Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 215218 times)

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3040 on: January 27, 2021, 01:49:25 PM »
If I get funded for PPP first draw on, say, Feb 15th, can I immediately apply for PPP second draw as long as I don't get funded before April 15th? And will it mean that I made the 3/31 deadline?

Banks are not allowed to keep an application approved for more than 10 days without funding or else it expires.
Each bank will have different rules for how close to that 3/31 deadline they'll accept applications.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3041 on: January 27, 2021, 01:52:12 PM »
Banks are not allowed to keep an application approved for more than 10 days without funding or else it expires.
Each bank will have different rules for how close to that 3/31 deadline they'll accept applications.

Pretty sure my Dime PPP (from the 1st round) had SBA approval for well over 10 days with Dime dragging their feet underwriting it. The first thing they did when I applied was get an SBA number and effectively an approval.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3042 on: January 27, 2021, 01:55:12 PM »
Pretty sure my Dime PPP (from the 1st round) had SBA approval for well over 10 days with Dime dragging their feet underwriting it. The first thing they did when I applied was get an SBA number and effectively an approval.

Could be it's specific to this round- I know Cross River doesn't even offer 10 days now.

Offline yossisch1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3043 on: January 27, 2021, 02:42:46 PM »
I applied with Cross River on the 18th.  I just received this. should I also apply elsewhere?

Dear Applicant:

Thank you for choosing Cross River for your Small Business Administration (SBA) Paycheck Protection Program (PPP) loan. As you may be aware, we use a highly automated system to review your loan application and uploaded documents. We have determined that your application will require a manual review by our team. We are working around the clock to properly validate your application and will try to resolve in the coming days. In the meantime, please feel free to check your loan status here and please continue to check your email as we may send requests for additional documents or clarification.
 
Once a determination is made, your loan will either be processed or you may be prompted to re-apply. Before you re-apply, please review the required documents relevant to your particular application as well as helpful hints to ensure you can successfully re-apply.

Sincerely,
Cross River Bank

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3044 on: January 27, 2021, 02:47:31 PM »
I applied with Cross River on the 18th.  I just received this. should I also apply elsewhere?

Dear Applicant:

Thank you for choosing Cross River for your Small Business Administration (SBA) Paycheck Protection Program (PPP) loan. As you may be aware, we use a highly automated system to review your loan application and uploaded documents. We have determined that your application will require a manual review by our team. We are working around the clock to properly validate your application and will try to resolve in the coming days. In the meantime, please feel free to check your loan status here and please continue to check your email as we may send requests for additional documents or clarification.
 
Once a determination is made, your loan will either be processed or you may be prompted to re-apply. Before you re-apply, please review the required documents relevant to your particular application as well as helpful hints to ensure you can successfully re-apply.

Sincerely,
Cross River Bank


It might be something on the SBA side. Still the question stands, would that mean youíd necessarily get the same result applying from another lender/platform?

How long did it take you to apply with Cross River and do you have handy all the documents you used?

Offline yossisch1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3045 on: January 27, 2021, 02:59:56 PM »
It might be something on the SBA side. Still the question stands, would that mean youíd necessarily get the same result applying from another lender/platform?

How long did it take you to apply with Cross River and do you have handy all the documents you used?

It took me a long time.  Does that matter?  I do have all the docs handy.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3046 on: January 27, 2021, 03:00:58 PM »
I applied with Cross River on the 18th.  I just received this. should I also apply elsewhere?

Dear Applicant:

Thank you for choosing Cross River for your Small Business Administration (SBA) Paycheck Protection Program (PPP) loan. As you may be aware, we use a highly automated system to review your loan application and uploaded documents. We have determined that your application will require a manual review by our team. We are working around the clock to properly validate your application and will try to resolve in the coming days. In the meantime, please feel free to check your loan status here and please continue to check your email as we may send requests for additional documents or clarification.
 
Once a determination is made, your loan will either be processed or you may be prompted to re-apply. Before you re-apply, please review the required documents relevant to your particular application as well as helpful hints to ensure you can successfully re-apply.

Sincerely,
Cross River Bank

I work closely with one of the largest Cross River affiliates, and according to him if you need a manual review you're going nowhere- they simply don't do it.
Feel free to PM me.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3047 on: January 27, 2021, 03:03:19 PM »
It took me a long time.  Does that matter?  I do have all the docs handy.

It matters because it took me very little time and thus I wouldnít hesitate to apply elsewhere. If itís a lot of time then it might be easier/quicker to address the issues here, assuming thatís possible.

Offline yossisch1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3048 on: January 27, 2021, 03:08:03 PM »
It matters because it took me very little time and thus I wouldnít hesitate to apply elsewhere. If itís a lot of time then it might be easier/quicker to address the issues here, assuming thatís possible.

Now I know what I need shouldn't take that long.  What bank is doing it fastest?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3049 on: January 27, 2021, 03:10:01 PM »
Now I know what I need shouldn't take that long.  What bank is doing it fastest?

I donít think itís that simple, probably depends on your situation and a little bit on luck too. Consider contacting someone with more expertise.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3050 on: January 27, 2021, 03:54:50 PM »
Did anybody get an approval from Cross river?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3051 on: January 27, 2021, 04:02:51 PM »
Did anybody get an approval from Cross river?

Iíve seen multiple reports (not on DDF) of Cross River approval.

Offline ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3052 on: January 27, 2021, 04:19:07 PM »
1. If I had (as self-employed) a drop in revenue of more than 25% in a certain quarter in 2020 compared to the same quarter in 2019, but my total revenue for 2020 was higher than it was in 2019, can I use the 2020 tax year in order to calculate my "average monthly payroll"?

2. If I had a drop in revenue of more than 25% in a certain quarter in 2020, and total gross revenue for 2020 was also lower, but I still have the flexibility to claim less expenses on my 2020 tax return, bringing the 2020 taxable income higher, can I do that and get a higher PPP 2nd draw loan? If yes, is there a drawback to it (other than possibly dealing with the various consequences of higher income on the 2020 schedule C)
« Last Edit: January 27, 2021, 04:30:01 PM by ExGingi »
I've been waiting over 5 years with bated breath for someone to say that!
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3053 on: January 27, 2021, 04:55:11 PM »
1. If I had (as self-employed) a drop in revenue of more than 25% in a certain quarter in 2020 compared to the same quarter in 2019, but my total revenue for 2020 was higher than it was in 2019, can I use the 2020 tax year in order to calculate my "average monthly payroll"?
Yep- favorite scenario for me:)

2. If I had a drop in revenue of more than 25% in a certain quarter in 2020, and total gross revenue for 2020 was also lower, but I still have the flexibility to claim less expenses on my 2020 tax return, bringing the 2020 taxable income higher, can I do that and get a higher PPP 2nd draw loan? If yes, is there a drawback to it (other than possibly dealing with the various consequences of higher income on the 2020 schedule C)
Yep, you can do that. No drawback other than your tax situation.

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3054 on: January 27, 2021, 05:23:55 PM »
Someone that applied through Cross River on Feb 18th, and now received the above email that it needs a manual review, should he just apply again through biz2credit?

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3055 on: January 27, 2021, 05:41:09 PM »
PSA for anyone applying with more than one bank:
The SBA will deny your application if you already received SBA approval elsewhere, even if that bank can't fund you for whatever reason. You must withdraw your original application to proceed elsewhere.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3056 on: January 27, 2021, 05:44:42 PM »
PSA for anyone applying with more than one bank:
The SBA will deny your application if you already received SBA approval elsewhere, even if that bank can't fund you for whatever reason. You must withdraw your original application to proceed elsewhere.

Anyone who got a first draw or EIDL loan can create a caweb account to see if they have an SBA loan number for PPP2

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3057 on: January 27, 2021, 05:45:32 PM »
Someone that applied through Cross River on Feb 18th, and now received the above email that it needs a manual review

@Dan what is Cross River saying about manual review?

Offline shulemw

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3058 on: January 27, 2021, 06:28:59 PM »
I actually had a loan applied by cross river that they messed up the numbers. I reached out to them 3 days ago and they said a manual review will be done

Today I got a new dochub to sign with the correct amount and someone emailed me from cross river to make sure I got it

So manual review does not take so long. Just relax a few days

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3059 on: January 27, 2021, 06:36:18 PM »
I actually had a loan applied by cross river that they messed up the numbers. I reached out to them 3 days ago and they said a manual review will be done

Today I got a new dochub to sign with the correct amount and someone emailed me from cross river to make sure I got it

So manual review does not take so long. Just relax a few days

Depends on the type of manual review. If you have a slightly complicated application, I was told they won't do it- I'd love to hear otherwise because I know of someone who's dropping Cross River now and it's a hard move, so if it's not necessary I'd like to know.