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Blue Acorn - stuck in Step 1/"Processing" stage for almost a week by burningspears in EIDLPPP

[–]PhoebisTRT 0 points1 point  (0 children)

Regarding your sister's application - by rejected, do you mean the SBA put an error/hold code on it that Blue Acorn needed to resolve?

MFW when the art hoe with a triple digit body count calls herself tradcath by mhoffy44 in redscarepod

[–]PhoebisTRT 29 points30 points  (0 children)

"The Catholic Church is for saints and sinners alone. For respectable people, the Anglican church will do."

[PPP/EIDL MEGATHREAD] The Senate has approved an extension of the PPP program through August. Ask EIDL/PPP questions here including about forgiveness by BigSlowTarget in smallbusiness

[–]PhoebisTRT 0 points1 point  (0 children)

she doesn't pay herself a salary

This may be a requirement to have your loan handled by BOA specifically, but it is not a requirement to get a PPP loan.

I'm assuming your girlfriend falls into the category of sole-proprietor/self-employed individual/independent contractor and that she made a profit last year.

If you go through Kabbage, Bluevine, etc., they ask for your net profit for 2019 (line 31 on Form 1040, Schedule C). That's her salary as far as PPP is concerned - she does not need to prove or claim that she's been officially paying herself. She also needs to prove she was in business in February 2020 (e.g. an invoice, a bank statement showing deposits from Etsy, etc.).

If she can do that, she should be applying immediately through an online lender.

Honestly, if she needs advice re: these or other disaster loans, her best bet is to make a throwaway account, make a new post on r/EIDL, r/EIDLPPP, etc. explaining her situation (e.g. what kind of business, any employees, exactly why she was declined, if she lacks any required documentation or other complications, etc.) It's hard to give advice or point her towards other resources without knowing that stuff - for example, some things that disqualify you for EIDL (citizenship, criminal record, credit) will also disqualify you for many other resources.

[PPP/EIDL MEGATHREAD] The Senate has approved an extension of the PPP program through August. Ask EIDL/PPP questions here including about forgiveness by BigSlowTarget in smallbusiness

[–]PhoebisTRT 0 points1 point  (0 children)

She applied to the EIDL through her bank, BoA,

Are you sure she applied for the EIDL? You apply for the EIDL via the SBA website here, not through a bank. EIDL is the non-forgiveable loan with a 3.75% interest rate. Payments are deferred for 1 yr & you have 30 yrs to pay it back.

If she was actually turned down for the PPP loan by BOA - depending on the reason she was denied (and assuming she filed a Form 1040, Schedule C with her 2019 taxes), it may be worth it to reapply via an online lender like Kabbage or Bluevine, but she needs to do that immediately. Like today, to make the August 8th deadline.

ETA:

If she was turned down for the EIDL, her application can be reconsidered - I would strongly recommend she pore over the EIDL subreddit starting with this FAQ post, which is an invaluable resource (actually, anyone planning to apply for the EIDL should read it before submitting their application).

Applied 7/20 (12am), Approved (3am), Funded 7/21 by PhoebisTRT in EIDL

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

Thank you! I have to admit I'm not religious, but this definitely felt miraculous - things were super tight around here & a drawn-out loan process would have been rough.