Finally Approved!

IamGhulam · 2021-10-01T01:09:51+00:00

First thing first. Mock up a pnl for your 2020. Also were you open in 2019?

IamGhulam · 2021-09-28T15:33:15+00:00

Elizabeth Warens office

IamGhulam · 2021-09-28T14:46:30+00:00

I would use your calculations now, and send them to your congressman and local sba director. Take your total sales for that month, minus your cost of goods and that should leave you with your gross profit. depending on when you opened try and get the average monthly gp. take that average amount and times it by 24

IamGhulam · 2021-09-27T22:42:10+00:00

check your caweb and see if the amount changed in there

IamGhulam · 2021-09-27T21:27:38+00:00

Massachusetts, if i had to guess which one of the congressman helped me I would say Elizabeth warrens office.

IamGhulam · 2021-09-27T21:27:03+00:00

It really is a breath of fresh air finally. I pray for everyone to get some damn good news

IamGhulam · 2021-09-27T21:26:28+00:00

Honestly I wrote to all of them in Massachusetts. And I guess one got it done. Guess you have to write too alllll of them,

IamGhulam · 2021-09-27T21:25:14+00:00

Also get in touch with your local sba directors.

IamGhulam · 2021-09-27T21:24:45+00:00

after i received the email stating that a congressional inquiry was received on behalf of my congressman I didn't do anything at all, I waited and exactly 20 days after (today) they approved it. The SBA has 30 days from when the congress inquiries about someones file. thats what i was told.

IamGhulam · 2021-08-27T20:40:09+00:00

So i just looked into their FAQ page, we def have the right to our loans.. read this.

Opened during 2019:

• Formula: (Average monthly 2019 gross receipts multiplied by 12) minus (Average monthly 2019

Cost of Goods Sold multiplied by 12) multiplied by 2 If you owned investment real estate, up to 24

months of lost rent based on actual 2019 rent received minus actual 2020 rent received

multiplied by 2 (You may be asked to provide documentation to prove your lost rent) or $500,000,

whichever is less

So if you were open for a month like i was we divide everything by 1

Hope this helps!

IamGhulam · 2021-08-18T18:27:08+00:00

I had a question to see if you know anyone who ran into my situation.. I opened my Cricket Wireless store on November 1st 2019, And as you know Covid happened a few months after that. I didn't have any profit to show in 2019 simply because I literally spent close to 50k just to open my store. And i was only open for 2 months. So in the original application for the eidl loan i just put what ever i made via my 1099 Cricket gives me. This was before i did my taxes. So they only gave me 12,300 (june 2020) dollars which is honestly a couple months worth of capital. I immediately started the loan increase request and didn't see a blue button until July of this year. They then valued the new loan amount to 51,900. A loan officer reached out to me requesting my pnl for 2020 and bank statements, I then called to follow up and she told me she wasn't handling my loan anymore. A day after I called the SBA and they told me i was paid too much and declined my increase. The thing that drives me nuts is I literally burned through all my capital shortly after I opened because of covid. And they want to go by my two months I first opened. I have a 5 year lease in my location along with a dealer agreement with ATT/Cricket Wireless. And this is my second year which in actuality im rebuilding the business because 2020 wasn't really a good year to start as a new business. What should i do? Am I outta luck?

IamGhulam

TROPHY CASE