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

[hvaces42]

You will need to upload your entire return + sign form 4506T that allows the IRS to share your return with the SBA

Thanks. How does the resolution work? They are requiring it.

[cgr]

Thanks. How does the resolution work? They are requiring it.

If you're going for the loan just fill it out with the loan you're being offered as the amount. If you're not going for the loan you can upload a blank resolution.

[Deal Guy]

If you are going just for the eigl grants, do you need to Upload Documents (2019 business tax return, and oda form p-022 standard resolution)? Or can you skip that part?

[cgr]

If you are going just for the eigl grants, do you need to Upload Documents (2019 business tax return, and oda form p-022 standard resolution)? Or can you skip that part?

No. You should be able to submit for processing after completing the 4506-T without uploading the rest.

[Pupashtetl]

Did anyone have success in reconsideration, when the application was originally denied because of identity verification? 

[greenfeldgreenfeld5]

Did anyone have success in reconsideration, when the application was originally denied because of identity verification? and how long will it take?

[cgr]

Did anyone have success in reconsideration, when the application was originally denied because of identity verification?

Did anyone have success in reconsideration, when the application was originally denied because of identity verification? and how long will it take?

Yes- one of the easiest reconsideration.
No real timeline. Some take 2-3 weeks, others 2-3 months.

[greenfeldgreenfeld5]

thanks loads

[bubkiz]

Got denied for:
Not Eligible: Targeted Advance recipients must meet the eligibility requirements applicable to SBA
Economic Injury Disaster Loans (EIDL). The applicant business did not meet these requirements. The
applicant business is A lending or investment concern and considered ineligible under the EIDL Program.

This was a mistake on the application - anyone have experience with a similar circumstance?

[bubkiz]

Got denied for:
Not Eligible: Targeted Advance recipients must meet the eligibility requirements applicable to SBA
Economic Injury Disaster Loans (EIDL). The applicant business did not meet these requirements. The
applicant business is A lending or investment concern and considered ineligible under the EIDL Program.

This was a mistake on the application - anyone with a similar circumstance have experience appealing ?

[cgr]

Got denied for:
Not Eligible: Targeted Advance recipients must meet the eligibility requirements applicable to SBA
Economic Injury Disaster Loans (EIDL). The applicant business did not meet these requirements. The
applicant business is A lending or investment concern and considered ineligible under the EIDL Program.

This was a mistake on the application - anyone have experience with a similar circumstance?

You can request reevaluation and explain.

[bubkiz]

You can request reevaluation and explain.

Thank you.
Any tips or helpful data points? I do not have "significant documentation"

[Buruch]

For loans over 25k, can you be approved if you don't have collateral?

Also, can a sole proprietor pull out all the funds for personal needs as "payroll"?

[cgr]

For loans over 25k, can you be approved if you don't have collateral?

Yes. There's no collateral check under 500k.

Also, can a sole proprietor pull out all the funds for personal needs as "payroll"?

Not above the usual payroll taken by the owner. Bonuses are not permitted with EIDL funds.

[jackofall]

For loans over 25k, can you be approved if you don't have collateral?

Also, can a sole proprietor pull out all the funds for personal needs as "payroll"?

Got approved for way over $500K without collateral, service based business.

[cgr]

Got approved for way over $500K without collateral, service based business.

You can get approved with no collateral, but they'll still do a check to see if the business has any.

[bamo]

So today I got rejected on a schedule c because of unvarifiable I formation. I gave them everything. Full tax returns, everything. What more can I do?

[cgr]

So today I got rejected on a schedule c because of unvarifiable I formation. I gave them everything. Full tax returns, everything. What more can I do?

Color photos of driver’s license, front and back
Voided check
Complete 2019 federal tax filing

Send everything in PDF format, and include a signed 4506-T as well.

[YitzyS]

Send everything in PDF format, and include a signed 4506-T as well.

Send it as a response to the email rejecting you, if the email was sent from a person (as opposed to an automated response). That is what worked for me.

[JACKBLUE]

I have an EIDL loan in reconsideration for a very long time, every few weeks i get an email to continue my application, when i log in they keep asking me again for forms I've already submitted. like 4506T & Schedule of liabilities form.....