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It’s going to become loan principal. If you are currently making payments on your loan, the interest paid with those payments would be deductible. But depending on when you are making the payments, probably only December’s interest would be deductible as accrued interest on your 2020 return. I’ll be curious to hear what your CPA says 😊.
Would SBA still approve application for reconsideration for credit issues, currently my application is still is review but the documents they’re asking to submit is form 4056t, SBA form 2022 credit summary and 2019 tax return
How should I treat Form 2022? My main question is, do I show a calculation for how I think I would be paying myself in normal times, and other items such as rent, etc? Any other insight greatly appreciated, thanks.
2- you will get an email with the new hardship form in a couple days. 3- fill it out and - if over 200k loan send a p and l for 2024 from 01/01/24 to 06/01/24 4- you will get an email to make any changes if you didnt submit properly
SBA requesting form 3501 Paper form plus amendment for partner who left the business. Hey all, so for loan mod/increase, we got all conditions cleared but the original application had one of our partners on it who had left the business. We are all friends so we were so occupied w covid and loans that we forgot he was on there.
Hardship payment reduction available for coronavirus EIDL loans. For loans under $200k, click on your loan number in CAWEB. For loans >$200k, call the SBA @ 716-324-6991. See comment below for further details. Here is a link to the SBA website with information on the hardship payment reduction.
@tahoechick36 I have a question. I applied to for SBA eidl as a sole proprietor and denied because of credit score. I went on the SBA site and saw they wanted IRS form 4506 T, SBA form 2022-schedule of liabilities, delinquent credit issues explanation, republican credit authorization, 2019 Business Tax Return & ODA form P-022 standard resolution.
personal guarantee but selling the house. I'm about to sign the EIDL loan increase to be about $900k. Under "Guarantee" it states. GUARANTEE. Borrower will provide the following guarantee (s): Guarantee on SBA Form 2128 of: First Name, Last Name (Address) The address is my personal primary residence at the moment.
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. Use r/TargetedEIDL for advance/grant issues.
Question? Our SBA Loan for $500,000 has been sent to the U.S. Treasury. I was finally able to get through to the U.S. Treasury. I was told that I would need to submit a dispute with my case ID# to them at incoming.disputes@fiscal.treasury.gov requesting my SBA Loan to be recalled. Once received they would forward it to the SBA for consideration.