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Posted on 3/31/20 at 12:15 pm to BamaAlum02
My understanding is the EIDL can be used for Payroll, but your maximum that is forgiven is the 250%. So if you do the PPP loan and you do the $10,000 then your PPP loan forgiveness is 250%-$10,000.
Or else the difference, will be a normal loan.
Or else the difference, will be a normal loan.
Posted on 3/31/20 at 12:29 pm to baldona
Whats the 10k advance they ask you if you want at the end of the quick online app?
Posted on 3/31/20 at 12:38 pm to VABuckeye
quote:
If you could share that list here for the PPP loan I'd greatly appreciate it.
Articles of incorporation/organization
Bylaws/operating agreement
Owners drivers license
12 months of payroll verification
12 months of financial statements
Prior year tax return
Just In
ACCORDING TO WHITNEY BANK
Borrowers who receive an Economic Injury Disaster Loan after 3/31/20 are not eligible to apply for a loan under the Paycheck Protection Program.
Posted on 3/31/20 at 12:40 pm to baldona
quote:
My understanding is the EIDL can be used for Payroll, but your maximum that is forgiven is the 250%. So if you do the PPP loan and you do the $10,000 then your PPP loan forgiveness is 250%-$10,000.
Or else the difference, will be a normal loan.
Regardless of use, NONE of an EIDL will be forgiven with the exception of the $10k grant.
All of a PPP loan can potentially be forgiven.
Posted on 3/31/20 at 12:41 pm to SippyCup
quote:
ust In
ACCORDING TO WHITNEY BANK
Borrowers who receive an Economic Injury Disaster Loan after 3/31/20 are not eligible to apply for a loan under the Paycheck Protection Program.
Great, I just submitted our application this morning. I'm assuming I can just decline the EIDL loan if it's going to cause any issues with the PPP.
Posted on 3/31/20 at 12:42 pm to tgrbaitn08
quote:
Whats the 10k advance they ask you if you want at the end of the quick online app?
It's $10k that is automatically forgiven whether you are approved for an EIDL loan or not.
The entire quick app you are referring to is only for the $10k grant.
Posted on 3/31/20 at 12:45 pm to SippyCup
I'm not 100% sure Whitney Bank is correct on this. There is a LOT of information out there that says otherwise.
Posted on 3/31/20 at 12:45 pm to VABuckeye
quote:
It's $10k that is automatically forgiven whether you are approved for an EIDL loan or not.
The entire quick app you are referring to is only for the $10k grant.
ok so what am I supposed to do now? The SBA Website wont let me go any further and I finally spoke to my banker and he's trying to figure this all out....He's got all my taxes and financials...so I just have to wait on him?
Posted on 3/31/20 at 12:48 pm to tgrbaitn08
Yep. You've applied for the grand and given your bank account information, right?
Now you have to wait until the loan process is available. Banks are in scramble mode right now. There is nothing to do on the SBA website in regards to applying for a PPP loan.
Now you have to wait until the loan process is available. Banks are in scramble mode right now. There is nothing to do on the SBA website in regards to applying for a PPP loan.
Posted on 3/31/20 at 12:48 pm to SippyCup
quote:
Borrowers who receive an Economic Injury Disaster Loan after 3/31/20 are not eligible to apply for a loan under the Paycheck Protection Program.
I dont that is correct
See below... LINK
quote:
Can I access both programs?
• Possibly. Businesses that receive a Paycheck Protection Loan cannot receive and EIDL loan for the same purpose. However, businesses that have an EIDL loan issued in 2020 in place may be able to refinance that loan into the Paycheck Protection Loan, which becomes forgivable if the business has sufficient qualifying salary, utility and rent/mortgage expenses.
Should I apply for Paycheck Protection or EIDL?
• It depends on your circumstances, but the Paycheck Protection Program will be beneficial in many cases if you anticipate that the funds will allow you to maintain your current payroll, especially as the loan is forgivable. It is a temporary program and only covers expenses through June 30, 2020. The EIDL existing loan program must be paid, but terms are flexible and it covers injuries through the end of the year.
Posted on 3/31/20 at 12:49 pm to VABuckeye
quote:
he entire quick app you are referring to is only for the $10k grant.
I don't think so. I think it's the application for the full EIDL. I know they were asking people to resubmit their application on the website if they want the $10k, but I don't think it is only for the $10k.
Posted on 3/31/20 at 12:50 pm to VABuckeye
quote:
Yep. You've applied for the grand and given your bank account information, right?
Yep...
quote:
Now you have to wait until the loan process is available. Banks are in scramble mode right now. There is nothing to do on the SBA website in regards to applying for a PPP loan.
Gotcha..just want to make sure I'm not missing anything. Trying to stay ahead of this thing before people start really going into freak out mode
Posted on 3/31/20 at 12:50 pm to VABuckeye
Note the bolded.
Source
Second Source
I think Whitney may be misinterpreting the usage verbage and if so then shame on them. If not, they're just about the only ones that got it right.
quote:
Another option for small businesses is the SBA’s existing EIDL Program, which was expanded by the CARES Act and provides for longer-term loans with favorable borrowing terms. Companies in all 50 states, District of Columbia, and some U.S. territories are eligible for EDIL loans relating to economic injury caused by the COVID-19 pandemic. While there are no loan forgiveness provisions applicable to EIDL loans, companies that have already applied for or received EIDLs due to economic injury attributable to the COVID-19 pandemic can seek to refinance their EIDL loans under the PPP to take advantage of the PPP’s loan forgiveness provisions. Additionally, while companies may be eligible for loans under both programs, they are unable to seek recovery under the EIDL loan for the same costs that are covered by a PPP loan.
Source
quote:
You also may be able to request an EIDL (in addition to a PPP loan) so long as the loan proceeds are not used to cover the same expenses. You apply for your EIDL online here, directly with the SBA. They are approved solely based on your credit score. EIDLs are available up to $2 million, though most borrowers will prefer to cap their application at $200,000 or less to avoid the need for a personal guarantee. EIDLs are likely to be granted more quickly than a PPP loan. The first $10,000 of an EDIL is converted to an immediate grant, even if your loan request is denied. So, using the example, you could request a $36,000 EIDL loan when you file for your PPP loan. By the time the PPP loan is granted a month later, the first $10,000 of your EIDL loan will become a grant, and you will have already applied another $10,000 or so toward maintaining your business (and your own income). So you would only need to repay about $16,000. Any unpaid balance carries interest at 3.75 percent.
Second Source
I think Whitney may be misinterpreting the usage verbage and if so then shame on them. If not, they're just about the only ones that got it right.
This post was edited on 3/31/20 at 12:55 pm
Posted on 3/31/20 at 12:52 pm to tgrbaitn08
I hear you man. This money is important to a lot of businesses. I have a very large invoice due and if for some reason it's delayed the PPP money becomes critical for me. I put out a lot of money upfront to fund the project.
Posted on 3/31/20 at 1:17 pm to tgrbaitn08
Whitney is definitely doing the PPP loans.
This could be just a bank policy and not SBA policy.
This could be just a bank policy and not SBA policy.
Posted on 3/31/20 at 1:24 pm to SippyCup
quote:
Whitney is definitely doing the PPP loans.
I would think they would be..I didnt see them listed on that list JEDCO sent out yesterday and i dont see anything on their website...this is all I see with a link to the SBA website
SBA Disaster Assistance
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Learn more >
Posted on 3/31/20 at 1:28 pm to tgrbaitn08
quote:If you were on the JEDCO call yesterday, they were a bit all over the place in some of their understanding. I do not think there will be any clarity until the banks get guidance from the SBA. Kind of surprised Whitney is putting such definitive information out without such guidance.
I would think they would be..I didnt see them listed on that list JEDCO sent out yesterday and i dont see anything on their website...this is all I see with a link to the SBA website
SBA Disaster Assistance
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Learn more >
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