You were supposed to get the EIDL "quickly". I think when a lot of us applied, we thought that meant days and not weeks.
If I were applying today, I would just skip the EIDL and go straight to PPP.
Economic Injury Disaster Loan-SBA
- Thread starter samuels14
- Start date
If I were applying today, I would just skip the EIDL and go straight to PPP.
Thomas NW
Super Genius
- 149
Have they requested any additional info from you after the initial app? I applied on 03/31.
Nope
After reading your post I checked my account. Looks like my PPP Loan has been deposited in my account.
- 2,133
Desperate for cash, self-employed Pennsylvanians face high-stakes choice between loans and unemployment benefits
Last week, Koshinsky applied for a Paycheck Protection Program loan, the centerpiece of the federal relief package. She needed money quickly and the program offers federally-guaranteed loans that can be completely forgiven, as long as three-quarters of the money is spent on payroll — in Koshinsky's case, on herself.
She didn't realize, though, that if she wants the loan to be forgiven, taking it could undercut her ability to file for unemployment, which might bring her more money.
In new regulations released Tuesday — several days after banks had already started taking applications from self-employed workers — the Small Business Administration warned "participation ... may affect your eligibility for state administered unemployment compensation or employment assistance programs."
A spokesperson for the state Department of Labor & Industry said it is "awaiting further instruction" from the U.S. Department of Labor on the specifics.
"It's the responsibility of the people taking the funds to make sure they're not double-dipping," said Timothy Keohane, director of the Penn State Small Business Development Center.
Last week, Koshinsky applied for a Paycheck Protection Program loan, the centerpiece of the federal relief package. She needed money quickly and the program offers federally-guaranteed loans that can be completely forgiven, as long as three-quarters of the money is spent on payroll — in Koshinsky's case, on herself.
She didn't realize, though, that if she wants the loan to be forgiven, taking it could undercut her ability to file for unemployment, which might bring her more money.
In new regulations released Tuesday — several days after banks had already started taking applications from self-employed workers — the Small Business Administration warned "participation ... may affect your eligibility for state administered unemployment compensation or employment assistance programs."
A spokesperson for the state Department of Labor & Industry said it is "awaiting further instruction" from the U.S. Department of Labor on the specifics.
"It's the responsibility of the people taking the funds to make sure they're not double-dipping," said Timothy Keohane, director of the Penn State Small Business Development Center.
Sounding like they are now changing their guidance a little on the PPP loan forgiveness. Now they're saying, more or less, if you have money in the bank that could get you through this shut down, you won't get the loan forgiveness. Because, technically, you didn't need the loan to keep your "doors" open. In a business where current revenue is a result of prior sales, how are we to show that the shut down will impact future revenue due to reduced sales for these two months?
There are going to be a lot of pissed off small business owners if this happens.
There are going to be a lot of pissed off small business owners if this happens.
- 5,503
I can tell you one huge advantage of never expecting the government to handle anything properly. I'm never disappointed.
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