Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 262403 times)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4580 on: November 23, 2021, 04:57:56 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?
No

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4581 on: November 23, 2021, 05:01:17 AM »
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?
Most are not instant- only duplicates are instantly denied.
You should be able to see the denial reason in the letter- if it's Unverifiable Information or something to that affect, follow the posts instructions

Offline ah giten

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4582 on: November 23, 2021, 01:06:45 PM »
Most are not instant- only duplicates are instantly denied.
You should be able to see the denial reason in the letter- if it's Unverifiable Information or something to that affect, follow the posts instructions
∑ Not Eligible: The SBA has been unable to verify the existence of an eligible business as reflected in
the application.
The SBA has been unsuccessful in our attempts to obtain documentation from multiple
sources (public records) and we attempted to obtain documentation from you that would validate the
existence of your business.

If you disagree with our decision, you may request a reevaluation, subject to the availability of funds. E-
mail your request to: TargetedAdvanceReevaluation@sba.gov

Your request must:
1. Be in writing and be received by this office as soon as possible
2. Include identifying information for the application such as application number, business name,
business address, business owner name(s) and phone number
3. Contain an explanation and any significant documentation that will overcome the
decline/withdrawal reason(s)

Offline bingit

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4583 on: November 23, 2021, 10:49:43 PM »
If i sign the 4506-t form from my portal, do i still need to upload my 2019 tax return like it is asking me to do? or will they get it themselves?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4584 on: November 24, 2021, 07:27:15 AM »
If i sign the 4506-t form from my portal, do i still need to upload my 2019 tax return like it is asking me to do? or will they get it themselves?
If you're going for the loan you need to upload.
If you're going for the grant you can skip.

Offline cholent

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4585 on: November 24, 2021, 07:59:57 AM »
It seems like denials for "unable to verify your business" are becoming increasingly common. They're also coming very quickly after application.
Don't ask stupid questions and you won't get stupid answers

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4586 on: November 24, 2021, 01:18:30 PM »
It seems like denials for "unable to verify your business" are becoming increasingly common. They're also coming very quickly after application.
This is all AI driven.

On another note...

Applied for Loan and grant on Schedule C business on Oct 24ish. Loan funded last week. 5k grant approved 2 days ago. 10k grant approve yesterday. Both grants funded today.

Still waiting for increase on LLC application. At least the 4506 I sent has now been deemed clear enough to send to the IRS.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline drosenberg88429

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4587 on: November 24, 2021, 02:01:37 PM »
It seems like denials for "unable to verify your business" are becoming increasingly common. They're also coming very quickly after application.

What is best response to this? @cgr

Offline cholent

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4588 on: November 24, 2021, 02:04:56 PM »
What is best response to this? @cgr
Most of these are arbitrarily denied.
You can appeal the decision and include:


Color photos of driverís license, front and back (in PDF)
Voided check and one month of bank statement (in PDF)
Form 1099 and client invoices in 2019/2020 (in PDF)
Complete 2019 federal tax filing (in PDF)

Send everything in PDF format, and include a signed 4506-T as well.
Don't ask stupid questions and you won't get stupid answers

Offline LoLo

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4589 on: November 24, 2021, 02:32:26 PM »
"We have reviewed your request for the reevaluation Targeted Advance. At this time, we are unable to complete the evaluation of your request until the following information is provided:

All pages of 2019 Tax Transcript located on IRS.gov (Not the Tax Return)

You do have three days to submit the requested documents. The requested information can be attached to this email and returned to me. If you have questions or concerns, email is the best and fastest way to reach me. Be sure to include your application number in all correspondence. I will answer your email as soon as possible."

This is standard? Good/bad sign?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4590 on: November 24, 2021, 03:23:38 PM »


This is standard? Good/bad sign?
Standard.
If you submit the correct docs in time you could be approved within hours.

Offline Moishy123

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4591 on: November 24, 2021, 08:10:50 PM »
Standard.
If you submit the correct docs in time you could be approved within hours.


SHOULD ADD THIS TO THE BELOW LIST WHEN SENDING IN THE FIRST TIME?


They first asked me "Please describe your business: what do you do, what are the products, and how you reach out to customers." After I answered, they asked me for:

Color photos of driverís license, front and back (in PDF)
Voided check and one month of bank statement (in PDF)
Form 1099 and client invoices in 2019/2020 (in PDF)
Complete 2019 federal tax filing (in PDF)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4592 on: November 24, 2021, 08:35:39 PM »

SHOULD ADD THIS TO THE BELOW LIST WHEN SENDING IN THE FIRST TIME?
If you received a request for a specific document you can submit just that.

Offline yossisch1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4593 on: November 24, 2021, 11:22:55 PM »
I got a 1099 for an amount less then 10k do I still qualify for the grant? Also, I have rental properties should I include that or no need?

Offline cholent

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4594 on: November 24, 2021, 11:30:47 PM »
I got a 1099 for an amount less then 10k do I still qualify for the grant? Also, I have rental properties should I include that or no need?
If you meet eligibility criteria, you qualify
Don't ask stupid questions and you won't get stupid answers

Offline yossisch1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4595 on: November 24, 2021, 11:33:02 PM »
If you meet eligibility criteria, you qualify

Should I include rental income or no need.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4596 on: November 25, 2021, 07:41:58 AM »
Should I include rental income or no need.
You can only base it on either your Schedule E or C, not both.

Offline Traveler718

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4597 on: November 25, 2021, 01:39:08 PM »
Is there any possibility that some or all of the EIDL loan money will get forgiven?

Also, if my wife receives a W-2, is she eligible for EIDL grants?

Offline cholent

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4598 on: November 25, 2021, 01:40:10 PM »
Is there any possibility that some or all of the EIDL loan money will get forgiven?

Also, if my wife receives a W-2, is she eligible for EIDL grants?
Nobody can tell you definitively but unlikely

No
Don't ask stupid questions and you won't get stupid answers

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4599 on: November 25, 2021, 01:40:26 PM »
Is there any possibility that some or all of the EIDL loan money will get forgiven?

Also, if my wife receives a W-2, is she eligible for EIDL grants?
No.
No.