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Message
EIDL loan amount calculation
Posted on 4/10/20 at 7:58 pm
Posted on 4/10/20 at 7:58 pm
Anyone know what kind of formula they use to calculate how much they’ll approve you for?
Applied for my business that had a gross of about 985k last year with a profit margin of about 20%. Have no idea if they’ll come back with 50k or a 1m haha.
Applied for my business that had a gross of about 985k last year with a profit margin of about 20%. Have no idea if they’ll come back with 50k or a 1m haha.
5
Posted on 4/10/20 at 8:12 pm to GridIronTigerBaw
You getting back 350ish
Posted on 4/10/20 at 8:34 pm to GridIronTigerBaw
You got a million dollar business and don’t use a CPA, bookkeeper or banker? They can do the worksheet in 15 minutes. Why can’t you, what type of records do you keep?
Posted on 4/10/20 at 8:48 pm to Ricky1962
WhaT worksheet, I was not aware that they had released a formula of how to determine your loan amount?
Posted on 4/10/20 at 9:00 pm to GridIronTigerBaw
Are you looking for an EIDL loan or a PPP loan? PPP loan is 2.5 X monthly payroll plus health insurance premium averaged and retirement benefits monthly averaged.
Posted on 4/10/20 at 9:43 pm to GridIronTigerBaw
OK, talking an SBA EIDL loan. No parameters have been announced, but .... those that have applied know that the only numbers in the application are gross revenue & cost of goods.
This is an off the grid “expedite” process for the SBA, so guessing the formula is gross profit, divided by 12 months times x months. PPL is 2.5, so maybe, just maybe their is some consistency.
The entire process is a work in progress, so as difficult as it is, just have to go with the flow at this point.
This is an off the grid “expedite” process for the SBA, so guessing the formula is gross profit, divided by 12 months times x months. PPL is 2.5, so maybe, just maybe their is some consistency.
The entire process is a work in progress, so as difficult as it is, just have to go with the flow at this point.
Posted on 4/10/20 at 9:47 pm to tigernnola
I hear you. The SBA seems so focused on the PPP loan and the EIDL grants that the EIDL loan seems almost forgotten. The application was a joke. I keep waiting to get something, anything, asking for more information from me or giving me more guidance and information. Nada.
Posted on 4/10/20 at 9:58 pm to VABuckeye
We still haven't heard anything on the EIDL either.
Posted on 4/10/20 at 10:08 pm to Ricky1962
I use a CPA and a bookkeeper. I think you are thinking of the PPP. I wanted more info on the EIDL loan as the business is only independent contractors.
It’s been a week since I applied and there has been zero correspondence and no information out there. This thing is going to be a clusterfrick of epic proportions.
It’s been a week since I applied and there has been zero correspondence and no information out there. This thing is going to be a clusterfrick of epic proportions.
Posted on 4/10/20 at 10:08 pm to VABuckeye
Understand, but most are not stepping back and looking at the big picture. Imagine the logistics of loan processing for a nationwide disaster. The “advance” payment was, in my opinion, well intentioned, but how do you process this volume. It is mind boggling.
The SBA technology is ahead of the IRS, but is still not up to modern standards. They are technology hindered. There is a reason the SBA site keeps crashing with the volume.
The staff is working two, 12 hour shifts. I spent a couple of years with the SBA post Katrina as a commercial loan officer, so I really emphasize with the kids on the front lines today. That was basically a gulf coast disaster, this is nationwide.
For EIDL applicants, I understand the frustration, but just hang in there. This is no different than tax reform. Congress passes a bill & delegates the IRS to figure out how to administer the reform.
The SBA technology is ahead of the IRS, but is still not up to modern standards. They are technology hindered. There is a reason the SBA site keeps crashing with the volume.
The staff is working two, 12 hour shifts. I spent a couple of years with the SBA post Katrina as a commercial loan officer, so I really emphasize with the kids on the front lines today. That was basically a gulf coast disaster, this is nationwide.
For EIDL applicants, I understand the frustration, but just hang in there. This is no different than tax reform. Congress passes a bill & delegates the IRS to figure out how to administer the reform.
Posted on 4/10/20 at 10:11 pm to tigernnola
I agree completely. It’s monumental. I’m looking at an EIDL loan to subsidize the PPP loan. At $25k there’s no collateral and no personal guarantee with an interest rate under 4%. I feel like I’d be a fool not to take advantage of it and it will get me in the SBA loan family. I can be patient and wait.
Posted on 4/10/20 at 10:13 pm to VABuckeye
That is the correct attitude. Patience is a virtue right now. Good luck.
Posted on 4/10/20 at 10:36 pm to GridIronTigerBaw
There is a hard cap on the actual grant portion
Thats all I am interested in anyways
I am not going to ever consider taking a loan loan from the SBA. Too much attached to it.
I do way more than that and if everything actually works out I will take the free 10,000 and my PPP amount that will be forgiven and call it a day
Thats all I am interested in anyways
I am not going to ever consider taking a loan loan from the SBA. Too much attached to it.
I do way more than that and if everything actually works out I will take the free 10,000 and my PPP amount that will be forgiven and call it a day
Posted on 4/11/20 at 7:13 am to YF12
quote:
There is a hard cap on the actual grant portion
Thats all I am interested in anyways
I am not going to ever consider taking a loan loan from the SBA. Too much attached to it.
I do way more than that and if everything actually works out I will take the free 10,000 and my PPP amount that will be forgiven and call it a day
So you just want a free 10 grand?
There are people that genuinely need it. But hey... you want it, so lets go ahead and clog up the system.
Posted on 4/11/20 at 8:53 am to SSpaniel
quote:
So you just want a free 10 grand?
We pay more than 10,000 to .gov every week
frick yeah I am going to take back my money
MY MONEY
This post was edited on 4/11/20 at 8:54 am
Posted on 4/11/20 at 9:26 pm to YF12
I was told about the EIDL yesterday. We have rental properties and several of the tenants are not paying rent. That is cutting into our income for sure. The business is a partnership with no employees.
Is the EIDL something we may qualify for? What are some of the grants/loans are they offering?
TIA
Is the EIDL something we may qualify for? What are some of the grants/loans are they offering?
TIA
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