Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535817 times)

Offline Fish Tank

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4360 on: September 09, 2021, 02:46:22 PM »
update
submitted application  9/10
9/10 ?  Tomorrow ?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4361 on: September 09, 2021, 02:48:36 PM »
9/10 ?  Tomorrow ?

Mwthinks he means 9/1 based on post history in this thread.
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Offline LNS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4362 on: September 09, 2021, 02:49:56 PM »
You got the full $15k (targeted plus supplemental) within a week? That's a record.
sorry that was a typo i meant 8/10



Offline LNS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4363 on: September 09, 2021, 02:51:11 PM »
Mwthinks he means 9/1 based on post history in this thread.
9/10 ?  Tomorrow ?

corrected

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4364 on: September 09, 2021, 03:28:12 PM »
The SBA is now allowing some businesses to request increases for loans of up to $2 million (the loan calculation did not change, and is till 2X 2019 sales, less COGS).
Note: EIDL loans over $500k need to be secured with real property.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4365 on: September 09, 2021, 03:28:23 PM »
SBA EIDL Rule Changes

-Restaurants can now apply even if they have 500+ employees
-EIDL loan proceeds may now be used to pay off all debt (could be beneficial to pay off commercial mortgages)
-Corporate groups are limited to a maximum of $10M in EIDL

Offline Fish Tank

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4366 on: September 09, 2021, 03:35:16 PM »
SBA EIDL Rule Changes

-Restaurants can now apply even if they have 500+ employees
-EIDL loan proceeds may now be used to pay off all debt (could be beneficial to pay off commercial mortgages)
-Corporate groups are limited to a maximum of $10M in EIDL
Can you explain this? There's no longer a restriction on what the funds can be used for?

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4367 on: September 09, 2021, 03:40:29 PM »
Can you explain this? There's no longer a restriction on what the funds can be used for?
All other restrictions apply- only the debt restriction was removed (relocation, construction, owner bonuses etc still apply).

Offline Fish Tank

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4368 on: September 09, 2021, 03:48:11 PM »
All other restrictions apply- only the debt restriction was removed (relocation, construction, owner bonuses etc still apply).
Thank you.

The debt had to have been there already before the loan was funded?

Offline Moshe123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4369 on: September 09, 2021, 03:49:05 PM »
With this increase to 2m, the SBA is seriously putting banks out of business.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4370 on: September 09, 2021, 03:51:29 PM »
Thank you.

The debt had to have been there already before the loan was funded?
COVID EIDL loan proceeds may be used to pay debt incurred both before and after submitting the COVID EIDL loan application

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4371 on: September 09, 2021, 03:54:02 PM »
With this increase to 2m, the SBA is seriously putting banks out of business.

If you can get it. Still waiting since April

Offline cholent

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4372 on: September 09, 2021, 03:57:03 PM »
All other restrictions apply- only the debt restriction was removed (relocation, construction, owner bonuses etc still apply).
So it can't be used for construction but it can be used to pay off debt from construction?
Don't ask stupid questions and you won't get stupid answers

Offline Fish Tank

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4373 on: September 09, 2021, 03:58:20 PM »
COVID EIDL loan proceeds may be used to pay debt incurred both before and after submitting the COVID EIDL loan application
Great. Time to rack up some debt before my loan is funded.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4374 on: September 09, 2021, 04:58:10 PM »
Great. Time to rack up some debt before my loan is funded.

what a world we live in

Offline aygart

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4375 on: September 09, 2021, 05:54:06 PM »
Great. Time to rack up some debt before my loan is funded.
What is the gain of taking debt to pay off with the other debt?
Feelings don't care about your facts

Offline Fish Tank

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4376 on: September 09, 2021, 06:07:10 PM »
What is the gain of taking debt to pay off with the other debt?
...To use the funds for categories that are on the SBA excluded list.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4377 on: September 09, 2021, 06:12:37 PM »
What is the gain of taking debt to pay off with the other debt?
Take a commercial mortgage for example- they're usually ARMs. If you have one and can pay it off with EIDL proceeds, you now have a 30 year fixed mortgage at 3.75%.

Offline aygart

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4378 on: September 09, 2021, 07:36:23 PM »
Take a commercial mortgage for example- they're usually ARMs. If you have one and can pay it off with EIDL proceeds, you now have a 30 year fixed mortgage at 3.75%.
I understand the advantage of EIDL. My question was why take the commercial first and not go straight to the EIDL. This answers that.
...To use the funds for categories that are on the SBA excluded list.
Feelings don't care about your facts

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4379 on: September 09, 2021, 07:56:55 PM »
I understand the advantage of EIDL. My question was why take the commercial first and not go straight to the EIDL. This answers that.
And there's also the fact that thousands of businesses have mortgages in place from the before the pandemic.