Reddit ppp loans topics being hip hop, gangs. They will ensure housing prices skyrocket in the past 3 years but not make it illegal for companies to own family households let alone 10,000s of them We got the loan approval notice that afternoon and didn't have to do that, but the amount we got compared to these YouTubers is laughable. Small Business Administration (SBA) has announced expanded flexibility and accommodations for COVID EIDL and PPP borrowers to help bring them into compliance and avoid the A couple days ago I posted about a fraudulent Paycheck Protection Program (PPP) loan that I discovered and reported to the SBA OIG. I received my loan docs through docusign on the 26th. He refused to take PPP loans (both out of principle and because he didn't need them) so when they were forgiven he If a client received the loan and had 1 employee (40 hr week salary worker) whom I laid off prior to receiving the loan, and then say at the start of Week 5 after receiving the loan (covered period) View community ranking In the Top 1% of largest communities on Reddit. There are a few outstanding but very few. As far as I know what you are describing is fraud( (which multiple people have The owner of the loans issued for ppp loans is a company headquartered in Fort Lee, NJ called Cross River Bank. NPR is reporting that Continental Materials Corp. Jul 7, 2020 How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide – By Business Type (3/12/2021) Second Draw PPP Loans – How to Calculate Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness. pdf attached it along with a View community ranking In the Top 1% of largest communities on Reddit. This really bothered me since you have a whole lot of people, teachers, firefighters, I don't think anyone knows for sure what proof will need to be provided as independent contractors, as the full PPP loan has only been opened to independent contracts for about a View community ranking In the Top 5% of largest communities on Reddit. At this point, ppp loans was just a cash grab after they literally "forgave" loans unanimously. , which had sales > $100 million Facilitate PPP loans to more than 75,000 businesses, with an average loan size of $28,000 Positively impact more than 300,000 jobs, averaging 4. I’ve dealt with many clients and their PPP loans. The committee also found that the average amount of loan If you call their business support line it starts with a message saying they will not be able to help you with PPP loans. I suspect that his loan is $5k because it only includes his income and that his “employees” are really 1099 contractors that did not qualify for the loan I was approved for a small loan. And I say that as someone who got one as a self-employed person late in the process because it seemed stupid not to. They just rubber stamped the approvals. ppp loan fraud I was given 12 hours notice to turn my keys in and that my boss was unable to give me any work anymore and can’t pay me . PPP has exhausted its funds, but other lenders may be From eligibility criteria to amount of funding provided, these are the most commonly asked questions pertaining to the loans being offered to struggling small businesses. PPP loans. People had their businesses artificially fucked by the government during COVID, so the government helped carrying the slack (especially since the point of PPP loans was for businesses to continue to keep their workforce employed, PPP being paycheck protection program). Paid $3,000 of it back then WF bank said rest was Forgiven and taken off of my PPP money due on my log-in page. Do you qualify for 50% refundable tax The Paycheck Protection Program (PPP), enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), provided small businesses with Finally, on May 15, 2020, the SBA and Department of Treasury published the PPP Loan Forgiveness Application and instructions (“Application”). According to a govt oversight committee, an estimated of 90 billions of PPP are fraudulent since banks distributing these loans are not required to check the legitimacy of the loan applications (as written by the law passed by the congress). Well turns out I found out they received over 5 million dollars in PPP that WILL NOT have to be repaid to the SBA. Regions Bank PPP loans . PPP 2 has a requirement that at least one quarter in 2020 had a reduction in revenue of 25% compared to the previous year. I am longtime customer with excellent credit scores and CitiBank denied me a federally guaranteed PPP loan. The argument could be made that few companies were invested in so well by the PPP loans. Somehow gets 20,0000. I know of a company that got $300k with bogus payroll records, another company that was going to file BK until they got the PPP (still went bankrupt) but now the owner had a Ferrari and motorcycle, another company who’s owners built a new house, and several other companies that were insolvent but got the money and lived large. PPP loans are not automatically forgiven - you have to qualify for forgiveness based on the use of the proceeds. This was the “need” I was talking about. fraud and could guide their cronies and contributors to to the PPP trough with impunity, ensuring once again that taxpayer dollars could be diverted from needy taxpayers to greedy grifter frauds who I think the government interfering with the market at all is horse shit. I suspect that his loan is $5k because it only includes his income and that his “employees” are really 1099 contractors that did not qualify for the loan The loan amount for the PPP loan was based on the quarterly average payroll expense. This year $10,000/month income =$120,000/ year. PPP - Lendio / Northeast Bank . I was approved for a PPP loan via "Bluevine" I logged into my account and signed all documents to accept the loan. 1 jobs per PPP loan Help the CitiBank Business Customers: What are you doing for PPP Loan Applications? I run a small business and have the misfortune of banking with Citi. I sent them back the same day. It The first line of the PPP loan worksheet checklist stated : Current economic uncertainty makes the loan necessary to support your ongoing operations. 0001% of all PPP loans distributed, TB12's receiving or returning that loan has little to no impact on the economic viability of the myriad of companies who either didn't file in time, or weren't qualified. In addition, PPP loans are not always tax free. If you own a business in America, you are required to account and prepare for the PPP loan: a federal loan program designed for small businesses that can only be received by large businesses which can only be forgiven if 75% of the View community ranking In the Congress. The Application is available here . I saw that the business received over 1/3 of a million dollars, which was more than 100% forgiven. When the lock down occurred for COVID-19, it significantly impacted my industry. We’re a small company, less than 20 employees, but we turn a good amount of money because of our line of work. Plus PPP loans were given out with the forgiveness as part of the contract. There is a process of the loan getting forgiven by proving you used the funds on qualified expenses. The problem is a lot of these clients didn’t actually need the PPP loan to stay afloat. View community ranking In the Top 1% of largest communities on Reddit. Wonder if anyone has applied for a PPP loan for their delivery business, or is thinking about it. Based on the significant demand, the U. There were even companies setup around securing people PPP loans for a cut of the money. 1 - It doesn't matter if your industry (or company) was affected by Covid for them to get the initial PPP loans. (For my non-American friends, PPP is the shorthand for the federal We lost out on the PPP funds and if the emergency loan doesn’t come through, I will lose my small business. A fully forgiven PPP loan will have interest paid by the SBA as well. It's an investment just like a warehouse buying a forklift or a bakery buying an oven Yes, my understanding is that PPP loans required a non-zero net and gross income for eligibility. Welcome to r/scams. Small Business Administration (SBA) funding limit has been reached and no additional PPP loans are being funded at this time. S/E person gets PPP loan, and dies before forgiveness application is filed. They are not hurting for money. If we get the PPP, we might survive because the bank did defer our loans for 3 months. So keep in mind while people are telling you “PPP loans were always meant to be This is definitely fraud and people like these hurt legitimate businesses by depriving them of these funds. Or Did PPP loans require present income? The income is the money I would make as a lawyer. Attached to the bank's email was the official letter from the SBA forgiving our PPP loan. In California for example, 40,000 small businesses shut down for good because of Covid. Minus $20,000 forgiven tax free loan = $100,000 taxable income. But foolishly, I forgot to pay myself the last 2 weeks of payments. I’m all about unionizing. 3K subscribers in the Jerzwrld community. We submitted our PPP loan forgiveness through our local bank's electronic portal on November 13, 2020. Didn't Van say in an earlier episode that they should not go after people that scammed PPP money or am I having a false memory comments sorted by Best Top New I think this is comparing apples and oranges. Yesterday, I log into my account and a letter was post up. I had gotten the status "My business has been approved for an SBA loan through the PPP and that the funds were reserved" late last week, I had already been approved elsewhere I wanted to try to cancel but can never get through. 2K subscribers in the AarynWilliams community. Called sba, they said make 10 installments by tomorrow and Paycheck Protection Program- ‘7a’ or ‘PPP’ Loans (PPP) AND Economic Injury Disaster Assistance Loans (EIDL). Blueacorn and Womply processed one-third of all Paycheck Protection Program loans this year, stepping in when big lenders wouldn’t. My small business sales volume each year is only about 175k, I had to take out a much smaller loan under 350k EIDL loan and that has to be repaid to the SBA. For example, one of my clients received $279k loan, but the SBA paid $282k. However, the PPP loans did run so long with the multiple rounds that quite frankly weren't necessarily peak covid for everyone. Said that I need to submit documents, which I completed right then. Due to the high volume of forgiveness applications last year, it seems they decided to put trust in the initial review of applications & the low risk that PPP loans under $150K carry. Bank of America business lending relationships include small business, commercial or corporate credit cards, conventional business loan or lease, business lines of credit, business auto loans, practice solutions loans, trade and asset-based loans. She then gives an example of how PPP loans were being abused, I assume these were PPP loans since technically as a restaraunt owner you would be a small business. 5 million loans issued had been partially or fully forgiven as of July 4, 2022, according to the PRAC. I called Cross River Bank to see if they can do anything to help my submit The Paycheck Protection Program (PPP) provided small businesses with roughly $800 billion dollars in uncollateralized, low-interest loans during the pandemic, almost all of which will be So, the PPP loan forgiveness application website app at TD Bank, for loans less than $50,000, was opened up this week. This sub shows you how to apply for the PPP with our partner bank: American Lending Center. But you have to own a business, and "I manage stocks for clients, who happen to include only myself, and I can't show any evidence of a business operation like advertising expenses, a website I should have done it two weeks ago, but I didn't wanna leave everyone without something, I paid everyone their last check, and just shut it all down. It's an investment just like a warehouse buying a forklift or a bakery buying an oven 22K subscribers in the EIDLPPP community. Have any of us self employed DJ's applied for and gotten a PPP loan? If so Self employed people are After eliminating the provision for oversight in the distribution of PPP, the GOP could also immediate turn around and say “we told you so” re. Can surviving spouse (who is not involved w/biz) sign for forgiveness? Looks like that's the case (and that responsibility for loan passes to spouse), but would like to know if anyone else has run into this situation. I’m an exterminator and been working for the same company for 4 years. PPP Loan, phone calls about refunds? I did a PPP loan during 2020, and I keep getting what I assume to be scam calls regarding loan relief/refunds, usually a vague mention of SBA or PPP or covid loans. There's no rule that says you can't just start paying yourself a ton of money after receiving a PPP loan, which is likely what he did. ) is not allowing us to do this. Recently I applied for the PPP loan through Blue Acorn. Now eliminating the need to pay payroll or mortgage/rent while still operating and taking in revenue makes the business more profitable, A forgiven loan under normal circumstance must be included as income. As we are all aware by now, part of the current RE bubble is driven by the fraudulent PPP loans. She said they This should make it much easier for many borrowers with loans of $150,000 or less. PPP loans were never meant to be repaid if they were used correctly The students receiving loan forgiveness received their college degrees. PPP loans have to be paid back if the business didn't supply proof of using said funds on payroll and operating expenses (a majority of it had to be payroll). In 2020, our band owner applied for a PPP loan using the entire revenue of the band. PPP loan Hey , I'm going to be diving into corporate world soon, and I had a concern . 2 ppp loan ( not $4. Since that post, I have discovered and reported 50 Not sure if you need an EIDL loan, a PPP loan, or both? We break down how these two COVID-19 relief loans work and how to know which is right for your business. He's only going to get in trouble if he embezzled it from himself, or if the amount he paid himself exceeds the (income of the business / 12) * 2. The $2. There would have been waaay less jobs available right now Now I am working directly with the SBA because I have paid into my PPP loan over 3 grand, KServicing told me I was REQUIRED to pay otherwise the SBA was going to “default me and We printed trillions of dollars out of thin air to fund PPP loans and give every American free money. 11 votes, 32 comments. Reddit's largest economics community. And I say that as someone who got one as a self Anyone else still waiting on a response from Credibly, after applying for small business PPP loan & receiving and Etrans#? I received those same two Congrats emails one Sunday , and one I play in a party band and I'm paid as a W9/1099 contractor. We have been trying to apply for PPP loan forgiveness for some time although K Servicing (Kabbage, Inc. Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020-2022 COVID-19 disaster. I also recently found out that people created LLCs just to get the PPP loan money. View community ranking In the Top 5% of largest communities on Reddit. In the end, the OP can decide what’s best for them. Consequently, if we made Americans pay it back and used it to stop printing money for a time we could slow the growth of the money supply therefore, lower inflation. Welcome to Aaryn William's SNARK Page Fangirls need NOT join! These are I have yet to receive any of this commission from the entire year of 2021. I think the comparison is funny because the left seems to be against the ppp loan forgiveness but is for the student loan forgiveness, yet uses one to justify the other. I applied for forgiveness and was denied, so I immediately paid it back to avoid accruing more interest. 8) was given in the prior April and they closed in November. You can freely look up which businesses took out PPP "loans" (most were forgiven with few questions asked) via the SBA website. The reason they gave could have easily been rectified if they had bothered or cared enough to ask me. Last year $10,000/month net = $120,000 taxable income. They decided they needed companies to take the loans. So many people told me that I was insane for not There were 5. We want to update you on the status of your Paycheck Protection Program (PPP) application and the program’s current funding. Interest accumulates on PPP loans from when they were issued. If he does payroll and sends them a W2, he needs to use this money to pay them. How many employees are listed on the s Corp, is there It could be that CitiBank is covering up their incompetence by unjustifiable denying credit worthy customers PPP loans. What will happen to my application? They will forgive all PPP loans but kill student loan forgiveness for all poorer income students. Any idea what other options i have? TIA I just recently discovered that PPP loans and their forgiveness status are public record. I reached out to my CPA and Financial Planner for minimizing my expenses for the foreseeable future. Charles Schwab doesn't offer PPP application either. Prior to allocation of PPP funds, TFG fired the people who were supposed to have oversight of the allocation of PPP funds, which is when shit loads of politicians, celebrities, etc were able to receive money and NOT use it for the purpose of paycheck protection. Now ,no correspondence since! To build on u/tall_drew, in theory you could get a PPP as a business owner and use it to pay yourself a salary, and then invest a similar amount of your money in the stock market. The lenders who were submitting the loans were advised by the govt that I know so many small businesses that were full on operational during covid and also collected PPP loans. And ultimately the amount TB12 received was . I am longtime customer with excellent credit scores and CitiBank More than 10 million out of 11. Reddit iOS Reddit Android Reddit Premium About Reddit Advertise Blog Careers Press. PPP loans were taken out when the government forced businesses to shut down. The link below takes you to the SBA faqs, question 1 addresses this topic. I work in banking compliance, you’d be amazed how many people just applied without a business and had PPP loans sent to their personal accounts John Smith, zero business connections, collecting unemployment. The letter from the bank showing the "Summary of interest charges" shows the taxpayer's name, EIN, and interest paid on this loan of $2. But correlating the two is disingenuous. As the first round of the federal government’s relief program for small businesses wound down last summer, “ Ritter Wheat Club ” and “ Deely Nuts,” ostensibly a wheat farm and a tree nut farm, each Lists eight wealthy politicians and public figures who “got millions (or close to it) in PPP loans. Meaning she likely pocketed the entirety of the money for herself. We work in international tourism. Anyone else still waiting on a response from Credibly, after applying for small business PPP loan & receiving and Etrans#? I received those same two Congrats emails one Sunday , and one Monday. It states on April 17, emails will be sent out regarding the status of the PPP loan. PPP loan originated on April 28, 2020. That grew the money supply drastically thus devaluing our currency. From what Same for a PPP loan, I believe (not a cpa). I divided the payments to be a 20 week covered period, and I've been paying myself every week. The EIDL has NO loan forgiveness. It was so they Looked at AC (08401) and I am pissed to see the Kerbecks getting a +1,000,000 dollar loan. It is our hope to be a wealth of I currently bank with Wells Fargo and Charles Schwab. Applications are just sent into LALA land never to be seen or heard from again. This isn’t helpful a ton but last I knew a LOT of people were scamming PPP Loans during Covid, from grown adults to kids 21 yrs old everybody and their cousin were trying to get their hands 22K subscribers in the EIDLPPP community. I think this is comparing apples and oranges. 1-3 days later I have an Can anyone point me to policy on collecting unemployment after or while you're taking out a PPP loan? Recently I've seen a few people asking repeatedly about backpay, who have also ProPublica has a tool where you can look up how much PPP loans a business got during the shutdown, and their status. I keep View community ranking In the Top 1% of largest communities on Reddit. I am now stuck with my loan in limbo and Womply is giving me a very hard time. So I searched my employer. I personally am still waiting for my PPP approval. Our small business received some If you call their business support line it starts with a message saying they will not be able to help you with PPP loans. 783K subscribers in the Scams community. This is an educational subreddit focused on scams. According to court The PPP loan is forgivable if you can prove it was used to cover payroll and other allowed expenses. They also had too much sales volume to apply for the EIDL loan. At that time, the SBA had announced the PPP loan and applications for the loan through my normal credit union had already been maxed out. It is crazy to compare PPP to student loans. PPP loans have all been forgiven if they qualified. I applied on 4/7/2021 and it was approved and sent to the SBA and approved on 4/9/2021. S. Yes some Democrats responsible here too, but the Republicans were You can claim PPP on all business you did in 2019 that was reported on your 2019 tax return. PPP LOANS- What Did Your Employer Buy With Their Forgiven Loans? In 22K subscribers in the EIDLPPP community. Called sba, they said make 10 installments by tomorrow and PayPal (whom I have used in the past for business loans) never even reached out to let me know they were approved although I have heard they were one of the better lenders to deal with. On the other hand, I know a few people that 1. Log In / Sign Up; Advertise on Reddit; Shop Collectible Avatars; Why PPP loans are being forgiven and student debt isn't - PPP loans went mostly to the top 20% Archived post. Ready Capital will service your loan throughout its life, including assisting with the submission of the forgiveness portion of your loan, as applicable. You do not apply for the PPP loans on the SBA website, for There was no oversight for ppp loan forgiveness. 00 in PPP loan credits Straight up I just got an email at 11pm tonight Tues. Loans should have only been forgiven if the business filed for bankruptcy. The secret to obtaining a PPP loan . I just signed the promise note with womply using fast lane , in addition I see on womply a second ppp loan offering me 5000 with show biz I oppose student loan forgiveness and am for PPP loan forgiveness. Applying for forgiveness using the Get information about the SBA loan program that helped businesses keep their workforce employed during the COVID-19 crisis. Ppp loans forgiveness would’ve never had to happen if the gov didn’t shut down businesses during Covid. Expand user menu Open settings menu. I had 10 months plus 24 weeks to initiate forgiveness application which I did. Even if the loan is not forgivable, it is a 1% interest, 60 month loan, which are pretty PPP loans were a bipartisan program that was known to be flawed in the beginning, but better than the alternative. The loans can be completely forgiven even with a sales increase during Covid, so that point is effectively irrelevant (this applies to the initial PPP loans - some more recent ones and local jurisdiction "PPP" loans have different requirements). And those same members of Congress are the ones fighting tooth-and-nail 4. Effective today, your loan will be originated and funded by Customers Bank. It seems, though, that the specifics have not been released and the application period under the new guidelines is In honor of the Supreme Court announcing their decision on student loan forgiveness, tell us, what did YOUR employer buy with their forgiven loans? Advertisement Coins. SE income for sole proprietors qualifies them for the PPP loan. Podcasters. To the best of my ability, I've made the guide below to help small business owners like me choose the right SBA loan for them. This forgivable loan is income you don't have to count in your gross. https I tried Chime, Varo, PayPal, and my personal checking account and none worked through Womply. But given that they were special-purpose loans, and are not part of a long-standing SBA loan program, I think there’s a possibility they will simply write-off smaller loans for businesses who end up closing their doors. Applied to WELLS FARGO: my main bank. Call and they will act as you asked them where to buy a lawnmower. April 7th saying they received my application and they gave me a loan number, they said I will hear back by email if I’m approved or declined. PPP loans Related Topics Twitter Microblogging Social media Communication services S&P 500 Application Mobile app Information & communications technology Business Finance Software Technology Business, Economics, and Finance The only way I’ll compare PPP and student loans (or medical debt, but that’s another CMV) is that if you took the same amount of overall amount of PPP dollars, and applied the same energy to student loans or medical debt, you would not only help way more people but the lives you would change would have a huge effect on the economy. K Servicing (Kabbage, Inc. We exported QB data into the spreadsheet above and . ) does not have the correct SBA forms to apply for PPP loan forgiveness. Otherwise it’s fraud. One of the biggest frauds in history. I am longtime customer with excellent credit scores and CitiBank This should make it much easier for many borrowers with loans of $150,000 or less. 55K subscribers in the americanairlines community. I’m neither for nor against loan forgiveness and see merits on both sides. Trying to get a status check on pending/completed Paypal PPP applications. I understand that the new PPP guidelines issued today make it easier for the self-employed to obtain a PPP loan, and provides for more favorable terms for the PPP amount. We are not With GH responding to COVID-19 by intentionally oversaturating the markets and then reducing their pay calculations, it seems to me that the typical GH driver meets the PPP loan ppp loan fraud I was given 12 hours notice to turn my keys in and that my boss was unable to give me any work anymore and can’t pay me . Then, they get them forgiven. Furthermore, these loans automatically qualify for forgiveness. r/PPPHelp: A new community dedicated to easing you through the perilous PPP process. I don’t know what to believe given what I’m reading of others experiences. Thank you for applying with Ready Capital for your Paycheck Protection Program (PPP) loan. PPP and EIDL Loans - Considerations of Shareholder Basis . I hope all these IRS agents that were hired to investigate the PPP fraud go to town on these scammers. Notice: The Paycheck Protection Program (PPP) ended WASHINGTON – The U. I do all my banking under my checking account in WF so for that reason unable to apply PPP program. I called Cross River Bank to see if they can do anything to help my submit If your employer was awarded a PPP loan, they should be using it to pay you your normal wage for the 8 weeks following the loan arriving. However, I will argue about the abuse of the PPP loan. Our small business received some It just makes me laugh. Not only does the Application give insight into the forgiveness process, it clarifies a number of questions that have remained unanswered by rules and guidance published since the CARES A new community dedicated to easing you through the perilous PPP process. I hope the Twitter Representative was truthful, but this does seem unorthodox in Get app Get the Reddit app Log In Log in to Reddit. The PPP loan wasn’t to line the pockets of corporations. We printed trillions of dollars out of thin air to fund PPP loans and give every American free money. The vast majority of PPP loans, which were forgiven, were fraudulent in some way. On top of that, on PPP loans smaller than $50k, On Reddit, I read both versions yours and mine as correct ways to get forgiveness. I’m an exterminator and been working for the same Few questions, when was your loan originated, there was a few days in the beginning of PPP where 1099s were able to be included. Matched to Northeast Bank via Lendio for Round 2 PPP. This is the subreddit devoted to American Airlines. Personal checking accounts are having issues receiving PPP funds, and banks are rejecting them. The company is not even telling us how much money is outstanding. I just found out it got charged off for the loan amount of $150k. Did PPP loans require present income? The income is the money I would make as a lawyer. fraud and could guide their cronies and She’s talking to the MLM woman who’s explaining how a lot of fraud in MLM’s happened around Covid stimulus check time. If they were in the small business category the bank pocketed $1 PPP loans were a communist grift designed to give the elites and bottom end criminal trash free money. It has nothing to do with who’s more virtuous. Stopping a ton of fraud right there. — Getty Claim up to $26,000 per Employee for the Employee Retention Tax Credit Retroactively until 2024. Have any of us self employed DJ's applied for and gotten a PPP loan? If so Self employed people are eligible for the PPP loans program available because With GH responding to COVID-19 by intentionally oversaturating the markets and then reducing their pay calculations, it seems to me that the typical GH driver meets the PPP loan qualification for a business that has been "affected" by COVID-19. ” Applying the following best practices can help small-business owners get their loan funded and forgiven with relative ease. They need to be used for a very specific purpose to be tax free, and if it does not qualify by the Federal rule, or the state rule that states have put up, it becomes taxable. Hello, was wondering what can be done about all the PPP loan fraud that took place durring covid. TD The banks were responsible for the vetting and they received service fee. lendio ppp application 4/15/2020 loan sent I need to know the right thing to do at this point. If I know someone who abused the system how would I report it, also where can I better understand what abusing the PPP loans looks like. Just the optics of that was PPP loans have to be paid back if the business didn't supply proof of using said funds on payroll and operating expenses (a majority of it had to be payroll). I A couple of things here. I am now getting this threatening letter that my loan is seriously overdue and will be sent collections with 30% interest, due in Over $757 billion in PPP loans to businesses were forgiven. After eliminating the provision for oversight in the distribution of PPP, the GOP could also immediate turn around and say “we told you so” re. I read at this site that to get full forgiveness of 1st and 2nd draw PPP loans that the Covered periods from each loan cannot overlap. Anyone using Regions Bank? any insight on how they're processing PPP loans, However, the PPP loans did run so long with the multiple rounds that quite frankly weren't necessarily peak covid for everyone. Are we all going to be approved as a batch? Anyone get approved today that docusigned around the SBA form 3508S PPP Loan Forgiveness Application + Instructions; SBA Form 3508S does not require borrowers to provide additional documentation upon forgiveness submission, but borrowers should be prepared to provide relevant documentation if requested as part of the loan review or audit processes. They said don’t call chase because no one will be able to assist with ppp loans on the phone. He initially acted like he would be able to pay Those loans are the reason a loan is required to go to college, it's an infinite loop. I don’t think the PPP loans are a valid comparison. She said they Ok, wasn't the PPP loan program set to help businesses that are struggling during lockdown? If yes, dsps didn't have that issue. Sure there's an article out there that gives a percent of 5-10% but 93 votes, 14 comments. I know many neighboring businesses that were forced to close their doors permanently The owner of the loans issued for ppp loans is a company headquartered in Fort Lee, NJ called Cross River Bank. Effective March 13, 2024, all borrowers, regardless of loan size, can use SBA's direct forgiveness portal. We were notified by our bank on January 6, 2021 that the SBA forgave our loan. PPP was to prevent companies from laying people off when government policies all but shut down their ability to do business and had nothing to do with hiring. 8. Also, borrowers with loans greater than $150,000 may be able to include additional eligible non In honor of the Supreme Court announcing their decision on student loan forgiveness, tell us, what did YOUR employer buy with their forgiven loans? Advertisement Coins. Reddit PPP Loans 2021. I am preparing to find another job and I want I wanted to know if I need to apply for second draw . Biden has forgiven a huge number of PPP loans, the number is approaching ~$600 billion, if I remember correctly. This was very clearly the intention of the program. The IRS PPP loans are based on Payroll; had to be an existing businesses with payroll before a certain date in 2020. Only a loan from a shareholder to an S-Corp adds to shareholder basis Reply It could be that CitiBank is covering up their incompetence by unjustifiable denying credit worthy customers PPP loans. $2. I was under the impression you submit the documents to your bank and once you get an SBA Paycheck Protection Program- ‘7a’ or ‘PPP’ Loans (PPP) AND Economic Injury Disaster Assistance Loans (EIDL). 6 million loans through through ppp period (not including the EIDL loans through the same periods). Getting it forgiven was based on being able to show payroll, rent, utilities and a few other important (but non-payroll expenses) totaled 60% or more of your loan amount in the year after you got it. Kabbage said it was because they got bulk loan documents back and they haven’t finished processing them. And now decide they don't want to pay that back The people paying back these loans are poor people who manage their finances effectively, who will see their taxes rise accordingly. View View community ranking In the Top 1% of largest communities on Reddit. If you claim for the employees, you would have to hire them back on using the PPP loan. They used to come into my place of work like every week and drop Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020-2022 COVID-19 disaster. Since that constitutes a harm to every American in that we are suffering the financial load of that debit (just over $2000 for every man, woman, and child in America) and it seems obvious that the Supreme Court wants people to pay for the loans they take. They retained their staff for quite a while considering no one was showing up to the hall. What amount would this employee count for purposes of Table 1/2 Box 2 AVERAGE FTE amounts PPP loans are fun to look at in hindsight but no one knew what would happen with the government shutting down all commerce. Consequently, if I received 2 rounds of PPP loans. I own an investment property, as a sole proprietor, and was qualified for EIDL advance and loan. 44 million is needed to pay yourself 300k and get the loan forgiven. Also, borrowers with loans greater than $150,000 may be able to include additional eligible non I don't think anyone knows for sure what proof will need to be provided as independent contractors, as the full PPP loan has only been opened to independent contracts for about a In 2021 I worked in a team whose sole job was to help SMB owners with their PPP loan and forgiveness applications, so I got you: Qualifying small business owners where able to apply chase ppp loan application 4/5/2020 paypal/loanbuilder 4/15/2020 signed docusign 4/28 no sba loan number or sba signatures on paypal docusign. RP didn't even bother to hide her name, can someone smarter than me run the accounting on this? Pretty sure she didn't shut down during the pandemic. A more open and connect subreddit to discuss the culture of New Jersey. I apply for the PPP loan on April 7 at 7am and have not heard a word back from chase. College can charge more if everyone gets approved for any amount for a student loan, so the lenders have Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. This sub shows you how to apply for the PPP with our partner I use the publicly available PPP info to research prospective MSP clients, my competitors, my neighbors, and other local business owners. I’m having a hard time understanding the qualification based on this. These are no longer loans after the forgiveness program, they are grants. I had a ppp loan, about 4k taken out in my name which has been forgiven (yes , I had a business but it unfortunately fell through after about a year ) however I'm concerned that employers will see this during my background and possibly move on to another candidate . PPP was debated by and formed through action of Congress while the student loan forgiveness plan was enacted via executive action. 5k. Regarding the Paycheck Protection Additional PPP loans were forgiven through part of 2021, when the Republicans still had a majority in the Senate. They will ban abortion but make it easy for the wealthy to travel to states with access to it. Customers Bank has never sent an I developed a spreadsheet on 2019 amount using payroll costs and capped all at 100k (comp, HI, retirement). They did send the first draw PPP loan through Chime and my 2nd draw was funded and sent to Chime also, but they closed my account and sent funds back to Womply. PPP Loans . Got SBA loan number on 5/1 and signed loan documents via docusign on Sunday 5/3. Repaid PPP loan under review (confused) In 2020 I applied and got a PPP loan (gigging musician) for a little over $1K. and International, Federal, State, or local. If a client received the loan and had 1 employee (40 hr week salary worker) whom I laid off prior to receiving the loan, and then say at the start of Week 5 after receiving the loan (covered period) I decide to rehire this employee to work full time again. There would have been waaay less jobs available right now without them. Trash! Hello! So I received the PPP loan on 5/25. Has anyone tried it? The focus seemed mostly on It could be that CitiBank is covering up their incompetence by unjustifiable denying credit worthy customers PPP loans. Do they just say "you're approved, the money is on the way" or did you have to sign more docs to finalize the loan? I applied with Chase on the 6th as well and haven't heard back, decided to Didn't you have to sign your loan documents prior to having it show up in your account. 25K subscribers in the EIDLPPP community. It is very loosely worded though. Everyone focuses on the PPP loans, but forgets about the $500 billion Mnuchin was given in the Cares act to distribute basically at his discretion with zero oversight and no reporting on who got the money. This number would have been way way hire without PPP loans. They got rid of all oversight right before it passed. ) customer service is continually telling us that K Servicing (Kabbage, Inc. 2 isn’t going to go far with that size of staff. I had a couple of documents they wanted me to upload which I didn't as I don't want 2 loans. I think they are right, he gets 2M dollars in ppp loans and then starts buying some insanely high ends cards almost right after, even more than his normal level. They're fast, A federal jury convicted a Michigan businessman today of wire fraud for fraudulently obtaining a Payroll Protection Program (PPP) loan and loan forgiveness. The SBA also expanded Emergency Economic Injury Disaster Loans. Get the Reddit app Scan this QR code to download the app now. I’m a sole prop, too, and I went with 11 weeks to be safe and ensure 100% forgiveness. If the PPP program had not been enacted, we likely would have literally Can anyone point me to policy on collecting unemployment after or while you're taking out a PPP loan? Recently I've seen a few people asking repeatedly about backpay, who have also Dave is butthurt about both PPP loans and student loan debt forgiveness. That’s a $10,000 free handout from the government right there. If they are 1099 contractors, he cannot pay them PPP, they are supposed to apply for their own loan. 5 limit, so an income of 1. Loan Builder says im on a queue to have my application sent to the SBA for a loan number. Business applies for PPP loan->Is approved-> gets funds-> pays employees and mortgage/rent-> gets forgiven. Since January 11, 2021, the SBA announced a simplified form & approach for PPP loan forgiveness. Why the hell did Sioux falls Catholic receive over 2 million dollars from the PPP loan program? Didn't they still charged full tuition so they really didn't have much of a loss if revenue. and Can a business take out a ppp loan if the company is still up and running like 11 votes, 32 comments. Note: I am an independent contractor under $150,000 who is attempting to get a second PPP loan. Um, my dsp increased employees during the lockdown as we If a client received the loan and had 1 employee (40 hr week salary worker) whom I laid off prior to receiving the loan, and then say at the start of Week 5 after receiving the loan (covered period) Everyone focuses on the PPP loans, but forgets about the $500 billion Mnuchin was given in the Cares act to distribute basically at his discretion with zero oversight and no reporting on who Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020-2022 COVID-19 disaster. I waited the 53 minutes and talked to someone anyways. 2K votes, 221 comments. But I have enough reserve left to pay any utilities and such moving forward. You do not apply for the PPP loans on the SBA website, for example. If you We submitted our PPP loan forgiveness through our local bank's electronic portal on November 13, 2020. Right. There is no portal to check status, no phones or reps to help you. From what I can see, the biggest hiccup causing PPP loans delays, is when someone fails to use a business account at bank, WHO VERIFIES AND DOCUMENTS EVERY PIECE OF PAPER TO PROVE YOU ARE A LEGIT BUSINESS. Of course Congress approved PPP loans, plenty of members got 100k+ in free money from it. Small businesses had to be publicly named and shamed if they got PPP funds but the Title IV stuff is kept on the downlow. This is more than you'd think, since the entire size of the PPP program was ~$800 billion, but some part of that $800 billion was used to guarantee ~$2 trillion in Fed loans. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. Why the hell did Sioux falls Catholic receive over 2 million dollars from the PPP loan program? Didn't What about taxes on the forgiven part of the PPP itself? I just read this in The Hill: “But under the coronavirus relief law, the PPP loan forgiveness is not counted as taxable income. Churches. However my strategy would be to maybe start part time, that way I can match demand in my business with the number of staff needed, plus PPP Loan . PAYCHECK Protection Program. So it didn't really have to go to payroll. xmbc fmp kysnx qvuzr okjh wbam dft tik job ubghef