Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 174910 times)

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2550 on: December 28, 2020, 09:50:14 PM »
I'm seeing different numbers below poverty level from that link and other sources from Google like https://opportunitydb.com/

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2551 on: December 28, 2020, 09:55:28 PM »
Any insight into rules for businesses that were run as a sole proprietorship last year and changed to an entity this year? They're looked at as 2 completely separate businesses?
Unfortunately, an entity I opened was only in March, so can't get anything for that, but can I get as a sole prop for my 2019 income?

Offline Luvisrael

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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2553 on: December 29, 2020, 03:27:06 PM »
Anyone here has a Cross River contact who I can talk to regarding referrals/commissions? I have a nice customer base and have also partnered with an org/agency similar to mine.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2554 on: December 29, 2020, 03:42:55 PM »
Anyone here has a Cross River contact who I can talk to regarding referrals/commissions? I have a nice customer base and have also partnered with an org/agency similar to mine.

If you were getting a commission I would definitely consider using your bank/referral link

Online nafnaf12

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2555 on: December 29, 2020, 03:43:09 PM »
Anyone here has a Cross River contact who I can talk to regarding referrals/commissions? I have a nice customer base and have also partnered with an org/agency similar to mine.
yes
A smooth sea never made a skilled sailor.

Offline cgr

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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2557 on: December 29, 2020, 03:45:53 PM »
https://elevdt.com/

"Preregister".

That site states:
Quote
▪It’s still unclear if EIDL grants will be deducted if you received PPP funding


What does that mean?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2558 on: December 29, 2020, 03:48:42 PM »

What does that mean?

▪It’s still unclear if EIDL grants will be deducted if you received PPP funding
That they didn't read the bill?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2559 on: December 29, 2020, 04:34:03 PM »
Anyone here has a Cross River contact who I can talk to regarding referrals/commissions? I have a nice customer base and have also partnered with an org/agency similar to mine.

If you're responding to my inquiry- looking for someone from Cross River, not for affiliate institutions.

Offline Crunchy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2560 on: December 29, 2020, 04:59:30 PM »
Can I apply for the PPP loan for a corp with no employees and the owner of the corp is on a W-2 by a different company ?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2561 on: December 29, 2020, 05:06:51 PM »
Can I apply for the PPP loan for a corp with no employees and the owner of the corp is on a W-2 by a different company ?
Your corp needs to have payroll for it to qualify for a loan.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2562 on: December 30, 2020, 07:28:23 PM »
There seems to be some confusion surrounding EIDL grants, so I'm going to take a moment to hopefully clear things up:

EIDL Grants
Same as last time- $1k per employee, up to $10k
Open to those who applied after grant funding had depleted, or who have not yet applied at all

EIDL Targeted Grants
$10k grants (not based on # of employees) to businesses in low-income communities who suffered a 30% decline in gross receipts over an 8 week period.
Open to those who received less than $10k in the first round, who applied after grant funding had depleted, or who have not yet applied at all.


So: if you are in a low-income community, suffered at least a 30% decline in gross receipts over 8 weeks, and have less than 10 employees the Targeted grant is more beneficial to you.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2563 on: December 30, 2020, 07:36:55 PM »
EIDL Grants
Same as last time- $1k per employee, up to $10k
Open to those who applied after grant funding had depleted, or who have not yet applied at all

If someone got this last time (along with an EIDL loan, but doesn’t qualify for the $10k targeted grant), can they get a second EIDL grant?

IOW, When you say “same as last time” do you mean the grant is open again, or that there’s another grant that’s the same terms as last time?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2564 on: December 30, 2020, 07:45:10 PM »
If someone got this last time (along with an EIDL loan, but doesn’t qualify for the $10k targeted grant), can they get a second EIDL grant?

IOW, When you say “same as last time” do you mean the grant is open again, or that there’s another grant that’s the same terms as last time?

The same program is reopening, it's not Round 2- they just secured more funding.
Perhaps if you have more employees now you can get the difference? That I'm not sure yet.