Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535807 times)

Offline Moishy123

  • DansDeals Copper Elite
  • *
  • Join Date: Jan 2021
  • Posts: 23
  • Total likes: 14
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3500 on: April 01, 2021, 12:57:43 PM »
Just logged into SBA account and targeted advance shows APPROVED :-*

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4377
  • Total likes: 1318
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3501 on: April 01, 2021, 02:58:27 PM »
Just logged into SBA account and targeted advance shows APPROVED :-*
Anyone got funded? First approvals started coming in about 2 or 3 weeks ago, but no funds yet...

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 #3502 on: April 01, 2021, 03:22:40 PM »
Anyone got funded? First approvals started coming in about 2 or 3 weeks ago, but no funds yet...
Got $9000 in my account on Monday

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4377
  • Total likes: 1318
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3503 on: April 01, 2021, 03:24:23 PM »
Got $9000 in my account on Monday
Nice! Hopefully they'll start flowing now

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 #3504 on: April 01, 2021, 07:29:24 PM »
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.
I tried making an account.. what do I put in for loan identification number?

Offline YesThatsMe

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: May 2017
  • Posts: 736
  • Total likes: 128
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3505 on: April 01, 2021, 07:42:36 PM »
Just logged into SBA account and targeted advance shows APPROVED :-*

What date did you apply?

Offline YesThatsMe

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: May 2017
  • Posts: 736
  • Total likes: 128
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3506 on: April 01, 2021, 07:48:17 PM »
Got $9000 in my account on Monday

What date did you apply?

Offline Moishy123

  • DansDeals Copper Elite
  • *
  • Join Date: Jan 2021
  • Posts: 23
  • Total likes: 14
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3507 on: April 02, 2021, 03:46:50 PM »
IRS provides guidance for employers claiming the Employee Retention Credit for first two quarters of 2021
https://www.irs.gov/pub/irs-drop/n-21-23.pdf

Online 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 #3508 on: April 04, 2021, 10:18:52 PM »
I set up a CAWEB account as @AsherO suggested, and 3 different loans came up: the 1st draw that I received earlier this year under the name of my business, the 2nd draw that I was approved for through Bank #4 in the name of my business, and the loan that Bank #3 got approved ... in my name, not my business's name!

And since the loan in my name says Loan Type PPP (not PPS), I assume that means it's first draw, correct? And since my original 1st draw was in the business name and the new one is in my name, would that explain why Etran let them both through? And would it still be asking for trouble to accept the new 1st draw if it's being made to a different party and it's made it through Etran? And even if I can't keep both of them, could I repay the original smaller one in the business name and then accept and get forgiveness for the new larger one in my name? @cgr

In other news which may be helpful to others in my situation, I received an email over Yom Tov from CR CS apologizing for taking 2 weeks to respond to my question, and explaining that the reason they kept denying my 2nd draw app is: "At this time Cross River is not accepting 2nd draw application from customers who received a 1st draw loan during 2021 due to eligibility and forgiveness concerns."

Offline ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 15620
  • Total likes: 7712
  • DansDeals.com Hat Tips 19
    • View Profile
  • Location: 770
  • Programs: בשורת הגאולה. From Exile to Redemption. GIYF. AAdvantage Executive Platinum®
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3509 on: April 05, 2021, 12:49:06 AM »
I would like to publicly acknowledge @cgr for all of her help and guidance.

Got 3 PPP loans approved and funded via biz2credit.

Having @cgr to communicate with, get updates and suggestions regarding various document and verification requests was helpful, as well as reassuring in having the confidence that I am communicating with someone that knows what she's talking about.
« Last Edit: April 05, 2021, 02:47:57 AM by ExGingi »
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline flatbush guy

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jun 2012
  • Posts: 195
  • Total likes: 19
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3510 on: April 05, 2021, 10:01:26 AM »
I can second that!

Offline Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 4102
  • Total likes: 1015
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Some of this and some of that.
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3511 on: April 05, 2021, 11:24:48 AM »
i logged in caweb.sba to see my PPP@ applications and one of them says Active Un-Disbursed. but i did not receive any approvals yet from the bank. does this mean bank is delayed and I'm technically approved? and how can i see through which bank it was?
#TYH

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 #3512 on: April 05, 2021, 12:11:10 PM »
What do I enter for
"Financial Commitment ID" when opening a caweb account?

Offline wanderingjew678

  • DansDeals Copper Elite
  • *
  • Join Date: Feb 2021
  • Posts: 8
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New York
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3513 on: April 05, 2021, 12:15:01 PM »
Hi! Been having issues with my EIDL document uploads for a month now. Other than email, is there any way to actually get information from the underwriting team there?

Offline shmooz

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2010
  • Posts: 2289
  • Total likes: 135
  • DansDeals.com Hat Tips 6
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3514 on: April 05, 2021, 01:05:53 PM »
Hi! Been having issues with my EIDL document uploads for a month now. Other than email, is there any way to actually get information from the underwriting team there?

In the invitation it has this number 800.659.2955

Offline Fish Tank

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Feb 2012
  • Posts: 875
  • Total likes: 154
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3515 on: April 05, 2021, 01:11:33 PM »
Got 3 PPP loans approved and funded via biz2credit.

Nice.
Any idea when their application page will be back up? It's been down for at least 2 weeks already @cgr .


Offline wanderingjew678

  • DansDeals Copper Elite
  • *
  • Join Date: Feb 2021
  • Posts: 8
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New York
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3516 on: April 05, 2021, 01:32:09 PM »
In the invitation it has this number 800.659.2955

That's the customer service number. No wait times and nice people, but they don't know much about what's actually missing. I am applying for regular EIDL, not the advance.

Offline yossisch1

  • Dansdeals Silver Elite
  • **
  • Join Date: Dec 2011
  • Posts: 96
  • Total likes: 9
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: b.p.
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3517 on: April 05, 2021, 02:08:48 PM »
I got approved with Biz2Credit for the ppp round one on March 30th.  Can I apply for round 2?  Do I need to wait?

Offline 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 #3518 on: April 05, 2021, 03:04:49 PM »
What do I enter for
"Financial Commitment ID" when opening a caweb account?

You need a PPP or EIDL loan number from your loan docs.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline 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 #3519 on: April 05, 2021, 03:10:17 PM »
i logged in caweb.sba to see my PPP@ applications and one of them says Active Un-Disbursed. but i did not receive any approvals yet from the bank. does this mean bank is delayed and I'm technically approved? and how can i see through which bank it was?

1. With most lenders yes. Some stupid lenders submit to SBA and get their approval before finishing underwriting.
2. I don’t think you can see your lender on CAWEB, someone please CMIIW. Call the lenders you applied with?
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael