything as they’re probably still hoping for my business.

I called the SBA COVID hotline that’s on the EIDL portal, and their tier 2 couldn’t help at all. The guy suggested I email them.

PPP and EIDL are under same login or need to setup separate login to add loan?

moko · « **Reply #1652 on:** June 16, 2020, 07:50:31 AM »

We applied for the EIDL grant when it was only open to farming and it automatically kicked in yesterday. How does the $1000 per employee affect PPP forgiveness?

shapsam · « **Reply #1653 on:** June 16, 2020, 08:20:53 AM »

Quote from: moko on June 16, 2020, 07:50:31 AM

We applied for the EIDL grant when it was only open to farming and it automatically kicked in yesterday. How does the $1000 per employee affect PPP forgiveness?

It is deducted from the forgiveness amount.

moko · « **Reply #1654 on:** June 16, 2020, 08:27:55 AM »

Quote from: shapsam on June 16, 2020, 08:20:53 AM

It is deducted from the forgiveness amount.

question is, since we didn't max out our PPP loan and with the new regs we can definitely qualify for higher forgiveness, will this still count against PPP

TBD · « **Reply #1655 on:** June 16, 2020, 09:05:52 AM »

Quote from: thebudgetdeals on June 16, 2020, 12:33:45 AM

WOW. THEY ARE MOVING FAST

US SM BUS ADMIN ODA obtained a copy of your Experian Credit Report.

Got already email to sign up for portal and access the loan docs

AsherO · « **Reply #1656 on:** June 16, 2020, 09:08:37 AM »

Quote from: moko on June 16, 2020, 08:27:55 AM

question is, since we didn't max out our PPP loan and with the new regs we can definitely qualify for higher forgiveness, will this still count against PPP

When calculating forgiveness they deduct your EIDL advance amount. Period. Why would it be any different now?

AsherO · « **Reply #1657 on:** June 16, 2020, 09:08:49 AM »

Quote from: thebudgetdeals on June 16, 2020, 09:05:52 AM

Got already email to sign up for portal and access the loan docs

Mazal Tov!

cgr · « **Reply #1658 on:** June 16, 2020, 10:40:11 AM »

Quote from: moko on June 16, 2020, 08:27:55 AM

question is, since we didn't max out our PPP loan and with the new regs we can definitely qualify for higher forgiveness, will this still count against PPP

There is no higher forgiveness in the new regulations. Just an easier path to it.

cgr · « **Reply #1659 on:** June 16, 2020, 12:02:10 PM »

Helping someone with an EIDL. He just received his loan docs and his loan amount is 25k.
His 2019 revenue was 250k+, no COGS. He entered 26k as "Lost Rent" disaster effect.
Any way to get his loan increased to 150k? Can agents increase loans?