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ryanlesh
LSU Fan
Louisiana
Member since Jul 2005
979 posts

EIDL problem
In April i received 3K of EIDL $ before PPP loan came through.
Last week my PPP loan forgiveness went through however it did not forgive 3K of that money because of getting the 3K EIDL. I have been very careful not use most of the EIDL and PPP money because of all the economic uncertainties therefore i was easily able to transfer funds and payoff that 3K remainder quickly (2-3 days after PPP forgiveness)
Now I’m reading in the new Covid relief bill that EIDL money will be forgiven by the government most likely. Has anyone here had a similar situation where you’ve already paid off your EIDL? Is it possible we could get that money back in some way?


EOT
LSU Fan
70769
Member since Dec 2006
1405 posts

re: EIDL problem
Comment for following.

It would be great to have the entire loan forgiven although the terms are more than fair.


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Fat Bastard
Boston College Fan
Member since Mar 2009
53617 posts

re: EIDL problem
Nope. Haven’t paid a dime
Back of my EIDL loan. First payment not due until April or May.


Weekend Warrior79
LSU Fan
Member since Aug 2014
8232 posts
 Online 

re: EIDL problem
Haven't paid any of ours, first payment due in June.
Agree the terms are reasonable enough that we'll pay the minimum until we clear up some other debt. Would be great if also forgiven, but not expecting it.


Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
15505 posts

re: EIDL problem
My understanding and I am no expert but , the new bill if it ever gets passed will forgive the EIDL advance (1K/employee up to 10 employees) but not the EIDL loan (up to 150k) , if you have already repaid some or all of it , you will get refunded

If they forgive the whole EIDL and give more PPP.......whoa Merry Christmas to me


Weekend Warrior79
LSU Fan
Member since Aug 2014
8232 posts
 Online 

re: EIDL problem
They honestly should already forgive the $1k per employee. For those of us that took both the PPP & EIDL, the $10k wasn't forgiven for the PPP. As a result, we have to pay $10k for PPP & $150k for EIDL; basically allowing SBA to double dip there.


CHiPs25
Atlanta Falcons Fan
ATL
Member since Apr 2014
2507 posts

re: EIDL problem
quote:

first payment due in June.


Interest is accruing in it while you wait for your first payment. I think it’s only 1% but that’s 1% that the government will misuse.


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Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
15505 posts

re: EIDL problem
Not sure how you see that as double dipping, you took 160 and you are paying back 160????

If this bill gets passed they knock off 10k


Weekend Warrior79
LSU Fan
Member since Aug 2014
8232 posts
 Online 

re: EIDL problem
My PPP Loan qualified for 100% forgiveness. However, since I received a $10k advance on the EIDL loan, I have to pay $10k through the PPP. Additionally, I received $150k through EIDL (including the $10k advance), and need to pay that full amount back, at the moment.

The only reason I need to pay the $10k through the PPP is because I received it through the EIDL; yet, also have to pay it back under that program. Does not make sense to me.


Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
15505 posts

re: EIDL problem
So you are sure you got a 10k advance then an additional 140k for EIdL? If so talk to them

I got 9k advance, then 150 k loan, then they forgave all but 9k of my PPP, seems more than fair to me and if they forgive the 9k with the new bill it is a bonus


Weekend Warrior79
LSU Fan
Member since Aug 2014
8232 posts
 Online 

re: EIDL problem
Yes, I got the $10k & $140k. Glad to read it appears to be an oversight. Will try to resolve after the holidays


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SSpaniel
Memphis Fan
Germantown
Member since Feb 2013
29658 posts

re: EIDL problem
quote:

Now I’m reading in the new Covid relief bill that EIDL money will be forgiven by the government most likely. Has anyone here had a similar situation where you’ve already paid off your EIDL? Is it possible we could get that money back in some way?


You will get the money back... well, it won't reduce your PPP forgiveness amount. You'll have to amend your forgiveness application. Here you go.

quote:

15. EIDL Advance Non-Taxable and No Longer Reduces PPP Loan Forgiveness The Act also replenishes the EIDL Advance fund, which allows businesses suffering a substantial economic injury to apply for an advance that does not need to be repaid or up to $1,000 per employee limited to $10,000 total. Prior law stated that any EIDL Advance received would reduce PPP Loan Forgiveness, essentially requiring the Advance to be repaid. The new Act repeals this provision so the receipt of an EIDL Advance will have no impact on PPP loan forgiveness. Borrowers that have already applied for and received loan forgiveness presumably may now amend their application to request that the $10,000 EIDL Advance (or amount actually received) not reduce their forgiveness amount and request repayment.


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