Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 216203 times)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3820 on: May 14, 2021, 11:29:56 AM »
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?

If your average daily "wage" based on your Schedule C is $600, and your PPP is only an average daily of $300, you can take FFCRA for the remaining $300.
FFCRA is a little over 7 weeks (50 days).
You don't have to overlap (and it's simpler not to), but depending on when your kids were home or when you had covid, it very well might.
You don't enter the dates, but you should have a good picture of it for yourself in case you get audited.

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3821 on: May 14, 2021, 12:23:16 PM »
https://www.cleveland.com/business/2021/05/sba-tells-lenders-to-withdraw-unapproved-ppp-loans-ahead-of-deadline.html
Quote
The SBA said that if lenders do not remove their loans, the agency will remove them on May 17, 2021, according to a message sent to lenders

Offline AsherO

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Offline drosenberg88429

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3823 on: May 14, 2021, 12:59:17 PM »
How long does EIDL (loan, not target grant) approval and funding take from application?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3824 on: May 14, 2021, 01:08:16 PM »
How long does EIDL (loan, not target grant) approval and funding take from application?

Asked and answered just a few posts up:

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...
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.

Offline Moshe123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3825 on: May 14, 2021, 06:43:09 PM »
Got approved today a few days after submitting the requested paperwork.

Offline drosenberg88429

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3826 on: May 14, 2021, 06:53:46 PM »
Got approved today a few days after submitting the requested paperwork.

What was requested paperwork?

Offline Moshe123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3827 on: May 15, 2021, 11:39:18 PM »
What was requested paperwork?

Minor stuff. ID, actual tax return, hazard insurance for office contents, authorization from the board for the loan.

Offline Moshe123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3828 on: May 19, 2021, 06:43:09 AM »
Got approved today a few days after submitting the requested paperwork.

And it funded bh.

Offline drosenberg88429

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3829 on: May 19, 2021, 08:03:07 AM »
Minor stuff. ID, actual tax return, hazard insurance for office contents, authorization from the board for the loan.

How much was hazard insurance? Are you planning on keeping it?

Offline Moshe123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3830 on: May 19, 2021, 10:23:02 AM »
How much was hazard insurance? Are you planning on keeping it?

You will need to keep it and it's minimal coverage.

Offline Ver hut gazugt

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3831 on: May 19, 2021, 03:52:53 PM »
I just got a reminder today to sign up for the advance( which I was not planing on doing before) once I did I got an email for my loan increase as well. So they might be connected.

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3832 on: May 19, 2021, 04:25:22 PM »
I just got a reminder today to sign up for the advance( which I was not planing on doing before) once I did I got an email for my loan increase as well. So they might be connected.

I also got this email (which I can't take), and my increase was already funded last week.

Offline crownsbroyal

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3833 on: May 19, 2021, 04:50:52 PM »
My EIDL increase has been in the processing stage for about 2-3 weeks now.  I called today and it seems that they are still waiting on the IRS to send over the info they requested with the form.  ANy way to get the IRS to do this already so they can work up the EIDL increase?  Anyone else have this issue?

Offline Eliyohu

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3834 on: May 19, 2021, 11:12:23 PM »
For now I only have a best-of-the-worse option.

https://ndconline.org/ppp/
They're overwhelmed and can't guarantee that they'll process your application.

NDC can only approve applicants located in a CDFI zone.
Use the map here, enter the business address, and select 2010 and 2015 from the layers tab. If the address is in green, you're eligible.
https://cimsprodprep.cdfifund.gov/CIMS4/apps/pn-cdfi/index.aspx#?center=-98.212,38.724&level=4

I'm working on partnering with a more reliable CDFI, but right now it looks like they'll only allow me to enter applications, not 3rd parties.
Did NDC stop taking applications? any other CDFIs taking?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3835 on: May 20, 2021, 10:15:14 AM »
Did NDC stop taking applications? any other CDFIs taking?
PM me. I have a partnership with a CFI.

Offline yosefsv

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3836 on: May 21, 2021, 04:40:47 PM »
Any idea when the forgiveness application option will be back @ Kabbage?

As of now there is a message:

The SBA recently released new forgiveness applications based on the changes in the December 27, 2020 relief bill. We are currently not accepting forgiveness applications due to changes made by the SBA. The SBA is no longer accepting the legacy 3508S, 3508EZ, and 3508 forms as of March 5th, 2021.
Please be patient with us as we prepare for the new forms. If you have an open application with us, we will be reaching out when the new forgiveness application forms are ready. If you have an application submitted to the SBA before March 5th, 2021, the SBA will continue to process your application.
We apologize for any inconvenience this may cause, and we appreciate your understanding.
If it benefits even just one fellow DDFer, its worth posting it.

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3837 on: May 24, 2021, 03:13:08 AM »
https://www.cnbc.com/2021/05/23/he-gave-back-a-ppp-loan-hoping-for-more-money-then-the-program-ended-.html

Wasn't it reported that it wouldn't work to return the loan and re-apply? If so, what kind of advice was that?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3838 on: May 24, 2021, 08:45:28 AM »
https://www.cnbc.com/2021/05/23/he-gave-back-a-ppp-loan-hoping-for-more-money-then-the-program-ended-.html

Wasn't it reported that it wouldn't work to return the loan and re-apply? If so, what kind of advice was that?
I donít think he actually got funded. I think he got closing docs and rejected it. (Which means the lesser amount should still be available... or he can always reach out to me ;))

Offline helpusout

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3839 on: May 24, 2021, 10:56:44 AM »
I applied for a SBA increase and it says " your loan modification is being processed" for the last week and a half.  How long does this process typically take?