Next round of PPP and EIDL

[AzCreditGuy]

Wondering if some of you who were approved the 1st time around, if you would be applying a second time? I am have been seeing some business owners stating they would be applying again and I am wondering if others have heard that also?

[sccredit]

If there is an option then yes, will definitely apply if the terms are similar or the same. 

[ToughFistFight]

Absolutely.  

[jaxstraw]

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@AzCreditGuy wrote:

Wondering if some of you who were approved the 1st time around, if you would be applying a second time? I am have been seeing some business owners stating they would be applying again and I am wondering if others have heard that also?

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I believe the language being floated for the second round is that your business has to show a 50% loss in revenue from 2019 for March through July (?) of this year to qualify for round two.

How you would prove this year is what I see as a question mark since taxes aren't filed for that yet.

This is all guesswork right now because there is no bill in Congress yet....but I would apply if it was possible.

[Anonymous]

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@AzCreditGuy wrote:

Wondering if some of you who were approved the 1st time around, if you would be applying a second time? I am have been seeing some business owners stating they would be applying again and I am wondering if others have heard that also?

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I don't believe they are considering another round of EIDL.  If anything gets passed it would be an extension of PPP and even then it will only be for those who didn't receive funding during 1st round and there will won't be any advances either.  Of course this is still just a possibility, and likely to get nixed from the current bill.

[AzCreditGuy]

Well since I posted this I’ve researching more into the second round...The 1st round I did get an advancement for $1k for me being the only employee for my S-Corp. But man working with B of A was a mess for the PPP, even with talking with head hencho that personally called after I sent out an email. They closed my file due to their not understanding how the S-Corp was set up for me and how I run it. I was able to get reconsideration from SBA, in which they granted me a EIDL loan but not a PPP. 

Now there seems to be talk that if a business receieved a EIDL loan that some of the money can be rolled into the PPP, on the second round.

Heres some information saying you might be able to get a second PPP,  until its law its true but interesting read

https://www.jacksonlewis.com/publication/gop-stimulus-bill-would-give-some-ppp-borrowers-second-draw...

[Jazee]

I'm wondering if there's anyone here in the forums that are self-employed applied for a PPP Loan last time around and those who got it what lender they used?  There's not supposed to be a credit check required and as we all know on this forum, it's always good to avoid a hard pull at least.  For sole-proprietor self-employed does anyone know if these appear on your personal credit report?

It seems although the loans were in most cases forgivable and didn't require a credit check, I'm trying to determine if some lenders are more lenient than others as my current FICO is averaging in the 695-710 range which is okay but not great.  I applied through Fundbox (an outstanding invoice advanced line of credit service connected up to Quickbooks) and they denied me and gave no reason whatsoever.  I know the general recommendation is to apply through your bank but I bank with Chase who I think is very conservative on approvals in general and my one of the only two negative accounts on my credits history is with Chase.  So my gut is I may have more of a chance getting a PPP loan from another smaller bank.  I also have an acccount with DCU but I don't think they do business banking.  I'm in Washington State.

[sccredit]

I know a lot of people used Kabbage and PayPal and they had good luck

[601flyguy]

I used bluevine and they used cross river bank. They accepted the application, requested and reviewed supporting documents, and funded all in one business day. There was no credit pull. I'm waiting on bluevine for the 2nd round.

[Jazee]

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@601flyguy wrote:

I used bluevine and they used cross river bank. They accepted the application, requested and reviewed supporting documents, and funded all in one business day. There was no credit pull. I'm waiting on bluevine for the 2nd round.

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Did you bank with Bluevine prior to PPP application and how could you be waiting on a second round.  It's not open yet except to women/minority businesses.  Even their own website says "We’re currently updating our online PPP application based on the SBA’s guidance. Sign up for updates and we’ll email you when it’s time to apply."