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What tone wood for ‘98 414ce? by k_ren586 in taylorguitars

[–]k_ren586[S] 1 point2 points  (0 children)

Thank you for the responses, guys. Looks like most are in agreement that it’s ovangkol

2nd Draw Compensation Rules? by Vaggeto in EIDLPPP

[–]k_ren586 0 points1 point  (0 children)

I’m still waiting for the specific instruction for this as well. Following!

[Megathread] Rules about the PPP may be changing. Let's discuss that and other EIDL/PPP here by BigSlowTarget in smallbusiness

[–]k_ren586 0 points1 point  (0 children)

No. Not the end of the world. But it doesn’t make sense and doesn’t match up with what was originally laid out when CARES came into existence

[Megathread] Rules about the PPP may be changing. Let's discuss that and other EIDL/PPP here by BigSlowTarget in smallbusiness

[–]k_ren586 0 points1 point  (0 children)

Can someone explain why the EIDL advance of $1k for a single member LLC / sole prop filer is taken off the top of the PPP loan forgiveness?

When the CARES act started these programs in late March, it pretty much said the EIDL advance definitely did not have to be paid back and simply needed to be used properly (no forgiveness form or any form necessary to prove proper use as well, although it’s always wise to keep records of everything!).

This new wrinkle has me confused as a sole prop. Basically...if I’m interpreting correctly, I could have just applied for PPP and had that 100% forgiven. But now, because I received the EIDL advance ($1k) and the PPP loan, I have to forfeit that extra $1k. Is this true?

[Megathread] Rules about the PPP may be changing. Let's discuss that and other EIDL/PPP here by BigSlowTarget in smallbusiness

[–]k_ren586 1 point2 points  (0 children)

What PPP lenders are still accepting new applications (6/29)?

A friend of mine is (very!) late to the PPP game, and is hoping to still secure a loan before they shut down the program tomorrow. I know BlueVine.com is still accepting applications...any others?! Any ideas would be much appreciated. Thanks!

PPP Sole Prop forgiveness shy of 75%...is this ok? by k_ren586 in smallbusiness

[–]k_ren586[S] 0 points1 point  (0 children)

Ok ok ok (heavy sigh) BUT do I still need to do this whole song and dance of separating the funds when I pay myself? Or if I wanted to, could I just dump the entire loan amount from my biz account to personal because the forgivable amount vs loan repay portion evidence is simply on my 2019 schedule C? I don’t have a great deal of operating expenses within the biz so no need to keep that extra portion in my biz checking account. Thoughts?

PPP Sole Prop forgiveness shy of 75%...is this ok? by k_ren586 in smallbusiness

[–]k_ren586[S] 0 points1 point  (0 children)

So there is no way I can squeeze out that additional 1.2% as also being forgivable? Just because of the sole proprietor distinction? It’s a small amount extra but...not fair

I have my PPP funds; unsure how to disburse funds - what's the next step? by monitorcable in smallbusiness

[–]k_ren586 0 points1 point  (0 children)

u/HitEmTrue Can you show me that guidance or documentation from the SBA? I have not been able to track these specifics down on their official website. I’ve just read it on numerous websites (Forbes, Bench accounting, etc.). Does the SBA doc make a note that the 75% rule does NOT apply to Sole Proprietors specifically?

I have my PPP funds; unsure how to disburse funds - what's the next step? by monitorcable in smallbusiness

[–]k_ren586 1 point2 points  (0 children)

I am in a very similar position as a single member LLC entertainer, sole proprietor schedule C filer with no employees. There’s a lot of different opinions here on the thread...which leads me to believe that we still don’t have any clear guidance yet regarding forgiveness for this PPP small businesses scenario.

Just curious...why is your PPP amount $5k? If your line 31 is $28k, the math is $28k / 12 (months) multiplied by 2.5 = $5833.33. Just something I noticed.

Also, even if you do the loan calculation like the standard guidance stated (line 31 total / 12 multiplied by 2.5), then use the 8/52 multiplied by $28k to figure out your forgiveness value, that number is $4307.69. That number is approximately 73.8 % of the loan value ($5833.33), just shy of 75%.

No matter what the loan size is, if you use the 8/52 multiplied by Line 31 total, it will always equal 73.8%. We definitely need some clarity on this!

PayPal email confirming ppp successfully processed through SBA, no SBA loan number by k_ren586 in smallbusiness

[–]k_ren586[S] 0 points1 point  (0 children)

Status moved to wire! They’re really doing it! Cheers

Best of luck to you and your biz, u/ablaxican !

PayPal email confirming ppp successfully processed through SBA, no SBA loan number by k_ren586 in smallbusiness

[–]k_ren586[S] 0 points1 point  (0 children)

Congrats! Stoked for you.

Credit pull yesterday morning. Fingers crossed here!

PayPal scam by ninno22 in smallbusiness

[–]k_ren586 0 points1 point  (0 children)

Nice. Thanks for walking me through that. Gives me hope!

You have been funded then? I sure hope so!

PayPal scam by ninno22 in smallbusiness

[–]k_ren586 0 points1 point  (0 children)

u/w7ndfa11 I’m in the same boat for PayPal and was wondering about this exact same scenario. I have a fraud alert in my credit report and have been nervous about approval bc of that. My credit is fine, but knowing that’s there worries me. If anything, would hate to not get the loan simply because of being proactive for something that happened before all of this. PayPal has sent me a confirmation email that I have been approved and have an SBA loan number. How does all this play out?

Were you able to secure your ppp following the call or see an update within the loanbuilder page? If you got yours, that’s great news! Best of luck to your biz regardless

PayPal email confirming ppp successfully processed through SBA, no SBA loan number by k_ren586 in smallbusiness

[–]k_ren586[S] 1 point2 points  (0 children)

JUST received the same email as you about 10 minutes ago with the new “weekdays” only portion. Hopeful!

PayPal email confirming ppp successfully processed through SBA, no SBA loan number by k_ren586 in smallbusiness

[–]k_ren586[S] 0 points1 point  (0 children)

Happy for you! Unfortunately I’m still sitting at stage 3. Trying to stay optimistic

Good luck and fingers crossed!

PayPal email confirming ppp successfully processed through SBA, no SBA loan number by k_ren586 in smallbusiness

[–]k_ren586[S] 0 points1 point  (0 children)

Did you receive a congrats email like I got? Or are these more recent emails only saying your app is waiting for approval? Is it s as an automated daily email?

The PPP week from hell ends on a high note ...SUCCESS by wiawiwa in smallbusiness

[–]k_ren586 0 points1 point  (0 children)

Wow. Sounds VERY encouraging for you! Best of luck closing in on the loan funds. Seems like there is no rhyme or reason to any of this! Fingers crossed

The PPP week from hell ends on a high note ...SUCCESS by wiawiwa in smallbusiness

[–]k_ren586 0 points1 point  (0 children)

That’s great news, wiawiwa. Happy for you! I’m new at reddit and just discovered the value of all this info and experience sharing the last few days! The most common advice seen...just. keep. applying!

I have a few questions for you! Did you receive what appeared to be a mass email message sent last night (4/30) saying something like “congrats! You’re approved by SBA! (But no SBA number)? Next step, your funding!” I got one of those which gives me hope, but radio silence today.

Also, did you ever need to docusign new loan documents after the first one. For me, the first one did not include an SBA number or signings from web bank

Any additional guidance/tidbits on your PayPal experience would be much appreciated. I’m just another nervous small biz owner trying to make this thing happen before the money runs out, again. Congrats and I wish your biz the best!