Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 73159 times)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1935 on: June 30, 2020, 09:20:48 PM »
Senate just passed a bill that the PPP application deadline to be moved up to August 8, but it's unlikely it'll pass in the House.
https://www.washingtonpost.com/business/2020/06/30/paycheck-protection-program/

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1936 on: June 30, 2020, 10:10:06 PM »
Does it include a provision that you can get the PPP and employee retention credits?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1937 on: June 30, 2020, 10:14:49 PM »
Does it include a provision that you can get the PPP and employee retention credits?

From what I've seen it's only a deadline extension with no other changes to any of the rules. Some Senators tried to make changes but the committee successfully argued that doing that would slow the bill down unnecessarily.

Online joeberg

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1938 on: June 30, 2020, 11:38:24 PM »
Has anyone else had the EIDL go from confirmed loan amount to status: declined.?

Offline rivkao

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1939 on: July 01, 2020, 01:10:12 AM »
Has anyone else had the EIDL go from confirmed loan amount to status: declined.?
Yes. A few times

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1940 on: July 01, 2020, 01:21:18 AM »
Yes. A few times
Did you get a reason?

Offline rivkao

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1941 on: July 01, 2020, 11:17:47 AM »
Did you get a reason?
Unverifiable information

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1942 on: July 01, 2020, 12:24:59 PM »
By accepting an EIDL loan, are there any other programs that the borrower loses out on?
And what can the funds be used for?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1943 on: July 01, 2020, 12:38:09 PM »
By accepting an EIDL loan, are there any other programs that the borrower loses out on?
And what can the funds be used for?

You don't lose out on the biggies like PPP or Main Street, but there are state and private grant programs you may no longer be eligible for.
Example: The NY Froward Loan Fund is only for those who did not get PPP or EIDL funds.

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1944 on: July 01, 2020, 01:29:10 PM »
You don't lose out on the biggies like PPP or Main Street, but there are state and private grant programs you may no longer be eligible for.
Example: The NY Froward Loan Fund is only for those who did not get PPP or EIDL funds.

What about the NJEDA Grant in NJ?

Offline cgr

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Offline justaregularguy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1946 on: July 01, 2020, 02:46:16 PM »
please forgive me. I havent been following this topic and was told to sign up to receive 1k grant and a possible loan. I wouldnt need to accept the loan and I can just get the grant. I applied for the eidl application. today i was prompted to create an account and it now says Im eligible for 1,000$ and they say please review the loan amount. is this the grant I was told about? bc they call it a loan and im not interested in a loan.
pls advise oh great DDFers.🙏
nothings impossible- the word itself says Im possible

Offline helpusout

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1947 on: July 01, 2020, 02:55:17 PM »
any news on main street lending?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1948 on: July 01, 2020, 02:57:14 PM »
today i was prompted to create an account and it now says Im eligible for 1,000$ and they say please review the loan amount. is this the grant I was told about? bc they call it a loan and im not interested in a loan.
pls advise oh great DDFers.🙏

You do not need to create an account for the grant. It just shows up in your account if you checked off that box on the application. You can ignore your loan docs/offer.
If you didn't receive the grant call the SBA to check up on the status.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1949 on: July 01, 2020, 02:58:21 PM »
any news on main street lending?
Apparently only 200 banks out of 5k have signed up. Banks are unhappy with the terms the Fed is demanding they sign.
Wells Fargo does list an email address where you can inquire about eligibility but none of the other big banks have set up a portal or provided more information.