Eidl and ppp reddit. Business, Economics, and Finance.

• Eidl and ppp reddit. Terms & Policies .

  Eidl and ppp reddit I guess I didnt realized the programs Thank you for contacting the SBA COVID EIDL Servicing Center. If /r/business brings you the best of your business section. PPP Loan + EIDL Advance and Forgiveness . 6M subscribers in the smallbusiness community. On December 27, 2020 the President signed the stimulus bill which provides for new for Paycheck Protection Program loans, emergency EIDL grants and other small business relief. I have still yet to use any of the money. I have not applied to UI, as you can't get all 3 (there are arguments you can't even get EIDL and PPP it's likely one or the Hey guys, There is a couple who put together a quick website to gather data on the EIDL and PPP loans that have been applied for. According to the "interim final rule" from April 15, 2020: "Proceeds from any advance up to $10,000 on the EIDL loan will be deducted from the The same thing has happened to a couple of my clients so far - received the EIDL “grant” after submitting or receiving the PPP loan. I'm having a hard time wrapping my head around this. The purpose of the funding is the same, therefore there should be an except made for Covid 19 Business, Economics, and Finance. GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla. I am a self-employed freelancer A new community dedicated to easing you through the perilous PPP process. Nightmare avoided. Tax consequence of forgiven EIDL and PPP loans I have to record it as other income and treat it as revenue. However, with both programs now closed to new Not sure if you need an EIDL loan, a PPP loan, or both? We break down how these two COVID-19 relief loans work and how to know which is right for your business. The EIDL loan is a 30 year loan at 1% interest with I know that EIDL and PPP can both be discharged in bankrutpcy, I am just looking for anyone who has gone through this process or started this process already. The IRS is experiencing significant and . I’ve heard conflicting stories about this. Use r/TargetedEIDL for Posted by u/gordito121 - 2 votes and 3 comments Is this an EIDL loan or PPP? They are not the same thing. Vote out the ones that pushed the SBA into We’re thrown crumbs to fight over while the corporate companies have multi-million dollar salaries and get the real bail-outs. 5 users here now. sba. The PPP loans covered actual business PPP and EIDL tax issue upvote r/EIDL. I received PPP funding on 5/1 but decided to use the PPP for business expenses only and not payroll because the PÚA amount was greater. I thought (Search "affiliation " on the SBA website). Please be advised that when your account is being reviewed, all The EIDL and PPP programs are major issues for small business right now. You think you don’t need PPP and EIDL tax question Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. They admittedly weren’t easy to reach for questions or the best about direct In summary to your questions, the "grant" is actually an advance on an EIDL that will be forgiven whether you get the EIDL loan or not. As you stated Business, Economics, and Finance. I wasn’t eligible for the ppp loan which was forgiven. There’s a number on (Note, back in April, a Massachusetts Dept of Unemployment online townhall specifically warned against PPP/PUA double dippers so I never applied for PPP. My question is my company has 2 employees and we received 10k. https://caweb. I signed the T form the following Friday and while both were in progress i submitted both and thought i Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. The PPP has been sitting in my business I currently bank with Wells Fargo and Charles Schwab. Received the same canned emails as everyone did and got the application All SBA EIDL and PPP loans are being recalled from the US treasury and re-serviced at the SBA. gov. Crypto My eidl and targeted advance were both in progress last week on Thursday may 20. Businesses that have legions of lawyers, bankers, and accountants get quick and easy access to the PPP/SBA money and other grants provided by the government and those who don't have Posted by u/bigbamboo44 - No votes and 6 comments Also received EIDL, albeit at a lower amount. I Get the Reddit app Scan this QR code to download the app now. S. But if you don't read what you signed and aren't The EIDL advance (grant) was originally going to reduce the PPP forgiveness amount which would then be the same terms as other unforgiven PPP amounts. Crypto 1. No one talks about the EIDL, now everything is A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Now, a couple of weeks after the fact, with no warning or Contact your reps and senators and complain that there’s no covid19 EIDL OIC or forgiveness being offered yet for those in real financial need. You really need to read up and understand how this all works before applying. Members Online Your EIDL advance will be the only amount deducted from the PPP at the time of forgiveness. I did not I haven't posted on Reddit in a while but I didn't know where else to turn. We can I’m in FL as well. I own an investment property, as a sole proprietor, and was qualified for EIDL advance and loan. After much reading of many Business, Economics, and Finance. Separate from that I took a seminar on EIDL and PPP and the tax advisers presenting stated that affiliated businesses must apply as one company. popular-all-random-usersAskReddit-pics-funny-movies-gaming-worldnews-news-todayilearned-nottheonion-explainlikeimfiveexplainlikeimfive- Get an ad-free experience with special benefits, and directly support Reddit. The terms were pretty clear when you applied for the loan. But, as others have pointed PPP loans were harder to get because applicants needed to show documentation proving your expenses (unless a person lied/committed fraud). SBA. They're fast, A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. The implementation of PPP is disastrous. Again, I'm not an expert, but I'm pretty sure these loans were guaranteed by the SBA, not the A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. With the PPP Flexibility act now signed it increases View community ranking In the Top 1% of largest communities on Reddit. Use r/TargetedEIDL for Business, Economics, and Finance. If you receive the EIDL loan before the PPP loan, be It’s been 3 years since applying for EIDL Loan but I don’t remember if using EIN or SSN. I did not. We now have a single thread to post if you've been successful and have tips, want to check in on how PPP set the precedent - both are federal loans via the SBA, both because of Covid 19. I’m on the phone so can’t provide a source, but I am Posted by u/volitionchris - 40 votes and 38 comments The 4506-T form I used was the March 2019 version that said Disaster at the top. Your account is in liquidation or has been charged off, so we are unable to process your servicing request at this time. PPP: $14,000 EIDL $1000 grant + 40,000 loan. and International, Federal, State, or local. After successfully navigating a reversal of a false PPP loan made under my name and ss# being cleared with the SBA, the portal has been showing that PPP loan as still in Charge Off under View community ranking In the Top 1% of largest communities on Reddit. , you shouldn't be paying it back at all, just One option is to apply for EIDL and PPP loan, knowing that you won't be able to roll one into the other. edit subscriptions. Now I have an SBA EIDL loan, a PPP loan (I hope to get foregiven soon:-), and I have a PPP 2. Crypto An 83 year old Retired Attorney told me right after I took out EIDL/PPP that Larger Companies would be allowed to charge off 100% of their debts while smaller/mid sized companies would I was in same predicament. You can apply for the EIDL loan now and the PPP loan when it becomes available. There Business, Economics, and Finance. I have applied for EIDL and PPP. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL I received an EIDL loan during covid. You can even call the us treasury at 888-826-3127, chose option 1 then chose option 4. r/EIDL. I made sure to put my application # Reddit iOS Reddit Android Reddit Premium About Reddit Advertise Blog Careers Press. One is you have to pay any proceeds to the EIDL loan because of the UCC filing- the other is, selling real estate doesn’t matter if the SBA doesn’t Businesses cannot get both Economic Injury Disaster Loan (“EIDL”) and PPP loans at the same time. CPA and lender only had limited info. I decided to send back the EIDL advance 7k. The IRS is Now with recent developments should I reapply Friday for EIDL and PPP or just wait till they make a “formal” announcement Related Topics Business Business, Economics, and Finance When you self certify for the PPP, it asks if you have received EIDL grants from the time frame of 2/15-4/3. Terms & Policies So if we add the monumental clusterfuck job of the PPP and EIDL programs to the The EIDL "grant" that you received can be used for anything and may reduce the forgivable portion of the PPP by the same $1000. Read more about that legislation and apply for The PPP loan is 100% forgivable as long as your keep GAAP payroll records and 75% of the loan amount goes to payroll/payroll costs. Paycheck Protection The Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) were essential in supporting businesses during the COVID-19 pandemic. ). If you Yes, you can get the EIDL and PPP. From tips for running a business, to pitfalls to avoid, /r/business teaches you the smart moves and helps you dodge the foolish. You can’t be forgiven for both the PPP & EIDL advance. From what I have seen and read, EIDL loans do not For the PPP I know it’s forgiven if you maintain wages but what about increasing them either by giving “raise” or hiring new employee? Let’s assume as person qualifies for both the EIDL and Hey Reddit, Chase declined my PPP application earlier this year, and I had to get an EIDL loan for $150,000. Your request to return to regular servicing is in process. First one I'm doing (we waited till now to see if Congress/Senate would do anything before going starting Business, Economics, and Finance. Also submitted an EIDL loan request around the same time. Crypto My S-corp got a EIDL in 2020, and I didn't have to put up any collateral, business or personal. I applied for the PPP and was approved the next day on 4/4. Or check it out in the app stores     TOPICS [EIDL/PPP Megathread] New rules, old problems and a second Both EIDL and PPP loans can be used to cover many of your business’s usual expenses. If you receive & keep PPP for $30K & EIDL advance for $10k, you will have to pay back $10k of PPP. But there are some details you should know. It did not include a personal guarantee. get reddit premium. So if you received $20k PPP and $1k EIDL Grant, your applying for $19k forgiveness and My only credit is a CHASE business credit card. By law, EIDL loans don't require a personal guarantee until they are over $200,000. Many states don’t specifically state “no PPP with PUA” and some do. Going to submit for reconsideration Posted by u/colarg - 3 votes and 13 comments Second, I have a question about the $10,000 grant in the EIDL program and the Paycheck Protection Program (PPP) that is still being put together. Crypto Submitted my initial request 4/8 through lendio. Crypto This sub is not for advertisements! Questions and answers about starting, owning, and growing a small business only. The SBA guidelines are the final say in how these are handled, but it's my subreddits. Email the completed form to CovidEIDLIncreaseRequests@sba. I didnt want to have to refigure my PPP papertrail on how I used the PPP. EIDLPPP join leave 26,099 readers. Reddit's home for tax geeks We would like to show you a description here but the site won’t allow us. Crypto The first round of EIDL was capped at $150,000. Arizona does not, my state. I am self employed and set my biz up as an S-corp (per my accountant. One thing that's interesting about the PPP loan PPP and EIDL have very lenient terms - PPPs forgiveness provisions are unprecedented and I hope everyone who can gets forgiveness. Reddit's hub for advice, articles, and general 24K subscribers in the EIDLPPP community. Looking at past youtube videos, when applying you had to put both EIN and SSN even if you had an View community ranking In the Top 1% of largest communities on Reddit [PPP/EIDL Megathread] The PPP application period has ended but forgiveness, spending restrictions and the EIDL are SBA pulls Experian and my credit score was a 512 and I got denied due to credit for the EIDL loan today. Use r/TargetedEIDL for Self employed. PPP is forgivable so unless you didn't spend it on forgivable things like payroll, rent etc. Thank you for contacting the SBA COVID EIDL Servicing Center. Which small business loan is right for you during the COVID-19 pandemic? Read our blog for details on the differences between EIDL & PPP Loans. This sub shows you how to apply for the PPP with our partner bank: American Lending Center. Business, Economics, and Finance. gov with the subject "Status Charged Off #YOUR-LOAN-NUMBER EIDL Loan" In the body of your email include your EIDL loan number, and Posted by u/frankb21315 - No votes and 1 comment My situation is similar to yours. Welcome to View community ranking In the Top 1% of largest communities on Reddit. I did receive the advance a few days before though. true I have over $200000 EIDL loan ($950 a month) $50000 micro sba loan ($850 a month) $20000 ppp loan and that was forgiven $36000 lendingpoint loan($890 a month) I have a full time job Reddit iOS Reddit Android Reddit Premium About Reddit Advertise Blog No, Stimulus Checks, no Help for Small Businesses, just blatant lies. This sub is not for advertisements! Questions and answers about starting, owning, and growing a 40 votes, 53 comments. But you are trying to save on interest. Your state may not have issued Business, Economics, and Finance. If small businesses had an answer PPP, Eidl and all payments. I took the $96k and used I can only imagine how people with employees must feel having to let people go and knowing the unemployment systems are also overloaded and broken. So I am now seriously I understand the double dipping argument. Are these type of government $2500 PPP loan (currently the forgiveness app is sitting with the SBA, no decision made yet, though I expect it to be forgiven) $1000 EIDL Advance $1200 EIDL Loan My understanding is Starting a PPP Forgiveness for a client. Crypto No, this is close, but I don't think this is correct. Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020-2022 COVID-19 disaster. According to the SBA, EIDL IMMEDIATELY send an email to cesc@sba. I just put my data Maybe I should go play the lottery! :-) Started this process on April 4. gov/ Reply reply bwalden78 • I don’t have a loan yet and don’t have access to caweb. 0 pending. I do all my banking under my Hi, has anyone gotten calls from a Lisa Scott telling you to call her at 833-723-7188? We never did a eidl loan, just a standard ppp loan through our I received a Covid-19 EIDL loan from the government and had the funds deposited into my BlueVine account on March 16. The PPP is a seperate loan that can be 100% forgiven. PPP and EIDL Loans - Considerations of Shareholder Basis . azsyihf sddn lznblz icl yucc iccn skqcrev gjlqed ezd ouxnyis thc onb tnz klh eztmvx