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

[jack79]

Perhaps someone can advise.

After submitting my EIDL application I realized I should have reported a bit more income (under $1000) to 2019. The problem is that if they pull my tax transcripts it may show as inconsistent.

I called SBA. The rep first said I can wait to hear from them. If it turns out to be an issue I will have a chance to give an explanation.
Then she said I can email distastercustomerservice@sba.gov and they will add whatever I write to my application.

Today a different rep said to email pdc@reconsideration.sba.gov because it is a loan. It seemed to me that the first rep knew better what she was saying, but not sure.

Does anyone have an idea if it is better to sit it out and update them if there is an issue or to email them stating that x money should be added to month x of 2019?

Thanks in advance

[123-Rosh]

Perhaps someone can advise.

After submitting my EIDL application I realized I should have reported a bit more income (under $1000) to 2019. The problem is that if they pull my tax transcripts it may show as inconsistent.

I called SBA. The rep first said I can wait to hear from them. If it turns out to be an issue I will have a chance to give an explanation.
Then she said I can email distastercustomerservice@sba.gov and they will add whatever I write to my application.

Today a different rep said to email pdc@reconsideration.sba.gov because it is a loan. It seemed to me that the first rep knew better what she was saying, but not sure.

Does anyone have an idea if it is better to sit it out and update them if there is an issue or to email them stating that x money should be added to month x of 2019?

Thanks in advance

Sounds like you might need a lawyer. 

[AsherO]

Perhaps someone can advise.

After submitting my EIDL application I realized I should have reported a bit more income (under $1000) to 2019. The problem is that if they pull my tax transcripts it may show as inconsistent.

I called SBA. The rep first said I can wait to hear from them. If it turns out to be an issue I will have a chance to give an explanation.
Then she said I can email distastercustomerservice@sba.gov and they will add whatever I write to my application.

Today a different rep said to email pdc@reconsideration.sba.gov because it is a loan. It seemed to me that the first rep knew better what she was saying, but not sure.

Does anyone have an idea if it is better to sit it out and update them if there is an issue or to email them stating that x money should be added to month x of 2019?

Thanks in advance

Under $1k difference sounds negligible

[ShimshonK]

I guess people who already got their PPP would have to jump through hoops to get their lender to adjust their PPP amount?

https://www.nytimes.com/2021/02/22/business/smallbusiness/paycheck-protection-program-small-business-biden.html
"The S.B.A. will not retroactively change loans that have been disbursed, and it will not let those who already got loans return them and reapply, according to an agency official familiar with the plan, who was not authorized to speak publicly."

[AsherO]

https://www.nytimes.com/2021/02/22/business/smallbusiness/paycheck-protection-program-small-business-biden.html
"The S.B.A. will not retroactively change loans that have been disbursed, and it will not let those who already got loans return them and reapply, according to an agency official familiar with the plan, who was not authorized to speak publicly."

Basically mostly benefits newly eligible applicants or other latecomers.

[YitzyS]

Perhaps someone can advise.

After submitting my EIDL application I realized I should have reported a bit more income (under $1000) to 2019. The problem is that if they pull my tax transcripts it may show as inconsistent.

I called SBA. The rep first said I can wait to hear from them. If it turns out to be an issue I will have a chance to give an explanation.
Then she said I can email distastercustomerservice@sba.gov and they will add whatever I write to my application.

Today a different rep said to email pdc@reconsideration.sba.gov because it is a loan. It seemed to me that the first rep knew better what she was saying, but not sure.

Does anyone have an idea if it is better to sit it out and update them if there is an issue or to email them stating that x money should be added to month x of 2019?

Thanks in advance

I am far from an expert on this, but I would assume that you may want to send an email to any of the addresses mentioned. Not that it will accomplish anything, but if it ever comes Ch'v to criminal charges, having an email showing that you were upfront about it can probably save you a lot of heartache.

[mord1]

my wifes business was just denied by cross river.
for this:  "Insufficient information or documentation to make a PPP credit decision."
I submitted the same stuff I did for her as I did for my 2 businesses and didnt have a problem.  any ideas on where to go now?

[cgr]

my wifes business was just denied by cross river.
for this:  "Insufficient information or documentation to make a PPP credit decision."
I submitted the same stuff I did for her as I did for my 2 businesses and didnt have a problem.  any ideas on where to go now?

PM me

[AsherO]

BH there’s progress on the targeted advance. SBA emailed me this morning:

Continue Your SBA Economic Injury Disaster Loan Application

The status of your SBA Application No.xxxxxxxxx has been updated.

Login to your SBA Economic Injury Disaster Loan Portal account to continue with the next step.

When I signed in I saw:




There was also a 4506-T document to sign. Hoping funding comes quickly. Anyone else get this or EIDL funding?

[cgr]

BH there’s progress on the targeted advance. SBA emailed me this morning:

Continue Your SBA Economic Injury Disaster Loan Application

When I signed in I saw:




There was also a 4506-T document to sign. Hoping funding comes quickly. Anyone else get this or EIDL funding?

I have a feeling that this step resets the 21 day clock, but it's probably only sent to those who a) live in a LIC, and b) had a 30% reduction, so if you get it, you're on the right path.

[AsherO]

I have a feeling that this step resets the 21 day clock, but it's probably only sent to those who a) live in a LIC, and b) had a 30% reduction, so if you get it, you're on the right path.

Interesting. How many more such steps are there? :
(Asking rhetorically, hopefully there aren’t any more)

[TBD]

I have a feeling that this step resets the 21 day clock, but it's probably only sent to those who a) live in a LIC, and b) had a 30% reduction, so if you get it, you're on the right path.

Don't they send the original email only to people living in LIC?

[AsherO]

Don't they send the original email only to people living in LIC?

I wondered about this too, but maybe they send to everyone in case someone moved? Not sure...

[S209]

BH there’s progress on the targeted advance. SBA emailed me this morning:

Continue Your SBA Economic Injury Disaster Loan Application

When I signed in I saw:

There was also a 4506-T document to sign. Hoping funding comes quickly. Anyone else get this or EIDL funding?

Same here

[AsherO]

BH there’s progress on the targeted advance. SBA emailed me this morning:

Continue Your SBA Economic Injury Disaster Loan Application

When I signed in I saw:




There was also a 4506-T document to sign. Hoping funding comes quickly. Anyone else get this or EIDL funding?

Same here

@kargagaliciana

[Chaimel6]

If someone makes less over Pesach (net income is a forgivable "payroll expense" for self-employed), does he gain by waiting until after Pesach to apply?

It's a first PPP loan.

[cgr]

If someone makes less over Pesach (net income is a forgivable "payroll expense" for self-employed), does he gain by waiting until after Pesach to apply?

It's a first PPP loan.

How would earning less during your covered period benefit you?

[AsherO]

If someone makes less over Pesach (net income is a forgivable "payroll expense" for self-employed), does he gain by waiting until after Pesach to apply?

It's a first PPP loan.

I'm not following:
Your loan amount will be based on 2019 or 2020 payroll (gross income for sole-prop/independent-contractor), so applying after Pesach 2021 won't change anything.
Your forgiveness requires you to spend the money on qualifying expenses over a covered period of 24 weeks. Unless you're borrowing more than 22 weeks of payroll (unlikely) and other expenses, I can't see how Pesach is relevant.

Revenue/income in 2021 is not relevant, especially for 1st draw.

[cgr]

Your forgiveness requires you to spend the money on qualifying expenses over a covered period of 24 weeks. Unless you're borrowing more than 22 weeks of payroll (unlikely) and other expenses, I can't see how Pesach is relevant.

It's not relevant even in a hypothetical impossible case like this, because Pesach will still be part of his covered period and owner comp will still be forgivable during that time- you don't have to put in a certain amount of work for it to qualify as owner comp.

[Hiding]

Perhaps someone can advise.

After submitting my EIDL application I realized I should have reported a bit more income (under $1000) to 2019. The problem is that if they pull my tax transcripts it may show as inconsistent.

I called SBA. The rep first said I can wait to hear from them. If it turns out to be an issue I will have a chance to give an explanation.
Then she said I can email distastercustomerservice@sba.gov and they will add whatever I write to my application.

Today a different rep said to email pdc@reconsideration.sba.gov because it is a loan. It seemed to me that the first rep knew better what she was saying, but not sure.

Does anyone have an idea if it is better to sit it out and update them if there is an issue or to email them stating that x money should be added to month x of 2019?

Thanks in advance

Sounds like you might need a lawyer. 

Under $1k difference sounds negligible

I am far from an expert on this, but I would assume that you may want to send an email to any of the addresses mentioned. Not that it will accomplish anything, but if it ever comes Ch'v to criminal charges, having an email showing that you were upfront about it can probably save you a lot of heartache.

Either I'm missing something or people are not understanding the story precisely. Why would there be legal trouble with writing LESS on 2019. That would only negatively affect the applicant. The only question would be, would they verify the info and flag the application, and if so what's the better path forward. I wonder what the better approach is.