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Did anyone apply for that 10K grant under the SBA Economic Injury Disaster Loan program??

Mr.Chuckles

Mr.Chuckles

Chuckle
BGOL Investor
I love it, keep getting that money BGOL!
tenor.gif
 
dHustla

dHustla

Rising Star
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YoungSinister said:
I got $1,000 in my account this morning
Was this the forgivable loan?

It showed up as:

Deposit from SBAD TREAS 310 MISC PAY
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Yea, I just checked. I got $1,000 in my account this morning.

So what are the stipulations for this being forgivable?
 
dHustla

dHustla

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peterlongshort said:
I put the app in about April 8, the bank approved me and I got an SBA number and went to initiate closing with the SBA. Money ran out, they got more funding, my bank called me on Friday and asked for some more docs and I sent them over. Over the weekend they did a hard credit pull. I haven't heard anything since of received any funds. Will keep you posted.
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peterlongshort said:
Update. They just called me and want me to fill out another app and a Schedule C for 2019.
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See, the banks on that bullshit! Initially I tried to apply early on with SunTrust and they didnt even have an application, they were still figuring out the details.

I clicked the SBA link in this thread and applied directly, they didn't ask for any documentation!
 
dHustla

dHustla

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MackInTraining said:
Just an update, I did receive the loan documents and just signed them electronically. So, I had success applying through Veem. Apparently, Veem is trying to be the Zelle for businesses. I signed up for Veem and went through their PPP application. It was pretty painless. 6 months of Bank Statements, Proof you were actually in business prior to February, I included my 2019 tax file and a direct deposit form. It turns out the actual bank is Cross River Bank. According the CPA in the video I posted above 75% of my schedule c income is automatically forgiven. The other 25% becomes a loan after 6 months at 1%. That's the reason I did. Capital at 1% interest. Cant beat that.

Next up, EIDL. Actually, the cool thing is by getting PPP before I got the EIDL (If I do), I now do not have to use PPP to pay back any EIDL loan (the grant is separate).
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Wait... so this is separate from the PPP?

I thought the SBA application was for PPP, I tried to go thru my bank early on when they were still working on guidelines and couldn't apply
 
K

KENT23

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1ST POST EVER: (AFTER THIS I RETURN TO ULTIMATE LURKER)

EIDL = ECONOMIC INJURY DISASTER LOAN
(This is the application you make to ask for a loan)

EIDL GRANT = GRANT MONEY
This is the money they give you BEFORE you accept the loan offer (You DO NOT have to accept the loan to receive the grant)
The money is GRANT money & is fully forgiven.

When you apply for the LOAN you click a button that says yes I want an advance as a grant, IF and ONLY IF you take the loan the grant money will be reduced from the LOAN amount - AGAIN YOU DO NOT NEED TO ACCEPT THE LOAN (I GOT MY ADVANCE AND HAVENT EVEN GOTTEN A LOAN OFFER)

I just woke up to my stimulus and my EIDL grant which was $1k per employee I listed.
Never answered any other questions besides what was on the form
I have NOT filed my 2019 taxes personal nor business
I also qualify for Unemployment

I filled out paperwork through Kabbage for the PPP but never submitted anything they requested (Tax's, bank docs, payroll etc) I only applied in hopes that it would keep me in line as a business in need, knowing the funds were depleted Im assuming there will be correspondence in the future for opportunities to receive more funding

I filed for my recording studio where I pay my engineers as 1099 workers so they each apply as well for $1k each

BTW I got the link for the application from this very thread
 
dHustla

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KENT23 said:
1ST POST EVER: (AFTER THIS I RETURN TO ULTIMATE LURKER)

EIDL = ECONOMIC INJURY DISASTER LOAN
(This is the application you make to ask for a loan)

EIDL GRANT = GRANT MONEY
This is the money they give you BEFORE you accept the loan offer (You DO NOT have to accept the loan to receive the grant)
The money is GRANT money & is fully forgiven.

When you apply for the LOAN you click a button that says yes I want an advance as a grant, IF and ONLY IF you take the loan the grant money will be reduced from the LOAN amount - AGAIN YOU DO NOT NEED TO ACCEPT THE LOAN (I GOT MY ADVANCE AND HAVENT EVEN GOTTEN A LOAN OFFER)

I just woke up to my stimulus and my EIDL grant which was $1k per employee I listed.
Never answered any other questions besides what was on the form
I have NOT filed my 2019 taxes personal nor business
I also qualify for Unemployment

I filled out paperwork through Kabbage for the PPP but never submitted anything they requested (Tax's, bank docs, payroll etc) I only applied in hopes that it would keep me in line as a business in need, knowing the funds were depleted Im assuming there will be correspondence in the future for opportunities to receive more funding

I filed for my recording studio where I pay my engineers as 1099 workers so they each apply as well for $1k each

BTW I got the link for the application from this very thread
Click to expand...
The link for Kabbage?
 
Mask

Mask

"OneOfTheBest"
Platinum Member
Man I have a lawncare business on file, but never filed any tax paper work or anything.


I setup up the business a few years ago just incase I decided to leave the refinery industry. Well this Rona virus got me more hustle minded.
 
gene cisco

gene cisco

Not A BGOL Eunuch
BGOL Investor
So now they sent notice to banks to investigate these loans for fraud. :smh: Basically, wanting folks to prove they exhausted all avenues before applying. I guess it's like a 'fuck you' lotto since there are so many applicants.

Government ain't shit man. Wonder how this will play out.
 
TENT

TENT

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BGOL Investor
Make sure y'all follow the rules and dont have these "grants" turn into loans.
 
K

killagram

Rising Star
BGOL Investor
A to Dah K said:
Yall gotta pay this shit baxk?
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Naw... this is what u gotta do...
Pay some "Folks" out of the allocated PPP account..write checks..let them cash em...give said "Folks" W2 forms...now these "Folks" are your employees...do THESE "Folks" taxes for them..with turbo tax.. next year..25 percent of this PPP..can go towards YOUR bills...and if all else fails...it's dam near Dolla for Dolla..on the payback... KillaMayne out.. brah
@TENT
 

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