Lost My Savings & The Last 3 Years To Covid small business |
- Lost My Savings & The Last 3 Years To Covid
- EIDL Emails and Portal with Screenshots
- Cue378 is the real deal!
- EIDL Approved
- EIDL Complete Loan Documents - Images
- EIDLG first $1,000 kept yelling at SBA, got remaining $9,000 direct deposited.
- EIDL $150k cap may be reversed
- Finally! The Portal has Arrived!
- 3/31 EIDL application
- EIDL: Anyone NOT receive the 5/1~5/2 generic mass email from SBA?
- EIDL on 4/2, got $1k on 4/16, App #’s????
- EIDL 3600XXXXXX
- PPP and still waiting for PUA
- SBA/EIDL ANGST from CA Congressman —letter to Jovita Carranza
- Any EIDL approvals on a weekend?
- EIDG vs EIDLADV
- EIDL question....
- Just got the portal! Thank you to this sub-reddit for keeping my sanity and making this possible!
- Over 9,000 catholic parishes have been approved for PPP
- PUA and PPP at the same time... but not asking for PPP loan forgiveness?
- EIDL questions
- HELP! Employee Still Claiming Unemployment
- Bank didnt use correct documents to verify PPP loan amount. Only used 1120 S - what would you do.
- PPP forgiveness/payroll question
- Real Estate Agent - I filed as sole prop w/ schedule C in 2019. Based on line 31, I got $9k depositing within days, but how do I show payroll?
| Lost My Savings & The Last 3 Years To Covid Posted: 09 May 2020 06:30 PM PDT The bank I've been working with called me yesterday to inform me that they would no longer be able to fund my project or any hospitality project for at least the next 12 months. I have spent the better part of the last 3 years and over 100k on intangibles for a hospitality buisiness that will more than likely never see the light of day. We were supposed to be into construction right now. I quit my job 9 months ago. I invested everything. Goodluck to all if you following your dreams, hopefully you'll do better and get farther than I did. [link] [comments]  |
| EIDL Emails and Portal with Screenshots Posted: 09 May 2020 02:22 PM PDT This community has been a lifesaver for me, so I'm going to give back in the form of screenshots so you can see exactly what to look for when it comes to the EIDL portal email, the portal itself, and the process once you're inside. EIDL Stats First, my stats for the EIDL:
Portal Email Ok so first things first, the portal email looks like this.
EIDL Portal Next, the portal itself looks like this.
I did not need to do anything for Electronic Disbursement, but I assume that's to update/edit your bank and routing information. I didn't want to mess with it, so I just left it alone since it was already marked "completed". First, I did the review and accept loan amount, which takes you to this screen.
Next, I needed to verify my identity. That took me to this screen.
After that, back at the main screen there was a button next to the loan amount that said something like "Process Application". Sorry, forgot to get a screenshot. Now I'm in the "processing stage". This is what it looks like after you've completed all of that and hit the button. EIDL Approval When I was finished, almost IMMEDIATELY, I got this approval email.
And that's it for now. I logged back into my account once and it gave me the same screen, so there's nothing else for me to do but wait. It looks like it's currently in the funding stage, since the letters for funding are now red and were previously blue. I did not get any kind of confirmation email or anything else. Fingers crossed! If you have any questions, feel free to ask! EDIT: Apparently I may have been auto-approved or something, as it seems that it is NOT normal for people to have approvals that quickly. So if that didn't happen for you, don't freak out. EDIT #2: For those asking, the only thing I've ever done is file the initial short form application with the SBA. I haven't done my 2019 taxes yet, and I did not submit my Schedule C or anything else. Very different from the PPP, where I submitted a ton of things. And here is a link to the full loan documents: https://imgur.com/a/E2SThw7 [link] [comments]  |
| Posted: 09 May 2020 08:34 PM PDT Thanks Cue378 for all the research and help you have provided! It doesn't go without notice! [link] [comments]  |
| Posted: 09 May 2020 08:07 PM PDT Applied late March, short form. Tried Tier 2 a few times to try and get answers, never happened, and I will run out of money by the end of this month if this doesn't go through. Received $1k advance on 4/16. Received portal email tonight 5/9 at 9:55pm, app # 330016xxxx. Verified my identity and submitted my request - hoping for the best! It's happening guys, just be patient! [link] [comments]  |
| EIDL Complete Loan Documents - Images Posted: 09 May 2020 07:11 PM PDT As promised, here is a copy of the complete loan documents. You may notice that some of the words are messed up in places. This is because there is a big "In Process" stamp/watermark on every page, so it screwed up some of the words in the middle of the pages. For the love of everything, someone please tell me if I accidentally forgot to black out my name somewhere... [link] [comments]  |
| EIDLG first $1,000 kept yelling at SBA, got remaining $9,000 direct deposited. Posted: 09 May 2020 11:26 PM PDT So I filed as a 1 employee sole proprietor. Wasn't expecting to be approved all I filed out was the SBA portal. A week or two later there was the $1,000 Grant. Reading forums and financial Youtubers encouraged me to message the SBA. Because the Cares Acts signed into law says $10,000. After their new round of funding. The SBA with no contact no paperwork. Just deposited the extra $9,000 into the same bank account and the first tranche. So email them with your EIDL Number hope you took screenshots And send them a copy to award the EIDL Grant as Intended Clearly they can. [link] [comments]  |
| EIDL $150k cap may be reversed Posted: 09 May 2020 01:06 PM PDT Read the today's headline story in WashingtonPost. Senators are demanding that $150,000 cap be lifted and that $10,000 grant must go out to all businesses irrespective of number of employees. I don't know about the 10k grant, but they are hating the $150,000 cap. SBA will have to relent to this pressure from overseers. No other way. They are basically saying SBA has mismanaged the distribution of funds and it speaks volumes of it's incompetence and inefficiency any way you slice it. They are blaming SBA of not following the intent of CARES ACT and just doing their own thing policy wise. SBA got $2.775 billion for implementation of EIDL distribution. Where is that money spent on? [link] [comments]  |
| Finally! The Portal has Arrived! Posted: 10 May 2020 03:24 AM PDT 3/30 Applied short form only. # 330017xxxx 4-15 Experian credit pull 4-16 Grant in my account 5-10 Received Portal Invite Logged in, decided how much of the offer I wanted (I asked for less) Verification questions completed and app submitted. Now it's hurry up and wait again!! [link] [comments]  |
| Posted: 09 May 2020 02:11 PM PDT App#330014xxxx I applied with short form on 3/31. Credit Pull 4/20 1k grant (only me) on 4/21 or 22 I forget... no second credit pull yet. I got the email to create my login today 5/9. I went through all the steps and everything got approved and I signed my closing docs all within an hour. Wasn't expecting it to be that quick but now I'm just waiting for the funds. Just giving an update. Edit: forgot to mention got approved for $24k I had 50k rev with 10k cogs [link] [comments]  |
| EIDL: Anyone NOT receive the 5/1~5/2 generic mass email from SBA? Posted: 09 May 2020 06:06 PM PDT I applied 4/6 and received the mid-April generic email, but not the early May email. Advance rec'd 5/1. Hoping that not receiving the last mass email doesn't mean anything of consequence. TIA EDIT: No credit pull either. [link] [comments]  |
| EIDL on 4/2, got $1k on 4/16, App #’s???? Posted: 10 May 2020 02:07 AM PDT I did an app and so did my husband on 4/2. We each for $1k on 4/16 for two different businesses. These are our application numbers. Has anyone seen these. I'm only seeing you guys on here who applied early April post with application #'s like 36000 and nothing like what I have, which are these: -33017***** -30000***** Anyone? I think we might have made the mistake and used the same email address for both applications but I'm not sure. Will that totally destroy things, even though we got the $1k grants each already? Thanks! This place has been super helpful! [link] [comments]  |
| Posted: 09 May 2020 05:16 PM PDT California here --I have 2 applications here with application dates the following 3/30 - 360023XXXX 3/31 - 360034XXXX both have received Grants but no portal invites. I am seeing people from 3/31 get the portal invites. Curious is anyone with 36 apps have received portal invites [link] [comments]  |
| Posted: 10 May 2020 12:48 AM PDT S-Corp with 2 employees. We (2 employees) filed for unemployment, I'm still waiting after 7 weeks, she is receiving hers. I don't know if I'm ever going to get Unemployment. PPP might fund this Monday. If I don't get Unemployment a week after getting PPP funded, and I start paying myself with the PPP, hire another person to get the s-corp back up to 2 employees, PPP should be forgiven? [link] [comments]  |
| SBA/EIDL ANGST from CA Congressman —letter to Jovita Carranza Posted: 09 May 2020 08:40 PM PDT https://cisneros.house.gov/media/press-releases/rep-cisneros-sends-oversight-letter-sba-eidl-program It's a little 'soft' IMHO , but the pressure seems to be mounting more in recent days [link] [comments]  |
| Any EIDL approvals on a weekend? Posted: 10 May 2020 04:02 AM PDT Wondering for...me. Been 4 days since I've accepted the offer but everything is still processing. I am wondering if I'll be able to get some sleep with some news or if I'll be hooked to my phone for updates. [link] [comments]  |
| Posted: 09 May 2020 09:58 PM PDT Thank you to everyone on this sub that has provided so much useful information and insightful questions. Has anyone that had "EIDG" on their advance deposit in your bank account received a portal and loan? I'm hearing that those that received a EIDG may mean that they will only get the grant but not the loan. Below is what mine deposit memo said: Apr 21, 2020 SBAD TREAS 310 MISC PAY EIDG:36002XXXXX CCD ID:XXXXXXXXXXX [link] [comments]  |
| Posted: 09 May 2020 05:58 PM PDT Got approved for the eidl loan this week - was wanting to confirm if this can be used to continue to pay down credit card debt that which was used for business purposes and expenses? [link] [comments]  |
| Just got the portal! Thank you to this sub-reddit for keeping my sanity and making this possible! Posted: 09 May 2020 01:45 PM PDT You all are great. Special shout-out to /u/cue378 for all of the super informative posts. Here's my timeline:
That's it! Also, for those service businesses with conflicting info RE: COGS. Mine is zero and was not an issue at all. Now I'm going to go pour the biggest cocktail and relax. To those of you still waiting -- keep the faith, it's coming! edit to add: yes, I know I'm still waiting for the official approval email, but I'm stoked. [link] [comments]  |
| Over 9,000 catholic parishes have been approved for PPP Posted: 09 May 2020 05:45 PM PDT Am I the only who finds this insane? If you don't pay taxes/ aren't a business how in the world are you eligible for PPP? [link] [comments]  |
| PUA and PPP at the same time... but not asking for PPP loan forgiveness? Posted: 09 May 2020 07:50 PM PDT Hello, I am currently taking PUA assistance. I was also given a loan number for PPP. I do not intend to ask for forgiveness for the PPP loan and wish to use the %1 interest loan to pay for other expenses. Do you guys think it would be okay legally to accept the loan with total intention to pay it back next year (not asking for forgiveness)? [link] [comments]  |
| Posted: 10 May 2020 03:19 AM PDT I have two businesses. One was given the $10k grant, the other one wasn't. Today I noticed the one that wasn't given the grant was offered an EDIL loan and the one that did get the grant hasn't been offered one yet. I log in and accept the terms ($150k loan) and I noticed I initially put in my bank account number in the routing field and my routing number in the bank account field. Could this be the reason I never got my $10k advance? [link] [comments]  |
| HELP! Employee Still Claiming Unemployment Posted: 09 May 2020 06:29 AM PDT Hi everyone. I own a small restaurant with 13 employees including myself. PPP was funded last week and I told all my employees that I would pay them their normal salary and they could either stay home or come in to work if they wanted to. 4 employees have health concerns and decided to stay home which I am fine with however I am having issues with a few of the 8 employees who decided to come into work. We are only open for a few hours each day so their shifts are reduced, however I am still paying them for 40 hours a week. I heard from one employee that four of the other employees mentioned that they are still filing for unemployment because their weekly hours have been reduced and are receiving the unemployment benefits while receiving a check from me. I have documented that I am still paying them 40 hours a week on their paycheck, but wanted to know if there is anything else I should document so this doesn't bite me in the ass later on. [link] [comments]  |
| Bank didnt use correct documents to verify PPP loan amount. Only used 1120 S - what would you do. Posted: 10 May 2020 02:49 AM PDT I applied in the first round with my bank and wasn't funded until May 4th. In the first round, things were a cluster and no one knew what was what and how to prove payroll.. etc. I'm a LLC taxed as a SCorp. I submitted my 1120 S to my bank and a P&L. The banker followed up with me and asked for one more page from my business taxes but nothing else. I did my "payroll"calculations and for sure included owner draws. I honestly didn't think I was going to get the loan because my bank went radio silent for 3 weeks. Pretty much didn't think much of it and then all of a sudden I was approved. Now that things are a little more clear cut and realized that I should have shared W2s with the banker but wasn't able to. I may have been paid too much. I don't want to get In trouble and I'm realizing this all 7 days after my loan was funded. Would you just do business as normal and pay yourself through payroll? What's the worse that can happen? The overpayment amount be made into loan. Should I call someone and see if I can return the overage? [link] [comments]  |
| PPP forgiveness/payroll question Posted: 09 May 2020 08:44 PM PDT Hey all, For the PPP forgiveness -if we have anyone making over 100k a year do I have to cap their weekly salary so their weekly salary for the 8 weeks or do I pay the usual rate? We are a very small company so if I cut their salary I may not hit the 75% requirement for forgiveness. thanks [link] [comments]  |
| Posted: 09 May 2020 04:31 PM PDT This for the PPP - So my commission checks I get from each transaction are in my name and I deposit these checks into my personal checking account. I have a business checking account but that's really just for recurring payments (IRS repayment, monthly dues...etc). So I really don't have a payroll. I am seeing that I need to open up a separate account, have the $9k deposited into that account, then write myself 8 checks - but this IS NOT how I normally operate (again I just deposit commission checks and pay my mortgage, bills, groceries...etc). Then I am seeing the 75% is auto forgiven and then the other 25% will basically turn into a loan (I office from home mainly). Any other commission based sole props have thoughts - or what are you doing on this? [link] [comments]  |
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