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

[YitzyS]

My Targeted Advance status changed today from "approved" to "funded". How long until the money will be in my bank account?

[YitzyS]

My Targeted Advance status changed today from "approved" to "funded". How long until the money will be in my bank account?

I see this question was addressed upthread:

How long from 'funded' until I see it in my bank account?

Under a week.

5 business days

[gozalim]

All 3 programs will close when funds are exhausted or 12/31/21, whichever comes first.

that's the deadline to apply? Or to have all the paperwork (4506t)in?

[cgr]

that's the deadline to apply? Or to have all the paperwork (4506t)in?

Seems to be the application deadline.

[Fish Tank]

My loan application and targeted advance have been pending for a while. The SBA received my tax transcripts last week from the IRS, but there's been no progress because it hasn't been "processed" yet.

Does anyone know how long it takes for them to add the transcripts to my file after they receive them from the IRS?

[YitzyS]

My loan application and targeted advance have been pending for a while. The SBA received my tax transcripts last week from the IRS, but there's been no progress because it hasn't been "processed" yet.

Does anyone know how long it takes for them to add the transcripts to my file after they receive them from the IRS?

My Targeted Advance application was approved exactly 6 weeks after the SBA got my IRS documents. (I applied June 4, they received it June 9, approved me July 21.)

[Fish Tank]

My Targeted Advance application was approved exactly 6 weeks after the SBA got my IRS documents. (I applied June 4, they received it June 9, approved me July 21.)

Thank you for the DP!

[gozalim]

to apply for EIDL grant(s) must have Sched C for Sole prop, but on EIDL application can be Sole Prop/or Independent Contractor?

[cgr]

to apply for EIDL grant(s) must have Sched C for Sole prop, but on EIDL application can be Sole Prop/or Independent Contractor?

Both a sole prop and independent contractor (1099) should have a Schedule C.

[gozalim]

the difference would be that independent contractor isn't operating as a separate business name?
for contractor: all the questions (legal business name, trade name) would all be contractor's own name? and date established/current ownership since, would be the date this 'job' began?

[cgr]

the difference would be that independent contractor isn't operating as a separate business name?
for contractor: all the questions (legal business name, trade name) would all be contractor's own name? and date established/current ownership since, would be the date this 'job' began?

Correct.
Btw sole props can also be run in the proprietors name, with no DBA or LLC (not saying it's a good idea).

[gozalim]

If I'm understanding correctly, the Loan application asks for gross rev for 2019, but at no point asks for 2020 rev.
the determination of whether there's been a reduction would happen later, after they get the 4506t?
and where would the month-by-month come from?

aslo, the question about "Compensation From Other Sources Received as a Result of the Disaster" refers specifically to the business (i.e. PPP) not 'personal' (UI/Stimulus)?

[cgr]

If I'm understanding correctly, the Loan application asks for gross rev for 2019, but at no point asks for 2020 rev.
the determination of whether there's been a reduction would happen later, after they get the 4506t?
and where would the month-by-month come from?

aslo, the question about "Compensation From Other Sources Received as a Result of the Disaster" refers specifically to the business (i.e. PPP) not 'personal' (UI/Stimulus)?

On the grant application they'll ask for your monthly numbers for 2019, 2020, and 2021 to date.
A 2020 filed return is not required or requested.

The compensation from other sources field is optional, and pertains only to other business grants.

[gozalim]

On the grant application they'll ask for your monthly numbers for 2019, 2020, and 2021 to date.
A 2020 filed return is not required or requested.

The compensation from other sources field is optional, and pertains only to other business grants.

so Sched C is needed only for 2019?
(don't need to wait for 2020 return to clear in order to apply)?

that's very helpful

[TBD]

so Sched C is needed only for 2019?
(don't need to wait for 2020 return to clear in order to apply)?

that's very helpful

correct

[cholent]

On the grant application they'll ask for your monthly numbers for 2019, 2020, and 2021 to date.
A 2020 filed return is not required or requested.

The compensation from other sources field is optional, and pertains only to other business grants.

They requested 2020 from me, but ultimately accepted other docs instead when I told them I hadn't filed yet.

[cgr]

They requested 2020 from me, but ultimately accepted other docs instead when I told them I hadn't filed yet.

For the grant? They occasionally ask for a P&L or similar for the loan, but I've never seen it request for the grant.

[oldguy]

My loan application and targeted advance have been pending for a while. The SBA received my tax transcripts last week from the IRS, but there's been no progress because it hasn't been "processed" yet.

Does anyone know how long it takes for them to add the transcripts to my file after they receive them from the IRS?

My Targeted Advance application was approved exactly 6 weeks after the SBA got my IRS documents. (I applied June 4, they received it June 9, approved me July 21.)

How can you see when they got the transcript from the IRS?

[YitzyS]

How can you see when they got the transcript from the IRS?

I called to check the status and the agent told me.

[cholent]

For the grant? They occasionally ask for a P&L or similar for the loan, but I've never seen it request for the grant.

Yes. They asked for 2019 + 2020 returns + proof of business.