Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535736 times)

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4377
  • Total likes: 1318
  • DansDeals.com Hat Tips 7
    • View Profile
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 don’t have employees... there’s no one to speak to....

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

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4377
  • Total likes: 1318
  • DansDeals.com Hat Tips 7
    • View Profile
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.

Online est

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2008
  • Posts: 456
  • Total likes: 20
  • DansDeals.com Hat Tips 0
    • View Profile
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

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2014
  • Posts: 2647
  • Total likes: 518
  • DansDeals.com Hat Tips 0
    • View Profile
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 TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1316
  • Total likes: 206
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
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

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jun 2015
  • Posts: 195
  • Total likes: 14
  • DansDeals.com Hat Tips 1
    • View Profile
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   :'( :'(
That’s why I took both

Offline zh cohen

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2013
  • Posts: 1501
  • Total likes: 1675
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: 412
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?

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4377
  • Total likes: 1318
  • DansDeals.com Hat Tips 7
    • View Profile
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

  • Dansdeals Gold Elite
  • ***
  • Join Date: Dec 2014
  • Posts: 101
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: United States
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2108 on: July 19, 2020, 01:27:42 PM »
I’m self employed on unemployment, if I accept the eidl loan would that affect my unemployment?

Offline Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 4102
  • Total likes: 1015
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Some of this and some of that.
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2109 on: July 19, 2020, 01:36:43 PM »
I’m 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
#TYH

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4377
  • Total likes: 1318
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2110 on: July 19, 2020, 01:39:37 PM »
I’m 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.

Online bubkiz

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Dec 2010
  • Posts: 729
  • Total likes: 53
  • DansDeals.com Hat Tips 0
    • View Profile
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

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jul 2016
  • Posts: 360
  • Total likes: 188
  • DansDeals.com Hat Tips 2
    • View Profile
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 don’t have employees... there’s no one to speak to....
They're terrible! If you haven't yet started the process, don't touch them.

Offline Savingsbeast

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jul 2016
  • Posts: 360
  • Total likes: 188
  • DansDeals.com Hat Tips 2
    • View Profile

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4377
  • Total likes: 1318
  • DansDeals.com Hat Tips 7
    • View Profile
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).

Online est

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2008
  • Posts: 456
  • Total likes: 20
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2115 on: July 20, 2020, 04:53:27 PM »
They're terrible! If you haven't yet started the process, don't touch them.

-100
Can I hear more about your experience? I've only heard good things til now (other than for partnerships).

I have a partnership and entire process took a few hours from first application to approval. Last week. They were so quick and responded super fast to my email requesting what to send instead of the requested docs since I’m a partnership. I would def recommend!!

Offline zh cohen

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2013
  • Posts: 1501
  • Total likes: 1675
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: 412
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2116 on: July 20, 2020, 06:22:18 PM »
Can I hear more about your experience? I've only heard good things til now (other than for partnerships).

Person I'm helping submitted everything, got a response that they were unable to verify his info.

He called and they said there's nothing they can do and if he wants he can apply again with a different email.

He applied again and got basically the same response except this time they wrote
Quote
Unfortunately  we are  unable  to  provide  you  further  detail  than  the  notice  sets  forth.  This  decision  is  final,  and  no  additional documentation  can  be  provided  to  appeal  or  overturn  the  decision.

Offline elimmm

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Apr 2015
  • Posts: 726
  • Total likes: 74
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2117 on: July 20, 2020, 11:10:27 PM »
whats are my best options with ppp and eidl for a self employed who reported just less than 10k profits in 2019? which banks?

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4377
  • Total likes: 1318
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2118 on: July 20, 2020, 11:18:06 PM »
whats are my best options with ppp and eidl for a self employed who reported just less than 10k profits in 2019? which banks?
PPP I'd say Bluevine even with zh's experience- he seems to be the exception. If you don't want Bluevine I'd say next up is Kabbage.

EIDL is administered via the SBA directly. No intermediary bank is needed. https://covid19relief.sba.gov/#/

Offline elimmm

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Apr 2015
  • Posts: 726
  • Total likes: 74
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2119 on: July 20, 2020, 11:32:40 PM »
PPP I'd say Bluevine even with zh's experience- he seems to be the exception. If you don't want Bluevine I'd say next up is Kabbage.

EIDL is administered via the SBA directly. No intermediary bank is needed. https://covid19relief.sba.gov/#/

you can do both?
how much $$ profit can be made for my business?