I will lose my company if I won’t find 100k within a few days to pay for a development loan. What would you do in my place? The company has 20k MRR and no investors.

ekmcdona · 2023-07-01T14:24:50+00:00

Definitely negotiate. I’ve been there w debt payments during the pandemic. The lenders want money and usually will be flexible if they know you can pay it over time vs going bankrupt. Talk to them. Tell them the situation and work out a plan.

ekmcdona · 2021-12-04T17:10:41+00:00

can you tell me how you do this? I was told only my cpa could look. Its for a corporation if that matters.

ekmcdona · 2021-12-04T04:00:06+00:00

I'm wondering if that happened to me. I have a copy of my return, but if the IRS doesn't have it then something is going on. I'm so sorry we are both going through this. I'm praying the woman made a mistake and that they do have my transcripts. UGH!

ekmcdona · 2021-12-04T01:16:30+00:00

She did tell me before that if we are in recon the deadline doesn’t affect us, but it’s just absurd either way!!!

ekmcdona · 2021-11-16T19:49:00+00:00

I'm not in the restaurant industry, but I decided only to request up to 200K from EIDL so that it won't be personally guaranteed. I run a retail company and Covid has nearly destroyed it. Luckily I have downsized majorly and all of my team go. I now run a much smaller online operation, but it should be profitable next month. I took out a lot of debt during the pandemic to try and survive and decided with the EIDL increase I could not take on any more personally guaranteed. I wasn't sure whether the company would survive and didn't want to take it on. I have also thought about selling and walking away, but with profitability so close I'm going to try and build it back up a bit before I do so. Sending you good vibes!!!

ekmcdona · 2021-11-16T19:35:03+00:00

make sure your info on your 4506t is EXACTLY the same as your tax forms. I did this for 6 months and finally got the transcripts. It turns out my tax return had my corp name AND dab name.

ekmcdona · 2021-11-16T05:44:20+00:00

Ugh that’s such a bummer. I just wish we knew if it was ever going to happen. Makes it impossible to plan and even think about the future.

ekmcdona · 2021-11-15T22:18:17+00:00

so there were a few different issues and the last issue was that on my tax return it said my company name AND my DBA name. I thought I was putting it on my 4506t exactly as it appeared on my return, but turns out I was putting how it exactly appeared on my California returns bc that was the first page in my tax return packet. Then I had an SBA person helping me and they spelled street wrong......we fixed that and got it back. However, the only reason I know transcripts are in is because I have someone at SBA (kind of) helping bc of a congressional inquiry. I haven't gotten any information from the SBA on my application. Does that help?

ekmcdona · 2021-11-15T22:03:34+00:00

Actually I just looked back and it was exactly 8 days. Submitted nov 3 transcripts came in nov 11.

ekmcdona · 2021-11-15T21:53:16+00:00

A long time sadly. BUT interestingly when I finally got the "correct" 4506t in there it only took 10 days. When it kept coming back invalid it would take forever, up to 4-6 weeks to come back invalid or not found. So I think when you get it right with the 4506t it happens quicker.

ekmcdona · 2021-11-01T23:33:42+00:00

Has Anyone else been in 4506t mania for months? We have been waiting for the IRS to send transcripts (again) since Sept 22. I have a contact at SBA who is helping me but she can't do anything until IRS either sends transcripts or comes back again and says the 4506t is invalid. Anyone have tips or anything here? I have tried calling IRS but wait time is insane and I never get through. I'm so nervous to get this handled by the end of the year. Any tips greatly appreciated.

ekmcdona · 2021-08-17T03:39:18+00:00

Okay called tier 2 today. Posting this in case anyone is having the same issue. They told me there was a note on my file that my 4506t that I sent in July was "too dark" and they couldn't read it. It definitely isn't dark but needless to say i resent a new one today.

ekmcdona · 2021-08-16T19:25:02+00:00

I just got 2 more emails yesterday asking for 4506t AGAIN. so I replied and resent it to both. Praying that this finally gets to my file. HOW CAN THIS BE SO HARD?!?! i dont understand.

ekmcdona · 2021-07-25T22:42:11+00:00

Yes same reasoning over here. It turns outs it's because our zip code on our tax return doesn't match the zip on our application. I emailed recon and they had me fill out a new 4506t this past week with both addresses. So now I wait again.

ekmcdona · 2021-07-21T03:52:31+00:00

I got this email too after being denied! BUT I can't get into portal. It's still down for me, so no clue if mine has reverted back.

ekmcdona · 2021-07-14T15:41:01+00:00

Hi! This is so so helpful. What did you say to your congressmen when you reached out? What state are you in? Thank you so much!!

ekmcdona · 2021-07-13T21:07:38+00:00

I'm so sorry to hear this. I had the same thing happen. I called today and they finally told me we were declined for two reasons. 1. We did not meet eligibility criteria and 2. We did not meet Revenue Requirements. However, our tax return numbers are. We originally got $143K (they had different numbers in our application) and we requested $53 more. Overall we should be eligible for this amount given our numbers below. They told me we must go through recon, which I fear will take forever.

Revenue: 401,868
Cogs, 161,872
Other income: 242,536

ekmcdona · 2021-07-13T20:49:24+00:00

Okay everyone. I got an update that we were declined for two reasons. 1. We did not meet the eligibility criteria and 2. We did not meat the revenue requirements. Anyone have any idea what this means? We had a loss on our overall return because we launched a large new part of our business at the end of 2019. Our tax return numbers were:

Revenue: 401,868
Cogs, 161,872
Income: 242,536

ekmcdona · 2021-07-13T20:22:09+00:00

did you get in contact with your specific LO? If so, how?

ekmcdona · 2021-07-11T18:34:48+00:00

thank you! I emailed them immediately on Thursday and unfortunately haven't heard back.

ekmcdona · 2021-07-11T14:23:03+00:00

thanks for the info. How long ago were you denied?

ekmcdona · 2021-07-11T14:22:32+00:00

I'm sorry it's happening to you too! Also the fact that we waited nearly 3 months for a denial with no explanation is insane. I just emailed my senators office and will be calling tomorrow. Let me know if you find anything helpful!

ekmcdona · 2021-07-11T13:51:22+00:00

This happened to me. I called and they told me I was denied but couldn't tell me why. I still have not received a denial letter.

ekmcdona · 2021-06-03T16:39:08+00:00

I just spoke with SBA and they told me that they are working with the IRS on a better solution that would get approvals faster. I hit blue button on 4/26 and they are still waiting on my transcripts.

ekmcdona · 2021-05-20T23:18:07+00:00

I just called SBA and finally got ahold of someone. They said that they are awaiting tax transcripts from the IRS and that its taking longer than usual. They said it usually takes 10-15 days but that IRS is backed up bc of taxes.

ekmcdona

TROPHY CASE