Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 197582 times)

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

Offline 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?
Monkeys don't fly unless you put them on airplanes

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

Offline 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!
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Offline coffeebean

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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 »
I try to sound as intelligent as possible.

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?

Online Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2430 on: December 06, 2020, 11:02:34 PM »
I assume you didn't have the EIDL advance?
Y?
#TYH

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2431 on: December 06, 2020, 11:55:07 PM »
any reason to listen to kabbage and wait for the eligibility period to be over?
Any reason to rush if in the upcoming bill there is a provision for automatic forgiveness for loans under $150k?

Offline YossieW

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2432 on: December 07, 2020, 12:23:55 PM »
I assume you didn't have the EIDL advance?

i did get the advance, i put in that information in Kabbage and im not sure why but i still got the entire loan forgiven

Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2433 on: December 15, 2020, 05:46:07 PM »
Does anyone know anything about what Eastern Union is advertising that there's another round of PPP starting tomorrow?
« Last Edit: December 15, 2020, 06:32:41 PM by shapsam »

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2434 on: December 15, 2020, 06:03:38 PM »
Does anyone anything about what Eastern Union is advertising that there's another round of PPP starting tomorrow?
#FakeNews
Looks like they want to secure customers for the next round currently being discussed in the stimulus bill. Right now it doesn't look like there's any chance of it passing tomorrow. Maybe by Friday.

Online AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2435 on: December 15, 2020, 07:00:29 PM »
Does anyone know anything about what Eastern Union is advertising that there's another round of PPP starting tomorrow?

They donít know more than you can find out in the news.

Offline LNS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2436 on: December 16, 2020, 02:27:20 PM »
any reason to listen to kabbage and wait for the eligibility period to be over?

FORGIVEN!

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2437 on: December 16, 2020, 04:31:34 PM »
FORGIVEN!
Same. Shout out to @cgr for all the help.
On to the next round ;)

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2438 on: December 17, 2020, 12:45:14 AM »
Same. Shout out to @cgr for all the help.
On to the next round ;)
If you believe in next round than why did you apply for forgiveness?
Next round includes automatic forgiveness?

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2439 on: December 17, 2020, 06:31:27 PM »
If you believe in next round than why did you apply for forgiveness?
Next round includes automatic forgiveness?
No one knows what the next round will bring (if it happens).
I did the forgiveness just to get it done. Took a couple minutes and that was that. Didn't see a point in waiting when it was so simple to do.