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Axxlrod

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I received $1000 EIDL advance today. I answered 0 for number of employees when I filled it out on 3/30. I also received that same email last night, maybe you'll have a deposit tomorrow.

I applied for the EIDL loan on 3/23 and received an email on 3/25 saying my application was "in review", but nothing since then.
The original EIDL loan app was updated about 5 days after it first went live. There weren't many changes as I recall, but there was a box to check if you wished to receive the $10K advance.

Overachiever, make sure you filled out the newer version of the app. If you only did the first version, it will be thrown out.

Still haven't heard anything regarding either the EIDL loan or PPP loan.
 

6t7gto

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I filled out the EIDL app again and made sure I checked the 10K box.
I may have overlooked it the first time.
 

boywonder

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Got the SBA email last night, I think it is a load of crap. I filled out the application for a 10k advance. Nothing at the time was said about 1 employee is $1k. They shouldve been smart and done the 1k from the beginning. I am not greedy, I agreed to what I agreed to. I did notice that they did pull a credit report so it looks like stuff is finally in motion. I did get approved for the PPP last Thursday or Friday. The banker said it would take 10 days for funds to get deposited. What is going to suck is the business owners that have purchased stuff thinking they are getting funding, and then stuck with the bill when they don't get any funding.
 

Overachiever

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Overachiever, make sure you filled out the newer version of the app. If you only did the first version, it will be thrown out.
I know that the one I filled out did not have a checkbox for the advance. If what you are saying is true, it would be nice if they sent out emails that let me know instead of sending out stuff like this that says I'm still all good with my existing application. I received this email on 3/30.

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Edit: Maybe I just misunderstood and you were referring to this streamlined application, in which case I filled it out in addition to the one that took a couple hours.
 
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Overachiever

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I got approved for the EIDL Loan today. Received an email today asking me to login to confirm the amount of the loan that I'd like.

Just in time as they started closing the SS bays and vacs down in my area.
 

KleanRide

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I got approved for the EIDL Loan today. Received an email today asking me to login to confirm the amount of the loan that I'd like.

Just in time as they started closing the SS bays and vacs down in my area.
So they're giving you a choice on the amount? I've been hearing no more than $1,000 per employee, has that changed?
 

Overachiever

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The "Advance" was $1,000 per employee up to $10k... I answered 0 employees and they still gave me $1k. The EIDL was the up to $2 million loan with 3.75% interest for 30 years.
 

wyatt

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The "Advance" was $1,000 per employee up to $10k... I answered 0 employees and they still gave me $1k. The EIDL was the up to $2 million loan with 3.75% interest for 30 years.
How much were you approved for (loan portion)?
 

Overachiever

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40k, I didn't specify an amount when filling out the application as it wasn't a required field and I wasn't sure how this whole thing would pan out. So I guess that's the amount they felt was good for me.
 
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washnvac

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I just got my PPP app numbers last night at 5:15 p.m.; about an hour before I heard applications were full for existing allocated funds. I have two washes with payroll. Approved amount was just over $10k each. This will help. Now waiting for all the fine print.
 

6t7gto

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Received an email from the city business developer.

Dear Bedford Heights Small Business,



The US Chamber of Commerce is offering $5,000 grants to very small businesses. This is not a government grant – it will likely work😊



Program requirements:

  • 3 to 20 employees, including the owner.
  • Limited to funding business expenses
  • Be within zip code – 44146 – beautiful Bedford Heights zip code
 
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soapy

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PPP loan documents finally came. YOu can apply for debt forgiveness in the future as long as you show the money went towards payroll over the next 8 weeks after you receive the money. ONly 25% can be used for mortgage interest and utilities. The final documents does not require you to show a loss of business in order to get debt forgiveness. You will have to provide evidence that you kept employees and other receipts if you seek loan forgiveness. It also says that any debt forgiveness will not be considered income and would be nontaxable.
 
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Rfreeman

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I didnt apply for the PPP loan for my car washes but I did through my other businesses and already got funded! Surprisingly the process was easy, simple, and very quick but I'm sure it was because I didnt go through a big bank
 

Waxman

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I went through my local credit union. As my PPP APP was 'in process', the program ran out of funds. I'm ok for now, so I can be patient.
 

soapy

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I just received 1K advance for the EIDL loan application I submitted a month ago. I have not seen a email yet to see if a loan has been approved or if there is any money even left over for this program. On another good note my state is putting another 330 million into a small business grant program for those who did not get PPP money or who received under 10K.
 

Sequoia

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I just received 1K advance for the EIDL loan application I submitted a month ago.
I submitted a request when it had a limit of $10k. Then I later got the email that said the program was limited to only $1k per employee, up to max $10k if you had 10 employees. Since I answered zero employees on the application, I figured this was a dead end.

On May 1st I found $1,000 deposited in my account courtesy of SBA. And no notice from SBA about it?
 

JGinther

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Another important piece of this to keep in mind for next years accounting disaster: If you are using the PPP loan and going for all or partial forgiveness, there is an important tax distinction that the IRS just advised on... Typically, any debt forgiveness is typically considered income and taxable as such. But In this case congress made this particular forgiveness non-taxable income. BUT! they just announced that any expenses in which the income was used for IS NOT DEDUCTIBLE. So if you paid employees qualifying wages out of that income, you can't write off that labor at the end of the year. So be very clear with the accounting!

So basically, Congress said this is not taxable income, but the IRS after the fact said OK, but it isn't deductible then either... So, basically its a wash now unless your employee was actually doing something productive during the qualified period. For any business who kept employees on payroll sitting at home (as they asked employers to do at the beginning of this), there isn't really any direct benefit. And if you kept them on for weeks leading up to funding, you are screwed on that part - your only hope is that they get back to work before the covered period ends.
 
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