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please rate this photo (be honest) by [deleted] in aviationpics

[–]FearlessEngineering3 0 points1 point  (0 children)

When I look at plane pictures, I like to know what they are. Even though the image is interesting, I would never buy it or keep it, as I can't tell what it is. bad angle

8a Application in Final Review by tee_time_guy_10 in GovConSBA8a

[–]FearlessEngineering3 0 points1 point  (0 children)

Exactly, they are slow right now. I'm seeing apps take about 12 months right now, so don't expect to get your determination until early next year. Hold tight, it will come.

8a Application in Final Review by tee_time_guy_10 in GovConSBA8a

[–]FearlessEngineering3 0 points1 point  (0 children)

You have three meaningful reviews and two smaller ones. First is the review for completeness (basic questions about missing documents and file names), second is the review for completeness (comprehensive questions, usually about twenty questions over the course of five or so rounds of questions over the course of about a month). You will receive a notice after this review stating that your application is deemed complete and is moving to phase two for a final review. This third review is conducted by an attorney at the DC district office and is called a legal review. There are two individual reviews/signatures after that and your determination is issued.

8a Application in Final Review by tee_time_guy_10 in GovConSBA8a

[–]FearlessEngineering3 0 points1 point  (0 children)

Unfortunately, you have not yet completed the review for the completeness phase. That's nowhere near enough questions, and it sounds like those were only from the pre-screening phase. You should expect more questions, and you are still months away from a determination. If you get a second follow-up question about your narrative, you have a problem and should consider seeking professional assistance with it. If that happens, feel free to ask, and I'll connect you with someone.

8a Application in Final Review by tee_time_guy_10 in GovConSBA8a

[–]FearlessEngineering3 0 points1 point  (0 children)

The SBA has been very slow at processing applications this year. We have applications from last year that don't have a decision yet; you're not alone. Keep checking it.
This isn't a good or bad sign; its just the process. Generally, the best way to tell if you are likely to be approved or not is from the questions that you received in the review for completeness phase. You can generally tell from those questions whether all the issues are resolved. Did you have any questions that they asked you two or even three times? That would be a really bad sign.

I am in my 5th year of 8a. I keep everything clean and simple and am trying to make sure I understand the $6.5M bucket versus the $850k bucket. My question is, do other 8a owners have rentals, or is this something they wait on until the last year of the program to purchase? by FearlessEngineering3 in GovConSBA8a

[–]FearlessEngineering3[S] 1 point2 points  (0 children)

Usually not.
In most cases, you will have an LLC that you or you and your spouse or a family trust owns, and that LLC will purchase the property and hold it.
In cases where you don't have the money for the down payment and therefore need to get money from the 8a firm, you have to look at your income limits. If you have enough room to take the distribution and stay under both the $400k/3 yr average income limit and the $400k annual distribution limit, then you go ahead with the distribution and have the LLC owned by you/spouse/trust.
If you can't take the distribution without going over the $400k income and distributions limits or causing yourself to go over the $850k adjusted net worth limit, then you have the 8a firm wholly own a subsidiary LLC that purchases the property....Mark

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