SBA EIDL lost rent (by Chicago LL [IL]) Jul 18, 2021 6:59 AM|
SBA EIDL lost rent (by MAP [NY]) Jul 18, 2021 9:29 AM
SBA EIDL lost rent (by Mike SWMO [MO]) Jul 18, 2021 10:04 AM
SBA EIDL lost rent (by Chicago LL [IL]) Jul 18, 2021 10:46 AM
SBA EIDL lost rent (by MAP [NY]) Jul 18, 2021 12:34 PM
SBA EIDL lost rent (by Ray-N-Pa [PA]) Jul 18, 2021 2:43 PM
SBA EIDL lost rent (by Map [NY]) Jul 18, 2021 8:32 PM
SBA EIDL lost rent (by S i d [MO]) Jul 19, 2021 9:39 AM
SBA EIDL lost rent (by Chicago LL [IL]) Jul 19, 2021 1:53 PM
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SBA EIDL lost rent (by Chicago LL [IL]) Posted on: Jul 18, 2021 6:59 AM
Hi fellow LL,
Good news. I just received the following email from the Small Business Administration in response to my EIDL loan application that I submitted a few months ago.
I am the Loan Officer assigned to your SBA EIDL loan application for an increase. Your loan request is in the final stages of processing, but I need a few documents from you to help finalize your loan. We need an estimate of your lost rent from March 2020 until June 2021.
This letter is something new to me. Originally EIDL loan amount is based on the revenue and expense. I wonder if they are going to increase the loan amount by adding the amount of lost rent. Have you guys received this email or know what it means? I am trying to get the maximum loan amount for the future uncertainty (I don't believe covid would end here with the new mutated strand being discovered). Please share your experience regarding SBA EIDL. Thanks. --198.245.xxx.xx
SBA EIDL lost rent (by MAP [NY]) Posted on: Jul 18, 2021 9:29 AM
I applied for an EIDL back when the "pandemic" first hit but it was for my husband's business. They sent the loan direct deposited to the biz account and I'm paying the SBA back now 3X what the payment is to get it over with.
I laugh about people who were sole proprietors applying for the PPP even though they have no employees other than themselves and being disappointed that the SBA wants the money BACK. --72.231.xxx.xx
SBA EIDL lost rent (by Mike SWMO [MO]) Posted on: Jul 18, 2021 10:04 AM
Reply post by to SBA EIDL lost rent (by MAP [NY]
I laugh about people who were sole proprietors applying for the PPP even though they have no employees other than themselves and being disappointed that the SBA wants the money BACK.
A short while back I went into one of my banks and was going to talk to them about a small loan. Just a fact finding mission. Banker ask me if I had applied for a PPP loan. I told him I knew nothing about such a thing.
About an hour later I walked out of the bank with a check for 14K.
Now 6 or so weeks later they had me come in and sign papers for loan forgiveness or some such thing. They told me that about all their smaller loans were being forgiven.
It will take a bit longer for the approval process to work but they feel pretty sure loan will be forgiven. What’s life without a little wait.
The money is just setting in a bank waiting for the first bank to find out if the loan will be forgiven. If they forgive the loan then GREAT, if not forgiven then I just return the money. It cost me one of two hours of time and 1% interest. I am not good at math but that seemed like a good enough deal.
SBA EIDL lost rent (by Chicago LL [IL]) Posted on: Jul 18, 2021 10:46 AM
Thanks for your reply.
MAP[NY], I also received the first batch of EIDL loan last year. However I don't plan to pay back over the period of 30 years. Why rush paying back now? The interest is only 3.75% It's basically free money. The inflation rate is way higher than 3.75%
Mike SWMO[MO], it's better to keep the money for the impending depression. It's definitely coming. --198.245.xxx.xx
SBA EIDL lost rent (by MAP [NY]) Posted on: Jul 18, 2021 12:34 PM
yes but in all fairness, i plan to retire from my regular job November 2022. I do qualify for a pension and SS (will be 62) however I want most of my debt paid down before then.
Truth be told, I used the money mostly to pay off a hard money loan from my regular bank for my 1st duplex. It did help a bit as when the covid panic hit, my husband's biz did take a hit.
I agree about the coming depression AND I also believe the current "hot" housing sales market will burst.
When the feds stop paying money to stay unemployed first week of September (unless they extend it) suddenly any available jobs will be taken and no more "hiring" signs will be out. --72.231.xxx.xx
SBA EIDL lost rent (by Ray-N-Pa [PA]) Posted on: Jul 18, 2021 2:43 PM
Just be aware Chicago that they will be asking for some additional supplemental info and data after the loan gets funded.
I had three EIDL loans and one PPP loan. The PPP loan was already for given for a whopping $16,000 and the EIDL have all been paid back - but sure enough....the SBA is asking me for a resolution saying the LLC had a meeting authorizing the loan.....that they already funded.
Yep someone dropped the ball at the SBA --72.23.xxx.xx
SBA EIDL lost rent (by Map [NY]) Posted on: Jul 18, 2021 8:32 PM
Yeah I got one of those letters a year after funds were disbursed. Being the sole proprietor for hub's biz (he is listed as a subcontractor) I just put the statement on biz letterhead and that was good enough for them. --72.231.xxx.xx
SBA EIDL lost rent (by S i d [MO]) Posted on: Jul 19, 2021 9:39 AM
Free Govt money....what could possibly go wrong? (*grins)
I imagine soon those who have received the funds will be required to hire and/or rent to people based on a quota system, because the name of the game today is diversity and inclusion. You only rent to people who can pay and have a clean background? Oh no, that won't do! You must rent to "credit disadvantaged" people, felons and drug dealers, because they (might) vote and therefore you must play the woke game and take them into your rentals. Also, my guess is you won't be able to evict someone when they move their 3 sister wives and nanny goat inside, because....well....you know....reasons.
Take Uncle Sam's money, play by HIS rules. No thanks.
SBA EIDL lost rent (by Chicago LL [IL]) Posted on: Jul 19, 2021 1:53 PM
MAP [NY], yep I have the same view as you (that things could get ugly after the unemployment payments stop)
Ray-N-Pa [PA], Hi Ray! Long time no see :-) You're right. I've got 2 EIDL loands and one PPP loan. They asked for the hazard insurance months after funding. Strange but I gave them what they wanted. --198.245.xxx.xx
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