Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 95675 times)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2100 on: July 16, 2020, 12:32:53 PM »
Anyone with a self employed partnership have luck getting PPP with bluevine? I sent in the application with my k1, and now they are requesting my 940/941. I donít have employees... thereís no one to speak to....

Bluevine is known to be a pain when it comes to partnerships. You might have better luck with Kabbage.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2101 on: July 16, 2020, 08:25:18 PM »
E.14.Is a business operating as a sole proprietorship eligible for a Main Street loan?
G.20. Can an otherwise Eligible Borrower receive a Main Street loan if it was not in operation during 2019?
G.21. Are there any prohibitions on the use of proceeds of a Main Street loan?
 

What's the source on this? Can't find it.

Offline est

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2102 on: July 16, 2020, 11:52:08 PM »
Bluevine is known to be a pain when it comes to partnerships. You might have better luck with Kabbage.
I uploaded my tax return instead of the form they requested and the loan was approved within 2 hours

Offline cholent

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2103 on: July 17, 2020, 08:48:04 AM »
https://www.entrepreneur.com/amphtml/353302

This would be amazing if it happened
Don't ask stupid questions and you won't get stupid answers

Offline thebudgetdeals

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2104 on: July 17, 2020, 09:14:43 AM »
https://www.entrepreneur.com/amphtml/353302

This would be amazing if it happened
And maybe will even be able to keep the EIDL advance+PPP   :'( :'(

Offline Square

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2105 on: July 17, 2020, 11:55:30 AM »
And maybe will even be able to keep the EIDL advance+PPP   :'( :'(
Thatís why I took both

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2106 on: July 19, 2020, 12:59:06 PM »
Where is the best place to apply for PPP based on a 1099 nowadays?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2107 on: July 19, 2020, 01:25:32 PM »
Where is the best place to apply for PPP based on a 1099 nowadays?
Bluevine.

Offline meilich

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2108 on: July 19, 2020, 01:27:42 PM »
Iím self employed on unemployment, if I accept the eidl loan would that affect my unemployment?

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2109 on: July 19, 2020, 01:36:43 PM »
Iím self employed on unemployment, if I accept the eidl loan would that affect my unemployment?
A loan affects a balance sheet,  not P&L. So no, it should not affect

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2110 on: July 19, 2020, 01:39:37 PM »
Iím self employed on unemployment, if I accept the eidl loan would that affect my unemployment?
Depends on how you use the loan- if you don't use it while on unemployment for your payroll and only use it for expenses that doesn't result in a net income that puts you above your state's unemployment limit, you're good. Remember unlike PPP this does not have a time-frame it needs to spent in, and does not have to be spent on payroll.

Offline bubkiz

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2111 on: July 19, 2020, 01:56:47 PM »
Having allocated the full $20 billion that was appropriated by Congress, SBA will discontinue making EIDL Advances to new applicants. By law, the SBA is not permitted to issue new EIDL Advances once all program funding has been obligated.
EIDL loan applications will still be processed even though the Advance is no longer available.
Submitted several applications in mid-June for different businesses. I got loan offers and was funded on one but only got one $1k deposit. Will the SBA still process and deposit the advance on previous applications?

Offline Savingsbeast

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2112 on: July 20, 2020, 12:11:50 PM »
Anyone with a self employed partnership have luck getting PPP with bluevine? I sent in the application with my k1, and now they are requesting my 940/941. I donít have employees... thereís no one to speak to....
They're terrible! If you haven't yet started the process, don't touch them.

Offline Savingsbeast

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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2114 on: July 20, 2020, 12:32:25 PM »
-100
Can I hear more about your experience? I've only heard good things til now (other than for partnerships).