Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 328653 times)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2180 on: July 28, 2020, 10:16:04 PM »
I think this thread could have used a wiki.
Do I need to read through all 147 pages to figure out what info I will need to apply for and EIDL loan? Or can someone kindly give me the rundown?
It would be nice- good point.
EIDL is a very simple application. You'll need basic company and owner info, and gross income for 02/01/19-03/31/20. COGS if you're in manufacturing for the same dates.
If you put in an amount in the Economic Injury field you'll receive only that instead of 50% of gross income. If you have COGS then you're more likely to receive 50% of COGS than 50% of gross income.
The max loan is 150k, 30 year term, 3.75% interest.

Offline skv

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2181 on: July 28, 2020, 10:36:46 PM »
It would be nice- good point.
EIDL is a very simple application. You'll need basic company and owner info, and gross income for 02/01/19-03/31/20. COGS if you're in manufacturing for the same dates.
If you put in an amount in the Economic Injury field you'll receive only that instead of 50% of gross income. If you have COGS then you're more likely to receive 50% of COGS than 50% of gross income.
The max loan is 150k, 30 year term, 3.75% interest.

Thanks.
Is a real estate brokerage firm eligible?
And they don't care about expenses? Only COGS?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2182 on: July 28, 2020, 11:18:47 PM »
Thanks.
Is a real estate brokerage firm eligible?
And they don't care about expenses? Only COGS?

Does this help?
https://www.kbgrp.com/articles/recent-posts/update-for-real-estate-brokers-and-agents.html
Brokers should be eligible for PPP.

They care about expenses if you're a non-profit but for most other business they don't ask for it.

Offline skv

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2183 on: July 28, 2020, 11:24:08 PM »
Does this help?
https://www.kbgrp.com/articles/recent-posts/update-for-real-estate-brokers-and-agents.html
Brokers should be eligible for PPP.

They care about expenses if you're a non-profit but for most other business they don't ask for it.

I did see that page already, but I wan't sure if that was applicable. I am talking about a real estate brokerage firm, not an individual realtor. Person I am asking for is the broker who owns an LLC that operates as a real estate brokerage. I guess it can't hurt to apply and see what happens?

Offline JACKBLUE

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2184 on: July 28, 2020, 11:32:53 PM »
Is EIDL processing applications much slower now? My first few I got an email within 2-3 days from applying, my last application was submitted 2 weeks ago and haven’t gotten an email yet.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2185 on: July 28, 2020, 11:37:56 PM »
I did see that page already, but I wan't sure if that was applicable. I am talking about a real estate brokerage firm, not an individual realtor. Person I am asking for is the broker who owns an LLC that operates as a real estate brokerage. I guess it can't hurt to apply and see what happens?
They should be eligible for both PPP and EIDL.
A brokerage firm is not passive income and it's not a banking institution of any kind, so I can't see why they would be ineligible.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2186 on: July 28, 2020, 11:38:39 PM »
Is EIDL processing applications much slower now? My first few I got an email within 2-3 days from applying, my last application was submitted 2 weeks ago and haven’t gotten an email yet.
Definitely. Been seeing the same for applications submitted in the last 2-3 weeks.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2187 on: July 28, 2020, 11:41:09 PM »
I did see that page already, but I wan't sure if that was applicable. I am talking about a real estate brokerage firm, not an individual realtor. Person I am asking for is the broker who owns an LLC that operates as a real estate brokerage. I guess it can't hurt to apply and see what happens?
If you choose "Real Estate Development" business category you won't get approved. Put in different RE category

Offline mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2188 on: July 29, 2020, 08:52:45 AM »
A business that has some employees on biweekly and some on monthly payroll.
Same for some hourly and some salary.
How will that work for PPP forgiveness application?

@cgr your calculator is powerful

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2189 on: July 29, 2020, 08:58:02 AM »
A business that has some employees on biweekly and some on monthly payroll.
Same for some hourly and some salary.
How will that work for PPP forgiveness application?

@cgr your calculator is powerful

You'd probably go with "other" and not be eligible for an alternative period.

Salaried and Hourly makes a difference in how to calculate reductions but on the application you don't need to indicate that.

Thank you🙂

Offline haltkup

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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2191 on: July 29, 2020, 04:15:49 PM »
Anyone knows of a successful main street lending application and approval?

Offline chilugutbaum

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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2193 on: July 29, 2020, 04:46:08 PM »
Wish EIDL gets forgiven up to 150K :-) Who want sot start a petition?

Wishful thinking.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2194 on: July 31, 2020, 01:54:29 AM »
https://www.sba.gov/sites/default/files/2020-07/SBA_OIG_Report_20-16_508.1.pdf

Banks are contacting SBA if they see suspected fraudulent EIDL transactions, like deposits in newly opened account or without prior business activity or with multiple deposits in same account.

Offline screwyelp

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2195 on: July 31, 2020, 03:46:30 AM »
Wow. The report above from OIG and response is very detailed and worth the read.

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2196 on: July 31, 2020, 09:06:19 AM »
looking more & more that up to 150K will be forgiven without questions.

https://www.forbes.com/sites/alangassman/2020/07/28/rubio--collins-bill-will-revolutionize-ppp-loans-for-small-businesses-and-those-suffering-profound-revenue-losses/#1abdf4b4af7b

But now what we’ve heard until now about any loan under 2mil would be assumed as taken in good faith without any audit wouldn’t be true

Offline helpusout

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2197 on: July 31, 2020, 11:56:19 AM »
Finally got approval for 150k on EIDL loan, after months of back and forth. I  entered all bank information and everything, and today I see that the loan wasnt approved. How can this be? I literally signed all the forms. Is there any number to call .

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2198 on: July 31, 2020, 12:32:28 PM »
Finally got approval for 150k on EIDL loan, after months of back and forth. I  entered all bank information and everything, and today I see that the loan wasnt approved. How can this be? I literally signed all the forms. Is there any number to call .
800-659-2955

Offline helpusout

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2199 on: July 31, 2020, 12:59:55 PM »
800-659-2955
800th person in line and then it hangs up on me after 30 minutes.