reddit eidl ppp

Recent updates to the EIDL and PPP loan programs give business owners more opportunities to get assistance. PPP loans typically appear as "Active Un-Disbursed" - if your PPP is already funded don't worry about that. PPP: Paycheck Protection Program—5-year low-interest, forgivable loan primarily for payroll. EIDL is working capital. Your EIDL will show up as "Disbursed Current" if funds are on their way. Log In Sign Up. Don’t spend outside of your typical everyday business expenses with EIDL. Hot New Top. A great many EIDL loan borrowers will be well advised to return their EIDL loans, with interest at 3. subreddit. We now have a single thread to post if you've been successful and have tips, want to check in on how long the process takes or have news. No limitations. Latest from the Newsroom. 100% Upvoted. Economic Injury Disaster Loan Update •Available for all eligible small businesses. Apr 28, 2020 #1 Which one did you apply for and why? Received acknowledgement and application was under review. 10 months ago. Do I need to reapply for the EIDL/EIDL Advance? 4/13 EIDL Advance deposited in my account. report. The $900 billion Covid relief law lets some in less wealthy areas get a second EIDL grant. The EIDL Loan process takes a minimum of 21 days to complete. The year before that I was a w2 employee pretty much all of 2019. #EIDL #StimulusCheck #Stimulus The new stimulus relief bill is here and ready to go to the House on 2/23. In addition you can even apply for both an EIDL loan AND a PPP loan with the only stipulation being that you don’t use the funds from each loan for the same expenses 6 . Hot New Top Rising. I've been looking to better undertand how I can use the money I've been loand from EIDL and PPP as a gig worker. Any new EIDL loan applications will automatic be considered for up to $500,000 to cover 24 months of business, according to the SBA press release. The existing SBA EIDL program is run by the SBA with funds coming from the government. Yes, you are eligible to receive your “up-to” $10,000 EIDL grant and still apply for a PPP loan. PPP - Its income so you pay yourself (write a check or transfer to personal acct) then you get to use it for your bills and other stuff. Once account is closed before the bank looks at the account, I believe the bank will not revisit the issue. This bench article is pretty good for EIDL expense examples https://bench.co/blog/operations/how-to-spend-eidl-loan/. •As of July 11, 2020, SBA stopped processing EIDL Advance requests, because program funds have been fully allocated. Managed to get the approval canceled. Small businesses can't draw a second Economic Injury Disaster Loan. Be the first to share what you think! You Don’t Have to Be First in Line to Apply. You can still apply for the loan without the $1,000 advance. SHARE: Tweet. Pay what you want with your funds after it’s considered your pay. Nous voudrions effectuer une description ici mais le site que vous consultez ne nous en laisse pas la possibilité. Ordinary, everyday business expenses. PPP. I'm seeing diff drivers applying for each one and saying they are both forgivable. Dear SBA borrower, According to our … Posted by. PPP; EIDL; Coronavirus Funding Options For Businesses Coronavirus Funding Options For Businesses Coronavirus Funding Options For Businesses Coronavirus Funding Options For Businesses. The website you can use to repay your EIDL loan can be found at Pay.gov. PPP or EIDL? (For EIDL loans of more than $25,000 the SBA files a UCC-1 filing but that … There is one area of overlap you need to know: If you took out the PPP AND you got the $1,000 grant on the EIDL, that's $1,000 of your PPP … Press question mark to learn the rest of the keyboard shortcuts. The three relief programs. Logging out and back in again will sometimes refresh the status. Recently talked to another Uber driver who got some % from EIDL and told me it's 100% forgivable but didn't ask how much he got. Craig Leo. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. While the SBA refers to this as an advance, it doesn’t have to be repaid, even if your EIDL application is ultimately rejected. Additionally, the SBA has extended the deferment period for both Paycheck Protection Program (PPP) and EIDL loans through 2022. It may say something else if you look immediately after you send back you Docs, but it should change pretty quickly. PPP-100% owners compensation, 11 week covered period on your forgiveness app. No one needs the headache now, and it can delay any future rounds of loans from the SBA, wether it is PPP or EIDL, until they are completed satisfied. Bluevine did my first ppp, but they are lagging on second draw and my App has been under review since 1/20. SHARE: Tweet. POST FLAIRS ENABLED! Your EIDL advance is the part of the loan. The PPP, EIDL, and PUA are all COVID-19 financial relief programs that get increasingly confusing when you apply for more than one of them. PPP loans typically appear as "Active Un-Disbursed" - if your PPP is already funded don't worry about that. Any new EIDL loan applications will automatic be considered for up to $500,000 to cover 24 months of business, according to the SBA press release. Hi has anyone heard about any change for those of us who received our second draw prior to gross income change? I may lose my mind- PPP/EIDL. I was funded the day before abd if course much less than would have received one day later! If you receive the advance and are not given or you don’t take the EIDL, you don’t have to pay the advance back. I really don’t think they would look into your debt/husbands debt UNLESS they were already looking at you for fraud. Sometimes this # is easy to figure out, sometimes not. Logging out and back in again will sometimes refresh the status. Share. But it also has contractors scrambling to figure out how to tell out if they're in a low income community. Am I able to lend some of that money to a family member? I wouldn't have done this if I did not come to Reddit. They arent going after the average joe for less than 200k. PPP loan and EIDL advance. share. • EIDL Overview • PPP Overview • CARL Overview • Resource Partners • Additional Resources • FAQs. Logging out and back in again will sometimes refresh the status. This program includes an up-to-$10,000 forgivable loan advance and an up-to-$2 million loan. 4/15 PPP – Called Regions to let them know that there is news that the funds are close to nothing. The PPP process takes approximately 10 days to complete. 3/23 EIDL – Long form application. I have not seen either show up on personal credit reports. It wasn’t a huge amount, but it was over 50k and the forgiveness wasnt a big deal or hard to get. You can read all about the EIDL program and the targeted advances here. Refinance of EIDL Loans with PPP Loan Proceeds and Lender Remittance of EIDL Refinance Proceeds to SBA. After passing a $2 trillion stimulus bill a few weeks ago, congress is moving on another $500B bill, mostly for additional funding to the PPP loan/grant program for small businesses. PPP & EIDL Are Not Your Only Options. About the author. EIDL-working capital. Join. I already filed my taxes for this year as he sent me a 1099 form with all the money ive made in 2020. The guidance seems iffy because I don't pay myself a salaray. Additionally, the SBA has extended the deferment period for both Paycheck Protection Program (PPP) and EIDL loans through 2022. Just payoff your debt and don't worry about it. You can still apply for the loan, but currently cannot request the $1,000 advance. Log in or sign up to leave a comment Log In Sign Up. Email: [email protected] gov and PDC. Received acknowledgement and application was under review. hide. So what is the difference between the PPP (Paycheck Protection Program) vs EIDL? While the SBA refers to this as an advance, it doesn’t have to be repaid, even if your EIDL application is ultimately rejected. Join. The SBA has expanded their loan portfolio and we have the list that no one else is talking about (yet) — Sign up for our newsletter to get your free copy! Email. A great many EIDL loan borrowers will be well advised to return their EIDL loans, with interest at 3. subreddit. PPP loans typically appear as "Active Un-Disbursed" - if your PPP is already funded don't worry about that. Just reapplied 2 days ago. You can still apply for the loan, but currently cannot request the $1,000 advance. Your EIDL will show up as "Disbursed Current" if funds are on their way. Lol. You must have your 10-digit loan number and a payment amount in order to pay it back. It may say something else if you look immediately after you send back you Docs, but it should change pretty quickly. It may say something else if you look immediately after you send back you Docs, but it should change pretty quickly. Posted by 6 hours ago. 1 month ago. Applying for both loans ensures that you take full advantage of these programs to support your business. Additionally, the SBA has extended the deferment period for both Paycheck Protection Program (PPP) and EIDL loans through 2022. If I pay off credit cards is that a problem? This isn’t entirely new to the SBA, which has long been in the loan business, but recently passed laws supercharged the offerings. As a sole proprietor, if I get both the EIDL and PPP loans in 2021, do they show up on your credit report as debt? Director, Designer, Puppeteer. The ERC provision is a fully refundable payroll tax credit paid to employers who EITHER saw a reduction in revenue or had operations suspended (partial or full), due to a … Share. Many businesses in Plainview, Rochester, Wabasha and surrounding areas are struggling. Rising. Press question mark to learn the rest of the keyboard shortcuts. Don’t Get Caught by Phishing March 25, 2021 - 8:55 am ; Member News- March 24, 2021 March 24, 2021 - 10:05 am; SBA … Press question mark to learn the rest of the keyboard shortcuts. For the EIDL Advance - (Getting the difference, a/k/a finding out the rules to do so), its at page 2184 - 2190 of the PDF, specifically, SEC. You may also want to check out r/EIDL which is dedicated to the topic. The check-box to request the $1,000 advance has been removed from the loan application. These programs are available for a sole-proprietorship or gig worker as well; think: an Uber driver, Amazon reseller, contractor, etc. Posted by 4 days ago. r/EIDL: Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. •Expires on December 21, 2020. 4/15 PPP – Applied for PPP at 9.30am CST through Paypal. Hot New Top. Nothing but crickets from them since then and just says “reviewing.” He is about to apply to another lender, but I’m not sure who to recommend to him. Small businesses can't draw a second Economic Injury Disaster Loan. Among the many relief provisions passed by Congress in recent days are loans focused on small businesses. That has to do with an intermediary (like your bank) being involved, but if you can track down an actual SBA Loan #, you can go ahead and get registered without your EIDL … Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020 COVID-19 disaster. no comments yet. 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