Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 342860 times)

Offline ShimshonK

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2018
  • Posts: 473
  • Total likes: 117
  • DansDeals.com Hat Tips 3
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2240 on: August 05, 2020, 01:25:44 PM »
It is odd for BlueVine, but there's no restriction to submitting multiple applications so no harm in trying Kabbage. If BlueVine already secured an SBA # for you you'll get rejected- otherwise you'll get approved with whoever secures the SBA # first.
Sibling of mine applied yesterday and also no response as of yet.
She told me friend of hers applied as "independent contractor" and got approved within 2 hours. Me and her selected "sole proprietor" - could that have any connection?

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3825
  • Total likes: 984
  • DansDeals.com Hat Tips 5
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2241 on: August 05, 2020, 03:32:28 PM »
Sibling of mine applied yesterday and also no response as of yet.
She told me friend of hers applied as "independent contractor" and got approved within 2 hours. Me and her selected "sole proprietor" - could that have any connection?

I'm not sure of the exact tax line between independent contractor and sole proprietor- technically an independent contractor is always a sole proprietor (although not vice versa). Regardless even if it is the issue only those with a 1099 can select independent contractor. If you have no 1099 you're definitely a sole proprietor (only).

Offline ShimshonK

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2018
  • Posts: 473
  • Total likes: 117
  • DansDeals.com Hat Tips 3
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2242 on: August 05, 2020, 03:58:56 PM »
I'm not sure of the exact tax line between independent contractor and sole proprietor- technically an independent contractor is always a sole proprietor (although not vice versa). Regardless even if it is the issue only those with a 1099 can select independent contractor. If you have no 1099 you're definitely a sole proprietor (only).
Right, it's rather confusing that they have those 2 options, along with "self-employed", when all 3 often overlap.
We both have 1099's. I didn't think it made a difference which one to select.

Offline skv

  • Dansdeals Gold Elite
  • ***
  • Join Date: May 2020
  • Posts: 127
  • Total likes: 20
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2243 on: August 05, 2020, 05:59:00 PM »
Kabbage just posted that they are only taking applications until August 6

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1156
  • Total likes: 150
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2244 on: August 05, 2020, 10:37:11 PM »
Hoping someone here can help:
I'm trying to assist someone in find a bank for PPP. It's a simple Schedule C but the applicant originally misunderstood one of the questions and answered it incorrectly with BlueVine, Kabbage, and Cross River so they won't let the applicant apply again even with a different email.

I suggested Lendio but apparently they use Kabbage/Cross River so that was rejected for the same reason.
Any other banks? Can one apply with Dime without opening a bank account?
Pursuit approved ppl with schedule C, and you can speak to a person, they write that they only process applications by aug 8 deadline if submitted by july 31, but dont know it its a hard date. https://pursuitlending.com/apply/

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3825
  • Total likes: 984
  • DansDeals.com Hat Tips 5
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2245 on: August 05, 2020, 11:42:34 PM »
Pursuit approved ppl with schedule C, and you can speak to a person, they write that they only process applications by aug 8 deadline if submitted by july 31, but dont know it its a hard date. https://pursuitlending.com/apply/

Thanks! Might have had success with https://www.veem.com/sba-ppp/ but still waiting for final approval.

Offline ae123

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Mar 2011
  • Posts: 1927
  • Total likes: 143
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2246 on: August 06, 2020, 11:11:48 AM »
Any update on which lenders are doing a hard credit pull and which ones aren't?
Thanks.

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3825
  • Total likes: 984
  • DansDeals.com Hat Tips 5
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2247 on: August 06, 2020, 11:30:04 AM »
Any update on which lenders are doing a hard credit pull and which ones aren't?
Thanks.

I haven't seen a hard pull for PPP- only for EIDL.

Offline skv

  • Dansdeals Gold Elite
  • ***
  • Join Date: May 2020
  • Posts: 127
  • Total likes: 20
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2248 on: August 06, 2020, 12:04:21 PM »
I applied for a PPP loan with Kabbage for myself and a few other people. Same thing happened by all them - I got an email saying I was approved and to log in. When I log in there is an error screen that pops up. Then I go to the dashboard and it says to see below if you still need to submit documents... but there is nothing below. and no loan docs. Is this how it always works with Kabbage?

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1156
  • Total likes: 150
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2249 on: August 06, 2020, 12:29:47 PM »
Summary:
  • While paid or incurred retirement and healthcare contributions are eligible for forgiveness, accelerated payments cannot be included. (employee and where applicable for employer as well)
  • C & S Corporation owner's forgiveness on retirement contributions is capped by 2.5/12 of 2019 contributions
  • General Partners (K-1 1065) compensation is only eligible for forgiveness if payments to partners are made during the covered period (this is not spelled out for sole props so perhaps it's not a requirement for them)
  • Interest on unsecured loans are not eligible for forgiveness
  • FTE reduction exceptions apply to those earning over 100k as well
[/list
]https://www.forbes.com/sites/alangassman/2020/08/04/sba-makes-further-changes-to-ppp-rules-in-august-4th-pronouncement/amp/

Transportation Costs Gets a Definition

The FAQs address the definition of “Covered Utility Payments” and what is meant by the language “Payment for a service of the distribution of …transportation” by indicating that “transportation” refers to “transportation utility fees assessed by state and local governments.” This apparently means that transportation of anything other than utilities will not count as a forgivable expense, although “gas” is included as a utility and previous pronouncements have indicated that expenses for “gas you use driving your business vehicle” could be forgiven.
[/list]
« Last Edit: August 06, 2020, 12:33:39 PM by thebudgetdeals »

Offline oldguy

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Mar 2012
  • Posts: 1124
  • Total likes: 57
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2250 on: August 06, 2020, 02:23:21 PM »
I applied for a PPP loan with Kabbage for myself and a few other people. Same thing happened by all them - I got an email saying I was approved and to log in. When I log in there is an error screen that pops up. Then I go to the dashboard and it says to see below if you still need to submit documents... but there is nothing below. and no loan docs. Is this how it always works with Kabbage?
I have the same issue today with me and my wife, Applied yesterday and got that email yesterday evening

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3825
  • Total likes: 984
  • DansDeals.com Hat Tips 5
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2251 on: August 06, 2020, 02:40:20 PM »
I applied for a PPP loan with Kabbage for myself and a few other people. Same thing happened by all them - I got an email saying I was approved and to log in. When I log in there is an error screen that pops up. Then I go to the dashboard and it says to see below if you still need to submit documents... but there is nothing below. and no loan docs. Is this how it always works with Kabbage?

I have the same issue today with me and my wife, Applied yesterday and got that email yesterday evening

If you check them out on twitter you'll see lots of people are having this issue although they haven't acknowledged it with their own post. Looks like if you tweet them that you have this issue they respond with a DM.

Offline oldguy

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Mar 2012
  • Posts: 1124
  • Total likes: 57
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2252 on: August 06, 2020, 02:42:44 PM »
If you check them out on twitter you'll see lots of people are having this issue although they haven't acknowledged it with their own post. Looks like if you tweet them that you have this issue they respond with a DM.
What do I do if I don't have Twitter?...

Offline oldguy

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Mar 2012
  • Posts: 1124
  • Total likes: 57
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2253 on: August 06, 2020, 04:48:30 PM »
What do I do if I don't have Twitter?...
After trying for at least 25 times to get through by phone the finally picked up and told me that they need more documentation. OS they added the link to that on my dashboard and now we have to wait and see again.

Offline ShimshonK

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2018
  • Posts: 473
  • Total likes: 117
  • DansDeals.com Hat Tips 3
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2254 on: August 06, 2020, 05:38:38 PM »
It is odd for BlueVine, but there's no restriction to submitting multiple applications so no harm in trying Kabbage. If BlueVine already secured an SBA # for you you'll get rejected- otherwise you'll get approved with whoever secures the SBA # first.
Today is the deadline for Kabbage. Worth it to apply there, or just hope BlueVine will pull through?
I worry that Kabbage will mess me up, as it seems like some had bad experiences where they secured the SBA # but had issues actually getting it.
BTW, the 2 other people I recommended to BlueVine are in exact same boat as me with no response as of yet. I hoped they were just backed up since it's almost the deadline, but I heard from someone else who applied this week and got response within a couple hours... I'm guessing for some reason my application (as well as the other 2 ppl) needs a manual review?

Online YitzyS

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jan 2015
  • Posts: 4496
  • Total likes: 9451
  • DansDeals.com Hat Tips 31
  • Gender: Male
    • View Profile
  • Location: Lakewood, NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2255 on: August 06, 2020, 05:52:58 PM »
Anyone know how long it takes for Kabbage to deposit their two "bank confirmation" deposits into your account?

Offline ShimshonK

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2018
  • Posts: 473
  • Total likes: 117
  • DansDeals.com Hat Tips 3
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2256 on: August 06, 2020, 05:54:10 PM »
Today is the deadline for Kabbage. Worth it to apply there, or just hope BlueVine will pull through?
I worry that Kabbage will mess me up, as it seems like some had bad experiences where they secured the SBA # but had issues actually getting it.
BTW, the 2 other people I recommended to BlueVine are in exact same boat as me with no response as of yet. I hoped they were just backed up since it's almost the deadline, but I heard from someone else who applied this week and got response within a couple hours... I'm guessing for some reason my application (as well as the other 2 ppl) needs a manual review?
Someone just told me that the bank has to submit the application to the SBA by August 8, so doesn't seem like my application having been submitted already to BlueVine means I'm good.
Any use applying through one of these guys that charge a few hundred bucks (they claim they have a connection with some of the banks to help push applications through)?

Online YitzyS

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jan 2015
  • Posts: 4496
  • Total likes: 9451
  • DansDeals.com Hat Tips 31
  • Gender: Male
    • View Profile
  • Location: Lakewood, NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2257 on: August 06, 2020, 05:59:47 PM »
I applied this morning (thanks to @cgr 's PSA) first through BlueVine, but I mistakenly uploaded my whole tax return and I didn't get an answer after an hour, so I applied to Kabbage.

Just got approval email from Kabbage. Waiting now for my Bank confirmation deposits to come through so I can verify my account.

Offline Hiding

  • Dansdeals Gold Elite
  • ***
  • Join Date: May 2012
  • Posts: 193
  • Total likes: 4
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: USA
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2258 on: August 06, 2020, 06:09:07 PM »
Anyone know how long it takes for Kabbage to deposit their two "bank confirmation" deposits into your account?
Initiated the deposits yesterday at 4:30  PM and had it in bank today.

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3825
  • Total likes: 984
  • DansDeals.com Hat Tips 5
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2259 on: August 06, 2020, 06:23:13 PM »
At this point I'd say throw your application at anyone still accepting.