Stimulus help for small businesses, sole proprietors, s-corp etc

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go_mets
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by go_mets » Thu Apr 16, 2020 10:11 am

gilgamesh wrote:
Thu Apr 16, 2020 10:04 am
rm wrote:
Wed Apr 15, 2020 4:46 pm
Theseus wrote:
Thu Apr 09, 2020 9:23 am
EIDL $10,000 forgiveness will be based on $1000 per FTE. And contractors will not be counted as part of the FTE calculation.
How does SBA know the FTE. I have seen other suggestions that you pay yourself personal check every month. But
a) That will be only $1000 since you are one FTE only
b) To start paying myself check now is useless. They will look at historical data. ITs not like I can go back and pay myself a check last year

So basically Sole proprietors get nothing.
Is this right? Sole proprietors with no employees are not even getting $1K?
$1K deposited into my business checking account yesterday.
I am a sole proprietor with LLC.

Still no sign of my $1200 stimulus though.
I thought I would get the stimulus first.

:?

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Harry Livermore
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by Harry Livermore » Fri Apr 17, 2020 7:34 am

Hi, circling back to this thread. I, too, received a $1K deposit overnight from the SBA. So I imagine that's the "advance"; I'll have to see whether the "loan" gets any further along. I suppose the priority is to get the advance out fastest and work out the loans later.
I sure am glad I did this as well as the PPP, although that fund was depleted before I got approval (still pending but now that there is no queue I suppose it will be "start over" if and when round 2 gets funded)
Not that $1K goes very far; but it's half of 1 month's lease on one piece of equipment... or 1/12 of 1 month's ordinary compensation... or 2/3 of 1 month's misc expenses... or...
:sharebeer
So I'll take it!
Cheers

moshe
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by moshe » Fri Apr 17, 2020 7:41 am

Harry Livermore wrote:
Fri Apr 17, 2020 7:34 am
Hi, circling back to this thread. I, too, received a $1K deposit overnight from the SBA. So I imagine that's the "advance"; I'll have to see whether the "loan" gets any further along. I suppose the priority is to get the advance out fastest and work out the loans later.
I sure am glad I did this as well as the PPP, although that fund was depleted before I got approval (still pending but now that there is no queue I suppose it will be "start over" if and when round 2 gets funded)
Not that $1K goes very far; but it's half of 1 month's lease on one piece of equipment... or 1/12 of 1 month's ordinary compensation... or 2/3 of 1 month's misc expenses... or...
:sharebeer
So I'll take it!
Cheers
Congrats! When did you apply?

I applied on 3/31 and have not heard anything back other than a form letter email.

Thank you,
~Moshe
My money has no emotions. ~Moshe | | I'm the world's greatest expert on my own opinion. ~Bruce Williams

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Harry Livermore
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by Harry Livermore » Fri Apr 17, 2020 8:06 am

moshe wrote:
Fri Apr 17, 2020 7:41 am

Congrats! When did you apply?

I applied on 3/31 and have not heard anything back other than a form letter email.

Thank you,
~Moshe
3/30. So you might be a deposit EOD today or on Monday maybe?
Fingers crossed for you!
Cheers

moshe
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by moshe » Fri Apr 17, 2020 8:17 am

Thanks Harry.

Anything would be helpful, especially as the the PPP well seems to be dry, at least for now.

Best,
~Moshe
My money has no emotions. ~Moshe | | I'm the world's greatest expert on my own opinion. ~Bruce Williams

PluckyDucky
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by PluckyDucky » Fri Apr 17, 2020 11:25 am

On the SBA PPP, someone that made comment on Regulations.gov pointed out an ironic oversight due to the 75/25 payroll requirement created by SBA for forgiveness (not in the law though).

The loan amount is monthly average*2.5

But the forgiveness amount for payroll is weekly average*8 but also can't have over 25% non-payroll forgiven.

So if you have $120 net profit/schedule C.

You can get a $25 loan.

But you are only allowed to forgive $18.46 for payroll (weekly*8). This means only 73.85% is allocated to payroll for forgiveness. Thus, even if the entire loan amount is spent because the sole prop does actually have significant overhead, 1.15% will never forgiveable for sole prop/IC/self employed.

Sticking it to the small guy yet again. But I heard that some restaurant chains were able to get 100 million PPP loans. So that's nice.

knightrider
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by knightrider » Fri Apr 17, 2020 1:48 pm

Is it too late to apply for PPP? I read somewhere that they ran out of money.

Another question, can an "accidental landlord" who only files Schedule E apply for anything ( PPP or EIDL or both? )

EnjoyIt
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by EnjoyIt » Fri Apr 17, 2020 1:48 pm

I just received a letter from chase that they ran out of money. Yeeeeaaaaahhhhh.

knightrider
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by knightrider » Fri Apr 17, 2020 2:05 pm

I am ready to apply via Bank of America and they are asking:

Average Monthly Payroll x 2.5 + EIDL, Net of Advance (if Applicable) Equals Loan Request:

Do I put 1000 for EIDL since I am a sole proprietor?

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MP123
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by MP123 » Fri Apr 17, 2020 2:22 pm

knightrider wrote:
Fri Apr 17, 2020 2:05 pm
I am ready to apply via Bank of America and they are asking:

Average Monthly Payroll x 2.5 + EIDL, Net of Advance (if Applicable) Equals Loan Request:

Do I put 1000 for EIDL since I am a sole proprietor?
Have you actually received $1k from EIDL?

If not I would treat the advance as being zero for now.

knightrider
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by knightrider » Fri Apr 17, 2020 2:29 pm

MP123 wrote:
Fri Apr 17, 2020 2:22 pm
Have you actually received $1k from EIDL?

If not I would treat the advance as being zero for now.
Good thing I asked because I totally misunderstood the question. I have not even applied for EIDL yet !

theplayer11
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by theplayer11 » Fri Apr 17, 2020 3:06 pm

knightrider wrote:
Fri Apr 17, 2020 2:05 pm
I am ready to apply via Bank of America and they are asking:

Average Monthly Payroll x 2.5 + EIDL, Net of Advance (if Applicable) Equals Loan Request:

Do I put 1000 for EIDL since I am a sole proprietor?
Do yourself a favor and do not use BofA. If funded again, try PayPal, many had good luck with them.

veindoc
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by veindoc » Sun Apr 19, 2020 1:06 pm

Curious to hear from those who applied for the EIDL loan. When they first announced this program I logged in to apply for the loan. I didn’t finish the application and left it halfway through. I do have a line of credit that is untouched and the feds has just set the rate to zero so I wanted to do a little research. A week later I was ready to apply but there was a special button now on the sba.gov site directing those for covid relief. That button only allowed you to apply for the advance not the actual loan.

If additional funding is voted on, how do I actually apply for the loan? Any thoughts? This whole thing has been just confusing.

go_mets
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by go_mets » Sun Apr 19, 2020 1:15 pm

veindoc wrote:
Sun Apr 19, 2020 1:06 pm
That button only allowed you to apply for the advance not the actual loan.
That is how it works. I received the advance about 2 weeks later.
Have not received further communication about actually applying for the loan itself.

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simplesimon
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by simplesimon » Sun Apr 19, 2020 1:23 pm

knightrider wrote:
Fri Apr 17, 2020 1:48 pm
Is it too late to apply for PPP? I read somewhere that they ran out of money.

Another question, can an "accidental landlord" who only files Schedule E apply for anything ( PPP or EIDL or both? )
Rental income is not an eligible type of profit.

moshe
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by moshe » Sun Apr 19, 2020 2:21 pm

Update:

Just heard from BoA and my companies PPP loan request has been approved. Just waiting for funding, hopefully not too long.

~Moshe
My money has no emotions. ~Moshe | | I'm the world's greatest expert on my own opinion. ~Bruce Williams

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gasdoc
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by gasdoc » Sun Apr 19, 2020 3:49 pm

theplayer11 wrote:
Fri Apr 17, 2020 3:06 pm
knightrider wrote:
Fri Apr 17, 2020 2:05 pm
I am ready to apply via Bank of America and they are asking:

Average Monthly Payroll x 2.5 + EIDL, Net of Advance (if Applicable) Equals Loan Request:

Do I put 1000 for EIDL since I am a sole proprietor?
Do yourself a favor and do not use BofA. If funded again, try PayPal, many had good luck with them.
I hope you people using the big banks plan to ditch them when this is over? Don't you want to bank with people that value you as customers?

gasdoc

EnjoyIt
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by EnjoyIt » Sun Apr 19, 2020 4:28 pm

gasdoc wrote:
Sun Apr 19, 2020 3:49 pm
theplayer11 wrote:
Fri Apr 17, 2020 3:06 pm
knightrider wrote:
Fri Apr 17, 2020 2:05 pm
I am ready to apply via Bank of America and they are asking:

Average Monthly Payroll x 2.5 + EIDL, Net of Advance (if Applicable) Equals Loan Request:

Do I put 1000 for EIDL since I am a sole proprietor?
Do yourself a favor and do not use BofA. If funded again, try PayPal, many had good luck with them.
I hope you people using the big banks plan to ditch them when this is over? Don't you want to bank with people that value you as customers?

gasdoc
I'm annoyed. I got a letter from Chase telling me there are over 100k applications ahead of me. So yeah, no money for me because I use Chase.

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BogleFanGal
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by BogleFanGal » Sun Apr 19, 2020 6:38 pm

Has anyone else had to unfreeze their credit - and are you feeling a bit anxious about it? I had to do it for the EIDLE - via experian to file for the advance. I've been temporarily unfreezing just 1 week at a time ...but never heard anything back from SBA since filing almost 2 weeks ago - no confirmation of app receipt, no rejection - nothing - even though it seems many others got their 1k/employee advance.

Wondering if I should just assume SBA rejected my app and refreeze my credit file? Or are they just backlogged? There's no one there to call or email.

To apply for PPP, I need to unfreeze a diff bureau that some of the smaller providers use - even though I thought there wasn't a credit check for PPP. Again, my first app last week went into a void - haven't received an SBA loan number, any word on if the bank needed any other docs...nothing.

Feels like I'm a sitting duck- no response back from anyone and meanwhile my credit file is indefinitely open. Just wondering if anyone else is feeling a little jittery about this.
"Life would be infinitely happier if we could only be born at the age of eighty and gradually approach eighteen." Mark Twain

rama13
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by rama13 » Sun Apr 19, 2020 6:54 pm

I applied for EIDL on 3/30. SBA just ran my credit yesterday (4/18). Be patient.

Topic Author
Theseus
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by Theseus » Sun Apr 19, 2020 7:16 pm

SBA has released a portal to check status of your EIDL application.

https://covid19relief1.sba.gov/Account/ ... urnUrl=%2f

theplayer11
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by theplayer11 » Sun Apr 19, 2020 7:18 pm

Theseus wrote:
Sun Apr 19, 2020 7:16 pm
SBA has released a portal to check status of your EIDL application.

https://covid19relief1.sba.gov/Account/ ... urnUrl=%2f
You need an email from SBA to access the portal to see your loan amount.

EinAustin
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by EinAustin » Sun Apr 19, 2020 8:07 pm

I received 2 emails from Chase today.

First one at 10:26 AM said they are still processing applications in case there is additional money. The email said my application was received and I am in stage 2 Payroll Review.

2nd email at 7:30 PM said...

Dear Business Client,

We're following up on the status of your inquiry for a Paycheck Protection Program loan. While the program funds have been exhausted, we want your application to be ready in case new funds are approved for the program.

We never received a completed application from you. If you are still interested in applying, please go online to apply as soon as possible so we will have your application and supporting documents as we continue to work our queue.

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AerialWombat
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by AerialWombat » Sun Apr 19, 2020 8:43 pm

simplesimon wrote:
Sun Apr 19, 2020 1:23 pm
knightrider wrote:
Fri Apr 17, 2020 1:48 pm
Is it too late to apply for PPP? I read somewhere that they ran out of money.

Another question, can an "accidental landlord" who only files Schedule E apply for anything ( PPP or EIDL or both? )
Rental income is not an eligible type of profit.
This is incorrect. Landlords can specifically apply for an EIDL because of lost rents. If funding returns, and lost rents have occurred, definitely submit EIDL application for this.

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AerialWombat
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by AerialWombat » Sun Apr 19, 2020 8:45 pm

go_mets wrote:
Sun Apr 19, 2020 1:15 pm
veindoc wrote:
Sun Apr 19, 2020 1:06 pm
That button only allowed you to apply for the advance not the actual loan.
That is how it works. I received the advance about 2 weeks later.
Have not received further communication about actually applying for the loan itself.
There is NOT a separate application. The form you filled out online WAS the loan application. The advance is an advance against that loan application.

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AerialWombat
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by AerialWombat » Sun Apr 19, 2020 8:49 pm

veindoc wrote:
Sun Apr 19, 2020 1:06 pm
Curious to hear from those who applied for the EIDL loan. When they first announced this program I logged in to apply for the loan. I didn’t finish the application and left it halfway through. I do have a line of credit that is untouched and the feds has just set the rate to zero so I wanted to do a little research. A week later I was ready to apply but there was a special button now on the sba.gov site directing those for covid relief. That button only allowed you to apply for the advance not the actual loan.

If additional funding is voted on, how do I actually apply for the loan? Any thoughts? This whole thing has been just confusing.
The advance is an advance against the loan. The short online application that you abandoned IS the loan application. If/when funding returns, submit the loan application at sba.gov ASAP.

go_mets
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by go_mets » Sun Apr 19, 2020 9:36 pm

AerialWombat wrote:
Sun Apr 19, 2020 8:45 pm
go_mets wrote:
Sun Apr 19, 2020 1:15 pm
veindoc wrote:
Sun Apr 19, 2020 1:06 pm
That button only allowed you to apply for the advance not the actual loan.
That is how it works. I received the advance about 2 weeks later.
Have not received further communication about actually applying for the loan itself.
There is NOT a separate application. The form you filled out online WAS the loan application. The advance is an advance against that loan application.
So, how do I decline the loan and still keep the advance?

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AerialWombat
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by AerialWombat » Mon Apr 20, 2020 12:39 am

go_mets wrote:
Sun Apr 19, 2020 9:36 pm
AerialWombat wrote:
Sun Apr 19, 2020 8:45 pm
go_mets wrote:
Sun Apr 19, 2020 1:15 pm
veindoc wrote:
Sun Apr 19, 2020 1:06 pm
That button only allowed you to apply for the advance not the actual loan.
That is how it works. I received the advance about 2 weeks later.
Have not received further communication about actually applying for the loan itself.
There is NOT a separate application. The form you filled out online WAS the loan application. The advance is an advance against that loan application.
So, how do I decline the loan and still keep the advance?
If and when you are offered the loan, you will receive an email to login to a portal. There, you can decline the loan. Or, do nothing.

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simplesimon
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by simplesimon » Mon Apr 20, 2020 3:06 am

AerialWombat wrote:
Sun Apr 19, 2020 8:43 pm
simplesimon wrote:
Sun Apr 19, 2020 1:23 pm
knightrider wrote:
Fri Apr 17, 2020 1:48 pm
Is it too late to apply for PPP? I read somewhere that they ran out of money.

Another question, can an "accidental landlord" who only files Schedule E apply for anything ( PPP or EIDL or both? )
Rental income is not an eligible type of profit.
This is incorrect. Landlords can specifically apply for an EIDL because of lost rents. If funding returns, and lost rents have occurred, definitely submit EIDL application for this.
You’re right, I was referring to PPP. EIDL funding hasn’t run out has it?

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Hayden
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by Hayden » Mon Apr 20, 2020 9:45 am

rama13 wrote:
Sun Apr 19, 2020 6:54 pm
I applied for EIDL on 3/30. SBA just ran my credit yesterday (4/18). Be patient.
How can I find out whether someone has run my credit?

knightrider
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by knightrider » Mon Apr 20, 2020 10:23 am

theplayer11 wrote:
Fri Apr 17, 2020 3:06 pm
Do yourself a favor and do not use BofA. If funded again, try PayPal, many had good luck with them.

I followed your advice and used Paypal which took me to loanbuilder.com They are asking for:
  • Business license ( do not have )
  • Driver's license ( would rather not share )
Also I completed and upload the PPP calulcator spreadsheet but now it won't let me upload my Schedule C.

Last, it is asking for "Bank account information". Shouldn't it already know that from Paypal?

rama13
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by rama13 » Mon Apr 20, 2020 4:45 pm

Hayden wrote:
Mon Apr 20, 2020 9:45 am
How can I find out whether someone has run my credit?
Sign up for a free account at each one of the CRAs.

veindoc
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by veindoc » Mon Apr 20, 2020 4:51 pm

Hayden wrote:
Mon Apr 20, 2020 9:45 am
rama13 wrote:
Sun Apr 19, 2020 6:54 pm
I applied for EIDL on 3/30. SBA just ran my credit yesterday (4/18). Be patient.
How can I find out whether someone has run my credit?
My credit card sends me an alert when there is activity. Discover sent an email stating there was an inquiry. I logged onto my portal and saw it was from sba. Check if your credit card offers something similar. I get free reporting through Discover, Mint, and Chase.

Sba just looked at experian, not the other bureaus and this preference for experience has been documented by others in this thread.

theplayer11
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by theplayer11 » Mon Apr 20, 2020 4:59 pm

knightrider wrote:
Mon Apr 20, 2020 10:23 am
theplayer11 wrote:
Fri Apr 17, 2020 3:06 pm
Do yourself a favor and do not use BofA. If funded again, try PayPal, many had good luck with them.

I followed your advice and used Paypal which took me to loanbuilder.com They are asking for:
  • Business license ( do not have )
  • Driver's license ( would rather not share )
Also I completed and upload the PPP calulcator spreadsheet but now it won't let me upload my Schedule C.

Last, it is asking for "Bank account information". Shouldn't it already know that from Paypal?
I didn't use PayPal, but there are a lot of posts on reddit who got funded quickly.

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gilgamesh
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by gilgamesh » Mon Apr 20, 2020 5:44 pm

AerialWombat wrote:
Mon Apr 20, 2020 12:39 am
go_mets wrote:
Sun Apr 19, 2020 9:36 pm
AerialWombat wrote:
Sun Apr 19, 2020 8:45 pm
go_mets wrote:
Sun Apr 19, 2020 1:15 pm
veindoc wrote:
Sun Apr 19, 2020 1:06 pm
That button only allowed you to apply for the advance not the actual loan.
That is how it works. I received the advance about 2 weeks later.
Have not received further communication about actually applying for the loan itself.
There is NOT a separate application. The form you filled out online WAS the loan application. The advance is an advance against that loan application.
So, how do I decline the loan and still keep the advance?
If and when you are offered the loan, you will receive an email to login to a portal. There, you can decline the loan. Or, do nothing.
Did that portal give the option to amend the initial application? I did not include myself for the advance and got $1k less - when I emailed them, I got a message saying I will have the option to amend it when I receive the email you mentioned.

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Harry Livermore
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by Harry Livermore » Tue Apr 21, 2020 5:38 am

Theseus wrote:
Mon Mar 30, 2020 5:33 pm

Applying for the unemployment in your situation is the right thing to do. I had to convince a couple of people to apply for EIDL and/or PPP who thought they are ok and they will manage their business with some reduction in employment hours for their employees. They were feeling conflicted (ethically). The goal of the bill is to stabilize the economy. So anyone harmed by it (which you seem to be) should absolutely apply for any available benefit.
Hi Theseus,
Just circling back on this. I received my EIDL $1,000. BOA has my completed application for PPP, and their email indicates that they will forward it to the SBA when (if) the program is re-funded.
NY state rejected my UI claim via snail mail, with a lengthy explanation and several pages of data. It seems as though one of the criteria is that the "benefit period" (4 quarters, 5 under an "alternate" scheme) must have earnings that are 1.5x (or greater) that of the highest quarter within that period. I had a lot of W2 income in one particular quarter, skewing the sequence so that the total is just under 1.5x for that period. The online portal still seems to indicate that I'm eligible for PUA (I think that's the fed money) but I'm just going to wait and see. There is an appeal form included in the snail mail packet, but their data about my W2 income is accurate so I don't see any point in pursuing that.
Just adding a data point for you and others who are reading this excellent thread. Thanks again for starting it, and thanks for your dedication to SCORE.
Cheers

moshe
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by moshe » Tue Apr 21, 2020 7:02 am

Applied for a EIDL on 3/31. Over night received a report of an inquiry on my credit report followed by a SBA deposit to my business account for both of my employees. We are a s-corp. No info on the loan part yet. We applied on 3/31 and received a number starting with 33.

~Moshe
My money has no emotions. ~Moshe | | I'm the world's greatest expert on my own opinion. ~Bruce Williams

BSBHead
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by BSBHead » Tue Apr 21, 2020 7:25 am

gasdoc wrote:
Sun Apr 19, 2020 3:49 pm
theplayer11 wrote:
Fri Apr 17, 2020 3:06 pm
knightrider wrote:
Fri Apr 17, 2020 2:05 pm
I am ready to apply via Bank of America and they are asking:

Average Monthly Payroll x 2.5 + EIDL, Net of Advance (if Applicable) Equals Loan Request:

Do I put 1000 for EIDL since I am a sole proprietor?
Do yourself a favor and do not use BofA. If funded again, try PayPal, many had good luck with them.
I hope you people using the big banks plan to ditch them when this is over? Don't you want to bank with people that value you as customers?

gasdoc
Many small and regional banks struggled as well. Good friend of mine who has a small business uses a small bank and they’ve never accepted PPP applications.

BSBHead
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by BSBHead » Tue Apr 21, 2020 7:28 am

theplayer11 wrote:
Mon Apr 20, 2020 4:59 pm
knightrider wrote:
Mon Apr 20, 2020 10:23 am
theplayer11 wrote:
Fri Apr 17, 2020 3:06 pm
Do yourself a favor and do not use BofA. If funded again, try PayPal, many had good luck with them.

I followed your advice and used Paypal which took me to loanbuilder.com They are asking for:
  • Business license ( do not have )
  • Driver's license ( would rather not share )
Also I completed and upload the PPP calulcator spreadsheet but now it won't let me upload my Schedule C.

Last, it is asking for "Bank account information". Shouldn't it already know that from Paypal?
I didn't use PayPal, but there are a lot of posts on reddit who got funded quickly.
Paypal is asking for information for KYC/AML/compliance purposes. This was the reason why it was supposed to be easier to go through your current bank (as they’ve presumably run KYC). Otherwise, what’s to stop fraudulent applications.

Topic Author
Theseus
Posts: 775
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by Theseus » Tue Apr 21, 2020 10:32 am

Harry Livermore wrote:
Tue Apr 21, 2020 5:38 am
Theseus wrote:
Mon Mar 30, 2020 5:33 pm

Applying for the unemployment in your situation is the right thing to do. I had to convince a couple of people to apply for EIDL and/or PPP who thought they are ok and they will manage their business with some reduction in employment hours for their employees. They were feeling conflicted (ethically). The goal of the bill is to stabilize the economy. So anyone harmed by it (which you seem to be) should absolutely apply for any available benefit.
Hi Theseus,
Just circling back on this. I received my EIDL $1,000. BOA has my completed application for PPP, and their email indicates that they will forward it to the SBA when (if) the program is re-funded.
NY state rejected my UI claim via snail mail, with a lengthy explanation and several pages of data. It seems as though one of the criteria is that the "benefit period" (4 quarters, 5 under an "alternate" scheme) must have earnings that are 1.5x (or greater) that of the highest quarter within that period. I had a lot of W2 income in one particular quarter, skewing the sequence so that the total is just under 1.5x for that period. The online portal still seems to indicate that I'm eligible for PUA (I think that's the fed money) but I'm just going to wait and see. There is an appeal form included in the snail mail packet, but their data about my W2 income is accurate so I don't see any point in pursuing that.
Just adding a data point for you and others who are reading this excellent thread. Thanks again for starting it, and thanks for your dedication to SCORE.
Cheers
If I were you I would not wait on appealing and applying for federal benefits. From what I have heard (not from official source) is that federal $600 are not retroactive unlike your state unemployment. If this is not accurate, someone please correct me and if there is a link to official ruling please post that as well.

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BogleFanGal
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by BogleFanGal » Tue Apr 21, 2020 10:56 am

I'm impressed that so many of you received confirmation emails, requests for additional documents, and even SBA loan numbers. I have applied to 3 places in the past 9 days, including paypal and crickets is all I've heard.

Paypal hasn't contacted me based upon my initial submission to ask me for any documentation yet and I know they'll need it to submit. The other bank sent a form letter that since SBA funding was depleted, everyone who was still interested needed to reapply again - they were no longer considering the original application - I already uploaded documentation as part of that application and am not thrilled that my confidential info is being taken so lightly. Reapplied and again heard nothing. No one has checked my credit, even though I've unblocked it.

Meanwhile revenue of $0 is coming in. Definitely bummed that I can't seem to make any progress at all - but hoping something emerges this week or next.
Last edited by BogleFanGal on Tue Apr 21, 2020 11:11 am, edited 2 times in total.
"Life would be infinitely happier if we could only be born at the age of eighty and gradually approach eighteen." Mark Twain

Topic Author
Theseus
Posts: 775
Joined: Sat Jan 23, 2016 9:40 am

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by Theseus » Tue Apr 21, 2020 11:00 am

BogleFanGal wrote:
Tue Apr 21, 2020 10:56 am
I'm impressed that so many of you received confirmation emails, requests for additional documents, and even SBA loan numbers. I have applied to 3 places in the past 9 days, including paypal and crickets is all I've heard.

Paypal hasn't contacted me based upon my initial submission to ask me for any documentation yet and I know they'll need it to submit. The other bank sent a form letter that since SBA funding was depleted, everyone who was still interested needed to reapply again - they were no longer considering the original application - I already uploaded documentation as part of that application and am not thrilled that my confidential info is being taken so lightly. Reapplied and again heard nothing. No one has checked my credit, even though I've unblocked it.

Meanwhile revenue of $0 is coming in. Definitely bummed that I can't seem to make any progress at all - but hoping something emerges this week or next.
I am sure this is very frustrating. But the onslaught of applications was immense. And PPP money dried up a week ago. New funding should pass today or tomorrow.

Some of my clients that applied for EIDL immediately have started receiving advance.

I hope you have applied for unemployment. If not you should as soon as possible.

Hopefully things will turnaround for all of us. Let’s keep faith in that we always find a way to get out of tough situations.

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BogleFanGal
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by BogleFanGal » Tue Apr 21, 2020 11:05 am

Theseus wrote:
Tue Apr 21, 2020 11:00 am
BogleFanGal wrote:
Tue Apr 21, 2020 10:56 am
I'm impressed that so many of you received confirmation emails, requests for additional documents, and even SBA loan numbers. I have applied to 3 places in the past 9 days, including paypal and crickets is all I've heard.

Paypal hasn't contacted me based upon my initial submission to ask me for any documentation yet and I know they'll need it to submit. The other bank sent a form letter that since SBA funding was depleted, everyone who was still interested needed to reapply again - they were no longer considering the original application - I already uploaded documentation as part of that application and am not thrilled that my confidential info is being taken so lightly. Reapplied and again heard nothing. No one has checked my credit, even though I've unblocked it.

Meanwhile revenue of $0 is coming in. Definitely bummed that I can't seem to make any progress at all - but hoping something emerges this week or next.
Some of my clients that applied for EIDL immediately have started receiving advance.
I hope you have applied for unemployment. If not you should as soon as possible.
Thanks for your comments - nice having this thread to monitor the situation.
"Life would be infinitely happier if we could only be born at the age of eighty and gradually approach eighteen." Mark Twain

whoshighpitch
Posts: 42
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by whoshighpitch » Tue Apr 21, 2020 11:12 am

go_mets wrote:
Sun Apr 19, 2020 1:15 pm
veindoc wrote:
Sun Apr 19, 2020 1:06 pm
That button only allowed you to apply for the advance not the actual loan.
That is how it works. I received the advance about 2 weeks later.
Have not received further communication about actually applying for the loan itself.
So you only completed the short advance request form ($10,000) and never applied for the full loan and you still got the advance? That is what I did but I received nothing. So confusing and I feel so so unfair. Our business is forcibly shut down as non-essential and we received not a penny.

go_mets
Posts: 621
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by go_mets » Tue Apr 21, 2020 11:47 am

whoshighpitch wrote:
Tue Apr 21, 2020 11:12 am
go_mets wrote:
Sun Apr 19, 2020 1:15 pm
veindoc wrote:
Sun Apr 19, 2020 1:06 pm
That button only allowed you to apply for the advance not the actual loan.
That is how it works. I received the advance about 2 weeks later.
Have not received further communication about actually applying for the loan itself.
So you only completed the short advance request form ($10,000) and never applied for the full loan and you still got the advance? That is what I did but I received nothing. So confusing and I feel so so unfair. Our business is forcibly shut down as non-essential and we received not a penny.
Yes. I did this on Monday March 30.
Because I am a one-person operation, I received $1K.
The advance is $1K per employee up to $10K maximum.

When did you apply?

.

BruDude
Posts: 3310
Joined: Thu Dec 30, 2010 12:28 am
Location: Las Vegas

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by BruDude » Tue Apr 21, 2020 4:18 pm

Kabbage is still taking PPP loan apps so that they are ready and loaded when funding comes through. I applied there and with another bank, we'll see what happens.

veindoc
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Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by veindoc » Tue Apr 21, 2020 4:28 pm

whoshighpitch wrote:
Tue Apr 21, 2020 11:12 am
go_mets wrote:
Sun Apr 19, 2020 1:15 pm
veindoc wrote:
Sun Apr 19, 2020 1:06 pm
That button only allowed you to apply for the advance not the actual loan.
That is how it works. I received the advance about 2 weeks later.
Have not received further communication about actually applying for the loan itself.
So you only completed the short advance request form ($10,000) and never applied for the full loan and you still got the advance? That is what I did but I received nothing. So confusing and I feel so so unfair. Our business is forcibly shut down as non-essential and we received not a penny.
When did you apply? I applied 3/31 and just got my money yesterday. Did you receive the email about the reduced funding amount. If so very likely you will get funded.

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Harry Livermore
Posts: 364
Joined: Thu Apr 04, 2019 5:32 am

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by Harry Livermore » Wed Apr 22, 2020 5:59 am

Theseus wrote:
Tue Apr 21, 2020 10:32 am

If I were you I would not wait on appealing and applying for federal benefits. From what I have heard (not from official source) is that federal $600 are not retroactive unlike your state unemployment. If this is not accurate, someone please correct me and if there is a link to official ruling please post that as well.
Already done, at the beginning of April; my status is "pending". I just have to trust the Great State Of New York at this point I guess :confused
Honestly, the $600 per week would be helpful, like the one-time $1K EIDL is. But really a drop in the bucket at my current level of spend; and that's why I have an emergency fund.
I will faithfully circle back if I see any PUA money, or if my PPP loan arrives...
Cheers

jolmscheid
Posts: 48
Joined: Fri Feb 24, 2017 1:22 pm

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by jolmscheid » Wed Apr 22, 2020 8:24 am

Can someone let me know how to properly "pay out" payroll from the PPP loan? I assume it is just like normal in terms of withholding taxes, etc?

Thanks!

go_mets
Posts: 621
Joined: Wed Oct 21, 2015 11:49 am

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Post by go_mets » Wed Apr 22, 2020 9:12 am

BruDude wrote:
Tue Apr 21, 2020 4:18 pm
Kabbage is still taking PPP loan apps so that they are ready and loaded when funding comes through. I applied there and with another bank, we'll see what happens.
My bank where I have a business checking account partnered with Kabbage so I started an application with them too.
I just verified the linked business account.

So now it is want and see.
Harry Livermore wrote:
Wed Apr 22, 2020 5:59 am
Honestly, the $600 per week would be helpful, like the one-time $1K EIDL is.
It would be helpful to get this but my application with the state is approved but they are waiting on the federal government for the $600 PUA.

.

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