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

[cgr]

BUt on the EIDL application you have to fill out if... Compensation From Other Sources Received as a Result of the Disaster

PPP doesn't count here- it's been stated multiple times by the SBA that when applying for EIDL one does not report PPP funds as grants or compensation received.

[cgr]

EIDL Application

Business Activity: Real Estate
Detailed business activity: Property Management Realty or Real Estate Developers.

Anyone can provide DP if got approved when choosing Real Estate Developers Category? Anyone got a denial because not approved category or just received no response from SBA

My understanding is that only PPP has limits when it comes to RE entities.
EIDL is open to everyone except businesses that are engaged in: illegal activities, lobbying, and significant gambling.

[JACKBLUE]

EIDL Application

Business Activity: Real Estate
Detailed business activity: Property Management Realty or Real Estate Developers.

Anyone can provide DP if got approved when choosing Real Estate Developers Category? Anyone got a denial because not approved category or just received no response from SBA

i got approved for 50% of revenue.

[TBD]

Anyone with friends that has a small business call them up and check with the if they applied already for PPP... Its shocking that after all the talk and news about this program there are still a lot of folks out there who didnt apply because of misconceptions or plain ignorance. Either because they are on UI and dont know that can apply or for some other reasons. there is free money out there and it is a real mitzvah of hashuvas aveidah

[bubkiz]

Anyone with friends that has a small business call them up and check with the if they applied already for PPP... Its shocking that after all the talk and news about this program there are still a lot of folks out there who didnt apply because of misconceptions or plain ignorance. Either because they are on UI and dont know that can apply or for some other reasons. there is free money out there and it is a real mitzvah of hashuvas aveidah

Agreed! I spoke to many today who had no idea (babysitters, home business on Schedule C, tutors, etc).
How it will effect UI is scaring some people off.

[bubkiz]

RE: EIDL Advance: if the loan is accepted before the advance is processed, will the amount of the advance still be forgiven?

[Mikes@Micro]

Anyone with friends that has a small business call them up and check with the if they applied already for PPP... Its shocking that after all the talk and news about this program there are still a lot of folks out there who didnt apply because of misconceptions or plain ignorance. Either because they are on UI and dont know that can apply or for some other reasons. there is free money out there and it is a real mitzvah of hashuvas aveidah

Can this work for an 18yrold  who has ran a backyard camp for the past several years and hired a bunch of her friends?

[TBD]

Can this work for an 18yrold  who has ran a backyard camp for the past several years and hired a bunch of her friends?

did she file the payroll?

[Mikes@Micro]

did she file the payroll?

Never did in the past. E/t was always off the books

[cgr]

Never did in the past. E/t was always off the books

The one year when people are upset for having gotten away with it...
I know of an accountant who actually refiled his clients Schedule Cs to not take any/as many deductions (he had a formula figured out to calculate up to what point it would be worth it to revise, based on their tax ramifications).

[Deal Guy]

Is Cross River taking applications?

[Deal Guy]

If cross river denies the application, is there still time to try tomorrow with another bank?
Who will process with a k-1 partnership?

[cgr]

If cross river denies the application, is there still time to try tomorrow with another bank?
Who will process with a k-1 partnership?

At this point throw it at anyone still accepting applications.
BlueVine is still accepting. Approvals coming in in less than an hour from submission.

They have instructions on what to include when applying for a partnership https://www.bluevine.com/how-to-calculate-ppp-loan-amount/ (in my experience they rejected but doesn't hurt to try).

[TBD]

The one year when people are upset for having gotten away with it...
I know of an accountant who actually refiled his clients Schedule Cs to not take any/as many deductions (he had a formula figured out to calculate up to what point it would be worth it to revise, based on their tax ramifications).

Its still not too much of a gain, if including FICA

[Deal Guy]

At this point throw it at anyone still accepting applications.
BlueVine is still accepting. Approvals coming in in less than an hour from submission.

They have instructions on what to include when applying for a partnership https://www.bluevine.com/how-to-calculate-ppp-loan-amount/ (in my experience they rejected but doesn't hurt to try).

When doing a partnership with Bluevine, it asks for payroll form 941 for all 4 quarters.
What are you supposed to attach when the partnership has no payroll? There is no 941.
You can't attach the same k1, 4 times.

[cgr]

When doing a partnership with Bluevine, it asks for payroll form 941 for all 4 quarters.
What are you supposed to attach when the partnership has no payroll? There is no 941.
You can't attach the same k1, 4 times.

Are you sure you answered all the questions correctly? Because if you did it shouldn't ask for 941s.

[TBD]

Anyone applied for EIDL for a non-profit? Got approved based on 50% of revenue?

[cgr]

Anyone applied for EIDL for a non-profit? Got approved based on 50% of revenue?

Yes and yes.

[TBD]

Yes and yes.

Did you receive a call from them? did they ask how many expenses you have?

[cgr]

Did you receive a call from them? did they ask how many expenses you have?

No, but my experience was with the earlier round of applications. Maybe they have more time on their hands now...