Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 174907 times)

Online Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2565 on: December 30, 2020, 08:41:18 PM »
Self employed with no employees, who last time got 1k eidl grant, but didn't take the eidl loan, and got some ppp, are they now able to get eidl targeted, for an automatic full 9k grant? (Low income census/30% decline)

Also, can they get ppp round 2?

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2566 on: December 30, 2020, 08:49:18 PM »
Self employed with no employees, who last time got 1k eidl grant, but didn't take the eidl loan, and got some ppp, are they now able to get eidl targeted, for an automatic full 9k grant? (Low income census/30% decline)

Also, can they get ppp round 2?
YES and YES(with 25% reduction QoQ

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2567 on: December 30, 2020, 09:25:31 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?
Any input on this?
Wondering for PPP and EIDL purposes.

Offline dovy2

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2568 on: December 31, 2020, 05:53:48 PM »
What are nonprofits able/supposed to prove the 25% deduction in gross receipts?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2569 on: December 31, 2020, 06:00:33 PM »
What are nonprofits able/supposed to prove the 25% deduction in gross receipts?
Are you asking if they're supposed to? Yes they are.

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2570 on: December 31, 2020, 06:10:18 PM »
Sole proprietor on a 1099. If one can show a loss of revenue but say for example they made money a different way for example they have a second job or their spouse made more money that year, would it be a problem to do PPP? Meaning the money would prob just go straight to savings… or in a few months they may be buying a house, is such a scenario problematic at all?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2571 on: December 31, 2020, 07:24:11 PM »
Sole proprietor on a 1099. If one can show a loss of revenue but say for example they made money a different way for example they have a second job or their spouse made more money that year, would it be a problem to do PPP? Meaning the money would prob just go straight to savings… or in a few months they may be buying a house, is such a scenario problematic at all?
We'll need to wait for guidance. Might require a certification that it's necessary to continue operating the business, or it might just require the 25% reduction.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2572 on: December 31, 2020, 08:02:39 PM »
Are you asking if they're supposed to? Yes they are.
https://myemail.constantcontact.com/Webinar-Recording---Recap--The-New-COVID-Relief-Bill.html?soid=1123722063264&aid=-ALwGUXfiwY

Open questions about PPP:

    We reached out to the SBA to explain what is included in “gross receipts” – specifically as it relates to school lunch programs and provider healthcare relief funds.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2573 on: December 31, 2020, 11:18:43 PM »
Might require a certification that it's necessary to continue operating the business

Wouldn’t that significantly narrow eligibility beyond the stipulations in the relief bill?

Offline est

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2574 on: January 04, 2021, 11:01:23 AM »
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.
Are you still working on this? I would wait to apply....

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2575 on: January 04, 2021, 11:24:43 AM »
Are you still working on this? I would wait to apply....
Thanks:)
Applications aren't actually available yet, but yes, I hope to have an answer later today.

Offline davs

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2576 on: January 04, 2021, 01:32:19 PM »
Any input on this?
Wondering for PPP and EIDL purposes.
I have the exact same question. Any info on this?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2577 on: January 04, 2021, 02:39:03 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?
I found a post online about someone in a similar situation in round 1 who got a loan for his S Corp based on his 2019 Schedule C. Very possible that it was a bank oversight somehow though...
https://proconnect.intuit.com/community/tax-talk/discussion/ppp-change-of-business-entity/00/100122

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2578 on: January 04, 2021, 03:37:02 PM »
Thanks:)
Applications aren't actually available yet, but yes, I hope to have an answer later today.
Not going to be today but I've narrowed it down to two options, and iyh I'll know tomorrow which one I'm going with. Either way I will have a partner who will process my loans (need to confirm that I'm going with the one who provides a better service so that my people get the best ;))

Some partners are going to be opening portals today/tomorrow, but banks can't accept and process loans until SBA guidance is out, which should be within the next day or two.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2579 on: January 04, 2021, 04:30:39 PM »
Not going to be today but I've narrowed it down to two options, and iyh I'll know tomorrow which one I'm going with. Either way I will have a partner who will process my loans (need to confirm that I'm going with the one who provides a better service so that my people get the best ;))

Some partners are going to be opening portals today/tomorrow, but banks can't accept and process loans until SBA guidance is out, which should be within the next day or two.

Exciting. Will it make a difference whether someone got a PPP in a previous round or with which lender?