Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 214919 times)

Offline Buruch

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3880 on: May 31, 2021, 05:50:41 AM »
https://www.bizjournals.com/bizjournals/news/2021/05/26/sba-eidl-advance-cash-grant-small-businesses.html

SBA to open Targeted and Supplemental grants in early June to EIDL applicants that received a loan after Dec 27, 2020, as well as to those with no loan.

Does this mean for someone who received PPP but never applied for EIDL, they'll be able to apply then and get a forgiveable loan/grant?

Offline dovy2

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3881 on: May 31, 2021, 07:09:16 AM »
Before expanding to allow others to apply, maybe process the existing applications!

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3882 on: May 31, 2021, 12:19:09 PM »
This probably doesn't apply to most, but there is a good program from the USDA for producers of agricultural commodities. Covers items like beef, chicken, eggs, milk, and most grown foodstuffs. Note: this is only for producers, not for distributors or processors.
https://www.farmers.gov/pandemic-assistance/cfap

You can PM me for more information.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3883 on: May 31, 2021, 12:19:42 PM »
Does this mean for someone who received PPP but never applied for EIDL, they'll be able to apply then and get a forgiveable loan/grant?
There's no connection between the two.

Offline Kobe Bryant

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3884 on: May 31, 2021, 09:17:06 PM »
The federal governmentís Paycheck Protection Program closed to new applications Friday as funding was on track to be exhausted. That marked the end of a $961 billion emergency effort that helped millions of small businesses survive the pandemic but was dogged by fraud claims and criticism that it didnít reach the neediest businesses.

The program had been scheduled to end on May 31, but the Small Business Administration on Friday said in a notice to lenders that ďdue to the high volume of originations today, the portal will be closing for new originationsĒ that evening.


Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3885 on: May 31, 2021, 10:01:07 PM »
but was dogged by fraud claims and criticism that it didnít reach the neediest businesses.

It would be almost impossible to optimally balance these two contrasting objectives. The former calls for a more complex application, review, and process. The latter calls for the opposite.

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3886 on: June 01, 2021, 02:02:06 AM »
So many businesses qualified for round 2 of ppp, due to having a loss in one quarter, even though they had no overall loss for the year in total, or even had a gain.
I don't understand why they allowed it.
They could've easily added a clause that you needed to have a overall loss in 2020.
But whoever benefited, good for you.  :)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3887 on: June 01, 2021, 08:39:13 AM »
So many businesses qualified for round 2 of ppp, due to having a loss in one quarter, even though they had no overall loss for the year in total, or even had a gain.
I don't understand why they allowed it.
They could've easily added a clause that you needed to have a overall loss in 2020.
But whoever benefited, good for you.  :)
NY is doing that for their grant program now- requiring a 25% YoY reduction. Time will tell, but I'm of the opinion that they'll have a hard time finding enough applicants to distribute the allocated funds.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3888 on: June 01, 2021, 11:27:57 AM »
I've submitted EIDL increase requests a couple of weeks ago. Dashboard is showing "Your loan modification is being processed" as status. What's the expected turnaround time? I tried calling 877-431-2063 but the agent on the phone sounded totally clueless about many things.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Ver hut gazugt

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3889 on: June 01, 2021, 12:14:03 PM »
I've submitted EIDL increase requests a couple of weeks ago. Dashboard is showing "Your loan modification is being processed" as status. What's the expected turnaround time? I tried calling 877-431-2063 but the agent on the phone sounded totally clueless about many things.

I donít think anyone can answer that. I submitted in April and I am still waiting. Last I heard they where waiting for the irs do release my tax returns.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3890 on: June 01, 2021, 12:16:33 PM »
NY is doing that for their grant program now- requiring a 25% YoY reduction. Time will tell, but I'm of the opinion that they'll have a hard time finding enough applicants to distribute the allocated funds.

Are people getting funded by that NY program? IINM I applied a while ago and never heard back

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3891 on: June 01, 2021, 12:20:14 PM »
Are people getting funded by that NY program? IINM I applied a while ago and never heard back
The program opens 6/10, so I doubt you already applied. Will try to do a thread later today.

Maybe you're thinking of the NY loan program? This is a grant program.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3892 on: June 01, 2021, 12:21:56 PM »
The program opens 6/10, so I doubt you already applied. Will try to do a thread later today.

Maybe you're thinking of the NY loan program? This is a grant program.

Must be a different program I applied for. Maybe Empire State something grant? I think it was up to $10k. I canít keep track my own specifics for the few programs Iíve participated in and it boggles my mind how you juggle the intricacies of them all kaĒh.

Offline yossisch1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3893 on: June 01, 2021, 10:53:58 PM »
I just got approved for the supplemental  targeted advance.  What can I use the money for?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3894 on: June 01, 2021, 11:07:37 PM »
I just got approved for the supplemental  targeted advance.  What can I use the money for?

Itís a grant for your business, I donít think there are any time/expense-category limitations and since your business will likely spend the money sooner or later on something that certainly qualifies, why worry about how youíre spending this money? Just say this money went for those expenses.

Offline Buruch

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3895 on: June 02, 2021, 06:03:51 AM »
There's no connection between the two.

Ok, so it will be open to new applicants - same rules and same 10k etc.?

Offline yossisch1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3896 on: June 02, 2021, 11:14:01 PM »
How do you get for the EIDL advance or the supplemental if you only have one employee?

Offline elimmm

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3897 on: June 02, 2021, 11:51:56 PM »
As self employed I missed round two of ppp, am I still able to get anything now?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3898 on: June 03, 2021, 12:01:36 AM »
Ok, so it will be open to new applicants - same rules and same 10k etc.?
Yep.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3899 on: June 03, 2021, 12:02:05 AM »
How do you get for the EIDL advance or the supplemental if you only have one employee?
It's $10k/$5k flat. Not based on # of employees.