SBA PPP and EIDL Small Business Loans (some money is forgivable)

[Barryg]

It's somewhat debatable, but prevailing opinion is that you use the mail (check) date, not the deposit date.

direct deposit solves this one

[Mordyk]

direct deposit solves this one

Or causes less flexibility 

[YitzyS]

Okay, next question. (TIA for your patience!)

I submitted the application, and thankfully, within an hour or so, I got the email to set up the account, which I did, and I filled out the form and submitted the application.

During the application, I checked the box to apply for supplemental, as there was one 8-week period when I had a loss of 51 percent. However, I see that it is marked as declined.




Does this mean that I was not approved for supplemental? Is there anything I should do about that?

[cgr]

During the application, I checked the box to apply for supplemental, as there was one 8-week period when I had a loss of 51 percent. However, I see that it is marked as declined.




Does this mean that I was not approved for supplemental? Is there anything I should do about that?

I suggest waiting til your Targeted comes through (iyh), and then if the Supplemental doesn't change to processing, ask for a reevaluation for the Supplemental.
You can't get Supplemental prior to getting Targeted.

[YitzyS]

I suggest waiting til your Targeted comes through (iyh), and then if the Supplemental doesn't change to processing, ask for a reevaluation for the Supplemental.
You can't get Supplemental prior to getting Targeted.

Thanks!

[YitzyS]

I suggest waiting til your Targeted comes through (iyh), and then if the Supplemental doesn't change to processing, ask for a reevaluation for the Supplemental.
You can't get Supplemental prior to getting Targeted.

I got an email saying that I was declined for supplemental, and it said because didn't reach the 50 percent reduction. It says I should appeal ASAP, so I want to try. Should I submit actual receipts now, or could I just write a letter pointing out which 8-week period had a 50 reduction and reiterate the numbers?

[YitzyS]

I got an email saying that I was declined for supplemental, and it said because didn't reach the 50 percent reduction. It says I should appeal ASAP, so I want to try. Should I submit actual receipts now, or could I just write a letter pointing out which 8-week period had a 50 reduction and reiterate the numbers?

I think I realize why they rejected me, and they may be correct. I do not have two consecutive months in which the total loss in each month was over 50 percent. Rather, I have two months that when added together, the reduction is more than 50 percent (one month is a lot more than 50 and one is just under).

[Buruch]

Can anyone use the link to apply? If so, please share it.

[YitzyS]

Can anyone use the link to apply? If so, please share it.

I believe it's a custom link

[hvaces42]

Has anyone been funded for the increased EIDL loan? Someone I know claimed to have been funded. I think he's confused between EIDL and PPP.

[sillypainter]

Has anyone been funded for the increased EIDL loan? Someone I know claimed to have been funded. I think he's confused between EIDL and PPP.

I've been funded more than three weeks ago. No confusion here :-)

[Mordyk]

Has anyone been funded for the increased EIDL loan? Someone I know claimed to have been funded. I think he's confused between EIDL and PPP.

I know of some

[fresar]

I've been funded more than three weeks ago. No confusion here :-)

How long did it take you to get the funded?

[cgr]

I think I realize why they rejected me, and they may be correct. I do not have two consecutive months in which the total loss in each month was over 50 percent. Rather, I have two months that when added together, the reduction is more than 50 percent (one month is a lot more than 50 and one is just under).

I might be wrong, but based on what I've seen an aggregate reduction of 50% should be enough to qualify for Supplemental.
In either case it's probably worth it to appeal, so that you have a chance.

[YitzyS]

I might be wrong, but based on what I've seen an aggregate reduction of 50% should be enough to qualify for Supplemental.
In either case it's probably worth it to appeal, so that you have a chance.

Thanks. I'll try and report back.

[hvaces42]

I've been funded more than three weeks ago. No confusion here :-)

I guess I've been in "loan modification processing" status for so long that it seems like no one else has been funded. Doesnt seem to be any rhyme or reason fot delay. They have everything.

[sillypainter]

How long did it take you to get the funded?

I would say about a month. I think I applied April 6 or 8. Search my posts for exact dates and chronicle. I got funded around Shavuos time.

It did not say online that I was funded. I just got the funds. I did however get a call and I signed docs online, both the 4506 and revised loan docs with personal guarantee. I applied before they had the portal set up, I sent them docs by email, the. I saw online that you could do it there, so I did it thereas well, not sure however what triggered it.

[joeberg]

I guess I've been in "loan modification processing" status for so long that it seems like no one else has been funded. Doesnt seem to be any rhyme or reason fot delay. They have everything.

I requested increase 4/23. They reached out Friday for 2 additional items. They said the increase was approved pending a LLC authorization letter and proof of insurance.

It seems like they are working their way through the apps.

[dovy2]

Any funding of the Targeted advance yet??? I'm stuck by "submitted" for months already!!!

[oldguy]

Is the targeted advance only for corps? or also for individuals that filed a Schedule C?