Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 548732 times)

Offline deltastubs

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Oct 2015
  • Posts: 312
  • Total likes: 11
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: usa
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4560 on: November 16, 2021, 01:31:11 AM »
Got the 10k+5k advance way back when, but was denied loan...didn't even realize can ask for reconsideration...anyone get loan with 2019 negative adjusted gross income? (-i was assuming that's why it was denied...)
« Last Edit: November 16, 2021, 01:45:41 AM by deltastubs »

Offline hcn0132

  • Dansdeals Silver Elite
  • **
  • Join Date: Sep 2016
  • Posts: 99
  • Total likes: 15
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4561 on: November 16, 2021, 06:22:53 AM »
got a email on the 10th that will get the Targeted EIDL Advance in 7 to 10 days .how long  will it take?

No idea how long it will take but when did you apply for advance?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4402
  • Total likes: 1357
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4562 on: November 16, 2021, 06:56:04 AM »
got a email on the 10th that will get the Targeted EIDL Advance in 7 to 10 days .how long  will it take?
Once the status changes from Approved to Funded you should have it within 5 business days.

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4402
  • Total likes: 1357
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4563 on: November 16, 2021, 06:57:01 AM »
Got the 10k+5k advance way back when, but was denied loan...didn't even realize can ask for reconsideration...anyone get loan with 2019 negative adjusted gross income? (-i was assuming that's why it was denied...)
The loan is based on sales less cogs. If that's a positive amount you can 2X that.

Online Traveler718

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2010
  • Posts: 1245
  • Total likes: 724
  • DansDeals.com Hat Tips 3
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4564 on: November 16, 2021, 09:32:40 AM »
Once the status changes from Approved to Funded you should have it within 5 business days.

How long does it typically take to switch from Approved to Funded?

Offline hvaces42

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2013
  • Posts: 5776
  • Total likes: 1151
  • DansDeals.com Hat Tips 14
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4565 on: November 16, 2021, 10:44:46 AM »
BH got this yesterday on my LLC Application.

"We have reviewed your request for an EIDL loan increase of the above referenced disaster loan application. At this time, we are unable to complete the evaluation of your request until the following information is provided:
 
1.   A complete copy, including all schedules, of the 2019 Federal Tax Return for the business.
2.   A complete signed and dated IRS Form 4506-T for the business.  The form may be obtained at: IRS Form 4506T (Note: IRS Transcripts for 2019 and 2018 will be  requested from the Internal Revenue Service).
3.   A complete signed and dated SBA Form 2202 Schedule of Liabilities for this business. The form may be obtained at: SBA Form 2202 Schedule of Liabilities
4.   Provide a voided check matching the bank account provided on the application (Note: Temporary checks will not be accepted.)
5.   Provide a valid form of identification (e.g., Driver’s License include copy of front and back or Passport) to verify your identity.  ( ID request copies from all applicants)
6. LLC Document

7 EIN FED TAX ID Document"

@cgr What are Items 6 and 7. Is that the Certificate of Authority and W-9 or Actual LLC Formationm documents and IRS CP575 Letter showing Tax ID #?

DP:
Got funded this morning on my personal loan based on Sch C which I applied for in late October. So it took about 3 weeks from application to loan funding. Still waiting on Advances which went from Submitted to approved overnight.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4402
  • Total likes: 1357
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4566 on: November 16, 2021, 10:49:40 AM »
How long does it typically take to switch from Approved to Funded?
Usually 5 business days

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4402
  • Total likes: 1357
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4567 on: November 16, 2021, 10:52:30 AM »
6. LLC Document

7 EIN FED TAX ID Document"

@cgr What are Items 6 and 7. Is that the Certificate of Authority and W-9 or Actual LLC Formationm documents and IRS CP575 Letter showing Tax ID #?

6 is your LLC formation docs from the state- they'll probably accept a Certificate of Authority if you don't have the actual formation docs

7 is the SS4 which assigns an EIN from the IRS

Offline hvaces42

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2013
  • Posts: 5776
  • Total likes: 1151
  • DansDeals.com Hat Tips 14
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4568 on: November 16, 2021, 11:21:11 AM »
6 is your LLC formation docs from the state- they'll probably accept a Certificate of Authority if you don't have the actual formation docs

7 is the SS4 which assigns an EIN from the IRS
Sent them the formation docs and the CP575 which is the letter you get when you file the SS-4
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline greenfeldgreenfeld5

  • Dansdeals Silver Elite
  • **
  • Join Date: Oct 2018
  • Posts: 76
  • Total likes: 3
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4569 on: November 17, 2021, 04:52:25 PM »
got the 5k tuesday when will i get the 10k?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4402
  • Total likes: 1357
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4570 on: November 17, 2021, 06:57:06 PM »
Deadline Update:

The SBA will allow loan and targeted grant ($10k) applications to be submitted until 12/31, and processing and funding to continue into 2022.

Supplemental grants ($5k) must be approved by 12/31, and the application will close around 12/10.

Offline Barryg

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2012
  • Posts: 1684
  • Total likes: 63
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Ohio
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4571 on: November 17, 2021, 07:29:21 PM »
Deadline Update:

The SBA will allow loan and targeted grant ($10k) applications to be submitted until 12/31, and processing and funding to continue into 2022.

Supplemental grants ($5k) must be approved by 12/31, and the application will close around 12/10.
no changes to the low income map  :-(   ?

Offline bhoaem

  • Dansdeals Gold Elite
  • ***
  • Join Date: Aug 2019
  • Posts: 109
  • Total likes: 38
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4572 on: November 17, 2021, 09:21:27 PM »
Is anyone else having trouble logging in to the sba eidl portal?
I've been trying sporadically for the past hour but they're not sending me the 2fa verification code.

Offline LoLo

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2014
  • Posts: 3778
  • Total likes: 197
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4573 on: November 18, 2021, 12:29:23 AM »
Yes- one of the easiest reconsideration.
No real timeline. Some take 2-3 weeks, others 2-3 months.
Any update on the current timeline for ID verification reevaluation?

Offline ah giten

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Oct 2015
  • Posts: 1992
  • Total likes: 393
  • DansDeals.com Hat Tips 6
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4574 on: November 18, 2021, 12:42:44 AM »
Asking for a friend.
Got this denial.
"The SBA has been unable to verify the existence of an eligible business"

Should proceed with the entire list of documents as was recommended for other denials?

Offline LoLo

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2014
  • Posts: 3778
  • Total likes: 197
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4575 on: November 18, 2021, 03:23:01 AM »
Asking for a friend.
Got this denial.
"The SBA has been unable to verify the existence of an eligible business"

Should proceed with the entire list of documents as was recommended for other denials?

https://forums.dansdeals.com/index.php?topic=115517.msg2492800#msg2492800

Offline hcn0132

  • Dansdeals Silver Elite
  • **
  • Join Date: Sep 2016
  • Posts: 99
  • Total likes: 15
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4576 on: November 22, 2021, 09:00:44 PM »
I just got an email from them that said my supplemental advance was approved and I’m getting 5k. Does that mean I’ll for sure get the 10k as well? Or not related?

Offline oldguy

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Mar 2012
  • Posts: 1324
  • Total likes: 80
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4577 on: November 22, 2021, 09:51:33 PM »
I just got an email from them that said my supplemental advance was approved and I’m getting 5k. Does that mean I’ll for sure get the 10k as well? Or not related?
Yes you will IYH.

Offline bingit

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jan 2014
  • Posts: 316
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: bradley beach, NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4578 on: November 23, 2021, 02:34:35 AM »
Do i need to fill out form P-022 which is showing up on my portal if im just applying for grant & dont want money in loan?

Offline ah giten

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Oct 2015
  • Posts: 1992
  • Total likes: 393
  • DansDeals.com Hat Tips 6
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4579 on: November 23, 2021, 02:44:24 AM »
https://forums.dansdeals.com/index.php?topic=115517.msg2492800#msg2492800
Does it matter that in this case it wasn't an instant denial? It took like 4 weeks since time of application until this email.
Should I assume it was also arbitrarily denied?