Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535823 times)

Offline 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.
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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.

Offline 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.

Offline 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.

Offline cgr

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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1770 on: June 21, 2020, 01:37:26 PM »
Thanks to @cgr for your free advise!!

If the advice was valuable to you, make sure it isn’t free, donate!
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1771 on: June 21, 2020, 02:25:00 PM »
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 give
any preferential treatment, make any advance, directly or indirectly, by way of loan, gift, bonus, or otherwise, to
any owner or partner or any of its employees, or to any company directly or indirectly controlling or affiliated
with or controlled by Borrower, or any other company.
Anyone has a legal opinion on this section?

Offline JACKBLUE

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1772 on: June 21, 2020, 02:45:42 PM »
If the advice was valuable to you, make sure it isn’t free, donate!
Definitely will.

Offline brooklyndan

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1773 on: June 22, 2020, 02:29:09 AM »
First commerce still accepting applications.
Do you have to be a business customer to have your application accepted?

Offline SwellCindy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1774 on: June 22, 2020, 03:20:23 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,

Don't understand last sentence, is loss amount related to Amazon seller advice?

Offline SwellCindy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1775 on: June 22, 2020, 03:24:18 PM »
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?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1776 on: June 22, 2020, 03:31:41 PM »
Don't understand last sentence, is loss amount related to Amazon seller advice?

No that's for rental owning entities who have rental losses.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1777 on: June 22, 2020, 03:33:48 PM »
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.

Offline SwellCindy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1778 on: June 22, 2020, 03:43:13 PM »
No, no questions asked about potential loan uses.

Thanks so so much for your replies and patience!

Offline SwellCindy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1779 on: June 22, 2020, 03:55:21 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.

If it's a service-based company and there are no cost of goods sold, it would be calculated just by 50% of annual revenue?