SBA PPP and EIDL Small Business Loans (some money is forgivable)

[AsherO]

https://www.cnbc.com/2020/06/19/us-treasury-sba-to-disclose-names-of-most-businesses-taking-ppp-loans.html

Most?

[brooklyndan]

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.

[cgr]

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.

[TBD]

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.

[Mordyk]

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

[AsherO]

Most?

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

[JACKBLUE]

Anyone apply for EIDL for property LLC? Please PM. Thanks.

[avrumy]

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.

[avrumy]

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.

[cgr]

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.

[cgr]

Anyone apply for EIDL for property LLC? Please PM. Thanks.

You can reach out to me.

[JACKBLUE]

You can reach out to me.

Thanks to @cgr for your free advise!!

[avrumy]

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?

[iluv2travel]

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.

[cgr]

can you please show me where it says this?

https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Instructions_1_0.pdf
Check out the Covered Period section, page 1.