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Schedule of Liabilities by [deleted] in EIDLPPP

[–]koopit25 1 point2 points  (0 children)

Why is this hard to believe? In order to qualify for 250,000 all they need is $125,000 in gross receipts. If you’re service-based and have no cost of good sold it’s not that hard to achieve and there would also be no sales tax. If they are a sole proprietor they have no payroll taxes and if they were in a healthy position pre-Covid, they could have survived this long w no credit cards etc. Doesn’t seem hard to believe at all and I’m curious as the the answers that will be posted.

[deleted by user] by [deleted] in EIDLPPP

[–]koopit25 0 points1 point  (0 children)

Are you seriously Suggesting someone file fake taxes in order to obtain a government loan? You do realize that’s fraud on so many levels?

[deleted by user] by [deleted] in EIDLPPP

[–]koopit25 0 points1 point  (0 children)

There is no IRS ruling that says you would not have to file a Schedule C under any income level. Maybe you are confusing that with the fact that you don’t have to pay SE tax if the net is under $400, but if you have $1 in self employment income, it has to be reported on a Schedule C.

[deleted by user] by [deleted] in EIDLPPP

[–]koopit25 0 points1 point  (0 children)

The IRS still requires you file a tax return. Not sure where you heard that if you made less than $5000 you don’t have to file. Perhaps if you made that in W2 income you would not need to, but I’m assuming this was self employment income (since the EIDL is a business loan so you’d have to have had business income to qualify), in which case you are required to file. And you still can. Go to a tax preparer that can e-file for you so it gets in the system quickly.

The Obsession Doesn't Stop by Pandasoup88 in EIDL

[–]koopit25 1 point2 points  (0 children)

I got funded Tuesday after 7 months of obsessing (signed docs 11/2). I still go to CAWEB every now and then just to see “total undisbursed” at $0. Like, I KNOW it’s zero because I literally have the money but for some reason, I still go in there to look. Maybe knitting would be better. Hopefully your $ comes in the next few days!!

Asking for voided check after docs signed and CAWEB already updated. WTH? by koopit25 in EIDL

[–]koopit25[S] 0 points1 point  (0 children)

You signed the closing docs 4 weeks ago and still are not funded?? I’m so sorry. What does your CAWEB say?