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Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
14680 posts

My PPP loan was forgiven today
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


lsufan209
Member since Sep 2017
155 posts

re: My PPP loan was forgiven today
Which Bank? I have chase and I still don't think they have opened it up yet.


Weekend Warrior79
LSU Fan
Member since Aug 2014
6019 posts

re: My PPP loan was forgiven today
Do you know how long after your bank submitted to SBA before they forgave?

quote:

forgiven minus the EIDL advance
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).


NOSHAU
New Orleans Saints Fan
Member since Feb 2012
7047 posts

re: My PPP loan was forgiven today
How large was the loan (6 figures or 7 figures)?


Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
14680 posts

re: My PPP loan was forgiven today
Very small bank, I think they did less than 100 PPP loans


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Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
14680 posts

re: My PPP loan was forgiven today
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


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Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
14680 posts

re: My PPP loan was forgiven today
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 at 6:16 pm


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Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
14680 posts

re: My PPP loan was forgiven today
No baller here, my PPP was only for upper 5 figures


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Member since 2001
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LSUJML
LSU Fan
BR
Member since May 2008
25699 posts

re: My PPP loan was forgiven today
Was told by the bank that we should get ours in the mail in the next week

Congrats


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cajuncarguy
LSU Fan
On the road...Again!
Member since Jun 2013
2955 posts

re: My PPP loan was forgiven today
If it is forgiven does that mean you get a 1099 or equivalent?


Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
14680 posts

re: My PPP loan was forgiven today
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


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LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
22682 posts

re: My PPP loan was forgiven today
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.


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10
Thecoz
Member since Dec 2018
845 posts

re: My PPP loan was forgiven today
soooo
you guys do not pay it back????


Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
14680 posts

re: My PPP loan was forgiven today
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


Thecoz
Member since Dec 2018
845 posts

re: My PPP loan was forgiven today
good for you... glad the feds stepped in....
so your got to the trough just like obamacare..


Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
14680 posts

re: My PPP loan was forgiven today
quote:

so your got to the trough just like obamacare


How does PPP compare to obammacare?


Thecoz
Member since Dec 2018
845 posts

re: My PPP loan was forgiven today
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????


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