Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 233039 times)

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1740 on: June 19, 2020, 06:59:03 AM »
Why? My 8 was off also but if wed be able to get payroll forgiven for 24 weeks that would be awesome

Because what I suggested was that the remaining $120m be split proportionately between all those who already got a PPP loan. Roughly $500m outstanding so each recipient (who got 8-12 weeks of payroll already) would only get 20-25% of their original loan amount, which is closer to another 2 weeks of payroll.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1741 on: June 19, 2020, 09:56:48 AM »
They are still working on options how to get rid of the 140 Billion that congress approved and nobody is taking, you want they should take back funds?

Absolutely not. But I did want the application math to ensure that wage levels were maintained for the entire 24 week period, even if you only received funds for 8.


Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1743 on: June 19, 2020, 09:58:39 AM »
What about before 06/05? I get to choose on the forgiveness app?

Yes. You can choose between 8 and 24 weeks.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1744 on: June 19, 2020, 09:59:05 AM »
Is there another thread for UI? Wondering like this - Ive gotten paid 4 times over the past 3 months from two diff companies on 1099, can I apply for UI? What days throughout this time would be considered employed & what not?

https://forums.dansdeals.com/index.php?topic=115175

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1745 on: June 19, 2020, 10:12:18 AM »
Does anyone think the June 30 ppp application deadline is a final deadline, or will it be extended?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1746 on: June 19, 2020, 10:21:27 AM »
Does anyone think the June 30 ppp application deadline is a final deadline, or will it be extended?

For now it's the final deadline. No way to know if any of the proposed bills will pass.
I think it's telling that it wasn't included in the PPP Flexibility Act.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1747 on: June 19, 2020, 11:42:08 AM »
For now it's the final deadline. No way to know if any of the proposed bills will pass.
I think it's telling that it wasn't included in the PPP Flexibility Act.

They will have to decide what to do with the remaining undisbursed funds.


Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1749 on: June 19, 2020, 12:44:49 PM »
I was asking about EIDL not PPP

EIDL should be good.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1750 on: June 19, 2020, 01:56:37 PM »
It seems that the max EIDL is 150K + up to 10K advance, based on 50% of your annual revenue minus costs of good sold. If this number is 300K+ than you receive the max.
Important message to Amazon sellers. Don't use Revenue amount from your QB file, as this doesn't include All amazon FBA fees, However on 1099K that Amazon issues which is entered on tax return it includes those fee, thereby getting you a much higher gross profit, enabling to maximize the loan amount.

Those who enter loss rent amount receive only 100% of the loss amount,

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1751 on: June 19, 2020, 02:02:55 PM »
It seems that the max EIDL is 150K + up to 10K advance, based on 50% of your annual revenue minus costs of good sold. If this number is 300K+ than you receive the max.
The 150k cap was introduced in early May. Originally the cap was 2MM....

Those who enter loss rent amount receive only 100% of the loss amount,
That's it! I've been wondering why some are getting so little with robust revenue #'s... what a pity. Hopefully they'll be approved for an increase.

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1752 on: June 19, 2020, 02:55:37 PM »
For self employed ppp, my understanding is that any loan taken now will only be for 24 weeks, not 8. Is that correct?

What does 24 weeks mean? Every week of the 24 weeks you need to transfer something to your personal bank account, or can you transfer the entire 2.5 months worth into your personal account as soon as you get it, and you fulfilled your obligation?

Offline Hiding

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1753 on: June 20, 2020, 11:10:35 PM »
I got approved for PPP from kabbage. However when I log in to try to sign loan docs all I see is:
Congratulations! You qualified for a PPP loan of....
Please check below to make sure you've submitted your government-issued ID and organizational documents. Without these, we cannot disburse your funds. Once you've submitted these documents, we'll review them and let you know when your loan documents are ready to sign.

But nothing is written below. Anyone have experience with this, or know what to do? According to the email I received,  I have until the 23rd to accept the loan or the SBA may withdraw their guarantee of available funds.


Offline AsherO

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Offline brooklyndan

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1756 on: June 21, 2020, 12:46:27 AM »
Anybody know of any banks still accepting applications.
Tried Kabbage, but online there was no option to base loan on 2020 pay.
Tried Cross river which allowed to input 2020 income, but they denied application last week - didn't give reason.
It's for a SE independent contractor who receives 1099, who started work in Dec. 19, so average 2019 wages are very low.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1757 on: June 21, 2020, 01:02:00 AM »
Anybody know of any banks still accepting applications.
Tried Kabbage, but online there was no option to base loan on 2020 pay.
Tried Cross river which allowed to input 2020 income, but they denied application last week - didn't give reason.
It's for a SE independent contractor who receives 1099, who started work in Dec. 19, so average 2019 wages are very low.

You need to talk to a banker, not an online application.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1758 on: June 21, 2020, 01:22:09 AM »
Most?
The U.S. Treasury Department and Small Business Administration said they would disclose names and other details about businesses that take PPP loans of $150,000 or more.

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1759 on: June 21, 2020, 02:09:17 AM »
I got approved for PPP from kabbage. However when I log in to try to sign loan docs all I see is:
Congratulations! You qualified for a PPP loan of....
Please check below to make sure you've submitted your government-issued ID and organizational documents. Without these, we cannot disburse your funds. Once you've submitted these documents, we'll review them and let you know when your loan documents are ready to sign.

But nothing is written below. Anyone have experience with this, or know what to do? According to the email I received,  I have until the 23rd to accept the loan or the SBA may withdraw their guarantee of available funds.
DM them on twitter and tell them that. They can go to backend and prepare your docs
#TYH