Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535625 times)

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3680 on: April 22, 2021, 10:54:58 AM »
They're offering 2X of revenue now (not 4X of the original loan) so anyone who took less originally should be able to receive the difference from last time plus the increase.

2x of current revenue? What happens if it deceased significantly? They’re still looking at 2019 numbers in the 4506-Ts...
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Offline est

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3681 on: April 22, 2021, 11:21:44 AM »
When does the round two ppp funding need to be distributed by?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3682 on: April 22, 2021, 11:29:46 AM »
When does the round two ppp funding need to be distributed by?

You mean spent, in order to be eligible for forgiveness?

I think 24 weeks of your “covered period”, which I believe starts the day you’re funded but there might be some flexibility there.
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Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3683 on: April 22, 2021, 12:18:21 PM »
2x of current revenue? What happens if it deceased significantly? They’re still looking at 2019 numbers in the 4506-Ts...
2X of 2019 revenue.

Online Moshe123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3684 on: April 22, 2021, 12:42:36 PM »
Thanks for the tip. Did the same request online now.
Can't sign the paperwork yet because when clicking start, it says not authorized.

On one company it let me submit the loan modification, after signing a 4506T. On a few other companies it only confirmed the new amount, but didn't go to the next step.

Offline jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3685 on: April 22, 2021, 01:02:57 PM »
The site is awfully slow.
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Offline shmooz

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3686 on: April 22, 2021, 01:05:02 PM »
Targeted eidl submitted a month ago, no answer yet, is this normal?

Offline jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3687 on: April 22, 2021, 01:09:35 PM »
Targeted eidl submitted a month ago, no answer yet, is this normal?
Same
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Offline Buruch

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3688 on: April 22, 2021, 01:29:27 PM »
Is it possible to still get any kind of forgiveable/grant EIDL? Already got PPP 1 and 2, and never applied for any EIDL. Sole proprietorship in a disadvantaged area.

Online curly

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3689 on: April 22, 2021, 01:37:43 PM »
Got the email today requesting the 1065 and 4506. Submitted them and received acknowledging email. Now have the same button available to me.

Previously had Targeted EIDL Advance showing as Error...now says funded.


Which website is this on?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3690 on: April 22, 2021, 01:47:05 PM »
2X of 2019 revenue.

Right, but the original was half of 2019, so now 4x that, no? Are you saying they're no longer reducing COGS?
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Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3691 on: April 22, 2021, 02:02:35 PM »
They offered me $28k originally but opted for 25k because of UCC filing and Insurance requirements. So I should ask for...?  112k? 84k? 87k?
Targeted EIDL Advance funded for the balance of the $10k after showing Error, although they did take off about $170, dont know why. The email "reminded me" that these funds do not have to be repaid.

EIDL Loan increase is a range from $25k to $115.5k I just don't know where they're getting their numbers from. But I'm not complaining. 
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3692 on: April 22, 2021, 02:14:22 PM »
Targeted EIDL Advance funded for the balance of the $10k after showing Error, although they did take off about $170, dont know why.

By me they took off $2068. Anyone else? Any idea why?

Online mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3693 on: April 22, 2021, 02:22:41 PM »
If we just filed our 2019 return.
Are the transcripts available right away? or should I wait so they don't get back that we haven't filed yet.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3694 on: April 22, 2021, 02:24:36 PM »
2X of 2019 revenue.
Those who got approved on 100% of lost rental income, How much is their increase now?

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3695 on: April 22, 2021, 02:34:32 PM »
Anyone received already invitation for the additional $5,000 of Supplemental Targeted Advance?

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3696 on: April 22, 2021, 03:02:01 PM »
Is it possible to still get any kind of forgiveable/grant EIDL? Already got PPP 1 and 2, and never applied for any EIDL. Sole proprietorship in a disadvantaged area.
The EIDL grant is currently only for those that received EIDL prior to 12/27.
NJ is running a grant program if that is of interest to you.

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3697 on: April 22, 2021, 03:03:30 PM »
Right, but the original was half of 2019, so now 4x that, no? Are you saying they're no longer reducing COGS?
Most businesses don't have COGS- only manufacturing businesses do.
Many chose to accept 25k only even if they were eligible for more. They're now eligible for more than 4X 25k.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3698 on: April 22, 2021, 03:04:10 PM »
Targeted EIDL Advance funded for the balance of the $10k after showing Error, although they did take off about $170, dont know why. The email "reminded me" that these funds do not have to be repaid.

EIDL Loan increase is a range from $25k to $115.5k I just don't know where they're getting their numbers from. But I'm not complaining.
Keep in mind the range is the total not the increase. If you received 25k last time and move the slider to 50k, you'll receive an additional 25k.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3699 on: April 22, 2021, 03:04:37 PM »
If we just filed our 2019 return.
Are the transcripts available right away? or should I wait so they don't get back that we haven't filed yet.
It can take 2-3 weeks these days.