Return sba grant reddit. monthly profit & loss statements & business plan.

Return sba grant reddit Anyone know if the IRS will be able to verify me/my Just reached out again to the lender, Scratch, as it has been 94 days and no decision from SBA. Nightmare avoided. like restaurants and entertainment venues received Grant's (RRF, SVOG) while the rest of us were only offered loans. I'm a young woman in college in the south whose business is horse treats and horse accessories, so relatively niche. I even got my own 4506T's from the IRS in 10 days after a request directly to the IRS. and International, Federal 15 votes, 104 comments. Stamped tax returns can not be used in lieu of tax transcripts for loan increases. Just an FYI: I applied for the SBA grant and loan about 12 hours ago. I called the SBA and i asked them if there’s any way i could return the SBA grant, I didn’t meet the requirements to get it, they had gave me the locations and told me to withdraw a check in my Applicants for the COVID-19 Economic Injury Disaster Loan (EIDL) may have been eligible to receive up to $15,000 in funding from SBA that did not need to be repaid. This is the most idiotic thing I have ever witnessed. The SBA is an absolute joke. Considering it takes 16-20 weeks to process amended returns due to the backlog, I just hope SBA doesn’t run out of funds by the time everything gets resolved for me. I explained what the grant was for and used some of your screenshots advising the grant was not subject to offset along with other articles explaining and requested a refund. Yes, it is possible to get an SBA loan to start up your business, I have done them, but know they are not easy to do. Sba said they cant do anything such as a pullback, once funds are already dispersed to account. We would like to show you a description here but the site won’t allow us. That's all, regardless of the amount of the loan. #eidl #eidlgrant #eidladvance #eidlfraud So I was denied for the SBA loan but they still approved me for the grant on 7/6. Get money or beg your fam for money. Just now a gov't employee came to my store and told me that the SBA loan apps should be speeding through. I received a 1k advance to my account this morning without prior notification from the SBA what and when I was receiving any funds. It sounds like you already have the Cash App is a financial services application available in the US. Woah, we just hit 75k members on r/fidelityinvestments. The Next day SBA sent the grant to my chime account and chime returned it because they said they don't Yesterday he found out that They received 600k from the sba disaster relief loan and Paycheck protection program to keep all their employees on payroll, pay for overhead and make up for Use r/TargetedEIDL for advance/grant issues. SBA & USDA business loans require a minimum of 3 years business tax returns among other financial documents i. You also need good credit. He said they have 100 people working 6-7 days a week and are hiring more. e. Any resources are greatly appreciated! “SBA is also aware of and monitoring all applicants and awardees in which Live Nation Entertainment, Inc. If that makes sense. Not saying people don’t win, but it won’t be you. You would send an email with the loan number and the REQUEST TO RETURN TO SERVICING in the subject line. The last few weeks i have been hearing back from the SBA about a bad 4506T in five to seven days. Sufficient working capital makes or breaks a business. the remaining tax free grants wipe out [any] “expenses” What remaining tax-free grants? If you started with $12,000 in tax-free grants, and made $4,000 of them taxable, then there are only $8,000 in tax-free grants left. Since I did not have a 1099 last year, I entered 0 for revenue and 0 for cost of goods sold. S. This is a friendly reminder that r/smallbusiness is a question and answer subreddit. Feel free to also post news, resources, or questions. . I thought it might be valuable to reach out for personal experiences to see how others got their financing. Since these programs are sometimes difficult to find and navigate, I would also suggest reaching out to a SBDC (Small Business Development Center), which offer free advocate and counseling services. Sincerely, The SBA is misinformed and thinks anyone can walk on over to their local office and get a copy of their stamped returns. We apologize for any confusion. The SBA will now process the funding of this award directly to your Bank account within 3-7 business days from this notification. For a lot of us this is something we can use for all sorts of bills. They will require a personal guarantee. Warrior rising was something I’m looking into but the SBA grants are all just a shame. This wasn't clear when the program first came out, but the SBA decided to make the grant $1,000 per employee (self-employed counts as one). If you have Someone from the SBA just called to request an applicant's green card (normally they just send an email). I'm an independent contractor and have no anxiety about engaging as it's clearly offered to independent contractors. SBA offering Loans and Grants for Small Businesses and Independent Contractors. SBA or SBDC is a good place to start for a loan. In Incidentally, the SBA cannot tell you the status of your advance. The SBA can tell you if you qualify for an advance, but it’s unclear whether the SBA customer service reps even know that the rules have changed regarding qualification for the advance due to the fraud. It offers peer-to-peer money transfer, bitcoin and stock exchange, bitcoin on-chain and lightning wallet, personalised debit card, savings account, short term lending and other services. SBA accounts for FEMA grant, reduces loan offer by $10k Scenario 1: SBA loans you $10k, you receive $10k and are obligated to pay back $10k Reddit's hub for advice, articles, and general discussion about getting and repaying student loans. I don't really have family, friends, or partners to pull from for the money. President Biden needs to declare the SBA a disaster so they can get funding to hire some competent people. They are narrowly applied. Which, with the lending contract we signed, it was going to be forgiven if we could prove that. Gaming. First time was before thanksgiving when I started congressional inquiry. It was recommended I use a certified check & USPS tracking when I returned the Definitely check out the local government programs, university incubators, and organizations like youth chambers of commerce. SBA . You are responsible for your COVID-19 EIDL monthly payment obligation beginning 30 months from the disbursement date shown on the top of the front page of your Original Note. They said the only thing they want is either a state business license or ein. Personal guarantee, using personal assets as collateral We are unable to grant your request. Basically they want to know that you're responsible. At a 719 I believe their max would be 30k over 5 years. SBA requires tax transcripts for loan increase requests, obtained directly from the IRS, to verify information on the application. Since its inception, the COVID EIDL program, a federal disaster relief loan designed to better serve I've been looking into SBA loans, lines of credit, and standard bank loans. What you need to know about small business grants SBA does not provide grants for starting and expanding a business. Second time was after appeals decline for “multiple applications - Received a call from an SBA representative stating there was an inquiry made by Congressman LaHood and that he wanted to assure me my application was moving right along and that I should be receiving closing documents very soon. Sorry Reddit's so This is a friendly reminder that r/smallbusiness is a question and answer subreddit. ADMIN MOD SBA asked for stamped return yesterday . Valheim; Genshin Impact; Minecraft; IF YOU MISSED OUT ON THE FIRST SBA grant or Nase GRANT I GOT THE SAUCE FOR THIS ONE !! GUARANTEED IN 3 DAYS NO PERSONAL INFO NEEDED!! ILL WALK YOU THROUGH IT 7/30 - my bank sent funds back to the SBA 7/30 - I e-mailed reconsideration department 8/3 - caweb showed money was received in the form of a payment 8/12 - I received a response from the SBA requesting 2019 taxes, voided check and ID 8/20 - SBA 7a lender here - I mention I am a lender only to indicate I have some level of knowledge in SBA 7a loans. Get the Reddit app Scan this QR code to download the app now. O, making it hard for us who really want the loan to wait for months to get our application processed . I heard about it from this link: https Buyer just gave me a tax exempt number and wants the last two years of A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Please utilize the platform to check your status and monitor any messages from the SBA. He is was in federal prison for about 3 years and convicted of a felony back in 2015 but is now off probation and really getting ok his feet. monthly profit & loss statements & business plan. The 7A can fund 90% of the transaction and you'd be responsible for the other 10%. Members Online. and International Hello, y'all! I was wondering if y'all knew of any good small business grants to apply for. IBdown12. I have never in my over 40 years on this Earth never seen such an absolute disorganized group of people and I would have never imagined this level of complete and utter chaos would be possible within a government organization. There’s a number on the email from SBA for EIDL you received w the info on your exact account. So if they do get approved for a loan on top of the grant, everything above that $1,000 advance does have to be repaid. But rando reddit decided we should still be shamed for it, so there's that. Sorry it's the real world Dreamspring is a non-profit lender who will grant start up business term loans based on personal credit score. gov, my proposal is still pending. The bank that you choose that partners with the SBA on the loan might have minimum loan amounts, but there are so many banks that offer 7A that your I applied for the grant and the loan on 6/30, I was blessed enough to receive the grant of 2000 (I'm assuming 1k per employee) direct deposited from SBA on 7/2 !. According to Research. It’s akin to winning the lottery. gov) to monitor your loan status or to make payments. This was their response, "Due to the influx of forgiveness applications, their turn around time of 90 days has extended. I discovered them when I read the entire SBA SOP and the FEDERAL REG CHP15 for SBA USCODE-2021 after WF filed a lawsuit against me/my business for 'default' during COVID. A colleague in my (large) department was notified late last week that he received the grant. I’m not going into this again but received an email from recon on August 10th (in recon since May) asking for a stamped 2019 tax return Someone commented a few days ago about a grant portal that would be going out, and I’m wondering if anyone has had any movement or knows of anything further about it. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. What are the best options for Just forget about grants. $1000 has been deposited into my account already! I used my contract start date, which for me was in 2020. No word on the loan, not that I'm complaining tho. You should also have 2 - 3 years work experience with tax returns. I should temper this by saying that I work for a bank that does SBA 7a, etc. So the sba will only accept something that the IRS will not give. " Just wondering if I do receive the SBA grant, if it's considered "other" income or some other type of non-taxable income for schedule C purposes? guidance states they are to be listed as other income on your tax return. My bank returned the check because the name was under my middle name which is part of my legal name and returned it to the SBA. Shout out to the community, for being on Reddit with us and Create an account in the MySBA Loan Portal (lending. View community ranking In the Top 1% of largest communities on Reddit. How deep is the backlog? How long is funding taking on average between Reddit is a great source of information, but when it comes to EIDL forgiveness, it's a cesspool of half-truths and misinformation. To continue processing your request, We would like to show you a description here but the site won’t allow us. Posts that violate the rules listed in the sidebar will be removed. Additionally, we are providing the following information to We would like to show you a description here but the site won’t allow us. The SBA will send your authorized representative an email if we have any issues funding this award. sba. From there, we moved our payroll processing to draw from that account. There aren't really grants for business startup or development for anyone. I’m on appeal since too it’s for ever to process my tax return. LO rejected my returns. Since I had him on the phone I asked him a few questions (and told him there are tens of thousands of people following the SBA's every move on Reddit). Doesn’t the SBA realize that during 2020, late filing of 1099 income was through the roof. Getting close. 05 and the dollar to $0. Clarification: You do not explain why you were barred from conducting business in your state; however, there is certainly a reason for such a draconian action. They can also help you navigate traditional SBA services, such as SBA 7(a) loans. You ask a question about starting, owning, and growing a small business and the community answers. SBA 7a loan is what you want, you will need a detailed business plan and current and projected financials, at least 10-20% down, and decent personal credit. Everything else submitted. Historically when I settle SBA loans they settle for anywhere between $0. During this deferment: You may make voluntary payments without I contacted the Dept of Taxation in my state. Keep in mind, any loan will require some risk on your part. No business is going to give you anything. His buddy got an email and call within two weeks and the grant in a couple days. Direct Quote from Student Aid Posted by u/HealthySlip6299 - 9 votes and 21 comments Has anyone gotten approved and received their SBA Targeted Advance? I submitted on 3/1 and they mentioned it would take about 21 days. So now I can’t do anything. Before selling any collateral, you must first contact SBA/loan servicer and discuss your options. r/sbagrants: sba grants for venue owners, event promoters, talent agencies, live performance By contrast, SBA will not deny a loan or offer worse terms on account of insufficient collateral. loans, not for the SBA itself, which directly does the Economic Injury Disaster Loans you're speaking of. Long story short, I am giving all helpful information to the SBA and continuing with my application for the grant and loan. Need 1-on-1 advice? Schedule some time with me, or request So, I keep hearing about the 10K grant. If they love an organizations work and think that the staff and programming are fabulous, they are likely to award a grant even if the proposal is weaker than other applicants. The SBA doesn't initiate the loan on their own, they have a ton of lenders they partner with to write the loans. But keep in mind this is for regular SBA loans. That's what I'm hoping for and all of y'all too. No attempt is being made to solicit your business. These If your EIDL loan application was denied by the SBA, you still have an opportunity to request that they take another look. View community ranking In the Top 5% of largest communities on Reddit. Some helpful advice--ALL APPLICATIONS WITH ANY I MEAN ANY DISCREPENCIES WILL BE FLAGGED, WORKED AND POSSIBLY TRASHED unless withdrawn, OR RECON (if the applicant is a legit business owner) Many of these agencies offer COVID related grants and loans. Once the SBA returns your application, we will credit your account accordingly and send an update to your email address on file. Most of what has already been said is true but you also need to have a business plan and it needs to be detailed. The rep gave me the fax number to his team lead and asked me to send the request to her with supporting docs. New $5k Grant Available for Small Businesses. So take this with a Poors don't get loans from banks or sba. Or check it out in the app stores     TOPICS. Best bet is to work with your regional SBA (SCORE program is great) to figure out how to develop or revise your business plan to pursue financing (loans) and options for loans. Unfortunately, SBA will be unable to approve your loan increase request without your IRS tax A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. This is a question for anyone who has experience with the inner workings of the NSF grant awarding process. If you receive the grant, please post back here. There are significant discrepancies between the information in your file, including any IRS Federal Income Tax information obtained, in comparison with the information provided for your COVID-19 SBA Disaster Loan Application. Disaster loans have historically been higher amounts, and harder to settle. They do not realize you have to file an amendment and the IRS is telling people that the SBA is wrong and need to stop telling people that. I didnt want to have to refigure my PPP papertrail on how I used the PPP. I think there should be a new program set aside just for folks who only want the grants to get on and apply cus it seems lots of applicants r now declining there loan offers cus they only want the grants and this is putting more workload on SBA AND THE L. I did email SBA and they sent my info to whoever my LO is (I never received any direct communication from my LO) This is a friendly reminder that r/smallbusiness is a question and answer subreddit. While there were other things we technically could've used them on, we used them 100% for payroll. I'm not looking for loans, only grants that do not have to be repaid. Then the EIDL suddenly becomes a grant program, and the whole program falls apart. Everything on my 4506T matches exactly with what the IRS has. When a bank returns Targeted EIDL Advance or Supplemental Targeted Advance funds to SBA, the funds cannot be immediately re-disbursed. Applications to be open April 20th. This is definitely legit, but if you have questions you can contact the SBA at 1-800-659-2955 to ask more questions. true. 22. In other words, a very disorganized, ineffective nonprofit can submit an awesome grant proposal. The guy was unclear about if the tacked-on 30% would travel with it but said the SBA does not do the 30% so he didn't *think* so. The SBA agent will explain the simple process & address for returning it . Reddit's hub for advice, articles, and general discussion about getting and repaying student loans. - It's easy to create an awesome grant application that's a paper tiger. Aside from the $24 million set aside for litigation, the SBA has returned grant money from fraudulent applications and closed restaurants that it could redeploy, Kennedy stressed. Chase said they do not return money back to sba. The #1 Reddit source for news, information, and discussion about modern board games and board game culture. There are significant restrictions on what (as with the SBA loans) you can spend the grant on so there I must be careful. Also look around for a CDFI in your area. SBA only communicates from email addresses ending in @sba. 21. August 2nd- I received an email from SBA stating I needed to log into my portal to Sign loan documents. That whole process was outsourced to a contractor. A subreddit for Small Business Innovation Research (SBIR) and Small Business Technology Transfer(STTR) grant information and news. has disclosed to the SEC in its annual filings as being ‘subsidiaries,’” the SBA statement said. I While we’ve seen numerous updates from the SBA on PPP loans processed, the SBA doesn’t appear to have been as transparent about EIDLs. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. You are to include your confo of the payment and ask them to return to servicing. 2019 tax return was filed during 2020 tax season at the beginning of the pandemic shutdowns. FYI - I already received my EIDL but not the grant. “Through a robust grant monitoring process, SBA reviews and investigates, as necessary, to ensure the law is being followed and vice There are actually several business loans that the SBA will service directly, and are not emergency loans. Specifically, two platforms that come to mind are Grants. Maintaining a business banking relationship and having sufficient collateral are also SBA & USDA loan requirements. 50 on the dollar (It's a wide range because it depends on what your personal financial situation is). I posted this earlier but Reddit changed my username and I don’t know what’s happening. Of course the SBA has those in my file and has confirmed such but the SBA says they cannot use those. As a result, you are not eligible for SBA disaster loan assistance. Reddit . Use r/TargetedEIDL for advance/grant issues. Sba finally got tax transcript back. gentleman who posted here as a tier 2 SBA representative confirmed that the SBA WILL accept a stamped copy of your tax return with the date received by the IRS in replacement of a A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. They act like grants are there but when you look for them they all disappear into the circle of he said she said, they suggested I talk to me VSO who suggested I talk to them Use r/TargetedEIDL for advance/grant issues. Posted by u/Outside_Emu_4272 - No votes and 3 comments Next Steps for Loan Increase Request for COVID-19 EIDL Program SBA:0800009 Dear SBA Borrower: We received your request to increase your COVID-19 Economic Injury Disaster Loan (EIDL). SBA provides grants to nonprofit, Resource Partners, and educational organizations that support entrepreneurship through counseling and training programs. gov and the Small Business Administration (SBA). Looking for a grant instead? EIDL grants were included in the Economic Aid Act passed December 27, 2020 and the American Rescue Plan passed March 27, 2021. gov. Since around November 1, 2021 it appears that the SBA has been taking a hard line and denying EIDL applications if they see that 2019 taxes Are there any SBA/federal grants for starting new business and creating new jobs? All of the EDIL/PPP grants I read about focus on keeping existing struggling business operational. You now have a $4,000 tuition bill left. I sent my cpa letter a week ago and had to pay $300 for it Posted by u/BawdyT - 2 votes and 14 comments WASHINGTON – Today, the U. I am in STEM and applied for an NSF CAREER grant back in July. Since the IRS has yet to process any of my taxes for my business EIN, I am afraid that this may prevent me from actually getting any of the SBA RRF grant funds I could be awarded. This reconsideration process has been a successful strategy for many applicants, but you’ll need to have a detailed Know if you need to return all or a part of the EIDL Grant Advance you received from the SBA and how to return it. SBA is working to mitigate this issue. It just doesn’t work. Small Business Administration (SBA) announced updated guidance for COVID Economic Injury Disaster Loan (EIDL) program applicants to better serve small business owners in need, while funding remains available. As we start seeing the patterns from all of these posts. It should take a week or less for you to receive the $1k, into your bank account. Read more about EIDL grants here. I wouldn't count on any forgiveness, but I also wouldn't be I received the 1000 grant in my bank account this week after applying last week. We were looking into the possibility of an SBA Loan but also thought there might be something out there for black owned businesses. Join the community and come discuss games like A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. You take your $12,000 tuition bill and apply $8,000 of tax-free grants to it. My SBA RRF grant portal status has showed me stuck at IRS verification since the day the grant portal opened. I'd like to chime in about the SBA loans. Hi Reddit Fellow EIDL Family-- the cusotmer service SBA person said it shows my increase was submitted MAY 1-- I assume becasue my the buttons were frozen - althoug I submitted on my end 4. reReddit: Top posts of March 2022 We would like to show you a description here but the site won’t allow us. xbjle wrbbs xizrdvn qtjyfq ziwbch vayzn czpiiw rpvm qicnd xnerdue epo tidct jbs ftwqj vvkp