Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable) (Read 544908 times)

sillypainter · « **Reply #3800 on:** May 13, 2021, 08:02:43 AM »

SBA loan increase funded today. It took about a week from approval.

YitzyS · « **Reply #3801 on:** May 13, 2021, 08:13:09 AM »

Is there any update about the possibility for someone who never applied for EIDL to be able to apply?

cgr · « **Reply #3802 on:** May 13, 2021, 08:29:53 AM »

Quote from: YitzyS on May 13, 2021, 08:13:09 AM

Is there any update about the possibility for someone who never applied for EIDL to be able to apply?

Loan- yes
Grant- unlikely. Will depend on availabile funds after all recipients prior to 12/27/20 have been given a chance to apply.

YitzyS · « **Reply #3803 on:** May 13, 2021, 08:39:10 AM »

Quote from: cgr on May 13, 2021, 08:29:53 AM

Loan- yes
Grant- unlikely. Will depend on availabile funds after all recipients prior to 12/27/20 have been given a chance to apply.

Thanks!

shapsam · « **Reply #3804 on:** May 13, 2021, 11:54:37 AM »

The bank account that I used for the original EIDL was closed, there's no option to update the account information in the online portal. What happens now if it gets approved they try to disburse the targeted advance?

SGF · « **Reply #3805 on:** May 13, 2021, 12:26:31 PM »

Quote from: shapsam on May 13, 2021, 11:54:37 AM

The bank account that I used for the original EIDL was closed, there's no option to update the account information in the online portal. What happens now if it gets approved they try to disburse the targeted advance?

Call them.

Had a similar situation with my loan, they tried wiring the funds and didn't work. Took them 7 months to approve the new account. Hopefully now they have a better way to do that.

cgr · « **Reply #3806 on:** May 13, 2021, 12:39:15 PM »

Quote from: shapsam on May 13, 2021, 11:54:37 AM

The bank account that I used for the original EIDL was closed, there's no option to update the account information in the online portal. What happens now if it gets approved they try to disburse the targeted advance?

They'll deny your application and you can then appeal to change the account.

YitzyS · « **Reply #3807 on:** May 13, 2021, 01:09:27 PM »

I applied for EIDL today, the initial application. In how long should I expect to hear from them?

Apologies for asking something that was surely addressed upthread - I was only focusing on PPP until now...

Ygold · « **Reply #3808 on:** May 13, 2021, 03:38:01 PM »

Can one file Form 7202 if they received PPP?
And if they can, does it make a difference if they made overall more money in 2020?

Also is Form 7202 an audit risk?

cgr · « **Reply #3809 on:** May 13, 2021, 04:33:45 PM »

Quote from: Ygold on May 13, 2021, 03:38:01 PM

Can one file Form 7202 if they received PPP?
And if they can, does it make a difference if they made overall more money in 2020?

Also is Form 7202 an audit risk?

Yes, but you need to make sure the dates and compensation taken into account don't overlap with compensation used in PPP forgiveness.

No, it does not make a difference.

No, everyone and their mother is filing it for 2020 (and probably 2021).

shapsam · « **Reply #3810 on:** May 13, 2021, 06:43:26 PM »

Quote from: cgr on May 13, 2021, 12:39:15 PM

They'll deny your application and you can then appeal to change the account.

Should I call them now or rather wait for it to get denied?

yomo · « **Reply #3811 on:** May 13, 2021, 07:17:16 PM »

Quote from: sillypainter 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.

Did you get her direct number?

Anyone have direct numbers to reach ppl at SBA?

sillypainter · « **Reply #3812 on:** May 13, 2021, 09:02:53 PM »

Quote from: yomo on May 13, 2021, 07:17:16 PM

Did you get her direct number?

Anyone have direct numbers to reach ppl at SBA?

She is my case worker, so I don't think it will help.

Got funded already.

sillypainter · « **Reply #3813 on:** May 13, 2021, 09:04:49 PM »

Quote from: cgr on May 13, 2021, 12:39:15 PM

They'll deny your application and you can then appeal to change the account.

I wouldn't wait. Be proactive and call or email them. The email is in the portal. Or email directly the person that sent you the request for insurance and board resolution papers.

Ygold · « **Reply #3814 on:** May 14, 2021, 03:56:50 AM »

Quote from: cgr on May 13, 2021, 04:33:45 PM

Yes, but you need to make sure the dates and compensation taken into account don't overlap with compensation used in PPP forgiveness.

No, it does not make a difference.

No, everyone and their mother is filing it for 2020 (and probably 2021).

So for instance if someone took their PPP loan July 1, they can take Form 7202 anytime from April 1 until July 1, correct? Is that what you mean by not overlapping?

Thanks

cgr · « **Reply #3815 on:** May 14, 2021, 08:37:28 AM »

Quote from: Ygold on May 14, 2021, 03:56:50 AM

So for instance if someone took their PPP loan July 1, they can take Form 7202 anytime from April 1 until July 1, correct? Is that what you mean by not overlapping?

Thanks

Correct. Any time before or after, or for compensation above PPP, is fine.

YitzyS · « **Reply #3816 on:** May 14, 2021, 08:39:19 AM »

Quote from: YitzyS on May 13, 2021, 01:09:27 PM

I applied for EIDL today, the initial application. In how long should I expect to hear from them?

BUMP.

And I got a credit pull from the SBA.

cgr · « **Reply #3817 on:** May 14, 2021, 08:45:14 AM »

Quote from: YitzyS on May 13, 2021, 01:09:27 PM

I applied for EIDL today, the initial application. In how long should I expect to hear from them?

I expect that with the recent loan changes they'll want a 4506-T at the minimum. As you can see from the increase request and grant chatter, response time varies and there's no real average response time.

SGF · « **Reply #3818 on:** May 14, 2021, 10:51:46 AM »

Has anyone here got approved for the targeted advance within 21 days of applying?
What was the point of committing themselves to an unrealistic goal?

Quote

SBA's goal is to process all requests within 21 days of receiving a completed application

Ygold · « **Reply #3819 on:** May 14, 2021, 10:51:56 AM »

Quote from: cgr on May 14, 2021, 08:37:28 AM

Correct. Any time before or after, or for compensation above PPP, is fine.

What do you mean by compensation above PPP?
And why would the dates overlap with PPP? If I'm not mistaken PPP covers at most a 24 week period, while 7202 covers 30 weeks during 2020. So you have 24 weeks for PPP, and 8 weeks left over or 50 days max for 7202. Do you need to enter exact dates on 7202?