Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535701 times)

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3160 on: February 09, 2021, 04:14:12 PM »
https://www.sba.gov/sites/default/files/2021-02/PPP_Report_Public_210207-508.pdf

The gap between Itria and Cross River is growing... Itria is making a killing. From what I've seen elsewhere they're getting eTran #s (so people can't get PPP from other lenders) then taking their jolly old time funding them...
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Offline avrumy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3161 on: February 09, 2021, 06:01:04 PM »
I see it says for the EIDL that the busienss has to be in a low income community. Is there a way for me to know if I  am?ty

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3162 on: February 09, 2021, 07:08:54 PM »
The gap between Itria and Cross River is growing... Itria is making a killing. From what I've seen elsewhere they're getting eTran #s (so people can't get PPP from other lenders) then taking their jolly old time funding them...
I respectfully disagree.
Applications entered about 2.5 weeks ago are facing some issues and taking longer to fund, but new applications are flying through the system and are mostly funded between 3 days and a week.

Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3163 on: February 09, 2021, 07:10:36 PM »
What should someone do if he got approved for forgiveness when they were still deducting the EIDL advance and he already made a payment towards the $1000, can he get the money back?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3164 on: February 09, 2021, 07:11:28 PM »
What should someone do if he got approved for forgiveness when they were still deducting the EIDL advance and he already made a payment towards the $1000, can he get the money back?

Certainly. Contact the lender and ask?
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Offline YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3165 on: February 09, 2021, 07:34:20 PM »
I see it says for the EIDL that the busienss has to be in a low income community. Is there a way for me to know if I  am?ty
This link (from the article @AsherO posted) worked - https://geomap.ffiec.gov/FFIECGeocMap/GeocodeMap1.aspx

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3166 on: February 09, 2021, 08:23:17 PM »


I found a better link that was shared elsewhere, will post it shortly.
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3167 on: February 09, 2021, 08:30:32 PM »
I found a better link that was shared elsewhere, will post it shortly.
You can find it in this article

http://chaiplus1.com/news/eidl/

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3168 on: February 09, 2021, 08:32:50 PM »
You can find it in this article

http://chaiplus1.com/news/eidl/

How did you know? I saw it somewhere other than your site, but there they wrote to use 2020 numbers, not sure where they got that from.

I’m very lucky because much of Jewish Crown Heights doesn’t qualify, but where I live does.
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Offline avrumy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3169 on: February 09, 2021, 09:08:34 PM »
If the census geographic data button does not let me click on it- i am not in a low income area?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3170 on: February 09, 2021, 10:05:21 PM »
If the census geographic data button does not let me click on it- i am not in a low income area?

Likely something with your browser, or your census tract didn’t load properly. This isn’t a site specifically low income areas, it’s supposed to show all available data (including economic data) for all census tracts.
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3171 on: February 09, 2021, 10:15:53 PM »
If the census geographic data button does not let me click on it- i am not in a low income area?
You need to select a year

Offline oldguy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3172 on: February 09, 2021, 10:46:36 PM »
I respectfully disagree.
Applications entered about 2.5 weeks ago are facing some issues and taking longer to fund, but new applications are flying through the system and are mostly funded between 3 days and a week.
+1.
I had 5 people that I helped out, that orig. applied with Cross river and got declined and applied with Biz2Go and 2 of them were approved and funded right away, The other 3 were just done yesterday..

Offline oldguy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3173 on: February 09, 2021, 11:57:56 PM »
Somebody got a PPP loan of 5525, when dividing in on weekly payroll it's more than $504 per week, are they still eligible for Unemployment?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3174 on: February 10, 2021, 12:12:33 AM »
Somebody got a PPP loan of 5525, when dividing in on weekly payroll it's more than $504 per week, are they still eligible for Unemployment?

Not over a 24 week covered period it isn't.
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Offline mord1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3175 on: February 10, 2021, 01:20:06 AM »
+1.
I had 5 people that I helped out, that orig. applied with Cross river and got declined and applied with Biz2Go and 2 of them were approved and funded right away, The other 3 were just done yesterday..
is that common- that cross river denies apps ( I thought the SBA was denying them)  and then you are able to push them through at other banks? 

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3176 on: February 10, 2021, 05:17:55 AM »
Somebody got a PPP loan of 5525, when dividing in on weekly payroll it's more than $504 per week, are they still eligible for Unemployment?
Not over a 24 week covered period it isn't.
Right. Depending on the state you're in, the number varies, but as I'm understanding it, I'd think anyone trying to maximize both PPP and unemployment simultaneously should claim the minimum amount that keeps the full unemployment rate, spread out over all allowed 24 weeks (or possibly less than 24 weeks if PPP is all used up from that alone) as you wouldn't be sacrificing any funds at all until that point. After that point, the PPP funds claimed would be reducing your unemployment earnings. In your example, you wouldn't hit that point.

PPP and UI/PUA interactions depend on the state.
In NY, earning under $504 is fine (assuming you're not working).
In NJ, you need to earn less than your PWBR, and if it's more than 20% of your WBR, every dollar you earn gets deducted from your UI/PUA payment.

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3177 on: February 10, 2021, 12:46:02 PM »
Are you allowed to spend all the PPP funds on payroll within the first 2 weeks after its received? Let's say there are more employees now than last year, so there's the ability to pay more employees in a shorter period of time.
And then after 2 weeks you can apply for second draw?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3178 on: February 10, 2021, 01:20:59 PM »
Are you allowed to spend all the PPP funds on payroll within the first 2 weeks after its received? Let's say there are more employees now than last year, so there's the ability to pay more employees in a shorter period of time.
And then after 2 weeks you can apply for second draw?
For employees yes, up to $1923/week.
For owners not.

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3179 on: February 10, 2021, 01:30:27 PM »
For employees yes, up to $1923/week.
For owners not.

Thanks!
Can you up the salary of employees that were already working in 2019?