Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 166038 times)

Offline 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?

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

Online 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 »

Offline 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.

Offline 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.

Online 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.

Offline LAX_Esq

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2440 on: December 21, 2020, 05:40:09 PM »
The new bill allows for complete forgiveness of PPP loans without subtraction of the EIDL amount. Why do the forgiveness now, right? Might as well wait until the new bill goes through and banks revise their processes.

Online YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2441 on: December 21, 2020, 06:44:19 PM »
Can someone clarify this for me. If I already got PPP, can I get it again after this bill? Or is this bill just for those who didn't get it the last time around?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2442 on: December 21, 2020, 06:47:01 PM »
Can someone clarify this for me. If I already got PPP, can I get it again after this bill? Or is this bill just for those who didn't get it the last time around?

You are eligible for another round if you can show losses of 25% YoY for any quarter of 2020, and maybe some other qualifiers.

Online YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2443 on: December 21, 2020, 06:50:09 PM »
You are eligible for another round if you can show losses of 25% YoY for any quarter of 2020, and maybe some other qualifiers.
Okay, thanks!

So basically, if I'm a sole props, and I tally my invoices for one quarter of 2020 and it's 25 percent less than my invoices for the same quarter a year earlier, I can apply for round 2?

Offline LAX_Esq

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2444 on: December 21, 2020, 06:53:26 PM »
You are eligible for another round if you can show losses of 25% YoY for any quarter of 2020, and maybe some other qualifiers.

I've read the same in media reports, but I tried looking and haven't seen any article where the details are spelled out beyond what you said.