Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 178865 times)

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2940 on: January 19, 2021, 06:44:04 PM »
I just got my approval from biz2credit!

When did you apply?

Offline YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2941 on: January 19, 2021, 06:44:43 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
:(
Monkeys don't fly unless you put them on airplanes

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2942 on: January 19, 2021, 06:49:44 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
Oof. Think it's something that may be expanded in the new relief bill?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2943 on: January 19, 2021, 07:00:10 PM »
Oof. Think it's something that may be expanded in the new relief bill?

Probably not. Republicans like giving to corporations to support jobs. Democrats like to give to the employees/workers themselves.

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2944 on: January 19, 2021, 09:41:34 PM »
I read the new law. It clearly states that you can apply until Dec 31 2021. Either the SBA will get sued, or they're only giving to those that applied already, FIRST, and then after that they will allow anyone else to apply.
Unless I'm missing something @cgr

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2945 on: January 19, 2021, 09:48:25 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.

Now they updated it, and instead of a 1040 schedule c, they are asking for form 940.
But a partnership without payroll, does not file any 940. What should you attach?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2946 on: January 19, 2021, 10:16:38 PM »
I read the new law. It clearly states that you can apply until Dec 31 2021. Either the SBA will get sued, or they're only giving to those that applied already, FIRST, and then after that they will allow anyone else to apply.
Unless I'm missing something @cgr

You can apply for an EIDL loan until 12/31/2021. But for the up-to-$10k advance/grant in the recently passed bill they will be reaching out to:
- Those who already received a grant and might be eligible for additional funds
- Those who applied for EIDL before 12/27/2020.

Itís possible theyíll still give $$ to eligible applicants after 12/27/2021, but thatíll come last.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2947 on: January 19, 2021, 10:29:49 PM »
You can apply for an EIDL loan until 12/31/2021. But for the up-to-$10k advance/grant in the recently passed bill they will be reaching out to:
- Those who already received a grant and might be eligible for additional funds
- Those who applied for EIDL before 12/27/2020.

Itís possible theyíll still give $$ to eligible applicants after 12/27/2021, but thatíll come last.

My thoughts are that they did the math and realized they don't have enough funds to satisfy current applicants.
If they have leftover funds and decide to give to January applicants is anyone's guess...

Offline est

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2948 on: January 19, 2021, 10:41:03 PM »

Offline TBD

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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2950 on: January 20, 2021, 12:13:25 AM »




@cgr
https://www.sba.gov/sites/default/files/2021-01/PPP%20--%20IFR%20--%20Second%20Draw%20Loans%20%281.6.2021%29-508.pdf
Thanks. There's a discrepancy in the IFR and a later FAQ, so I'm trying to get some clarity before I make any changes.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2951 on: January 20, 2021, 12:14:55 AM »
Thanks. There's a discrepancy in the IFR and a later FAQ, so I'm trying to get some clarity before I make any changes.
There is a FAQ clearly stating to exclude COGS?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2952 on: January 20, 2021, 12:19:03 AM »
I was told by Cross River that the SBA is now rejecting applications that include any compensation in excess of 100k per owner/employee, regardless of what the compensation is for.
In other words they're now defining the cap at 100k in total per person. This does not follow the IFR, but since they're the SBA they can do as they wish...

They notice it less if the total number of employees divided by the total loan is less than 20,833. If it's one or two employees and it exceeds these caps, they're quick to notice.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2953 on: January 20, 2021, 12:19:36 AM »
There is a FAQ clearly stating to exclude COGS?
The one from today.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2954 on: January 20, 2021, 12:22:26 AM »
Thanks @cgr for all wonderful posts