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My PPP loan was forgiven today
Posted on 10/16/20 at 3:15 pm
Posted on 10/16/20 at 3:15 pm
Thank goodness, just got word that my loan was forgiven minus the EIDL advance, and I can choose how to repay that with terms up to 5 years at 1%
Hope everybody else gets good news too
Hope everybody else gets good news too
6
Posted on 10/16/20 at 3:26 pm to Tigerpaw123
Which Bank? I have chase and I still don't think they have opened it up yet.
Posted on 10/16/20 at 3:58 pm to Tigerpaw123
Do you know how long after your bank submitted to SBA before they forgave?
quote:Does that mean the advance will be forgiven, or are they penalizing you by making you pay that through PPP & EIDL? My EIDL invoice says I will owe the full $150k ($10k advance, $139.9k loan, $100 fee).
forgiven minus the EIDL advance
Posted on 10/16/20 at 4:18 pm to Tigerpaw123
How large was the loan (6 figures or 7 figures)?
Posted on 10/16/20 at 6:11 pm to lsufan209
Very small bank, I think they did less than 100 PPP loans
Posted on 10/16/20 at 6:13 pm to Weekend Warrior79
I have no idea how long after they submitted, my PPPloan was I. The second round and I went through the money in 8 weeks and submitted my forgiveness app the first week it was out, the bank told me when I submitted it that they could not submit to SBA yet
Posted on 10/16/20 at 6:15 pm to Weekend Warrior79
Don’t think I am being penalized, I got the full 150k for EIDL but my paperwork says 149,900 loan and $100 fee, so I guess they get it back one way or the other?????
This post was edited on 10/16/20 at 6:16 pm
Posted on 10/16/20 at 6:16 pm to NOSHAU
No baller here, my PPP was only for upper 5 figures
Posted on 10/16/20 at 6:25 pm to Tigerpaw123
Was told by the bank that we should get ours in the mail in the next week
Congrats
Congrats
Posted on 10/16/20 at 8:25 pm to Tigerpaw123
If it is forgiven does that mean you get a 1099 or equivalent?
Posted on 10/16/20 at 9:11 pm to cajuncarguy
quote:
If it is forgiven does that mean you get a 1099 or equivalent?
I would not think so, and if it were it would be offset by the business expenses that were paid with it, there was some issues initially that were debated and ultimately something done to prevent double dipping
Posted on 10/17/20 at 11:33 pm to cajuncarguy
quote:
If it is forgiven does that mean you get a 1099 or equivalent?
No 1099. Treasury issued guidance about this recently. Because by law the PPP forgiveness isn’t taxable income, there is no 1099.
Remember the issue is non deductible expenses due to being paid with tax free income.
Posted on 10/18/20 at 2:43 pm to Tigerpaw123
soooo
you guys do not pay it back????
you guys do not pay it back????
Posted on 10/18/20 at 4:07 pm to Thecoz
quote:
soooo you guys do not pay it back????
Nope (minus the EIDL advance) , the mule that has been pulling the wagon for decades finally gets to eat at the trough , but the mule splits it between his teammates as the PPP loan kept my 8 employees paid during the quarantine, no one went on unemployment and we are working hard to come back strong
Posted on 10/18/20 at 4:22 pm to Tigerpaw123
good for you... glad the feds stepped in....
so your got to the trough just like obamacare..
so your got to the trough just like obamacare..
Posted on 10/18/20 at 5:00 pm to Thecoz
quote:
so your got to the trough just like obamacare
How does PPP compare to obammacare?
Posted on 10/18/20 at 5:19 pm to Tigerpaw123
both programs require feds stepping in to help people in need with financial support in times of need...
i support stim 1 and hope yall get a stim 2 also..americans helpinging americans...
how is it not similar????
i support stim 1 and hope yall get a stim 2 also..americans helpinging americans...
how is it not similar????
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