So who do you contact
For this loan ? SBA or your banker ?
It’s the SBA directly.
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Any updates Steve? I just got the email asking for exactly how much I wanted. I was approved for 22500, but didn’t see a need to ask for it all. Gave the basic terms and asked I confirmed the banking info and submitted. Not sure what happens next, they say it’s not officially approved, but is processing.
Is that how it worked for yourself?
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Yep that’s the one. Pretty easy to complete and you’ll have the money deposited in 2-3 days
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Thats cool if they asked how much you wanted. I was told that the SBA would tell me how the EIDL loan would be. We did get a 2k “advance”. When I asked about a time frame on the loan decision, the SBA said that if had received the advance that I was approved and now just have to wait.
I Received the PPP money. I’ve been listening to NFIB weekly webinars about the PPP and EIDL. Very good info. We started back at it on May 18. 2 Employees didnt want to come back so I ended up Bringing 2 other old guys back, hired 2 new guys. Hoping to get a third team running after the new guys can run on their own. Those guys that said “not coming back right now” might not have a job when they are ready to return to work.
All our Commercial Route stuff is on hold till June. Resi is booked out till beginning of July. So, right now, things are rolling along.
I’m thinking that I’ll use the EIDL loan as expansion $ if thats allowed. Not using it for payroll. Because where can you get a 30yr loan for business at 3.75%? Thats a low payment. If I decide not to use it, then I’ll just repay the loan early and give it back.
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Sweet !!
I’m kind of thinking the same here. I received the paperwork to electronically sign last night and submitted. They say everything is approved so I guess I’ll know in a couple of days. I’m going to have to see how exactly I’m to use it as a sole proprietorship. I’m assuming I can cut myself a weekly check that is equivalent to what I was making weekly last year and keep track of the cancelled checks and corresponding notes for each.
Any other sole props out there who received the PPP? What guidance have you found in this area?
We received it as a sole proprietor also , according to everything I have read . It’s states you’ll be automatically forgiven 8 weeks of your 2019 net income ( schedule c line 31) the rest that’s not forgiven will turn into a loan, Unless you pay rent for a shop then more might be forgiven
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This guy explains it really well
The video was pretty helpful. Thanks much.
In reading some of the comments and looking closer, I realized all of my paperwork and the emails was coming from SBA, not Wells Fargo which is where I applied for the PPP. I’m wondering if the loan is the EIDL program which was the first thing I applied for? I’m pretty sure the loan application number is from the EIDL ap. Which surprises me because I thought that has a 10k cap, but was mostly being doled out 1k at a time.
Oh well, it gets kind of confusing after a while.
I’ll still be surprised when the money actually shows up.
Yeah there’s a big difference from the PPP and the EIDL . You want to make sure which one you’re getting and if it works for your circumstance.
The video that I sent was for the PPP loan
Truthfully, they both will likely work. I’m not really hunting the forgiveness. This one has a 30 yr note at 3.75%. I was approved for 22,500 but only asked for about 12k. I looked at what little work I did these past couple of months and compared to the same time period last year and figured the 12k made me whole. With 12 months until the first payment, it came out to 60/month which seems pretty doable.
I just want to make sure I fully understand I can use it for and how to document it. If Uncle Sam wants to walk away at any point, all the better.
Thanks again.
Ok thats the EIDL loan you’re getting , and i personally don’t think it will be forgiven
Do you know what happen with your PPP application with wells ? That’s the one that has partial forgiveness
PPP loan stalled out because I didn’t have 2019 taxes filed. When I first applied, you could use 2018 but they changed it with the second stimulus package. As soon as they moved it to July 15 I set it all aside.
I’m still not totally sold on the PPP and how much it will be forgivable. I anticipate the government being pretty strict on how it’s used as well as making sure they can get back as much as possible. I think if they intended you to be totally forgiven for payroll expenses, they would have just given everyone unemployment. If it’s totally free, they are just making the business owner the unemployment office. The only benefit to that is it keeps the unemployment from being higher. At least that’s my speculation.
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I get what you mean , there’s still lots up in the air as to what will get forgiven and what won’t . I just applied out the funds in a savings acct , I’ll apply for forgiveness and send back what ever is not forgiven . I really have nothing to loss , I would still try to move forward if you still can
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For those of you who got the EIDL, how long after they checked your credit score did you receive the loan/more info? I got the $1k advance a few weeks back but just had my credit pinged by the SBA yesterday.
We’ve been consulting with our accountant heavily at every step and also with a SBA advisor because I’m very skeptical and leery of all these loans and grants. The accountant isn’t sure on everything, and I don’t trust that the SBA advisor knows everything either. Things seem to change every week or so. I just read an article a few days ago that said that any PPP loan under 2 million will be in forgivin in good faith. Do not quote me on that though!
We received the PPP loan and have submitted another year of tax returns that was requested for the EIDL loan. Waiting to hear back. We also were just awarded some grant money from our county. I have to read all the fine print and sign the papers.
I hope things are going well for others. For us it seems like they are but I am skeptical in nature so we’ll see how things pan out for the rest of the year.
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We received the advance a couple weeks ago and were asked to submit our 2017 tax return even though we submitted our 2018 returns. . Waiting to hear back.
