Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535683 times)

Offline kargagaliciana

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3480 on: March 25, 2021, 11:13:14 AM »
Just got a call from the SBA. Said he has to verify my information. He said that he approved the targeted advance, should see it on the SBA portal shortly. Anyone else received this phone call?

Offline kargagaliciana

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3481 on: March 25, 2021, 11:14:14 AM »
Just got a call from the SBA. Said he has to verify my information. He said that he approved the targeted advance, should see it on the SBA portal shortly. Anyone else received this phone call?

Just refreshed the portal. Targeted advance shows approved.

Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3482 on: March 25, 2021, 11:42:51 AM »
Just got a call from the SBA. Said he has to verify my information. He said that he approved the targeted advance, should see it on the SBA portal shortly. Anyone else received this phone call?
Which information did they want to verify?

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3483 on: March 25, 2021, 11:56:39 AM »
Just refreshed the portal. Targeted advance shows approved.

When did you apply for Advance?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3484 on: March 25, 2021, 02:06:18 PM »
Senate voting on PPP extension tomorrow at 11AM.
Passed

Online Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3485 on: March 26, 2021, 12:48:02 AM »
EIDL increasing to $500k.
https://www.globenewswire.com/news-release/2021/03/24/2198837/0/en/SBA-to-Increase-Lending-Limit-for-COVID-19-Economic-Injury-Disaster-Loans.html
I'm very curious regarding increasing current loans. How simple the process will be. And what the approval rate will be.
#TYH

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3486 on: March 30, 2021, 09:26:19 AM »
https://finance.yahoo.com/news/small-businesses-another-500-000-140041253.html

EIDL increasing to 500K and best of all, payment is deferred for another year. I have a feeling that it will be forgiven at the end :-) "chapt vilang men get."

Offline S209

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3487 on: March 30, 2021, 11:49:15 AM »
https://finance.yahoo.com/news/small-businesses-another-500-000-140041253.html

EIDL increasing to 500K and best of all, payment is deferred for another year. I have a feeling that it will be forgiven at the end :-) "chapt vilang men get."
If I previously declined to take the loan, is there any way to now request it? I did receive the grant.
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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3488 on: March 30, 2021, 01:40:42 PM »
If I previously declined to take the loan, is there any way to now request it? I did receive the grant.

I’m not sure but the SBA does answer the phone. Did they say why they denied you?
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Offline S209

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3489 on: March 30, 2021, 02:20:28 PM »
I’m not sure but the SBA does answer the phone. Did they say why they denied you?
I chose not to follow up to take the loan after I received the grant.
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Online Kobe Bryant

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3490 on: March 30, 2021, 04:51:45 PM »
Biden has just signed the PPP Extension Act of 2021. It moves the PPP application deadline from March 31 to May 31.


Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3491 on: March 30, 2021, 10:25:16 PM »
I chose not to follow up to take the loan after I received the grant.

Sorry, I misread, you got offered a loan and didn’t accept. I’d imagine you might be able to reapply or reopen your application.
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3492 on: March 30, 2021, 10:31:40 PM »
Sorry, I misread, you got offered a loan and didn’t accept. I’d imagine you might be able to reapply or reopen your application.
If you already received your final notice (I believe they send that 6 months after making the initial offer?) then you need to reapply. If you're still within the acceptance period then you can just log in and accept it.

Offline S209

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3493 on: March 30, 2021, 11:27:39 PM »
If you already received your final notice (I believe they send that 6 months after making the initial offer?) then you need to reapply. If you're still within the acceptance period then you can just log in and accept it.
Thanks. Well past 6 months, I will reapply.
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3494 on: March 30, 2021, 11:59:43 PM »
Thanks. Well past 6 months, I will reapply.
After looking through various correspondence the expiration seems to be after 8 months, not 6.

Online Traveler718

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3495 on: March 31, 2021, 08:41:46 PM »
Update: Despite correcting everything that Bluevine CS told me to fix and reapplying for 2nd draw through both BV and CR, I got denied again - sorry @Dan I tried. I then applied to another bank (#3) that was posted here, but never heard back from them.

Then a DDFer was kind enough to PM me the contact info of a smaller bank (#4) with actual loan officers you can talk to, and B"H they got me approved and sent me the DocuSign closing documents. But after no communication since applying a week ago, I now got an email from bank #3 that also has DocuSign closing documents that are dated 2 days earlier than #4's, meaning that I was seemingly approved twice. Banks #3 and 4 both have SBA loan numbers in the e-sign documents they sent me, and they're not the same!

How is it possible that Etran didn't reject whichever one came in second? And now that they both got approved, does it matter which one I take? I'd prefer to take #4 since they may know I'm frum and I don't want to cause a chillul Hashem, and also because I've interacted with actual people there who could always come in handy if there's any issues with forgiveness. But is it a problem that their SBA loan is dated 2 days later than #3's? And even though both were independently approved, I assume it's illegal and/or really stupid to try to take both, right? Anything else I need to know or do here? @cgr
« Last Edit: March 31, 2021, 08:59:21 PM by Traveler718 »

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3496 on: March 31, 2021, 09:18:31 PM »

How is it possible that Etran didn't reject whichever one came in second? And now that they both got approved, does it matter which one I take? I'd prefer to take #4 since they may know I'm frum and I don't want to cause a chillul Hashem, and also because I've interacted with actual people there who could always come in handy if there's any issues with forgiveness. But is it a problem that their SBA loan is dated 2 days later than #3's? And even though both were independently approved, I assume it's illegal and/or really stupid to try to take both, right? Anything else I need to know or do here?
I've seen 2 etran approvals a few times now, and my only guess is that it's a glitch in the system and happens every now and then.
Regarding accepting both, note that you're certifying that you will only take one First and one Second Draw, so I wouldn't recommend.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3497 on: March 31, 2021, 09:54:49 PM »
Update: Despite correcting everything that Bluevine CS told me to fix and reapplying for 2nd draw through both BV and CR, I got denied again - sorry @Dan I tried. I then applied to another bank (#3) that was posted here, but never heard back from them.

Then a DDFer was kind enough to PM me the contact info of a smaller bank (#4) with actual loan officers you can talk to, and B"H they got me approved and sent me the DocuSign closing documents. But after no communication since applying a week ago, I now got an email from bank #3 that also has DocuSign closing documents that are dated 2 days earlier than #4's, meaning that I was seemingly approved twice. Banks #3 and 4 both have SBA loan numbers in the e-sign documents they sent me, and they're not the same!

How is it possible that Etran didn't reject whichever one came in second? And now that they both got approved, does it matter which one I take? I'd prefer to take #4 since they may know I'm frum and I don't want to cause a chillul Hashem, and also because I've interacted with actual people there who could always come in handy if there's any issues with forgiveness. But is it a problem that their SBA loan is dated 2 days later than #3's? And even though both were independently approved, I assume it's illegal and/or really stupid to try to take both, right? Anything else I need to know or do here? @cgr

You should decline one of them and have them cancel it with the SBA (etran/caweb) ASAP.

For my 1st draw in mid 2020 I got two approvals and only ended up accepting/funding one of them, but the SBA cancelled the one I funded as a duplicate. I had to have the other one cancelled with the SBA and then the funded one reinstated with them. Was a bit of a hassle.

No chance you’ll get away with getting two second-draw loans (on the same EIN/SSN), they’ll get flagged sooner or later.
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Online Traveler718

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3498 on: March 31, 2021, 11:56:15 PM »
Thanks for the advice and feedback. Upon checking, I see now that Bank #3's DocuSign says "PPP First Draw Borrower Application Form 2483 C" even though I applied for 2nd draw, not 1st. Could this be related to the confusion of the double approvals, or it's irrelevant since Etran should have rejected a new 1st draw application from me since I already received one?

Either way, this seems like another reason to go with Bank #4 for my 2nd draw to avoid any problems. But since I received my original 1st draw based on net and now Bank #3 is based on gross, is there any way to accept it as a new 1st draw based on the higher gross amount and then just repay my original 1st draw from CR? And if I'm not accepting from Bank #3, do I still need to bother to decline it and have it canceled, or a duplicate 1st draw application won't cause me problems at this point?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3499 on: April 01, 2021, 12:24:20 AM »
Thanks for the advice and feedback. Upon checking, I see now that Bank #3's DocuSign says "PPP First Draw Borrower Application Form 2483 C" even though I applied for 2nd draw, not 1st. Could this be related to the confusion of the double approvals, or it's irrelevant since Etran should have rejected a new 1st draw application from me since I already received one?

Either way, this seems like another reason to go with Bank #4 for my 2nd draw to avoid any problems. But since I received my original 1st draw based on net and now Bank #3 is based on gross, is there any way to accept it as a new 1st draw based on the higher gross amount and then just repay my original 1st draw from CR? And if I'm not accepting from Bank #3, do I still need to bother to decline it and have it canceled, or a duplicate 1st draw application won't cause me problems at this point?

If you create a CAWEB account you can see whether #3 loan is a 1st draw or a 2nd draw. Repaying your existing CR 1st draw doesn’t make you eligible for another 1st draw from a different lender. I don’t even know if SBA rules allow you to borrow gross for your 1st draw if you got that loan before.
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