Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 145418 times)

Online 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.

Online 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.

Online 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

Online AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1760 on: June 21, 2020, 08:27:21 AM »
Most?

That’s probably means most in $$$, definitely not most in count of recipients. Shouldn’t affect any (99.9%) DDFers.

Offline JACKBLUE

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1761 on: June 21, 2020, 09:51:27 AM »
Anyone apply for EIDL for property LLC? Please PM. Thanks.

Offline avrumy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1762 on: June 21, 2020, 11:45:01 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.
First commerce still accepting applications.

Offline avrumy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1763 on: June 21, 2020, 11:46:50 AM »
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?
From my understanding its any 8 weeks ending 12/31/20.

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1764 on: June 21, 2020, 12:34:34 PM »
From my understanding its any 8 weeks ending 12/31/20.

If your loan origination date is after 06/05/20, it's automatically 24 weeks not to go later than 12/31/20.
No 8 week option for those, even if you only have 8 weeks of funds.

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1765 on: June 21, 2020, 12:34:48 PM »
Anyone apply for EIDL for property LLC? Please PM. Thanks.

You can reach out to me.

Offline JACKBLUE

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1766 on: June 21, 2020, 01:21:22 PM »
You can reach out to me.
Thanks to @cgr for your free advise!!

Offline avrumy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1767 on: June 21, 2020, 01:32:43 PM »
If your loan origination date is after 06/05/20, it's automatically 24 weeks not to go later than 12/31/20.
No 8 week option for those, even if you only have 8 weeks of funds.
can you please show me where it says this?

Offline iluv2travel

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1768 on: June 21, 2020, 01:33:29 PM »
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.

If the business has a card with Amex I think they're still accepting applications.

Online cgr

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