Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535853 times)

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3620 on: April 15, 2021, 01:41:55 PM »
Regarding EIDL loan increase, I just got a response requesting my 2019 tax returns as well as (another) 4506-T. I guess we'll see what happens.
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Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3621 on: April 15, 2021, 01:44:26 PM »
Regarding EIDL loan increase, I just got a response requesting my 2019 tax returns as well as (another) 4506-T. I guess we'll see what happens.
Cool!  when did you email them, and please post screenshot of their response.  many of us here are waiting for it!
#TYH

Offline Fish Tank

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3622 on: April 15, 2021, 02:19:43 PM »
AFAFM

He is a 1099/independent contractor. He did not get paid anything in April, May, June of 2020.

He collected unemployment during that time.

Can he apply now for first draw PPP ?

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3623 on: April 15, 2021, 02:31:15 PM »
AFAFM

He is a 1099/independent contractor. He did not get paid anything in April, May, June of 2020.

He collected unemployment during that time.

Can he apply now for first draw PPP ?
Yep.
He can base it on either his 2019 or 2020 Schedule C.

Offline Fish Tank

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3624 on: April 15, 2021, 03:05:05 PM »
Yep.
He can base it on either his 2019 or 2020 Schedule C.
Thank you.

He's only doing it if it will be forgiven. So he will say it will be used cover payroll for those 3 months back in 2020 (paying himself)

It's not a problem to get "paid double" for those months? Once from unemployment and once from PPP ?

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3625 on: April 15, 2021, 03:13:00 PM »
Thank you.

He's only doing it if it will be forgiven. So he will say it will be used cover payroll for those 3 months back in 2020 (paying himself)

It's not a problem to get "paid double" for those months? Once from unemployment and once from PPP ?
Schedule Cs don't have any special forgiveness rules, but the SBA will see it as a wage boost for the next 8-24 weeks. It's not taxable.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3626 on: April 15, 2021, 03:16:10 PM »
Cool!  when did you email them, and please post screenshot of their response.  many of us here are waiting for it!

Pretty generic, emailed them when the email address was first posted here on April 6th in the evening. I think I'm the first DDFer to receive any sort of response:

Quote
Application Number [xxxxxxxxxxxx]

We have reviewed your request for an EIDL loan increase of the above referenced disaster loan application. At this time, we are unable to complete the evaluation of your request until the following information is provided:
Include a complete copy, including all schedules, of the 2019 filed Federal Tax Return for the business.
IRS Tax Form 4506-T for Applicant Business.  The correct version of the form may be obtained at: IRS Form 4506T. IRS Tax Form 4506-T Instructions may be found at:  IRS Form 4506-T Instructions.

Helpful tips to complete Form 4506-T:
Please use the link provided above to ensure submission of the acceptable version of IRS Form 4506-T.
The IRS Form 4506T must be clear. It is recommended to submit a PDF Format (not a photo) to reduce image quality issues.
The document must be signed and dated in ink or digital e-certified electronic signature (digitized version of your handwritten signature).
The correct tax form filed for your business must be entered on line 6.
6C Record of Account must be checked.
Signatory box must be checked.
 
The requested information can be attached to this email and returned to CovidEIDLIncreaseRequests@sba.gov.
 
 
Sincerely,
Application Processing Department
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Online S209

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3627 on: April 16, 2021, 12:20:25 PM »
Regarding EIDL loan increase, I just got a response requesting my 2019 tax returns as well as (another) 4506-T. I guess we'll see what happens.
I was denied due to not meeting eligibility of 30% reduction in an 8 week period. It’s false- we did meet the reduction numbers and the numbers I submitted reflect that. Apparently there is no appeal process :(.

Quote
“The U.S. Small Business Administration (SBA) has reviewed the Targeted Economic Injury Advance application you submitted and unfortunately, we are unable to approve your request for the following reason(s)
· Not Eligible: The applicant business did not substantiate the required reduction in gross receipts to establish an economic loss greater than 30 percent.”

Quote from: YitzyS
Quotes in a signature is annoying, as it comes across as an independent post.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3628 on: April 16, 2021, 01:04:44 PM »
I was denied due to not meeting eligibility of 30% reduction in an 8 week period. It’s false- we did meet the reduction numbers and the numbers I submitted reflect that. Apparently there is no appeal process :(.
Have about 10 reports of this so far.
Any hypothesis? Mine so far is that all these entities are showing an increase in year over year sales (even though they have the 2 month decrease).

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3629 on: April 16, 2021, 01:07:16 PM »
Have about 10 reports of this so far.
Any hypothesis? Mine so far is that all these entities are showing an increase in year over year sales (even though they have the 2 month decrease).
I did not have a total year over year increase.. I could email you my monthly numbers if that would help.
Quote from: YitzyS
Quotes in a signature is annoying, as it comes across as an independent post.

Offline drosenberg88429

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3630 on: April 16, 2021, 01:14:59 PM »
Have about 10 reports of this so far.
Any hypothesis? Mine so far is that all these entities are showing an increase in year over year sales (even though they have the 2 month decrease).

Do you have anyone that was approved?

Are first time applications easier than increase requests?

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3631 on: April 16, 2021, 01:24:43 PM »
I did not have a total year over year increase.. I could email you my monthly numbers if that would help.
I'll take your word for it:)

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3632 on: April 16, 2021, 01:25:05 PM »
Do you have anyone that was approved?

Are first time applications easier than increase requests?
The above refers to Targeted EIDL, not increases.

Offline theblakdavid

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3633 on: April 17, 2021, 01:33:45 PM »
The above refers to Targeted EIDL, not increases.
😅
Any reduction eligibility requirement for the EIDL increase ? I didn’t get a reply from them yet

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3634 on: April 17, 2021, 10:28:29 PM »
Got the increase response email on Friday saying that I need mail my 2019 corp tax return and a 4506-t form. Will do it on Monday.

Anybody knows if the personal guarantee kicks in from 200+ or it's for the entire amount as long as the loan amount was for 200+? Still deciding if I should increase to 199,000 or go all in.

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3635 on: April 18, 2021, 01:31:42 AM »
Got the increase response email on Friday saying that I need mail my 2019 corp tax return and a 4506-t form. Will do it on Monday.

Anybody knows if the personal guarantee kicks in from 200+ or it's for the entire amount as long as the loan amount was for 200+? Still deciding if I should increase to 199,000 or go all in.
Which day and at what time did you apply? Trying to figure out if they are actually following the queue.

Thanks!
#TYH

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3636 on: April 18, 2021, 01:44:17 AM »
Which day and at what time did you apply? Trying to figure out if they are actually following the queue.

Thanks!

April 6 @ 8:18PM EST.

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3637 on: April 18, 2021, 02:07:39 AM »
April 6 @ 8:18PM EST.
I sent it earlier. So i guess it isn't that straight forward.   Thanks for the info!
#TYH

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3638 on: April 18, 2021, 07:35:01 AM »
I sent it earlier. So i guess it isn't that straight forward.   Thanks for the info!

It might get broken into separate queues by location, amount requested, business type, and/or other factors. It’s also possible that when they can they push it back to the original staff that processed your application.
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3639 on: April 18, 2021, 08:44:06 PM »
Have about 10 reports of this so far.
Any hypothesis? Mine so far is that all these entities are showing an increase in year over year sales (even though they have the 2 month decrease).
Effective immediately, applicants can send a request for reevaluation of a Targeted EIDL Advance application that was declined to the following email address: TargetedAdvanceReevaluation@sba.gov.

Applicants should follow these instructions when requesting a reevaluation:

Send an email to TargetedAdvanceReevaluation@sba.gov
Use the subject line “Reevaluation Request for [insert your 10-digit application number]”
In the body of the email, include identifying information for the application such as application number, business name, business address, business owner name(s) and phone number
Important: Include an explanation and any documentation that addresses the reason for the decline, if available. SBA will contact applicants if additional documentation is required to complete the review.