Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 166927 times)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2415 on: December 03, 2020, 10:04:05 AM »
I thought loans under $25k weren't being made public?
Search your name, it's all available on https://searchppp.com/ , along with your address.

Missed your post somehow but this link is a lot easier to use than the SBA csv files.

Offline cgr

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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2417 on: December 03, 2020, 10:08:07 AM »
For independant contractors, you should pretty much be able to see how much they made, no?

Independent contractor loans were capped at 2.5X of $100k, so you can see if someone hit the 100k mark, but thankfully you can't see beyond that... now I'm thinking thank goodness they capped it at that. You'll forgive a company for having millions in payroll (and each employee is capped at $100k too), but if you find out that your miserly next door neighbor earned 7 figures you might not have been so charitable...

Obviously not talking about you specifically...

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2418 on: December 03, 2020, 10:10:39 AM »
I just noticed that Kabbage now has the forgiveness application up and running. Seems very simple and straight forward. Any reasons for a sole prop to wait?
I'm also a bit confused what the PDF forgiveness application is all about, if Kabbage has you enter everything through their website.

ETA: Seems that after answering the questions on Kabbage, you have to upload docs, so I'm guessing that just helps to prefill it, but not totally sure about that.
If there's any important instructions that's necessary for the forgiveness to be processed correctly, would like to know that.

The SBA released the pdf applications for banks and borrowers to know what's expected. Banks can then use the pdf as a guideline on what info they should collect via their own portal- there's no requirement to complete the actual pdf as is, as long as the information requested is being provided.

Offline avrohomgelb

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2419 on: December 03, 2020, 11:55:25 AM »
As an independent contractor what am I supposed to write if there's no set payroll?

Offline ShimshonK

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Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2421 on: December 03, 2020, 11:35:11 PM »
As an independent contractor what am I supposed to write if there's no set payroll?
I figured it makes no difference so I just picked one, but I have not yet submitted for the docs yet, so can still change if need to.
I also wasn't sure if we were supposed to fill out 1 for the employee number, but I believe that was the sole prop. instructions when we applied, so I guessed that's correct now too.

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2422 on: December 03, 2020, 11:55:17 PM »
What docs are they asking for? I thought small land donít need any docs just signing that one form?
Not exactly sure, but see screenshots attached.
If your loan is under $2M I believe, it automatically says that you qualify for some simpler form.
There's a few questions to answer for application setup and for payroll costs, then there's a couple more before you get to the submit button where it mentions uploading documents. I haven't pressed submit yet, so I don't know what happens next.




« Last Edit: December 03, 2020, 11:58:36 PM by ShimshonK »

Offline YossieW

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2423 on: December 05, 2020, 08:50:37 PM »
is there any reason to wait on PPP loan forgiveness or should you do it as soon as possible now that places, at least Kabbage has opened up the forgiveness application ?

applied for forgiveness about 10 days ago and today recieved this email via Kabbage

Congratulations! The SBA has confirmed forgiveness of your entire Paycheck Protection Program (PPP) loan! Thereís nothing else that we need from you.

Keep in mind that the SBA requires you to keep PPP documentation for six years after the date the loan is forgiven. Youíll be responsible for providing access to these files if requested in the future.

We appreciate the opportunity to serve you.

Regards,

The K Servicing Team

Online YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2424 on: December 05, 2020, 10:02:56 PM »
applied for forgiveness about 10 days ago and today recieved this email via Kabbage

Congratulations! The SBA has confirmed forgiveness of your entire Paycheck Protection Program (PPP) loan! Thereís nothing else that we need from you.

Keep in mind that the SBA requires you to keep PPP documentation for six years after the date the loan is forgiven. Youíll be responsible for providing access to these files if requested in the future.

We appreciate the opportunity to serve you.

Regards,

The K Servicing Team
Congrats!!

Did you file as sole prop? If yes, did you have to provide documentation about where the money was spent?

Offline YossieW

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2425 on: December 05, 2020, 10:16:50 PM »
Congrats!!

Did you file as sole prop? If yes, did you have to provide documentation about where the money was spent?
yes sole prop

no i went through the portal they provided, answered the questions and then used my tax return schedule c which they already had and thats the only documentation i provided

Online YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2426 on: December 05, 2020, 10:17:28 PM »
yes sole prop

no i went through the portal they provided, answered the questions and then used my tax return schedule c which they already had and thats the only documentation i provided
Wow, thanks!

Offline avrohomgelb

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2427 on: December 05, 2020, 10:23:47 PM »
yes sole prop

no i went through the portal they provided, answered the questions and then used my tax return schedule c which they already had and thats the only documentation i provided
I'm in the same situation as you, but Kabbage is asking for my 1099 misc which my accountant says I don't have.
« Last Edit: December 05, 2020, 10:28:40 PM by avrohomgelb »

Offline dovy2

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2428 on: December 06, 2020, 06:24:57 PM »
applied for forgiveness about 10 days ago and today recieved this email via Kabbage

Congratulations! The SBA has confirmed forgiveness of your entire Paycheck Protection Program (PPP) loan! Thereís nothing else that we need from you.

Keep in mind that the SBA requires you to keep PPP documentation for six years after the date the loan is forgiven. Youíll be responsible for providing access to these files if requested in the future.

We appreciate the opportunity to serve you.

Regards,

The K Servicing Team

I assume you didn't have the EIDL advance?

Offline LNS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2429 on: December 06, 2020, 07:54:12 PM »
any reason to listen to kabbage and wait for the eligibility period to be over?