Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 95668 times)

Offline est

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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 Iím a partnership. I would def recommend!!

Online zh cohen

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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

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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?

Offline cgr

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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

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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?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2120 on: July 20, 2020, 11:41:50 PM »
you can do both?
how much $$ profit can be made for my business?

I wouldn't quite phrase it like that, but yes you can get both PPP and EIDL loan (EIDL grant is no longer available).

If your Schedule C line 31 is showing 10k you'll get ~2k in PPP- fully forgivable.

EIDL is a 30 year loan with 3.75% interest. How much you get depends on gross income and COGS (if any).

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2121 on: July 21, 2020, 10:26:43 AM »
How long does it take for the SBA to approve new EIDL applications? Submitted for processing yesterday?
You can say what you think when you think what you say.

Offline bubkiz

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2122 on: July 21, 2020, 11:50:27 AM »
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?
To clarify: Will accepting the EIDL loan effect any potential EIDL advance? Meaning, once the loan is funded, is there still a concept of $1k being forgivable? Makes a difference if the loans should be accepted or to wait is the advance will still be deposited. (If the the announcement that they are no longer processing advances applies to mid-June applications, the question is moot)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2123 on: July 21, 2020, 12:36:21 PM »
To clarify: Will accepting the EIDL loan effect any potential EIDL advance? Meaning, once the loan is funded, is there still a concept of $1k being forgivable? Makes a difference if the loans should be accepted or to wait is the advance will still be deposited. (If the the announcement that they are no longer processing advances applies to mid-June applications, the question is moot)

No, accepting the loan has no bearing on the advance, and they will not forgive 1k of your loan if you didn't get the advance. It's two separate buckets that don't mix.

Online zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2124 on: July 21, 2020, 01:28:32 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.

Or you can go to Crossriver directly at https://crossriversba.com/

That way there is someone to talk to if it doesn't get automatically approved.

Offline bubkiz

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2125 on: July 21, 2020, 01:34:39 PM »
No, accepting the loan has no bearing on the advance, and they will not forgive 1k of your loan if you didn't get the advance. It's two separate buckets that don't mix.
Thank you. Any reports of EIDL advance deposits (on June applications) still getting deposited or is it over for now?

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2126 on: July 22, 2020, 01:01:12 AM »
Let's say your self employed income for 2.5 months is 5k.
Have people been getting ppp for the full 5k, or is there some deduction, which brings it down to around 5k x .93%?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2127 on: July 22, 2020, 08:35:51 AM »
Let's say your self employed income for 2.5 months is 5k.
Have people been getting ppp for the full 5k, or is there some deduction, which brings it down to around 5k x .93%?
If it's a 1065 partnership there's that 7% deduction. Schedule C and C/S Corp owner employees don't have that.

Offline talmid chuchem

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2128 on: July 23, 2020, 02:14:53 AM »
I wouldn't quite phrase it like that, but yes you can get both PPP and EIDL loan (EIDL grant is no longer available).

If your Schedule C line 31 is showing 10k you'll get ~2k in PPP- fully forgivable.

EIDL is a 30 year loan with 3.75% interest. How much you get depends on gross income and COGS (if any).

I'm applying for a non-profit, Gross revenue is around $600k, what should COGS be? The more cost the better odds of getting a full $150k, or the less cogs?
Does COGS mean only overhead etc, or all excess money that was distributed to tzedukah also count as COGS? If yes, then COGS is same amount as revenue
Anything else I need to be aware of?

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2129 on: July 23, 2020, 03:53:19 AM »
If it's a 1065 partnership there's that 7% deduction. Schedule C and C/S Corp owner employees don't have that.
Interesting. Do you know why a 1065 has the 7% deduction, and a regular schedule c doesn't?