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

HarlemWorld123

HarlemWorld123

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BGOL Investor
Follow up to my last post. EIDL funds deposited today for my main company.

Keep an eye out for the Main Street Lending Program, backed by the Federal Reserve Bank.
https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm.

Funded in the amount of $600B. But it is open to businesses with revenues up to $5B and can have up to 15k employees. So the big boys are going to jump on it. As of today the participating banks have not been announced. But that announcement should come in a couple of days. Soon as the banks are announced, get your application in. You will be applying for a bank loan, so you will go through the standard due diligence. However, the Fed Reserve will buy the bank loan at 85% or 95% depending on the type of loan, basically leaving the banks with a small amount of debt on their books. So there is low default risk to the banks. Interest rates are supposed to be low.

I still believe the big boys are going to grab these dollars, but there may be a round 2 for smaller businesses. It can't hurt to apply.
:money:
 
dHustla

dHustla

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Registered
TENT said:
Paypal and Kabbage are taking PPP loan applications.
Click to expand...
Thanks! I'm doing it now.


For those that already got PPP funds, what would you do different if you could?

What documents they ask for after the application?
 
dHustla

dHustla

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Registered
MackInTraining said:
Me three

People are talking about gaming the system in terms of paying back. Look for self employed/independent contractor, it's simple 75% is automatically forgiven. You then pay bills with the rest and it's 100% forgiven or a 2 year loan at 1% interest. Either way it's a good deal.

Click to expand...

But how do you get the loan to be more?
Is it based on number of employees/1099 workers or 2019 Net?

I'm doing the Kabbage application and it asked what my 2019 Net was. By my calculation, it's only giving me ~20% of my 2019 Net. 1 employee

I haven't filed for 2019 yet, so I'm asking what all documents they asked for to verify?
 
MackInTraining

MackInTraining

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Platinum Member
dHustla said:
But how do you get the loan to be more?
Is it based on number of employees/1099 workers or 2019 Net?

I'm doing the Kabbage application and it asked what my 2019 Net was. By my calculation, it's only giving me ~20% of my 2019 Net. 1 employee

I haven't filed for 2019 yet, so I'm asking what all documents they asked for to verify?
Click to expand...

The video above I posted does a great job explaining how to calculate the amount for your PPP loan if you're a self employed independent contractor. JJ the CPA also has a great video for business. He also has a website www.jjthecpahelp.com where there are calculators and spreadsheets on how to calculate the actual loan amount.



In short, self employed, take whatever your 1099 2019 today and divide that by 12 to get a monthly average. Then add in your bills (rent (business related, health insurance, etc.) Take that number and multiply it 2.5. That's your PPP loan.

Some people are combining EIDL and PPP. They are two different programs and have two different ways to qualify. EIDL is simply, fill out the app and wait. As of yesterday, the SBA website still said lapse of funds.
 
MackInTraining

MackInTraining

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It's a wrap for new applications for the EIDL Grant/Advance. The website has finally opened http://disasterloan.sba.gov ; however, they are only accepting new applications from Agricultural Businesses. They are still processing the existing applications on a first come first serve basis.

Notice: New Eligibility for Economic Injury Disaster Loan and Advance
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories were able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.
 
dHustla

dHustla

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dHustla said:
Thanks! I'm doing it now.


For those that already got PPP funds, what would you do different if you could?

What documents they ask for after the application?
Click to expand...
I fucked up on the application and put in some wrong numbers! Can I go back or will I get a chance to change shit?
 
Mr.Chuckles

Mr.Chuckles

Chuckle
BGOL Investor
dHustla said:
Thanks! I'm doing it now.


For those that already got PPP funds, what would you do different if you could?

What documents they ask for after the application?
Click to expand...
I had a choice between chase and paypal and i choose paypal it's simple and quick Chase and most big banks are on that fck shit they make you apply like your applying for a loan FROM THEM, fuck outta here with that shit.
Paypal documents req. below are as stated.

Copy of Business Certificate/License
- Copy of Driver's License for all 20% + owners
- Payroll Calculator and Verification Document
 
MackInTraining

MackInTraining

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New SBA Ruling may change everything



Video synopsis: The SBA will evaluate if you had another way to get funds or if you had funds on hand when you took the money. If you did, give the money back by May 14th. If the SBA deems you could have gotten funds another way, there will be fines.

Once Black people started getting access, the rules kept changing.
 
neptunes007

neptunes007

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BGOL Investor
Hey guys, so I was right about there being two different disbursements for the EIDL. Back in March/April I received the $1000 grant/forgiveable loan/advance then, around 12:33AM I got an email from the SBA regarding my EIDL saying I'm approved for the remaining $9k.

Did anyone else get this email? I applied for PPP too but I may just cancel that and stick with the EIDL as I wasn't getting that much from PPP to begin with since I'm an Sole Proprietor LLC.
 
MackInTraining

MackInTraining

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neptunes007 said:
Hey guys, so I was right about there being two different disbursements for the EIDL. Back in March/April I received the $1000 grant/forgiveable loan/advance then, around 12:33AM I got an email from the SBA regarding my EIDL saying I'm approved for the remaining $9k.

Did anyone else get this email? I applied for PPP too but I may just cancel that and stick with the EIDL as I wasn't getting that much from PPP to begin with since I'm an Sole Proprietor LLC.
Click to expand...

Remember the PPP loan has a 75% automatic forgiveness for Sole Proprietors and a way to get the other 25% forgiven. At best, get a loan and only ask for the 75% amount then the whole things is forgivable.
 
MackInTraining

MackInTraining

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Platinum Member
I called the SBA today. I guess the call volume is way down now that it's been a month or so. Anyway, I told the first person I spoke with that I received the 1K grant over 3 weeks ago and was inquiring about the Loan portion. She transferred me. Eventually the call disconnected. So I called back, said I was disconnected and they transferred me again. Level 2 has the info you need. The guy gave me an agent number and then asked if I had an application #. I gave him the confirmation number from the EIDL online form. He pulled it up and said I was in the underwriting portion and that I should hear something by Monday.
 
TENT

TENT

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BGOL Investor
I hate that y'all niggas are merging topics. This thread is the EIDL loan. Not the PPP!!!!
 
TENT

TENT

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BGOL Investor
Bro. Your email surely DID NOT say that you were approved for the remaining 9k grant!
Why are you either lying or not paying attention to what the email says?

You want to know why I know? Because if you received the $1,000 grant that was it in the form of the grant.

All you were approved for now was a LOAN. Please read the information clearly.



neptunes007 said:
Hey guys, so I was right about there being two different disbursements for the EIDL. Back in March/April I received the $1000 grant/forgiveable loan/advance then, around 12:33AM I got an email from the SBA regarding my EIDL saying I'm approved for the remaining $9k.

Did anyone else get this email? I applied for PPP too but I may just cancel that and stick with the EIDL as I wasn't getting that much from PPP to begin with since I'm an Sole Proprietor LLC.
Click to expand...
 
TENT

TENT

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BGOL Investor
You are talking about the EIDL loan? It will be a 30 year loan at 3.75% interest rate.


MackInTraining said:
I called the SBA today. I guess the call volume is way down now that it's been a month or so. Anyway, I told the first person I spoke with that I received the 1K grant over 3 weeks ago and was inquiring about the Loan portion. She transferred me. Eventually the call disconnected. So I called back, said I was disconnected and they transferred me again. Level 2 has the info you need. The guy gave me an agent number and then asked if I had an application #. I gave him the confirmation number from the EIDL online form. He pulled it up and said I was in the underwriting portion and that I should hear something by Monday.
Click to expand...
 
neptunes007

neptunes007

Rising Star
BGOL Investor
TENT said:
Bro. Your email surely DID NOT say that you were approved for the remaining 9k grant!
Why are you either lying or not paying attention to what the email says?

You want to know why I know? Because if you received the $1,000 grant that was it in the form of the grant.

All you were approved for now was a LOAN. Please read the information clearly.
Click to expand...

I know its a loan at 3.75%. I was thinking of using it for credit building purposes due to I'm not looking to spend the whole thing. i know its a loan. i posted 5 weeks ago that there are two different disbursements as said in the prior email before the recent one. You can opt to accept or not or even change the amount its up to the individual and and their expense habit. It becomes a basic loan with no requirements of how I spend funds. Also, with the PPP you have to make sure you have qualified expenses otherwise the remaining 25% will not be forgiven. The 75% forgiven your referring to is supposed to be your net profit from your 2019 or 2018 tax return.
 
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neptunes007

neptunes007

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BGOL Investor
MackInTraining said:
Remember the PPP loan has a 75% automatic forgiveness for Sole Proprietors and a way to get the other 25% forgiven. At best, get a loan and only ask for the 75% amount then the whole things is forgivable.
Click to expand...

I was thinking of using it for credit building purposes due to I'm not looking to spend the whole thing. i know its a loan. i posted 5 weeks ago that there are two different disbursements. You can opt to accept or not or even change the amount its up to you and your expense habit. It becomes a basic loan with no requirements of how I spend funds. Also with the PPP you have to make sure you have qualified expenses otherwise the remaining 25% will not be forgiven. The 75% forgiven your referring to is supposed to be your net profit from your 2019 or 2018 tax return.
 
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TENT

TENT

Rising Star
BGOL Investor
Good stuff. It is a good strategy. I heard the SBA takes care if people who take care of them. Good luck.
neptunes007 said:
I know its a loan at 3.75%. I was thinking of using it for credit building purposes due to I'm not looking to spend the whole thing. i know its a loan. i posted 5 weeks ago that there are two different disbursements as said in the prior email before the recent one. You can opt to accept or not or even change the amount its up to the individual and and their expense habit. It becomes a basic loan with no requirements of how I spend funds. Also, with the PPP you have to make sure you have qualified expenses otherwise the remaining 25% will not be forgiven. The 75% forgiven your referring to is supposed to be your net profit from your 2019 or 2018 tax return.
Click to expand...
 
Keepthapeace

Keepthapeace

well-known lurker since 1996
BGOL Investor
Appreciate the updates - i was about to give up on the EIDL seems like several months ago i applied but maybe its been about 6 weeks... Ethier way i want to see if that full 10k EIDL hits one of us.
 
TENT

TENT

Rising Star
BGOL Investor
There is no full 10k EIDL anymore.

You get 1k per employee as a grant/advance that is forgiven up to 10 employees.

Then you can qualify for a loan. They will tell you the maximum amount of your loan.

Keepthapeace said:
Appreciate the updates - i was about to give up on the EIDL seems like several months ago i applied but maybe its been about 6 weeks... Ethier way i want to see if that full 10k EIDL hits one of us.
Click to expand...
 
MackInTraining

MackInTraining

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Platinum Member
I just received my email from SBA to create my profile and accept the terms for the EIDL loan. Man you cant beat these terms low interest rate over 30 years. I am trying to build business credit and probably will just pay it off after 1 year but happy to finally get the email. I read on another article of someone exactly in my situation. They also got the EIDL advance around April 19th. They got their email for the loan yesterday. So, I figure some are getting loan notifications 1 month after getting the grant. Yes, I know several on here have a faster timeline, but they are getting more than me. I would us small time folks are at the bottom of the list.
 
Amajorfucup

Amajorfucup

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jagu said:
You got left behind again...
Click to expand...

giphy.gif
 
MackInTraining

MackInTraining

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Platinum Member
digidesign said:
If I received the EIDL do I still need to apply for the actual SBA Loan or are they one in the same.
Click to expand...

If you applied for the EIDL Grant/Advance, you should also automatically be considered for the EIDL loan. You will not find out simultaneously. There have been different results on the board; however, you usually get the Advance way before you get any notification from SBA regarding the loan details (amount and payment).
 

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