Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 330055 times)

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4000 on: June 17, 2021, 12:45:00 PM »
100% I knew rom the first minute that the loan amount was too high. The revenues didnt justify it. Its ok.

My question is more about how this determination was made in the first place? I don't want to end up with partial forgiveness due to something I'm not paying attention to.

Offline YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4001 on: June 17, 2021, 12:53:24 PM »
Thanks. I'll CC you on my email to them.
Thanks crg for taking care of this.

Voted my new #1 most favorite DDFer!

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4002 on: June 17, 2021, 01:29:23 PM »
My question is more about how this determination was made in the first place? I don't want to end up with partial forgiveness due to something I'm not paying attention to.
There was no explanation. When i dug out the number of the Capital One rep that helped me throughout she said all she had was "talking points" on the subject. It is only a recommendation from Capital One. The SBA makes the final determination which is subject to appeal and all administrative remedies before it becomes final. So I'm not too worried if they don't approve it I will just appeal.

« Last Edit: June 17, 2021, 01:32:37 PM by hvaces42 »
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4003 on: June 17, 2021, 01:38:46 PM »
There was no explanation. When i dug out the number of the Capital One rep that helped me throughout she said all she had was "talking points" on the subject. It is only a recommendation from Capital One. The SBA makes the final determination which is subject to appeal and all administrative remedies before it becomes final. So I'm not too worried if they don't approve it I will just appeal.


Thanks for sharing.

So this might just be SBA stupidity that has nothing to do with you originally getting more than you should have. Or they caught on by reviewing your original application data (I'm not sure how much the SBA has, my understanding was that much of the process was handled by the originating bank). Hmmm...

Offline Pupashtetl

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4004 on: June 20, 2021, 03:00:09 AM »
How long from when I apply for the targeted EIDL until I get any correspondence?

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4005 on: June 22, 2021, 12:40:49 AM »
All businesses located in a low-income community who believe they qualify for the Targeted Grant can now apply for the EIDL loan to generate the Grant invite.
You do not need to accept the loan to receive the grant.
But you will need to provide a 2019 return, correct?
Yep. That's needed for all EIDL programs.

I have 10-99 income in 2019, s-corp income in 2020 (business incorporated March 2020).
Definitely have 2 months in 2021 with enough of a decrease to get the EIDL. But, can/should I be claiming this from the business or from personal (sole proprietorship)?

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4006 on: June 22, 2021, 08:53:43 AM »
I have 10-99 income in 2019, s-corp income in 2020 (business incorporated March 2020).
Definitely have 2 months in 2021 with enough of a decrease to get the EIDL. But, can/should I be claiming this from the business or from personal (sole proprietorship)?
The business must be active, so go with the one that's currently in operation.

Offline gozalim

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4007 on: June 22, 2021, 11:42:06 AM »
Basically, If you have a Schedule C in 2019 of $1,200 in which you earned $100 a month and you claim that in June-July 2020 you earned only $49 a month (all other months you earned $500 a month) you can get now $15,000 from the Uncle Sam! If you are in Low Income Community
wait? This is different than PPP?
Small 1099 and no schedule c (no llc, no s Corp) can get something worthwhile?
So long as still in operation and experienced some reduced months?

Offline gozalim

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4008 on: June 22, 2021, 11:42:37 AM »
@AsherO is 11225 a qualified community?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4009 on: June 22, 2021, 11:45:48 AM »
@AsherO is 11225 a qualified community?

You need to check the official map used by the SBA, it varies by block. Most blocks are but some aren't.
« Last Edit: June 22, 2021, 11:49:13 AM by AsherO »

Offline ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4010 on: June 22, 2021, 01:23:39 PM »
@AsherO is 11225 a qualified community?

Haven't been following recently. Qualified community for what?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline gozalim

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4011 on: June 22, 2021, 01:29:21 PM »
Haven't been following recently. Qualified community for what?
Basically, If you have a Schedule C in 2019 of $1,200 in which you earned $100 a month and you claim that in June-July 2020 you earned only $49 a month (all other months you earned $500 a month) you can get now $15,000 from the Uncle Sam! If you are in Low Income Community
EIDL targeted grant

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4012 on: June 22, 2021, 01:31:56 PM »
wait? This is different than PPP?
Small 1099 and no schedule c (no llc, no s Corp) can get something worthwhile?
So long as still in operation and experienced some reduced months?
Yes- EIDL Targeted/Supplemental grant.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4013 on: June 22, 2021, 01:43:19 PM »
Haven't been following recently. Qualified community for what?

EIDL targeted advance and supplemental targeted advance.

https://www.sba.gov/funding-programs/loans/covid-19-relief-options/eidl/targeted-eidl-advance-supplemental-targeted-advance

Basically, initially all COVID1-19 EIDL applicants could get an advance (after applying, even if they don't accept a loan) on their EIDL, up to $10k, $1k per employee.

Then it changed later where if you were in a low income community and had a 30% loss YoY during any 8 week period of the pandemic, you get $10k (reduced by the amount you got previously for an EIDL advance, e.g. if you initially had 1 employee and got $1k you're eligible for another $9k).

They also added a supplemental targeted advance for those businesses hit hardest by COVID, you have to be in a low income community (per map I linked to a few posts up), show 50% YoY loss for any 8 week period of the pandemic, and have less than 10 employees.

Offline gozalim

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4014 on: June 22, 2021, 01:47:19 PM »
Yes- EIDL Targeted/Supplemental grant.
do I need to have filed a sched C?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4015 on: June 22, 2021, 01:49:28 PM »
do I need to have filed a sched C?

Pretty sure you need to have business income (schedule C qualifies) filed in 2019

Offline gozalim

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4016 on: June 22, 2021, 01:52:44 PM »
Pretty sure you need to have business income (schedule C qualifies) filed in 2019
how about 1099(-nec) for 2019 but now sched C

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4017 on: June 22, 2021, 01:56:19 PM »
how about 1099(-nec) for 2019 but now sched C

Didn't realize there was an NEC for 2019. I guess it's worth a shot.

Offline ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4018 on: June 22, 2021, 02:13:01 PM »
EIDL targeted advance and supplemental targeted advance.

https://www.sba.gov/funding-programs/loans/covid-19-relief-options/eidl/targeted-eidl-advance-supplemental-targeted-advance

Basically, initially all COVID1-19 EIDL applicants could get an advance (after applying, even if they don't accept a loan) on their EIDL, up to $10k, $1k per employee.

Then it changed later where if you were in a low income community and had a 30% loss YoY during any 8 week period of the pandemic, you get $10k (reduced by the amount you got previously for an EIDL advance, e.g. if you initially had 1 employee and got $1k you're eligible for another $9k).

They also added a supplemental targeted advance for those businesses hit hardest by COVID, you have to be in a low income community (per map I linked to a few posts up), show 50% YoY loss for any 8 week period of the pandemic, and have less than 10 employees.

Unfortunately my block isn't eligible.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4019 on: June 22, 2021, 02:16:57 PM »
Unfortunately my block isn't eligible.

Same for your business location?