Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 536116 times)

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4440 on: October 13, 2021, 09:22:31 PM »
Ty. So not my personal CR? Only DNB?
Ionly wrote that business yes
Feelings don't care about your facts

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4441 on: October 14, 2021, 11:15:15 AM »
Anyone got funded already the 2 m? @cgr
Yes, but a slow trickle.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4442 on: October 14, 2021, 12:04:27 PM »
I got online confirmation that I'm eligible to go above 500K for EIDL. I read everywhere that business RE collateral is required. Is that true, or ONLY if you have business RE you need to provide that, otherwise you don't have to. On the docs they ask me to sign, I don't see a REQUIREMENT for business RE collateral.

Only if you have.

Offline Moshe123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4443 on: October 14, 2021, 12:08:24 PM »
Yes, but a slow trickle.

How long from approval till the 1.5m hit?
The slow trickle is the approval, or the funding?
« Last Edit: October 14, 2021, 12:23:07 PM by Moshe123 »

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4444 on: October 14, 2021, 01:47:16 PM »
How long from approval till the 1.5m hit?
The slow trickle is the approval, or the funding?
Funding itself is no more than a few days from approval.
The trickle is for approvals.

Offline Moshe123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4445 on: October 14, 2021, 02:24:28 PM »
Funding itself is no more than a few days from approval.
The trickle is for approvals.

Thanks!

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4446 on: October 18, 2021, 03:42:23 PM »
@cgr my EIDL increase has been finally approved. However I do file 2 separate schedule C's, one as a sole proprietor and the other as a statutory employee. The only used the revenue from one of them. Would it be possible to use both for a single loan (both are in my name and SSN)?
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4447 on: October 18, 2021, 08:29:42 PM »
How is the SBA direct forgiveness portal working? are they processing faster than banks or slower?

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4448 on: October 18, 2021, 09:18:36 PM »
@cgr my EIDL increase has been finally approved. However I do file 2 separate schedule C's, one as a sole proprietor and the other as a statutory employee. The only used the revenue from one of them. Would it be possible to use both for a single loan (both are in my name and SSN)?
It's technically possible, but I have yet to find a loan officer that was actually willing to push it through.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4449 on: October 18, 2021, 09:18:49 PM »
How is the SBA direct forgiveness portal working? are they processing faster than banks or slower?
Direct is generally faster

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4450 on: October 21, 2021, 07:30:01 PM »
Did you end up getting approved for the grant? Asking for someone whose loan application was also just denied for unsatisfactory credit.
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4451 on: October 21, 2021, 10:23:59 PM »
Did you end up getting approved for the grant? Asking for someone whose loan application was also just denied for unsatisfactory credit.

Is your credit score below 580? That’s apparently the threshold.
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Offline cholent

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4452 on: October 21, 2021, 10:24:21 PM »
Is your credit score below 580? That’s apparently the threshold.
It wasn't for me and I don't know that person's credit score
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4453 on: October 22, 2021, 12:35:05 AM »
Did you end up getting approved for the grant? Asking for someone whose loan application was also just denied for unsatisfactory credit.
The loan has a minimum credit requirement, but the grant doesn't. Being denied for the loan does not affect grant eligibility.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4454 on: October 22, 2021, 01:03:51 AM »
Is your credit score below 580? That’s apparently the threshold.
Even below that, can be approved with manual underwriting

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4455 on: October 22, 2021, 02:24:12 AM »
Would like to apply for the grant/loan
Business address is in low income community, however the address on my taxes is not.
When applying it keeps saying addresses must match.
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4456 on: October 22, 2021, 11:00:32 AM »
can you apply for $15000 grant for sch E Rental Income decline ?

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4457 on: October 22, 2021, 01:15:22 PM »
can you apply for $15000 grant for sch E Rental Income decline ?
Yes.

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4458 on: October 24, 2021, 06:28:24 PM »
can you apply for $15000 grant for sch E Rental Income decline ?
Do i have to submit entire personal return or just Sch. E?
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4459 on: October 24, 2021, 06:29:09 PM »
Do i have to submit entire personal return or just Sch. E?
You will need to upload your entire return + sign form 4506T that allows the IRS to share your return with the SBA
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