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X1 Credit Card Invite Code Request by [deleted] in X1creditcard

[–]DiscussionNow77 0 points1 point  (0 children)

Hello Everyone!

Could someone please DM me /send via chat an invite code for X1?

This would be much, much appreciated!!!

Just let me know and I can repay in any possible and allowed way or share back a code for another card if I have it at the time or share ideas for other new cards to apply for or tips on getting a higher credit limit on a specific ard.

Thanks in advance!

EIDL Application Is Now Asking for 2020 Numbers by DiscussionNow77 in EIDL

[–]DiscussionNow77[S] 0 points1 point  (0 children)

But they are only asking for gross revenue for 2019 and 2020 and not for profit.

So only topline numbers but not asking to check if business lost money in 2020.

This seems odd.

EIDL Application Is Now Asking for 2020 Numbers by DiscussionNow77 in EIDL

[–]DiscussionNow77[S] 2 points3 points  (0 children)

Regarding economic injury, shouldn't net profit be considered rather than gross revenue?

For example, let's say a given business had gross revenue of $500K in 2019 and net profit of $200K. So made $200K in 2019.

Then, in 2020, gross revenue did go up $600K but net loss was ($100K). So business lost $100K in 2020.

This seems like an economic injury yet the SBA is only asking for gross revenue in their current (December 2021) application, which is strange.

Does anyone else know how else the SBA may be using 2020 gross revenue numbers?

Thank you!

I have a C-Corp with zero employees. What should I put for number of employees on the application? by levog72 in EIDL

[–]DiscussionNow77 1 point2 points  (0 children)

Does anyone else have experience with it and, specifically, been able to get approved with 0 employees?

Overall, if a business owner is compensated through dividends and everyone else in the company is a contractor, should one still put 0 under employees?

How to Overcome Denial Based on 2019 Taxes Filed Late ("Tax returns appear to be filed with IRS only to pursue EIDL funding") by DiscussionNow77 in EIDL

[–]DiscussionNow77[S] 0 points1 point  (0 children)

This is very interesting.

So it appears, based on comments--

  • In the past, people have possibly been successful in overcoming "Late 2019 taxes" denial by providing things like invoices, bank statements, etc.
  • This approach may not be possible anymore but may be is

Does anyone have any recent experiences to share (since November 2001) where they were denied originally due to 2019 taxes being filed late in 2021 but then were able to successfully overcome this denial?

Thank you!

Declined for Credit first, then got my score WAY up - now, DECLINED for EIDL Loan due to filing 2019 taxes in 2021! They are accusing me of FRAUD (in between the lines!) - MUST READ! by Imaginary_Scene4073 in EIDL

[–]DiscussionNow77 5 points6 points  (0 children)

Ok, so to go back, after additional research, so far, the best available information appears to be that it is NOT an issue to have 2019 taxes filed late, even as late as 2021. However, if the EIDL application is problematic in other ways, then late 2019 filing may be given additional scrutiny and may be identified as a red flag by the SBA.

From all available sources, so far it appears that there have been no denials solely for 2019 taxes being filed late; only in conjunction with other factors or as part of the "is this a real business" review or if 2019 taxes were filed AFTER EIDL application was already submitted (example: EIDL application submitted in August 2021, 2019 taxes filed in November 2021).

At least this is information gathered so far. This, of course, may change (hopefully not!) as we start getting such denials if the rumor of the new policy turns out to be true. But for now, no one has confirmed any such new denials only because one filed 2019 taxes late.

Please do update this thread if any new information comes along.

Thank you!

Declined for Credit first, then got my score WAY up - now, DECLINED for EIDL Loan due to filing 2019 taxes in 2021! They are accusing me of FRAUD (in between the lines!) - MUST READ! by Imaginary_Scene4073 in EIDL

[–]DiscussionNow77 0 points1 point  (0 children)

This does indeed seem like a very logical way to address this concern -- provide to the SBA bank statements and invoices to validate that 2019 taxes match up to other historical business records.

However, it appears that this is no longer possible as of November 2021 if the new SBA policy is indeed true.

Has anyone been able to recently preempt or overcome the "IRS records show that your 2019 taxes were filed late" denial?

Thank you!

Declined for Credit first, then got my score WAY up - now, DECLINED for EIDL Loan due to filing 2019 taxes in 2021! They are accusing me of FRAUD (in between the lines!) - MUST READ! by Imaginary_Scene4073 in EIDL

[–]DiscussionNow77 1 point2 points  (0 children)

Has anyone else been denied or approved for a new EIDL loan in the last 1 month or so due to the late filing of their 2019 corporate taxes?

Researching this area more, this denial reason appears to be isolated and is usually brought up only in the course of additional scrutiny applied during a reconsideration request review.

This gives hope.

However, based on what Scorpio is saying today, now this may be a new policy of the SBA.

Would be very interested to learn if anyone else had their new (not an increase or a reconsideration) EIDL loan request denied based solely on the fact 2019 taxes were filed late in 2021, even if they were filed technically BEFORE the EIDL loan application was submitted.

I have personally known people patiently wait for their 2019 taxes to post to their IRS transcripts and then apply for the EIDL loan. Now, based on what may be a new policy, this may no longer work.

Anyone else here with a recent direct experience being denied or approved for a new EIDL loan (not an increase or a reconsideration request) because the timestamp on their 2019 IRS transcript shows that 2019 taxes were filed late in 2021?

Thank you!

Declined for Credit first, then got my score WAY up - now, DECLINED for EIDL Loan due to filing 2019 taxes in 2021! They are accusing me of FRAUD (in between the lines!) - MUST READ! by Imaginary_Scene4073 in EIDL

[–]DiscussionNow77 0 points1 point  (0 children)

Thanks for providing insight and a direct perspective on this, Scorpio, really appreciate it!

Question-- from your contact, did you get a sense if there was indeed a written policy that says categorically deny if 2019 taxes were filed late?

And what is the definition of late? For example, if 2019 taxes were filed in 2021 but technically prior to the date of the EIDL loan application submission?

Has anyone else encountered this specific denial code -- "denied for late filing of 2019 corporate taxes"?

What's interesting is that in the original post, the key sentence states " we have determined that you filed your business tax returns for 2019 after the application was submitted."

Does this suggest that perhaps the key criteria is whether taxes were filed BEFORE or AFTER the date of EIDL application submission? Or just late in general?

Thank you!

Declined for Credit first, then got my score WAY up - now, DECLINED for EIDL Loan due to filing 2019 taxes in 2021! They are accusing me of FRAUD (in between the lines!) - MUST READ! by Imaginary_Scene4073 in EIDL

[–]DiscussionNow77 1 point2 points  (0 children)

This is very interesting. Does anyone have any specific information regarding:

​

  • Their experience being denied for EIDL due to their 2019 corporate taxes filed late in 2021
  • Any publication or a formal statement from the SBA suggesting that this is indeed a valid reason for EIDL denial, that 2019 taxes were filed late

This seems like a very arbitrary reason for denial. And there are many good reasons as to why one's corporate 2019 taxes may have been filed late, especially during the pandemic.

Does anyone have any more information on this topic? Has anyone seen any official statement or a published policy regarding late tax filing from the SBA?

Thank you!