Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535886 times)

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1316
  • Total likes: 206
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States

Online AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3221 on: February 17, 2021, 07:46:57 PM »
https://www.sba.gov/sites/default/files/2021-02/PPP_Report_Public_210215-508.pdf

Phase of new approvals really slowed down

Or applications have slowed down people who were eager applied already.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline dovy2

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Oct 2012
  • Posts: 2379
  • Total likes: 299
  • DansDeals.com Hat Tips 24
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3222 on: February 17, 2021, 10:58:39 PM »
Almost 4 weeks and still waiting for kabbage... Anyone have luck with them?

Offline alexk.

  • Dansdeals Gold Elite
  • ***
  • Join Date: Apr 2009
  • Posts: 183
  • Total likes: 44
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3223 on: February 18, 2021, 09:45:30 AM »
Almost 4 weeks and still waiting for kabbage... Anyone have luck with them?
We had submitted with Kabbage a few weeks ago ( figuring they had our info from round 1 that was with Cross River). When I signed in a week later, it said that I should go to Cross River to apply since that was who our original loan was done through. Not sure if that means that they are not really doing this round.

Online AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3224 on: February 18, 2021, 12:57:10 PM »
Bluevine is finally working on forgiveness, though it isn't ready yet:

Quote
Subject: Update on your PPP Loan Forgiveness application

We’re working diligently to incorporate the Small Business Administration’s (SBA) requirements into your online Paycheck Protection Program (PPP) application.

You’ll receive a streamlined application that requires you to complete a simplified form about your use of PPP Loan funds. For this faster application, you may also need to provide additional supporting documentation during or after submission (based on SBA guidance). Receiving an Economic Injury Disaster Loan (EIDL) advance won’t impact the amount you're eligible for in loan forgiveness.

We’ll email you once your application is ready, so keep an eye on your inbox in the coming months. When we invite you to apply, you'll have at least 30 days to complete your application before repayments may start. We'll be sure to send reminders to keep you aware of the timeline.

We look forward to a quick review of your application.

The BlueVine team
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline Traveler718

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2010
  • Posts: 1220
  • Total likes: 693
  • DansDeals.com Hat Tips 3
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3225 on: February 18, 2021, 01:35:11 PM »
1) What needs to happen with respect to 1st draw forgiveness before applying for 2nd draw - use of 100% of 1st draw funds for approved purposes, submission of forgiveness app, approval of forgiveness app? How long does it typically take to receive forgiveness from the time of submission, assuming all is in order and a straightforward case?

2) Regarding forgiveness, do I get the form from my lender or from SBA? And do I submit it through my lender or directly to SBA? Will I need to submit supporting documentation of the expenses I used the money for, or just fill out the amounts and self-affirm that they are valid and accurate?

3) What needs to happen by 3/31 for 2nd draw - application submitted, application, approved, or account funded?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4378
  • Total likes: 1320
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3226 on: February 18, 2021, 02:06:52 PM »
1) What needs to happen with respect to 1st draw forgiveness before applying for 2nd draw - use of 100% of 1st draw funds for approved purposes, submission of forgiveness app, approval of forgiveness app? How long does it typically take to receive forgiveness from the time of submission, assuming all is in order and a straightforward case?

2) Regarding forgiveness, do I get the form from my lender or from SBA? And do I submit it through my lender or directly to SBA? Will I need to submit supporting documentation of the expenses I used the money for, or just fill out the amounts and self-affirm that they are valid and accurate?

3) What needs to happen by 3/31 for 2nd draw - application submitted, application, approved, or account funded?
1) use of 100% of 1st draw funds for approved purposes
2) get from your lender and submit with your lender. If your PPP was less than 50k, no documentation required
3) most likely is that you'll need an etran # from the SBA by that date. Funding will depend on the bank.

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1316
  • Total likes: 206
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3227 on: February 18, 2021, 02:15:24 PM »
Anyone got this from SBA EIDL loan?
Good Afternoon
Per your Loan Authorization and Agreement, please provide the following document(s):
Please provide a Board Resolution that includes:
A statement that the Board held a meeting
A statement that the Board authorizes acceptance of the SBA loan and specifying the loan amount
A statement designating an individual or individuals by name and title authorized to sign the SBA loan closing documents
The Resolution should be dated and signed by at least one Board member.  The signature should also include each Board member’s title.
Please provide hazard insurance covering your business contents.
Please email documents to this email address
Please be sure to include your SBA Disaster Loan Application number on the documents.  If you have any questions, please contact me at the number below.
Thank you,
Anyone who ignored this got any follow up requests?

Offline yomo

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2013
  • Posts: 1074
  • Total likes: 22
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3228 on: February 18, 2021, 07:06:01 PM »
Is there anyway to get the EIDL 10K grant if applying now?

Online AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3229 on: February 18, 2021, 07:09:08 PM »
Is there anyway to get the EIDL 10K grant if applying now?

New applicants aren’t officially included. My guess is that if there’s still grant funds left over they might offer it to applicants from after 12/27/2020 as well, though that’s a long shot.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline kargagaliciana

  • Dansdeals Silver Elite
  • **
  • Join Date: Oct 2013
  • Posts: 50
  • Total likes: 13
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3230 on: February 19, 2021, 09:12:47 AM »
COVID-19 Targeted EIDL Advance application

I filled out all the information on FEB. 9, havent gotten a response since then. Did anyone here get approved? any Information?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4378
  • Total likes: 1320
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3231 on: February 19, 2021, 10:24:16 AM »
COVID-19 Targeted EIDL Advance application

I filled out all the information on FEB. 9, havent gotten a response since then. Did anyone here get approved? any Information?
They officially have 21 days from submission.
Unofficially it could take them longer than that.

Offline shapsam

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Feb 2017
  • Posts: 3017
  • Total likes: 637
  • DansDeals.com Hat Tips 11
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3232 on: February 19, 2021, 12:30:49 PM »
They officially have 21 days from submission.
Unofficially it could take them longer than that.
Do you of anyone that received a response already?

Online AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3233 on: February 19, 2021, 01:06:52 PM »
Do you of anyone that received a response already?

I think you’d see more discussion of it online if it was happening.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Online Barryg

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2012
  • Posts: 1683
  • Total likes: 63
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Ohio
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3234 on: February 19, 2021, 01:18:49 PM »
Anyone who ignored this got any follow up requests?
I got request yesterday.
I sent a pdf titled

MY BUSINESS NAME Final Document

To whom it may concern,
I, BUSINESS OWNER'S NAME, owner and sole member of BUSINESS NAME decided on June 18th, 2020 to accept the EIDL loan in the amount of $****** from the Small Business Administration with loan number *********.
Signed and dated.

Within a few minutes got a response that confirmed receipt.


Offline Zalc

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1785
  • Total likes: 157
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: USA
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3235 on: February 21, 2021, 02:36:13 PM »
How long are applications with cross river taking now from start to funding?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4378
  • Total likes: 1320
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3236 on: February 21, 2021, 04:55:14 PM »
The new-unveiled American Rescue Plan includes an additional 7.25B for PPP, and 15B for Targeted EIDL. It also adds some additional eligibility possibilities for Targeted EIDL.

Writeup in my signature block below.

Online AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3237 on: February 21, 2021, 05:00:43 PM »
The new-unveiled American Rescue Plan includes an additional 7.25B for PPP, and 15B for Targeted EIDL. It also adds some additional eligibility possibilities for Targeted EIDL.

Writeup in my signature block below.

Would you say it can’t hurt to apply for EIDL? When do they pull credit?
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline lakewood34

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2017
  • Posts: 386
  • Total likes: 51
  • DansDeals.com Hat Tips 62
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3238 on: February 21, 2021, 08:33:00 PM »
The new-unveiled American Rescue Plan includes an additional 7.25B for PPP, and 15B for Targeted EIDL. It also adds some additional eligibility possibilities for Targeted EIDL.

Writeup in my signature block below.
what is the point of another 7.25 b for ppp
considering the current size of the program it does not seem like a lot also are they expecting the money to run out that they need to allocate more?

Online AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3239 on: February 21, 2021, 08:49:32 PM »
what is the point of another 7.25 b for ppp
considering the current size of the program it does not seem like a lot also are they expecting the money to run out that they need to allocate more?

If these details are being negotiated then it’s more about taking some money away from something else to PPP/EIDL to satisfy someone.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael