Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 536156 times)

Online joeberg

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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?
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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?

Online 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?

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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?

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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.

Online 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.

Offline shulemw

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1950 on: July 01, 2020, 03:24:53 PM »
i am on a S corp and i take out whatever is left. last year i took out like 100k. my question if i get the eidl loan am i restricted from taking out more this year?
or if my business has a booming year can i take out 300k this year?
thanks @cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1951 on: July 01, 2020, 03:30:29 PM »
i am on a S corp and i take out whatever is left. last year i took out like 100k. my question if i get the eidl loan am i restricted from taking out more this year?
or if my business has a booming year can i take out 300k this year?
thanks @cgr

If your business is booming you shouldn't be taking EIDL. Your only permitted to take EIDL if you have suffered economic injury.

Offline nocknock

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1952 on: July 01, 2020, 03:39:03 PM »
Unverifiable information
were you able to fix?

Offline shulemw

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1953 on: July 01, 2020, 03:56:54 PM »
I say lets say if it gets better in 2 years can I then take out more. or for the life of the loan I can not take out more?

the dry facts of the terms looks like this. but makes no sense for me

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1954 on: July 01, 2020, 04:05:14 PM »
the dry facts of the terms looks like this. but makes no sense for me
I'm not so sure. Let's say you usually take out 30% of the profits. Do you think taking 30% of profits a year or two down the line will be considered an increase in compensation just because it's a larger $ amount?

I'm wondering about which period they'll be comparing too.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1955 on: July 01, 2020, 04:12:31 PM »
I say lets say if it gets better in 2 years can I then take out more. or for the life of the loan I can not take out more?

the dry facts of the terms looks like this. but makes no sense for me
The language in the loan says no distributions, which is insane. I would love to see official clarity from the SBA on this.
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Offline justaregularguy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1956 on: July 01, 2020, 04:19:46 PM »
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.
what box was i to check off? a box to accept a grant, or to have it deposit in my account?
i did provide my account n routing # for my bank- so does that mean that was right?
nothings impossible- the word itself says Im possible

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1957 on: July 01, 2020, 04:20:31 PM »
Was PPP extended?

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1958 on: July 01, 2020, 04:20:33 PM »
The language in the loan says no distributions, which is insane. I would love to see official clarity from the SBA on this.

Read closely again- it says:
Ineligible Uses of Loan
• Dividends or bonuses
• Payment to owners, unless for performance of services

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1959 on: July 01, 2020, 04:22:52 PM »
what box was i to check off? a box to accept a grant, or to have it deposit in my account?
i did provide my account n routing # for my bank- so does that mean that was right?

There is a checkbox for the grant specifically.