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

[cgr]

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.

Interesting. They told me earlier today that they working on the rollout of it and it'll take another few days.
Thanks for sharing.

[TBD]

Interesting. They told me earlier today that they working on the rollout of it and it'll take another few days.
Thanks for sharing.

from:   Small Business Administration <news@updates.sba.gov> via gmail.com
reply-to:   news@updates.sba.gov
date:   Apr 16, 2021, 8:57 PM
subject:   Update on the Targeted EIDL Advance
mailed-by:   gmail.com

[cgr]

from:   Small Business Administration <news@updates.sba.gov> via gmail.com
reply-to:   news@updates.sba.gov
date:   Apr 16, 2021, 8:57 PM
subject:   Update on the Targeted EIDL Advance
mailed-by:   gmail.com

They sent me this earlier today:

Re-Evaluation
We are finalizing a process for applicants to request re-evaluation of their Targeted EIDL Advance determination.  Applicants interested in a re-evaluation of a Targeted EIDL Advance should please hold that request until the procedure is in place. You will receive an email notification of the application status in the coming weeks. Thank you for your patience.

[nafnaf12]

Anyway around not being in a low income address?
Can you change your office location?

[Barryg]

Anyway around not being in a low income address?
Can you change your office location?

Can't answer your question but will add more questions...
@nafnaf12 Did you get an email about the targeted EIDL?
Does an email indicate low income community or is everyone getting the email?
According to the link in the SBA email  https://sbaeidl.policymap.com/app my community isn't low income - seems that they are using 2015-2019 numbers. However in AsherO's link

According to this post (https://helloskip.com/blog/will-you-qualify-for-an-eidl-grant-new-stimulus-package/) my community district (K09) qualifies as low income because just over 20% live below poverty (frightening statistic mind you). If I got a $1,000 EIDL grant, but an EIDL loan above $10,000, am I eligible for another $9,000?

IOW, assuming I qualify for the low income EDIL grant, do they give me the difference between my grant and $10k, or the difference between my loan and $10k?

which uses 2020 numbers, my community is low income.
Should we all just apply and appeal as some of these $9k-$10k EIDL will prob go through?

[AsherO]

Can't answer your question but will add more questions...
@nafnaf12 Did you get an email about the targeted EIDL?
Does an email indicate low income community or is everyone getting the email?
According to the link in the SBA email  https://sbaeidl.policymap.com/app my community isn't low income - seems that they are using 2015-2019 numbers. However in AsherO's link  which uses 2020 numbers, my community is low income.
Should we all just apply and appeal as some of these $9k-$10k EIDL will prob go through?

Can't hurt to apply and appeal, but considering that the SBA released their own map I am not sure they'll be so quick to accept other definitions than their own for low-income area.

[sillypainter]

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.

4506 and 2019 corp. return (1120) sent. Waiting....................

I would suggest anybody emailing to increase should include the docs, so they don't get thrown around again.

[cgr]

4506 and 2019 corp. return (1120) sent. Waiting....................

I would suggest anybody emailing to increase should include the docs, so they don't get thrown around again.

They specifically requested that no docs should be included in the increase email itself.

[Lurker]

I haven't been following this thread, so forgive me if this or something similar has already been posted:

https://crownheights.info/general/728962/psa-a-warning-to-those-who-took-government-covid-loans/

[cgr]

I haven't been following this thread, so forgive me if this or something similar has already been posted:

https://crownheights.info/general/728962/psa-a-warning-to-those-who-took-government-covid-loans/

while loans over 200k require personal collateral such as your house
Actually the SBA is requiring unsecured personal guarantees for loans over $200k. Only $500k+ requires collateral.

[AsherO]

I haven't been following this thread, so forgive me if this or something similar has already been posted:

https://crownheights.info/general/728962/psa-a-warning-to-those-who-took-government-covid-loans/

Thanks for sharing. I think the headline is clickbait, because there’s no warning applicable to all those who took government loans, only to those who played games. Someone who borrowed in bad faith and declared bankruptcy likely won’t (perhaps even cannot) do anything at this point.

[Barryg]

while loans over 200k require personal collateral such as your house
Actually the SBA is requiring unsecured personal guarantees for loans over $200k. Only $500k+ requires collateral.

Is this also meant to be an answer to sillypainter's question. Any reason to stop at $199k vs all in?

[cgr]

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.

Is this also meant to be an answer to sillypainter's question. Any reason to stop at $199k vs all in?

The full $200k+ will need to be guaranteed, not only amounts over $200k.

[cgr]

https://www.arnoldporter.com/en/general/cares-act-fraud-tracker

[sillypainter]

The full $200k+ will need to be guaranteed, not only amounts over $200k.

Source? Anybody got approved for an increase? On what is the increase amount based? Procedure is easy like the initial loan or much harder?

[cgr]

Source?

Based on how the SBA phrased the language.

Anybody got approved for an increase?

I don't know of any funding yet, approvals yes.

On what is the increase amount based?

2X of 2019 sales (originally 50%)

Procedure is easy like the initial loan or much harder?

Depends on when you applied. If you applied early on when no docs were required, you will most likely be asked for them now. If you applied in the last few months when they were already requesting documentation, then you probably won't need to provide anything now.

[TBD]

I don't know of any funding yet, approvals yes.

Approvals you receive an email? you can see it when you login?

[crownsbroyal]

Should I be concerned if I have not received any email correspondence from the SBA regarding my response to their EIDL increase email?

[sillypainter]

Should I be concerned if I have not received any email correspondence from the SBA regarding my response to their EIDL increase email?

Nope. Follow the instructions above like I did so you enter the queue.

[TBD]

SBA account