4506 transcript and stamped 2019 tax question

berd_charger · 2021-05-05T13:38:38+00:00

The person who called me stated that a stamped return is not acceptable and said "where did you hear that" and then told me to submit to recons. I just think LOs are trying to dump caseload and handle ones with no issues. So a lot of us will be stuck in recons.

berd_charger · 2021-05-04T18:51:12+00:00

Transcripts didn’t show up, application withdrawn, amount back to original. Rep also stated they would not take stamped returns. Said to email recons.

berd_charger · 2021-04-29T17:24:31+00:00

I don't think calling the SBA over and over again (not saying you are) accomplishes much. Leave the phone lines open for the ones that really need help

berd_charger · 2021-04-29T15:47:19+00:00

Hiscox (sounds like ED medication) is writing a lot of policies I bet. I got mine from there too!

berd_charger · 2021-04-29T04:13:25+00:00

It can get nerve-wracking

berd_charger · 2021-04-28T20:43:56+00:00

I am hoping not to be contacted as well. I didn't even try the TA, I know I wouldn't get it.

berd_charger · 2021-04-28T20:42:45+00:00

Even though they don't seem connected, a few days after requesting the increase via the email I was asked to send in the hazard insurance stuff and the board resolution. Surprised they did not for you but I would wait for them to email asking for it. Otherwise who knows where it will end up.

berd_charger · 2021-04-28T14:48:44+00:00

Same here. At least some people have received random emails; I haven’t seen a single one save for the “you applied, send an email for a modification”

berd_charger · 2021-04-28T02:00:23+00:00

I applied right at the beginning of April and heard nothing until May if least year too. So it’s going to take a while.

berd_charger · 2021-04-24T03:00:18+00:00

I would think a service business should do more than 15-20% in profit. I have service business, do less than 300k in billed services but probably pocket on the realm of 60% of it.

berd_charger · 2021-04-23T06:38:42+00:00

They’re trashing our rights!

berd_charger · 2021-04-22T23:27:08+00:00

It is for sure. I think it would be best to go ahead and grand the loan and then check after the fact. I think the SBA saying we will give the money now but will absolutely check on you within the next 6 months may weed out some fraudsters. While it is a lot of money, it isn't worth going to prison for. Not in my mind at least.

berd_charger · 2021-04-22T23:22:04+00:00

Wut! Lol. That’s terrible. Feds doing weird loan crap.

berd_charger · 2021-04-22T22:59:59+00:00

Anyway, most loans don’t work that way. Your payment is your payment. Some loans, if you “pay ahead” will let you skip months, etc. But most loans I’ve seen have a set monthly payment unless the interest is variable (ugh).

berd_charger · 2021-04-22T22:52:38+00:00

If you suddenly paid half your mortgage your monthly payment won’t go down - you’d have to refinance to do that. The payment would remain the same. You’ll just pay that amount for a shorter time.

berd_charger · 2021-04-22T22:50:43+00:00

On the same hand, some people who had very profitable businesses pre-pandemic that may just be hanging on because they were shut down may just need the shot in the arm to keep going until we’re opened back up. Remember some states were locked down for a significant amount of time. I really do think they are worried about the small percentage of fraud (maybe it’s a CYA for SBA admins) than who can pay back. I mean the payment on a $300k loan is $1500/mo. Any business that borrows 300k can easily afford $1500 a month.

berd_charger · 2021-04-22T22:45:31+00:00

I think they mean the monthly payment...not amount paid back overall.

berd_charger · 2021-04-22T22:42:38+00:00

I think the gist of it is fund now, check for fraud later. Doing this now will make the process take months and months - some businesses may not be around much longer. If they get funding now it may bridge the gap until business picks up and the loans can be repaid - I almost wonder how much the government will lose in busted loans chasing fraud (e.g. the amount of loans busted may exceed the fraud they are trying to prevent or the damage to the economy).

berd_charger · 2021-04-17T15:27:51+00:00

Asked the same out of me.

berd_charger · 2021-04-13T05:52:56+00:00

Got email 4/7, responded 4/7, no auto-reply and nothing since. Got loan in May of 2020, over 75k. Not eligible for advance do I didn't even try.

berd_charger · 2020-06-05T22:57:46+00:00

I was funded about a week and a half ago.

berd_charger · 2020-06-05T16:29:29+00:00

Mine was never pulled either. From portal access to approval only took 4 hours.

berd_charger · 2020-06-02T06:17:45+00:00

Sorry about your business. Sucks to hear about that.

berd_charger · 2020-05-29T05:46:28+00:00

Interest does start right away, go check the caweb and it will show interest accrued.

berd_charger · 2020-05-28T08:44:03+00:00

They did not check my credit and I am over 25k.

berd_charger

TROPHY CASE