Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 544931 times)

Online shmooz

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2010
  • Posts: 2295
  • Total likes: 136
  • DansDeals.com Hat Tips 6
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3760 on: May 04, 2021, 11:52:27 PM »
Applied for the targeted advance a month ago and filled out the 4506t. Did not hear back, but they note that you will not. So am waiting.

Went to the portal and see that there is a 'submit' button that I missed before I guess. Hit that and now shows submitted.

Where does that leave me? Back of the line?

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30999
  • Total likes: 7968
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3761 on: May 05, 2021, 09:23:53 AM »
Applied for the targeted advance a month ago and filled out the 4506t. Did not hear back, but they note that you will not. So am waiting.

Went to the portal and see that there is a 'submit' button that I missed before I guess. Hit that and now shows submitted.

Where does that leave me? Back of the line?

Apparently, I don’t think funding will run out too soon so it’s only a matter of time
DDF FFB (Forum From Birth)

Offline helpusout

  • Dansdeals Gold Elite
  • ***
  • Join Date: Oct 2008
  • Posts: 240
  • Total likes: 1
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3762 on: May 05, 2021, 10:50:15 AM »
Got denied for round 2 EIDL , I am unsure why. Any way to appeal?

Offline Ver hut gazugt

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Jan 2021
  • Posts: 597
  • Total likes: 604
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New york
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3763 on: May 05, 2021, 12:01:59 PM »
I had the request button but then it disappeared, I called they said they will send an email so far nothing. Anyway to figure out what is going on? Or they are still figuring things out it will just take some time.

Offline theblakdavid

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Feb 2016
  • Posts: 617
  • Total likes: 36
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: NY
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3764 on: May 05, 2021, 12:16:21 PM »
Got denied for round 2 EIDL , I am unsure why. Any way to appeal?
Eidl loan or advance ?

Offline helpusout

  • Dansdeals Gold Elite
  • ***
  • Join Date: Oct 2008
  • Posts: 240
  • Total likes: 1
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3765 on: May 05, 2021, 12:52:12 PM »
Eidl loan or advance ?

2nd round EIDL. I got an email inviting me to apply..

Offline Barryg

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2012
  • Posts: 1684
  • Total likes: 63
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Ohio
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3766 on: May 05, 2021, 01:12:42 PM »
2nd round EIDL. I got an email inviting me to apply..
There is a second round of the targeted advance and second round of EIDL loan. In order to answer your question, the experts need to know which round 2.

Offline flatbush guy

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jun 2012
  • Posts: 196
  • 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 #3767 on: May 06, 2021, 02:36:43 AM »
Got an email from SBA
"Dear SBA Borrower:

We received your request to increase your COVID-19 Economic Injury Disaster Loan (EIDL). To continue processing your request, please complete the following steps:
Log into your SBA loan portal account at: https://covid19relief1.sba.gov/
After you log into your account, click on the button that reads “Request More Funds”
The “Request More Funds” button will only be visible if your current loan amount is not already at the maximum loan limit
Next, you will be asked to disclose if any changes have occurred since the original EIDL application was submitted, such as any owners of 20% or more of the applicant business being currently involved in a bankruptcy
You also will be asked which form was used for the applicant business’s most recent tax return, such as Form 1040 (Schedule C, E or F), 1065 (Partnership), 1120S (S Corporation), or 1120 (C Corporation)
Next, you will use the slider bar to select a new increased loan amount
You may be required to electronically sign an IRS Form 4506-T allowing the SBA to obtain tax transcripts directly from the IRS
Once these steps are completed, you can submit the loan increase for processing"

When i tried to request more funds i got an error message, maybe the system is not yet running or because it was late at night or maybe they are overwhelmed

Offline Moshe123

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Sep 2012
  • Posts: 6228
  • Total likes: 914
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: Spring Valley
  • Programs: Lost
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3768 on: May 06, 2021, 06:48:17 AM »
Got an email from SBA
"Dear SBA Borrower:

We received your request to increase your COVID-19 Economic Injury Disaster Loan (EIDL). To continue processing your request, please complete the following steps:
Log into your SBA loan portal account at: https://covid19relief1.sba.gov/
After you log into your account, click on the button that reads “Request More Funds”
The “Request More Funds” button will only be visible if your current loan amount is not already at the maximum loan limit
Next, you will be asked to disclose if any changes have occurred since the original EIDL application was submitted, such as any owners of 20% or more of the applicant business being currently involved in a bankruptcy
You also will be asked which form was used for the applicant business’s most recent tax return, such as Form 1040 (Schedule C, E or F), 1065 (Partnership), 1120S (S Corporation), or 1120 (C Corporation)
Next, you will use the slider bar to select a new increased loan amount
You may be required to electronically sign an IRS Form 4506-T allowing the SBA to obtain tax transcripts directly from the IRS
Once these steps are completed, you can submit the loan increase for processing"

When i tried to request more funds i got an error message, maybe the system is not yet running or because it was late at night or maybe they are overwhelmed


First time I've seen this email type

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4402
  • Total likes: 1357
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3769 on: May 06, 2021, 07:39:45 AM »
When i tried to request more funds i got an error message, maybe the system is not yet running or because it was late at night or maybe they are overwhelmed
A large number of people reported errors in the first few days. Try refreshing or a different browser.

Offline Proisrael

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2012
  • Posts: 1525
  • Total likes: 276
  • DansDeals.com Hat Tips 7
  • Gender: Male
    • View Profile
  • Location: Krayot,Israel
  • Programs: SPG,Hilton,Club Carlson
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3770 on: May 06, 2021, 08:39:25 AM »
If I applied and got aprooved for PPP Round 1 in Mid April, can I still apply for round 2? if yes when? (Assuming they refund PPP)

Offline helpusout

  • Dansdeals Gold Elite
  • ***
  • Join Date: Oct 2008
  • Posts: 240
  • Total likes: 1
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3771 on: May 06, 2021, 10:26:06 AM »
There is a second round of the targeted advance and second round of EIDL loan. In order to answer your question, the experts need to know which round 2.

second round EIDL loan

Offline Zalc

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1804
  • Total likes: 158
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: USA
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3772 on: May 06, 2021, 12:15:33 PM »
Has anyone taken a initial EIDL LOAN recently?
How long did it take?
If it was for a Soleprop, what paperwork did they require?

Offline Ver hut gazugt

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Jan 2021
  • Posts: 597
  • Total likes: 604
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New york
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3773 on: May 06, 2021, 12:21:27 PM »
Got an email from SBA
"Dear SBA Borrower:

We received your request to increase your COVID-19 Economic Injury Disaster Loan (EIDL). To continue processing your request, please complete the following steps:
Log into your SBA loan portal account at: https://covid19relief1.sba.gov/
After you log into your account, click on the button that reads “Request More Funds”
The “Request More Funds” button will only be visible if your current loan amount is not already at the maximum loan limit
Next, you will be asked to disclose if any changes have occurred since the original EIDL application was submitted, such as any owners of 20% or more of the applicant business being currently involved in a bankruptcy
You also will be asked which form was used for the applicant business’s most recent tax return, such as Form 1040 (Schedule C, E or F), 1065 (Partnership), 1120S (S Corporation), or 1120 (C Corporation)
Next, you will use the slider bar to select a new increased loan amount
You may be required to electronically sign an IRS Form 4506-T allowing the SBA to obtain tax transcripts directly from the IRS
Once these steps are completed, you can submit the loan increase for processing"

When i tried to request more funds i got an error message, maybe the system is not yet running or because it was late at night or maybe they are overwhelmed


I got the same email and have the same issue For the past two weeks. So far I have not figured out what to do.

Offline zh cohen

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2013
  • Posts: 1714
  • Total likes: 1685
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: 412
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3774 on: May 06, 2021, 02:41:22 PM »
 Anyone know of a CDFI that is accepting PPP applications?

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1318
  • Total likes: 206
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States

Online shmooz

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2010
  • Posts: 2295
  • Total likes: 136
  • DansDeals.com Hat Tips 6
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3776 on: May 06, 2021, 03:50:51 PM »
Applied for the targeted advance a month ago and filled out the 4506t. Did not hear back, but they note that you will not. So am waiting.

Went to the portal and see that there is a 'submit' button that I missed before I guess. Hit that and now shows submitted.

Where does that leave me? Back of the line?

reporting back - That was fast, submitted and next day approved for targeted EIDL.
Is there a way to apply for supplemental?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4402
  • Total likes: 1357
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3777 on: May 06, 2021, 04:46:40 PM »
Anyone know of a CDFI that is accepting PPP applications?
I have a few but the chances of getting in are getting slimmer by the moment...

Offline sillypainter

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2012
  • Posts: 2080
  • Total likes: 204
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3778 on: May 06, 2021, 04:58:25 PM »
Got a call from an SBA employee today about the increase request. She asked for my '19 return even though I sent it with the reply to the increase email. I asked if I can do a little increase and increase later on for more, she said it's not guaranteed (After asking her manager...DROPR?)....So I asked for the entire amount.

She also asked if I have another EIDL loan under a different corporation.

Offline sillypainter

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2012
  • Posts: 2080
  • Total likes: 204
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3779 on: May 07, 2021, 02:09:39 PM »
My credit was just pulled for the increase request. Anybody else?