Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 215183 times)

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3300 on: March 02, 2021, 12:44:51 AM »
Meaning yours was in progress until today when you checked it, clicked the submit button, and thus switched it to “submitted”?
correct

Offline Buruch

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3301 on: March 02, 2021, 12:40:13 PM »

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3302 on: March 02, 2021, 01:46:39 PM »
Any update on this?
Per my bank the updated application should be out later this week.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3303 on: March 02, 2021, 01:48:22 PM »
Per my bank the updated application should be out later this week.
Will there be an option for those who already got loans to amend their applications and get more money?
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3304 on: March 02, 2021, 02:05:41 PM »
Will there be an option for those who already got loans to amend their applications and get more money?
They're pretty sure the SBA will only allow this for new applications.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3305 on: March 02, 2021, 02:44:19 PM »
Per my bank the updated application should be out later this week.
I applied for ppp (first round) as sole proprietor a few days ago.

App is still pending. Just noticing these new rules about gross income...

Can I cancel and reapply once this is updated in apps?

TIA

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3306 on: March 02, 2021, 03:07:34 PM »
I applied for ppp (first round) as sole proprietor a few days ago.

App is still pending. Just noticing these new rules about gross income...

Can I cancel and reapply once this is updated in apps?

TIA
Depends on which bank you're working with but some allow amount changes anytime before the final contract is signed, and others allow no changes once an etran has been issued.

Offline S209

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3307 on: March 02, 2021, 05:19:15 PM »
So, someone PM’d me asking about the EIDL targeted advance and that prompted me to login. My targeted advance status was “in progress” like before, but now I also noticed a button for “Submit your application for processing” or something. I clicked it and now my EIDL targeted advance shows “submitted”. Wondering if I missed a step last time.

Anyone else? @S209 @minkr
Yes I pressed submit after filling out the form. You probably skimmed over that step last time.
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Offline minkr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3308 on: March 02, 2021, 06:08:14 PM »
So, someone PM’d me asking about the EIDL targeted advance and that prompted me to login. My targeted advance status was “in progress” like before, but now I also noticed a button for “Submit your application for processing” or something. I clicked it and now my EIDL targeted advance shows “submitted”. Wondering if I missed a step last time.

Anyone else? @S209 @minkr

Yup, I have the same thing. I just clicked "submit for processing" and now shows "submitted"

Offline Jack345

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3309 on: March 02, 2021, 10:42:12 PM »
I mistakenly used a higher number on my 2019 numbers and they are a few hundred dollars more then the tax return shows, should email them in advance about the issue or wait it out?

Offline dovy2

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3310 on: March 03, 2021, 08:01:55 AM »
Been already 5 weeks and still nothing doing with kabbage... Anyone in the sane boat as me?

Offline minkr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3311 on: March 03, 2021, 08:02:50 AM »
Yup, I have the same thing. I just clicked "submit for processing" and now shows "submitted"
I spoke with a CSR at SBA. She said it's 21 day time frame from when it is officially "submitted"

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3312 on: March 03, 2021, 08:03:15 AM »
Been already 5 weeks and still nothing doing with kabbage... Anyone in the sane boat as me?
freudian slip?  :P
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Offline nobiggy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3313 on: March 03, 2021, 10:55:22 AM »
Anyone here an accountant or know rules of PPP?

I took payroll at the end of 2020 for the entire year, I am under the understanding that I should be able to divide it by 12 and times it by 2.5 and apply for PPP based on that. Is that true or false?

I have been denied by 2 places already for insufficient documents and one of them being BOA telling me I need to prove I was open on Feb 15, 2020 and I must submit payroll documents for that month even though none exist. Based on that they told me in short go fly a kite.

Anything to be done here?

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3314 on: March 03, 2021, 11:13:12 AM »
Anyone here an accountant or know rules of PPP?

I took payroll at the end of 2020 for the entire year, I am under the understanding that I should be able to divide it by 12 and times it by 2.5 and apply for PPP based on that. Is that true or false?

I have been denied by 2 places already for insufficient documents and one of them being BOA telling me I need to prove I was open on Feb 15, 2020 and I must submit payroll documents for that month even though none exist. Based on that they told me in short go fly a kite.

Anything to be done here?
There are banks that might approve you based on a bank statement showing activity in Feb 2020, although most will require a 2020 Q1 941.

Offline TBD

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Offline Jack345

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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3317 on: March 03, 2021, 03:00:54 PM »
Thank you! Is there an application using the gross revenue for first time borrowers as well?
https://www.sba.gov/sites/default/files/2021-03/Borrower%20Application%202483-C.pdf

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3318 on: March 03, 2021, 03:02:22 PM »
@cgr
You don't need to use PPP1 for eligible "FORGIVNESS" expenses to be able to apply for PPP2

Question: If a borrower received partial forgiveness of its First Draw PPP Loan, does
this make the borrower ineligible for a Second Draw PPP Loan?
Answer: If a borrower received partial forgiveness of its First Draw PPP Loan, the
borrower is eligible for a Second Draw PPP Loan as long as the borrower used the full
amount of its First Draw PPP Loan only for eligible expenses outlined in subsection
B.11.a.i.-xi of the consolidated interim final rule implementing updates to the PPP.
« Last Edit: March 03, 2021, 03:05:32 PM by TBD »

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