The wording on the PowerPoint said $10K grant, but she said up to $10K when she talked about it. ON the website it says Up To ($1000 per emloyee), but the law says "no more than",. Several senators sent a letter to the SBA CONCERNED about this illeagal wording. There is no provision for less than $10K under the law.
I don't understand why there should be any confusion in SBA about EIDL $10,000 business stimulus grant. It's a simple electronic application and requires no additional documentation. It's ironic that senators have to send concerned letters to SBA about it... Is SBA above the law?
I guess they thought we wouldn’t catch that...Good thing they required everyone to shut down just so we could get buried in delays, red tape, and outright lies. So much for fast relief.
I was hoping for your guidance in this case. For a US company A that is 100% owned by a Foreign entity (not foreign individuals). The Foreign entity has deployed me in the US to run the venture. been operational for the last 4 years.payroll taxes and other taxes paid regularly PPP got approved. Now intend to apply for EIDL but there is not provision on the form to enter foreign entity owner details, how can the form be completed, as there is no way to complete owner info
I called the SBA and referenced the Senate letter and was told they know nothing about this and that people will continue to get 1,000 per employee and they couldnt help me, when asked who I could speak with on who can help me they said no one and was told they havent implemented the full grant yet and when asked again when and if we will get the full grant they acted as if they knew nothing and when told the people would like to know where the rest of their money is as well who received less then the 10k that was suppose to be given, I was told I am the only person who wants to know where their money is. Also my son applied when the portal opened back up, he got a letter saying she couldnt get any help because it was only for agriculture only now. We need to have our voices heard around the country the SBA is ripping us all off.
Perfect example of the disconnect between government, which doesn't operate in or understand the challenges of for-profit biz and actual real-life small biz operators. Payroll, for example, will almost certainly not remain the same to qualify for loan forgiveness. Since no one can say with any assurance when these programs will actually fund, we employers have to allow employees to go on unemployment insurance and collect what they can to survive. Some will find other jobs. Others, including those who maybe do better under the programs than to come back on the payroll, may prefer to stay on unemployment. Point is, that with so many variables, so much unknown, things changing every day, partisan politics and CYA bank agendas, etc what can we tell employees that they can really rely on? One size doesn't fit all, and no one can seem to provide answers.
This is what SBA site has been showing for many days now. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.
And I believe some people were eligible for the PPP and the bankers who told business owners they were ineligible process the documents incorrectly due to confusion.
Thanks, Dr. Lin for bringing this to us. The video was answered a lot of questions. SBA Duty Director Dubey mentioned that she would follow some forms and/or documents to help with the calculation for the PPP. Would you by chance know how I can get a copy? Thanks again
Asking 1 question: I’m a Agro-based business owner, I need funds immediately last week. My Business is running and crisis face always for Covid situation. I have to used it after my business open up, can not touch it if my business is seriously run.
I wasn't able to push my application on time for EIDL now SBA is only focused on Agri based businesses. However, my PPP application was cleared in 48 hrs and day 3 I had the funds in my bank.
I am a Sole Proprietor for my business, my business is open but I am the only person working just keeping my business a float I don't have any employees can I apply for PPP for myself and business.
Asking 1 question: I’m a restaurant business owner, I got PPP funds last week. My restaurant was closed since March 17th until now, and we are still closed for 1-2 more weeks, do I be able to use PPP money to pay for some of the current employees who is not working and who is not getting unemployment benefits from labor department? Or do I have to used it after my business open up, can not touch it if my business is temporary closed?
hello jihn i am in a dilema and i watched this to get some questions answered but i didnt hear my questions do u think u can help me out i havnt slept for days
@John Parks The main reason for asking is that prior to the outbreak, I had a project in the pipeline and was prepared to augment my team. Oddly enough, the work is going forward in a month or so and I need the cash to take on the payroll. Getting started when I've been running at a deficit for 10 weeks is tough.
Small Business ADMINISTRATION, not association. An association is usually a private organization, whereas an administration is usually a government agency.
Do you need to be granted a PPP loan to refinance your EIDL into a PPP? I got approved with an EIDL loan, but have not for PPP. Can I just take out the would be PPP amount from my EIDL then refinance that into a PPP? Or must I have a PPP granted to do that refinance?
Must have a PPP granted then use funds to payoff EIDL loan.www.wardandsmith.com/articles/paycheck-protection-loans-and-economic-injury-disaster-loans-frequently-asked-questions
Is the oportun a part of the SBA IF SO I JUST TOOK IT RIGHT IN MY BUT. I cant get anything. I cant give bank a statement if I have had no work it means no money. I wouldn't be asking for help if I had work.....
I've filled these applications out 3 times and still have not heard anything from anyone. my barbershop will have to close with no help this is serious
I started a business in Jan2020 and then realize market is going down... so I put it on kinda hold got EIN and other permits but not insurance and equipment, no prior tax returns and history. Can I get EIDL?
@@mrstephandowning When will the SBA application for forgiveness becoming out? Will it have specific guidelines for self employed who work out of our home ?
Then answer to all your questions with and without EIN# is yes and what do you got to lose! But don't be like me and use a big bank instead use your local SBA preferred lender for faster results! Plus it doesn't matter if u work out of your house; half of us all do! Around July, we will be submit of forgiveness but if you're your companies only employee;it already has been forgiven!
All that info is great AND READILY AVAILABLE.. WHAT ABOUT HOW MANY YOU HAVE HIRED HOW MANY ACTUAL APPS WE NEED TIMELINES TO GIVE THE VERY BANKS WE ARE WORKING WITH ..HOW ABOUT FACTS NOT ESTIMATES GET A CLUE OR PROCESS APPS GET OFF YOUR COMPUTER
MONTGOMERY vs DALY 1968, Supreme Court ruled the fed reserve gives nothing of value under COMMON LAW. justice martin v Mahoney! rip.... thank you very much may god protect us citizens.
I have 3 businesses. all are closed . 2 of them received the PPP loan. I am employed by both. Can I get paid the maximum from both?? we really need the money it's not Greed!
I can only say this, IMAGINE IF OUR LEADER WAS BARRACK OBAMA! We all know how he feels about small independent businesses.... this would have been the spike into the heart of America. Thank The Lord, we have Trump!
The law said 10,000 for each small business...this is not a loan....Don’t hold are money to make money ....This is A BS....ok!,,This is a EIDL not A PPP...don’t confuse....Please!,,,
EIDL NONE OF THIS 1K CRAP , CASE AND POINT IF the SBA Approved you for a 30K LOAN the FIRST 10K should be GRANT and 20K LOAN THEY are so Screwed Up ITS SIMPLE
Need to clarify, my above comment is about the so called Dr. Lin who doesn't know accurate name no just of the speaker but also SBA..which is Small Business Administration and not association. Dr. Lin know your subject before you get into uncharted waters.
Thank you for pointing it out. SBA / PPP / EIDL is not my day job. I am simply sharing an interview in which I was in the audience. I hope this video brought value to someone.
Thank you, this is much needed for many fellow community members.
The wording on the PowerPoint said $10K grant, but she said up to $10K when she talked about it. ON the website it says Up To ($1000 per emloyee), but the law says "no more than",. Several senators sent a letter to the SBA CONCERNED about this illeagal wording. There is no provision for less than $10K under the law.
I don't understand why there should be any confusion in SBA about EIDL $10,000 business stimulus grant. It's a simple electronic application and requires no additional documentation. It's ironic that senators have to send concerned letters to SBA about it... Is SBA above the law?
I guess they thought we wouldn’t catch that...Good thing they required everyone to shut down just so we could get buried in delays, red tape, and outright lies. So much for fast relief.
Exactly. The health is first and money is secondary!
This is very insightful. I wish I came to this channel a month ago!
I was hoping for your guidance in this case.
For a US company A that is 100% owned by a Foreign entity (not foreign individuals). The Foreign entity has deployed me in the US to run the venture.
been operational for the last 4 years.payroll taxes and other taxes paid regularly
PPP got approved.
Now intend to apply for EIDL but there is not provision on the form to enter foreign entity owner details, how can the form be completed, as there is no way to complete owner info
"up to $10k" meanwhile the law doesn't say that.,
Thank you! Please update anytime soon!
I called the SBA and referenced the Senate letter and was told they know nothing about this and that people will continue to get 1,000 per employee and they couldnt help me, when asked who I could speak with on who can help me they said no one and was told they havent implemented the full grant yet and when asked again when and if we will get the full grant they acted as if they knew nothing and when told the people would like to know where the rest of their money is as well who received less then the 10k that was suppose to be given, I was told I am the only person who wants to know where their money is. Also my son applied when the portal opened back up, he got a letter saying she couldnt get any help because it was only for agriculture only now. We need to have our voices heard around the country the SBA is ripping us all off.
Perfect example of the disconnect between government, which doesn't operate in or understand the challenges of for-profit biz and actual real-life small biz operators. Payroll, for example, will almost certainly not remain the same to qualify for loan forgiveness. Since no one can say with any assurance when these programs will actually fund, we employers have to allow employees to go on unemployment insurance and collect what they can to survive. Some will find other jobs. Others, including those who maybe do better under the programs than to come back on the payroll, may prefer to stay on unemployment. Point is, that with so many variables, so much unknown, things changing every day, partisan politics and CYA bank agendas, etc what can we tell employees that they can really rely on? One size doesn't fit all, and no one can seem to provide answers.
This is what SBA site has been showing for many days now. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.
And I believe some people were eligible for the PPP and the bankers who told business owners they were ineligible process the documents incorrectly due to confusion.
May I get the documents that she mentioned that she would email to you so that you could send to those individuals on your ZOOM meeting?
No wonder.. this explains why we feel lied too and betrayed.
Anytime the US Government is giving away so call free money, I get suspicious because it's always tricky and deceit in the mix of things.
Thanks, Dr. Lin for bringing this to us. The video was answered a lot of questions. SBA Duty Director Dubey mentioned that she would follow some forms and/or documents to help with the calculation for the PPP. Would you by chance know how I can get a copy? Thanks again
How do the PPP and the EIDL effect self employed unemployment benefits?
Asking 1 question: I’m a Agro-based business owner, I need funds immediately last week. My Business is running and crisis face always for Covid situation. I have to used it after my business open up, can not touch it if my business is seriously run.
What can we spend EIDL on?
I wasn't able to push my application on time for EIDL now SBA is only focused on Agri based businesses. However, my PPP application was cleared in 48 hrs and day 3 I had the funds in my bank.
I am a Sole Proprietor for my business, my business is open but I am the only person working just keeping my business a float I don't have any employees can I apply for PPP for myself and business.
Yes you can apply for yourself as a sole proprietor.
Asking 1 question: I’m a restaurant business owner, I got PPP funds last week. My restaurant was closed since March 17th until now, and we are still closed for 1-2 more weeks, do I be able to use PPP money to pay for some of the current employees who is not working and who is not getting unemployment benefits from labor department? Or do I have to used it after my business open up, can not touch it if my business is temporary closed?
You have 8wks to use 75% of it up on labor ...so immediately!
Frank Zheng ,
GREAT JOB!! Very good information.
does SBA Economic Injury Disaster Loan need to be repaid?
EIDL is a loan, and you are expected to replay this loan.
hello jihn i am in a dilema and i watched this to get some questions answered but i didnt hear my questions do u think u can help me out i havnt slept for days
what if we were about to bring on 3 new hires and will do so if we get the assistance. Can we count this as payroll.
@John Parks
The main reason for asking is that prior to the outbreak, I had a project in the pipeline and was prepared to augment my team. Oddly enough, the work is going forward in a month or so and I need the cash to take on the payroll. Getting started when I've been running at a deficit for 10 weeks is tough.
Can anybody please let me know if we can use the EIDL loan money for anything or just for business? Thanks much
What if employees refuse to go back to work , reason being , un-employment is paying a higher amount.
Then u document that and have them sign
Small Business ADMINISTRATION, not association. An association is usually a private organization, whereas an administration is usually a government agency.
Do you need to be granted a PPP loan to refinance your EIDL into a PPP? I got approved with an EIDL loan, but have not for PPP. Can I just take out the would be PPP amount from my EIDL then refinance that into a PPP? Or must I have a PPP granted to do that refinance?
Must have a PPP granted then use funds to payoff EIDL loan.www.wardandsmith.com/articles/paycheck-protection-loans-and-economic-injury-disaster-loans-frequently-asked-questions
Don’t refinance it cause the ppp is due in 2 years...without knowing the future go with EidL loan so you have 30 years to pay it off
hello what can i do when sba decline my eidl? thank you
Is the oportun a part of the SBA IF SO I JUST TOOK IT RIGHT IN MY BUT. I cant get anything. I cant give bank a statement if I have had no work it means no money. I wouldn't be asking for help if I had work.....
Hi is the EIDL Advance portion considered income?
I've filled these applications out 3 times and still have not heard anything from anyone. my barbershop will have to close with no help this is serious
Try to apply through pay pal. I heard they are giving ppp loans.
"not more than 10K" is not the same as "up to 10K" and the CARES act does NOT limit it by number of employees FIRE the SBA Jerks!!
This might call for a class action
@@varistizabal That's just what I was thinking!!
I own Practice Setup , I have an EIN and have been in business since 2009. Can I apply for the PPP to day!
Yes
I started a business in Jan2020 and then realize market is going down... so I put it on kinda hold got EIN and other permits but not insurance and equipment, no prior tax returns and history. Can I get EIDL?
Of course but with a sense of urgency! JJ the CPA has instructions and guidelines i used
@@mrstephandowning When will the SBA application for forgiveness becoming out? Will it have specific guidelines for self employed who work out of our home ?
Then answer to all your questions with and without EIN# is yes and what do you got to lose! But don't be like me and use a big bank instead use your local SBA preferred lender for faster results! Plus it doesn't matter if u work out of your house; half of us all do! Around July, we will be submit of forgiveness but if you're your companies only employee;it already has been forgiven!
She didn’t even put the link in the description
How will the loan amount be calculated in the eidl? Will you be denied based on good or bad credit score ?
Credit score is not being checked for this. You'll need to provide proof of payroll, expenses, ect
I was approved but they gave me low amount offer sole prop grossing 300k+
Where do LLC business fit in?
What if didn't get the advanced and just received email to process the loan?
Call them
I applied for PPP loan and bank says i am ineligible because i defaulted on a federal loan. I have not in the past 7 years. What are my options now?
Try a Small local bank
All that info is great AND READILY AVAILABLE.. WHAT ABOUT HOW MANY YOU HAVE HIRED HOW MANY ACTUAL APPS WE NEED TIMELINES TO GIVE THE VERY BANKS WE ARE WORKING WITH ..HOW ABOUT FACTS NOT ESTIMATES GET A CLUE OR PROCESS APPS GET OFF YOUR COMPUTER
Great video Why is noone asking about member operated llcs
I am a llc too so apply for both you would be the perfect candidate
MONTGOMERY vs DALY 1968, Supreme Court ruled the fed reserve gives nothing of value under COMMON LAW. justice martin v Mahoney! rip.... thank you very much may god protect us citizens.
Essential content
THE DISASTER IS THE SBA !!
Oil @ -49 bucks /Exonn Mobile & Shell oil are toast/Small Buss are but toasted crums on the floor of this life
If its gonna be help why we have to provide documentation
Why does it look like we get 10k but everyone is saying it’s 1k per employee? That doesn’t even make since!
Lies lies lies...we are dying your delaying...THE ONLY INFO WE WANT IS WHEN THE MONEY IS IN OUR ACCOUNTS ..
Ntm BANKS SCREW AMERICA AGAIN...WE BETTER NOT BAIL THEM OUT THEY HAVE DONE NOTHING TO HELP US
What's her name we need to include her in the civil suit as provider of clarified info..she laims to me an sba administrator so now INVOLVED
HJR 192... PUBLIC LAW 73-10. all rights reserved
If you've ever been convicted of a crime or placed on probation in your life you will not qualify for either loan
I have 3 businesses. all are closed . 2 of them received the PPP loan. I am employed by both. Can I get paid the maximum from both?? we really need the money it's not Greed!
Great video, I’m on the phone with the national sba office rn
So how did it go?
I can only say this, IMAGINE IF OUR LEADER WAS BARRACK OBAMA! We all know how he feels about small independent businesses.... this would have been the spike into the heart of America. Thank The Lord, we have Trump!
Just No.
Jeff Cox tRump cares zero about you. Zero.
sorry but you make it mis undertending about the ppp.
Exactly, very confusing!
Nothing yet.
The law said 10,000 for each small business...this is not a loan....Don’t hold are money to make money ....This is A BS....ok!,,This is a EIDL not A PPP...don’t confuse....Please!,,,
EIDL NONE OF THIS 1K CRAP , CASE AND POINT IF the SBA Approved you for a 30K LOAN the FIRST 10K should be GRANT and 20K LOAN THEY are so Screwed Up ITS SIMPLE
You think by washing my hands I am showing appreciation to the health care workers . You are living in LALA land . They want$$$$$$$$$
she should be fired
Double dipping? Havent got the first dip yet for any program period. This whole shit is major BS!
Shame on you, cannot even say the proper names and also want to talk about EIDL not even knowing what t stands for. BTW, do you know what is SBA?
Need to clarify, my above comment is about the so called Dr. Lin who doesn't know accurate name no just of the speaker but also SBA..which is Small Business Administration and not association. Dr. Lin know your subject before you get into uncharted waters.
Thank you for pointing it out.
SBA / PPP / EIDL is not my day job. I am simply sharing an interview in which I was in the audience.
I hope this video brought value to someone.
My kids said they never got there iPads for school and we had to buy them tell Trump why
You people are all in denial or have your head buried in the sand. Are any of you following or looking what’s happening in reality on the street.
I seen you out wearing a dress. A mask would suffice.
@@sethlogan9724 what???????