If any of y'all took out a (LEGIT) EIDL loan: Increased Loan Limits for COVID-19 EIDL Program

konceptjones

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Keep an eye on your inbox, this just hit mine earlier today:

Dear SBA borrower,

According to our records, you received a COVID-19 Economic Injury Disaster Loan (EIDL) from the U.S. Small Business Administration (SBA) to help your business weather the financial hardships brought on by the pandemic. These loans were previously limited to six months of economic injury up to a maximum of $150,000. The SBA recently announced a policy change that significantly increases loan limits up to 24 months of economic injury with a maximum loan amount of $500,000.

We are reaching out to inform you that the SBA's new increased loan limits for the COVID-19 EIDL program are now in effect and you may be eligible to receive additional loan funds. Please be advised that for loan amounts over $25,000, SBA will continue to take a security interest in business assets evidenced by a general security agreement and UCC filing. SBA will also require an unsecured personal guarantee for loan amounts over $200,000 from any individual with 20 percent or more ownership. Real estate collateral will not be required for any loans of $500,000 or less.

As a reminder, SBA announced last month that we are extending the first payment due date for all loans until 2022. For COVID-19 EIDL loans made in calendar year 2020, the first payment due date is extended until 24 months from the date of the note, and for loans made in calendar year 2021 the first payment due date is extended until 18 months from the date of the note. Loan interest continues to accrue during the deferment period, and a loan increase will not further extend your first payment due date.



So, if you were eligible for a loan for, let's say, $20k, and took out the maximum amount, you should now be eligible for $80K and have another $60k you can get.

I sent in my info immediately after I read this shit. I need all the money I can get 'cause I may just have to hire somebody soon.
 
Dec 20, 2017
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113
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ABW Bucks
$67,559,527
Keep an eye on your inbox, this just hit mine earlier today:

Dear SBA borrower,

According to our records, you received a COVID-19 Economic Injury Disaster Loan (EIDL) from the U.S. Small Business Administration (SBA) to help your business weather the financial hardships brought on by the pandemic. These loans were previously limited to six months of economic injury up to a maximum of $150,000. The SBA recently announced a policy change that significantly increases loan limits up to 24 months of economic injury with a maximum loan amount of $500,000.

We are reaching out to inform you that the SBA's new increased loan limits for the COVID-19 EIDL program are now in effect and you may be eligible to receive additional loan funds. Please be advised that for loan amounts over $25,000, SBA will continue to take a security interest in business assets evidenced by a general security agreement and UCC filing. SBA will also require an unsecured personal guarantee for loan amounts over $200,000 from any individual with 20 percent or more ownership. Real estate collateral will not be required for any loans of $500,000 or less.

As a reminder, SBA announced last month that we are extending the first payment due date for all loans until 2022. For COVID-19 EIDL loans made in calendar year 2020, the first payment due date is extended until 24 months from the date of the note, and for loans made in calendar year 2021 the first payment due date is extended until 18 months from the date of the note. Loan interest continues to accrue during the deferment period, and a loan increase will not further extend your first payment due date.



So, if you were eligible for a loan for, let's say, $20k, and took out the maximum amount, you should now be eligible for $80K and have another $60k you can get.

I sent in my info immediately after I read this shit. I need all the money I can get 'cause I may just have to hire somebody soon.
What are the eligibility requirements for this shit here? And how can I not get bit in the ass nh by the irs later on?
 

konceptjones

The one between three and three.
Oct 10, 2017
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Naw is it too late?


I believe you can still get in on it. You gotta have tax info for your business going back a few years, but most importantly 2019 and 2020. At least a schedule C if not full-on business tax returns.

They're going to ask for your tax info going back as far as 2016 (at least they did for me). Thankfully my business income has been reported on a Sched C for longer than that.

You had to have taken a hit from 2019 and be able to show it. In my case, my business revenue dropped damned near 50% because of covid in 2020 and even more than that this year.

Also, if your business is set up as a sole proprietorship (as mine is), then you likely qualify for the PPP loan as well. I found out I did and applied for it. I got my funding and I'm just waiting for the money to hit my account.
 
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Dec 20, 2017
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$67,559,527


I believe you can still get in on it. You gotta have tax info for your business going back a few years, but most importantly 2019 and 2020. At least a schedule C if not full-on business tax returns.

They're going to ask for your tax info going back as far as 2016 (at least they did for me). Thankfully my business income has been reported on a Sched C for longer than that.

You had to have taken a hit from 2019 and be able to show it. In my case, my business revenue dropped damned near 50% because of covid in 2020 and even more than that this year.

Also, if your business is set up as a sole proprietorship (as mine is), then you likely qualify for the PPP loan as well. I found out I did and applied for it. I got my funding and I'm just waiting for the money to hit my account.
I had a good year so I probably wouldn't get away with my greed 😬

Guess I'll just keep waiting on these stimmies and read how other ppl getting caught up gaming the system
 

konceptjones

The one between three and three.
Oct 10, 2017
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$45,712,904
I had a good year so I probably wouldn't get away with my greed 😬

Guess I'll just keep waiting on these stimmies and read how other ppl getting caught up gaming the system
If 2019 was at least 25% better than 2020, then you could conceivably qualify for both an EIDL and PPP loan. An old friend of mine owns a cleaning company and did pretty good for herself last year and still qualified for both. She only took out half of what she qualified for on her EIDL but will likely max that shit out with these new limits.
 

Banginscrew901

Dont ask about no mega's I ain't got it,
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They can be forgivable if you use the money correctly.
Aight cool. I started to apply for it but don't think I'd qualify. I started the business in November of last year but didn't start earning til feb/mar. You think it still be good to apply?
 

konceptjones

The one between three and three.
Oct 10, 2017
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$45,712,904
Aight cool. I started to apply for it but don't think I'd qualify. I started the business in November of last year but didn't start earning til feb/mar. You think it still be good to apply?
The business had to have been in existence for a few years. They filed a requested for my business tax info going back to 2016 via IRS form 4506, which you have to submit as part of the process for both loans.
 
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Banginscrew901

Dont ask about no mega's I ain't got it,
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Yea a friend of mine did the loan and got 80k but ain't started or recieved money far as business income. One thing about it if I do it want it to be done the right way. Cause I do not want uncle Sam in my business at all
 
Dec 20, 2017
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ABW Bucks
$67,559,527
I think you have to show that the money you recieved has went to equipment or items pertaining to your business and not the in ground pool and rims on your car
Lol I figured that much. I have business expenses though that I have maybe a year or just over to pay off that I already write off on my taxes.

But if I don't have a loss/decrease of revenue not sure if I can justify that as I've never fallen behind my payments.