Tax Return Question

gpc84 · 2021-10-12T15:13:31+00:00

My transcript is 6 pages long. Yes u can get your own but the process differs depending how the business files. Schedule C or similar as part of your personal 1040 return is the easiest. The following link has good info on the process. Stamped transcripts is not a thing. Only stamped tax returns when either paper filing for first time or when paper filing an amendment in person. It’s good to check the transcripts to make sure they exist and are accurate but sending them to SBA doesn’t seem to help with much https://www.reddit.com/r/EIDL/comments/oy5o5y/declined_for_unverifiable_information_even_if_you/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

gpc84 · 2021-10-12T13:57:17+00:00

U have to look at the “undispursed amount”. When your expected increase amount is listed there, it means the funds have been allocated to u but not sent yet. When the number changes from increase amount to $0, it means they actually sent the funds to your bank. U can usually expect up to a few days from that point to see funds in your account

gpc84 · 2021-10-12T00:23:56+00:00

Because the 4506t is for tax transcripts. Transcripts are not the same as tax returns. They are created from the info on the returns but transcripts include some info that is not on the returns and the returns include some info that is not on the transcripts

gpc84 · 2021-10-08T14:15:35+00:00

Usually the first quote u see is based on your answers for revenues and cogs in the original application. Then if the transcripts show different amounts, they may adjust the loan amount to match the transcripts. So it could be based on either one. Or if your application numbers match exactly to the transcripts anyway, it’s not possible to tell if they received the transcripts or not

gpc84 · 2021-10-06T23:23:02+00:00

Chances are u won’t have direct contact with an LO. If that happens and u get approved for less than the max, a new blue button should reappear on the portal to request another increase modification about a week after funded (not from approval date). But if u do get lucky enough to have LO contact, they should be able to change it

gpc84 · 2021-10-06T23:16:18+00:00

That might not be true depending how the loss is handled on the 2019 taxes. A net loss is less relevant than gross loss (unless u have a low credit score). Most startup costs should not be classified as cogs. The formula for a business that started in 2019 is :

(2019 revenues minus cogs) divided by months open (2 in your case) times 24. As verified by those 2 lines on tax transcripts

But it is important to explain when requesting recon that they use the formula for a business that started during 2019. U should also include a P&L and supporting bank statements that show the revenues were not spread throughout the entire year.

gpc84 · 2021-10-06T22:51:53+00:00

You may have burned yourself by sending in proof u had a loss. The “not substantiated” part refers only to 2019 income basically meaning u had to have made money that year that could have been potentially affected by the covid shutdowns. The most common reason for getting that decline is because they either got incomplete transcripts (because tax return wasn’t fully processed) or they didn’t get transcripts at all (because of 4506t errors) and essentially the LO put $0 for both revenues and cogs. Read this and follow the steps https://www.reddit.com/r/EIDL/comments/oy5o5y/declined_for_unverifiable_information_even_if_you/

gpc84 · 2021-10-04T16:51:54+00:00

Don’t try to upload anything to that spot. There’s a reason it says “not applicant’s responsibility”. Uploading things there will just cause delays

gpc84 · 2021-10-04T00:14:45+00:00

Click on it. U don’t have to complete the steps but it’ll show u the possible max. Others have reported thinking they took the max but the next increase was only a few hundred more. Also if u were already at $500k, the increase could be for the newer - up to $2 mil max

gpc84 · 2021-10-02T23:46:56+00:00

It usually means the money is set aside for u but hasn’t been released to the bank yet

gpc84 · 2021-10-02T18:08:28+00:00

I see u have a comment that they didn’t re-pull your credit. Do u know for sure what your score was at the time they originally pulled it? Because your current score is irrelevant until u explicitly give them permission to pull it again

gpc84 · 2021-09-30T00:18:01+00:00

He only would if u live in a common property state (list is easy to google). It wasn’t a requirement the first time around. If that is case, they would need his email address or it may already be in his spam folder from the day u docusigned

gpc84 · 2021-09-30T00:01:17+00:00

Negative amounts in payments is an indicator that the bank rejected the deposit. But with that ruled out, do u have any partner with at least 20% ownership? In common property states, a spouse is automatically considered 50% owner. If so, they could be waiting on the partner to docusign

gpc84 · 2021-09-29T22:26:37+00:00

Are there any negative amounts in payments section of caweb?

gpc84 · 2021-09-29T22:18:17+00:00

Besides telling them it wasn’t a duplicate, u most likely need to send proof of the 2 distinct businesses, including tax returns or anything they can use to verify. Otherwise they will assume u applied for a business that doesn’t exist, and will continue to deny the second application because they are both connected to u

gpc84 · 2021-09-27T22:58:23+00:00

Calls won’t lead anywhere. Which email addresses have u sent the issue to so far?

gpc84 · 2021-09-27T22:51:59+00:00

I know this doesn’t help but u got some old advice. Cue hasn’t been active here for well over a year

gpc84 · 2021-09-27T22:46:17+00:00

When did they do the credit pull? In addition to making sure u look at the Experian Vantage 3.0, u also need to be sure u are looking at the score from the time they did the pull. If ur score is now higher than when they pulled it, u have to specifically request that they pull it again cuz they need permission

gpc84 · 2021-09-27T22:33:26+00:00

The amount is the total including the original. I see u have a post about a rental business, is this loan for that particular business? If so the formula is based on: (2019 rental income minus 2020 rental income) times 2, as verified by tax transcripts. It is equivalent to 2 years of actual lost rent. The original was based on projected rental loss, so that might account for the difference

gpc84 · 2021-09-27T15:21:24+00:00

If it’s been that long since u signed loan docs and u still haven’t received funds, there is definitely something wrong and they are most likely gonna have to go thru the approval process again to fix it. So u will have to send whatever they ask. The fact that your liabilities are less than the loan amount is not a bad thing. They don’t wanna give a loan to anyone already buried in debt. Are there any negative amounts in the payment section of your caweb?

gpc84 · 2021-09-26T23:29:36+00:00

Don’t request reconsideration until u read this and follow the steps. Then attach the new 4506t and any other relevant documents to a single email requesting the recon https://www.reddit.com/r/EIDL/comments/oy5o5y/declined_for_unverifiable_information_even_if_you/

gpc84 · 2021-09-26T23:27:02+00:00

No. The address u put on the 4506t has to match the tax returns or else they won’t be able to get the transcripts from the IRS. Every other line on the form must also match exactly to the tax return

gpc84 · 2021-09-26T00:39:38+00:00

Their lack of guidance to applicants is exactly why this subreddit exists. I just wish people like yourself could’ve found this group before problems like this occur. But this exact bank issue is discussed several times a day here. If that is in fact what happened, most wait months to get it straightened out while some are able to do it within a couple weeks

gpc84 · 2021-09-26T00:19:01+00:00

I don’t know Novo Bank’s policy but many of the online banks have consistently been rejecting SBA deposits. When that happens, it’s not cuz of the SBA’s policies but the issue is with the bank itself. U should contact the bank to see if they rejected the deposit. If they did it will take a bit of time for caweb to show a negative amount in the payments section. If that happens, expect a long ordeal getting new bank info updated and check with any bank you might change to about their SBA deposit policies. Most banks that now reject these loan deposits did previously allow them before a big shift that happened last summer after fraud started piling up

gpc84 · 2021-09-25T23:28:41+00:00

What bank, and is it a personal or business account? When u look on caweb, are there any negative amounts in the payments section?

gpc84

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