SBA PPP and EIDL Small Business Loans (some money is forgivable)

[cgr]

Is the current advance grant going to be deducted from the ppp draw 2 forgiveness?

No. No more silly EIDL/PPP forgiveness deductions.

[TBD]

Anyone receiving the EIDL grant email from SBA, please post and include the date you applied for EIDL. Thanks

[TBD]

Got funded the first round with cross river on the with 1125-e Compensation of Officers, tried submitting it for round two and was declined, so I sent it into biz2credit and it's been holding by submitted to SBA for over a week now. Anyone else have that issue, or know if CR will do it with just 1125-E again?

I know someone else who is over a week by biz2credit and still showing submitted to SBA, however on the https://caweb.sba.gov/ portal he has already a E-tran number. Thanks @AsherO

[AsherO]

Anyone receiving the EIDL grant email from SBA, please post and include the date you applied for EIDL. Thanks

It was either first few days of April or first few days of May, I think the latter. I tried tapping into my inner @TimT but couldn’t find it in this thread.

[TBD]

Anyone receiving the EIDL grant email from SBA, please post and include the date you applied for EIDL. Thanks

Or post the date your EIDL "GRANT" was deposited in your bank account

[AsherO]

Or post the date your EIDL "GRANT" was deposited in your bank account

My grant posted April 24th, I guess I applied early April but I’m not 100% sure.

[S209]

Or post the date your EIDL "GRANT" was deposited in your bank account

5/22/20

[dovy2]

I got the email. my first advance was deposited 4/14 (i think i applied 2 weeks earlier)

[minkr]

Just received the EIDL application. Originally got 1k, deposited 4/27.

Question - as an independent contractor on a 1099, what do I write for "number of employees" - 0 or 1? I always get confused by this question. I don't recall how I originally filled out.

[cgr]

Just received the EIDL application. Originally got 1k, deposited 4/27.

Question - as an independent contractor on a 1099, what do I write for "number of employees" - 0 or 1? I always get confused by this question. I don't recall how I originally filled out.

1

[TBD]

Got my EIDL application email tonight, filled it out and submitted it. Most of the information is pre-filled and the only information you add is your gross revenue for each month of 2019, 2020, and 2021 year-to-date. If your application is accepted, you will need to provide access for them to request a 4506-T to confirm your information for 2019.

Just make sure that the monthly revenue numbers are the same than what you entered on the PPP2 application from the 2 Quarters with the 25% reduction, in order to avoid audits later

[AsherO]

Just make sure that the monthly revenue numbers are the same than what you entered on the PPP2 application from the 2 Quarters with the 25% reduction, in order to avoid audits later

You think? They’d have to be smart to check that. Isn’t EIDL revenue and PPP payroll, so it would only be the same for independent contractors/sole proprietors?

[TBD]

You think? They’d have to be smart to check that. Isn’t EIDL revenue and PPP payroll, so it would only be the same for independent contractors/sole proprietors?

By PPP2 application you need to enter the amount of revenue from a Q in 2019 and a Q of 2020 to show the 25% reduction to be eligible to apply

[AsherO]

By PPP2 application you need to enter the amount of revenue from a Q in 2019 and a Q of 2020 to show the 25% reduction to be eligible to apply

Good point. I’m not sure I input a breakdown though, since I had a YoY loss.

[wanderingjew678]

I know someone else who is over a week by biz2credit and still showing submitted to SBA, however on the https://caweb.sba.gov/ portal he has already a E-tran number. Thanks @AsherO

Thank you. Can anyone check there, or you need to be a bank or something to register?

[AsherO]

Thank you. Can anyone check there, or you need to be a bank or something to register?

You can register as a borrower as long as you have an SBA loan number from a previous loan (e.g. 1st round PPP or EIDL). The registration is super buggy/quirky.

[wanderingjew678]

You can register as a borrower as long as you have an SBA loan number from a previous loan (e.g. 1st round PPP or EIDL). The registration is super buggy/quirky.

Financial Commitment ID - This is the etrans number?  The only number I have is a loan # from scratch.

[AsherO]

Financial Commitment ID - This is the etrans number?  The only number I have is a loan # from scratch.

Try it on CAWEB and see if it accepts it. If not it’ll tell you that SSN/EIN, loan number doesn’t match.

[wanderingjew678]

Try it on CAWEB and see if it accepts it. If not it’ll tell you that SSN/EIN, loan number doesn’t match.

It told me that already. It only allows for SSN not EIN.

[TBD]

https://www.sba.gov/sites/default/files/2021-02/PPP_Report_Public_210207-508.pdf