Most?
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.
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.
Anyone apply for EIDL for property LLC? Please PM. Thanks.
You can reach out to me.
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?
Thanks to @cgr for your free advise!!
Dont know what the SBA thinks when they are asking ppl to sign on the EIDL loan docs the following paragraph for the next 30 years....Maybe they can just build a prison gate around USA or a Mexican wall...LIMITS ON DISTRIBUTION OF ASSETS· Borrower will not, without the prior written consent of SBA, make any distribution of Borrower’s assets, or giveany preferential treatment, make any advance, directly or indirectly, by way of loan, gift, bonus, or otherwise, toany owner or partner or any of its employees, or to any company directly or indirectly controlling or affiliatedwith or controlled by Borrower, or any other company.
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First commerce still accepting applications.
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,
Don't understand last sentence, is loss amount related to Amazon seller advice?
Also, when applying for EIDL loan do they ask for which expenses funds will be used (to ensure it won't be used as same as PPP), or does one not need to provide that info?
No, no questions asked about potential loan uses.
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.