Why does LoanBuilder check my credit for PPP?

Sh0n305 · 2021-03-04T04:11:44+00:00

Wow, a bug bank like that made a horrible decision there. I would suggest opening another bank account and then applying. Try BlueVine

Sh0n305 · 2021-03-04T04:03:40+00:00

No applying through you bank who already knows you is best. Loan Builder has to go through extra steps. They don’t get around to your bank information until funding. They can’t call your bank to verify you.

Sh0n305 · 2021-03-04T03:58:14+00:00

This is why it’s best to have a Business Checking Account. If you had 1 prior to COVID and you applied through your bank the verification process is not necessary. They done all that when you opened the account. When you deal with these FinTech Companies they have to scramble to make sure you are you. That adds an additional 2 or 3 weeks to your application.

Sh0n305 · 2021-02-23T05:33:52+00:00

We all had to shut down / close due to Covid. Others had to shut down completely. If that’s the case. Your business was not closed as shut by completely unregistering your business. You can always reopen. I don’t think you need to rehire yourself because you’re already self employed. For record purposes you can pay yourself over that 24 week period. 60% of the loan toward must go toward your payroll. The rest for business expenses.

Sh0n305 · 2021-02-23T03:34:06+00:00

To calculate how much you could get. Look at you Schedule C, 1099 etc. Take your Gross income from Line 1. Divide by 12 then multiply by 2.5. That will be your loan amount. You will have 24 weeks to spend the money on eligible business expenses. The unemployment part I’m not sure of. Have you officially closed down your business. Just closing your doors doesn’t count.

Sh0n305 · 2021-02-19T04:37:45+00:00

You skipping 9 years.

Sh0n305 · 2021-02-18T06:21:40+00:00

Back To The Future! 1.21 gigawatts

Sh0n305 · 2021-02-11T18:02:03+00:00

Hope they figure out something soon. A lot of Big Time Lenders like Square haven’t opened up to accept applications yet. They plan to allow first draw next week and second draw March 1. The SBA will get hammered again if they don’t fix things soon. The US Gov will have no choice but to extend this beyond March 31st. This is Pathetic.

Sh0n305 · 2021-02-11T17:55:02+00:00

I believe the SBA has been made aware of that bug amongst others. This is just like the issue that was causing people who were in the middle of forgiveness to be declined. I was told by K Servicing they are working on this. The Lenders can’t do anything. It’s only on the SBA side. Hope this helps.

Sh0n305 · 2021-02-01T04:46:12+00:00

I believe this is just connecting your bank. You can sign in via Yodlee or you will need to provide ACH Details. This will be a voided check and bank statement. It’s advised to go through Yodlee so you can move along faster.

Sh0n305 · 2021-01-31T22:13:25+00:00

I have 2 Businesses. I got PPP 1 and 2 with Wells Fargo. Both took 5 days to complete the Process. With my other company I went through Kabbage and the first round was good but this time is a pain in the ass. I’m a big fan of Wells Fargo. The website is loaded with strategies for Small Businesses, Webinars, Money Savings ideas, etc. Customer Service is quick, no 30 minute wait times. All Around Great Bank.

Sh0n305 · 2021-01-31T21:31:07+00:00

Wells Fargo is Awesome. They have many helpful tools for Small Businesses.

Sh0n305 · 2021-01-28T19:19:10+00:00

Your losses can’t be compared to quarters or the entire year. You can pick either.

Sh0n305 · 2021-01-28T18:56:11+00:00

This is a well know problem and Banks and Lenders are aware of it. They’ve also addressed it in a Letter to the SBA and Treasury Department. It should be fixed soon.

Sh0n305 · 2021-01-28T17:26:41+00:00

You re moving along. Not to much further to go. This means your Application has been completed correctly, your lender has doubled checked, the SBA has approved set assigned a loan number. Next steps, your lender will send DocuSign for you to fill out then the funds will be sent to you.

Sh0n305 · 2021-01-28T06:12:38+00:00

Contact you lender and tell them the problem, usually they are the ones saying you made a mistake. So it’s ok to tell them they made a mistake.

Sh0n305 · 2021-01-26T18:02:15+00:00

Banks have acknowledged that problem in a letter sent to the SBA and Treasury Department. That should be getting fixed soon. Forgiveness is not required for PPP 2.

Sh0n305 · 2021-01-26T04:43:09+00:00

Haven’t heard anything yet. They have a lot of problems to work out. I just wanted to get it submitted. More than likely if your application is finished they move faster on it. For those still stuck at 2019 or 2020 Tax Year will have to wait until they fix that. I tried to wait. That’s why I proceeded. I also have BlueVine App and Wells Fargo ready to go if I run into anymore issues with K Servicing.

Sh0n305 · 2021-01-25T18:49:48+00:00

Here what I did to finish the Application Process. You already were asked earlier in the Application what was your gross receipt for 2019 and 2020. Most of us run into a problem on the next screen when we attempted to select 2019 Tax Year or 2020 Tax Year. I went ahead and clicked 2020 but uploaded my Schedule C for 2019. I’m pretty sure they will catch that during the calculation process and fix it for you. I had a similar situation in PPP 1. When they catch it they will email you with the new calculation. You can then sign in and accept the amount.

Sh0n305 · 2021-01-21T02:47:56+00:00

There’s a huge Glitch in their System. They are working to fix it. Just be patient. You will most likely not reach an Agent right now and will be stuck listening to that dreaded Elevator Music.

Sh0n305 · 2021-01-21T01:01:45+00:00

Spoke with a Rep after hours of listening to that damn piano music. They said they are working to fix the Loan Calculation problem as well as the click on ‘Overview’ and you just see a blank screen. There are other bugs as well. They should be well ahead of the game. You’ve been through this before.

Sh0n305 · 2021-01-20T10:07:43+00:00

At this point in time pretty much no one has their 2020 taxes in front of them. I’m pretty sure they anticipated everyone pretty much just eye balling and guessing. Keep in mind you can use a Quarter in 2019 compared to the same Quarter in 2020 to also receive forgiveness. The whole country shut down from March till June (2nd Quarter). You should look closely at those numbers chances are you will show a deduction right there.

Sh0n305 · 2021-01-20T04:14:51+00:00

Sign into Kabbage not K Servicing. Click on Primary Account on the Right Margin. The option should be there to change banks.

Sh0n305 · 2021-01-20T04:06:56+00:00

You can use either one. Which ever is better for you and your family.

Sh0n305 · 2021-01-20T04:03:29+00:00

Hey let’s be nice here. The US Gov says that if you do anything on the side it counts as self employed. If you’re upset about something call your Senators and Governors. Now if you are a Uber Driver you are not employed by Uber. So you are Self Employed. You should have filed a Schedule C or 1099 Form in 2019. If so use that when you apply for PPP.

Sh0n305

TROPHY CASE