Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 166745 times)

Offline Shua

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2925 on: January 19, 2021, 10:25:02 AM »
Looking forward to reports of 2nd draw SBA approvals via various lenders :)

Just got approved! Thank you @cgr for all your help!

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2926 on: January 19, 2021, 10:36:48 AM »
Just got approved! Thank you @cgr for all your help!

With whom?

Offline Shua

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Offline helpusout

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2928 on: January 19, 2021, 11:54:26 AM »
anyone know about loans up to 5mm from sba for real estate expansion? how do I apply?

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2929 on: January 19, 2021, 01:41:58 PM »
On cross river for partnership 1065.

They ask you for following documents.
1-driver license for partner A.
2-driver license for partner B.
3- void check
4- Feb 2020 bank statement.
5-1040 SCHEDULE C FROM 2019 OR 2020.
6- Form 1065 k-1

What are you supposed to submit for #5?
THERE IS NO SCHEDULE C ON A PARTNERSHIP.

They won't let you go further unless you put in #5 as well.


Someone else tried applying with cross river as a partnership and got the same above error.

Any guidance what to do?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2930 on: January 19, 2021, 01:50:34 PM »
Someone else tried applying with cross river as a partnership and got the same above error.

Any guidance what to do?

I'll find out for you

Offline oldguy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2931 on: January 19, 2021, 02:04:13 PM »
Thanks :) I changed on the others but still debating about changing here because loads of 1099ers have no expenses reported, and I don't want them jumping the gun... need to give it some thought.
So i'm all lost here, With a 1099 how many weeks would they have to wait?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2932 on: January 19, 2021, 02:15:35 PM »
So i'm all lost here, With a 1099 how many weeks would they have to wait?

Owners can only pay themselves a maximum of 1/52 of what their owner compensation loan is based on per week. This means that if using eligible funds for owner compensation only you'll use it up in ~10.75 weeks, but if mixing in other expenses you can use as quickly as ~6.75 weeks.

Offline oldguy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2933 on: January 19, 2021, 02:18:27 PM »

Thank you so very much for your help!
1 more question (for now..) If someone living in EY and has a schedule C, Are they eligible for PPP? because 1 of the question is if the primary residence in in the USA

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2934 on: January 19, 2021, 02:21:42 PM »
Thank you so very much for your help!
1 more question (for now..) If someone living in EY and has a schedule C, Are they eligible for PPP? because 1 of the question is if the primary residence in in the USA

I'm pretty sure you must live in the US.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2935 on: January 19, 2021, 02:23:22 PM »

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2936 on: January 19, 2021, 02:56:47 PM »
So i'm all lost here, With a 1099 how many weeks would they have to wait?
Further, an eligible borrower must have already received a first draw PPP loan and must have used the full amount of its PPP loan for permitted purposes prior to the disbursement of the Second Draw PPP loan. The EAA required that the loan had been or “will be used” without specifying the time period for such use. The Second Draw PPP IFR interprets that to mean that borrowers can apply for a Second Draw PPP loan before they have fully used the PPP loan, but cannot receive the disbursement of the Second Draw PPP loan until they have fully used the original PPP proceeds.

https://www.klgates.com/SBA-Publishes-PPP-30-Regulations-and-PPP-Second-Draw-Loan-Regulations-1-11-2021

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2937 on: January 19, 2021, 03:03:01 PM »

Offline est

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2938 on: January 19, 2021, 06:24:50 PM »
Looking forward to reports of 2nd draw SBA approvals via various lenders :)

I just got my approval from biz2credit!

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2939 on: January 19, 2021, 06:30:04 PM »
Disappointing news ahead for those that were eagerly awaiting the Targeted Grant program, and did not previously apply:
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/covid-19-economic-injury-disaster-loans#section-header-6