$10,000 EIDL GRANT

Still waiting on my taxes, though I know of one person, who got both loans using a payroll statement from anBroker he works for exclusively. I believe a P&L statement is also acceptable. That’s why I asked Joe, about it. I’d rather have my 2019 schedule c, info first, I think it’s available till the 28th of May, if I remember.

 

Well I got a denial letter today from the sba for the eidl. Said Unsatisfactory credit history. I talked to a tier 2 representative. They said it doesn't make sense. I have a 680 credit score. My wife who is also on the business and application has over a 700. They said only thing I can do is appeal the decision and they have no idea about the process and the length

 

680 credit score. Still got denied

 

Its the same. They just don't have as easy of access as credit krama has

 

I rechecked again all the pdfs I uploaded to the PayPal site and there was not such a thing as a schedule C that I sent to them. Maybe because I am an S-corp and the Schedule C does not apply for me at all.

I don't remember them being specific about what exact forms or schedules they required to upload but rather those documents proving the previously stated payroll cost.

Anyhow,

The following 5 pdf files were uploaded by me:

1. batch (.pdf file) consisted of the following documents forms:

8879-S: IRS E-file signature authorization for form 1120-S
1120-S : U.S. Income Tax for an S-corporation - this one consists of 5 pages that constain
a) Schedule B (other information)
b) Schedule K (Shareholders' pro Rata share items)
c) Schedule L (Balance Sheets per Books)
d) Schedule M-1(Reconciliation of Income (Loss) per Books with Income (Loss) per Return)
e) Schedule M-2(Analysis of Accumulated Adjustments Account, Shareholders Undistributed Taxable Income, Accumulated Earnings and Profits, and other Adjustments Account)
1125-A: Costs of Goods Sold
Schedule K-1 (Form 1120-S)
1125-E Compensation of Officers
199A (Form 1120 S) - Statement A Summary
Form 1120S Schedule L : Other Liabilities and Adjustments to Shareholders' Equity
199A Worksheet Activity
Also my W-2

2. pdf : Form 941 for 2019: Employer's Quarterly Tax Return (1st Qtr)
3. pdf : Form 941 for 2019: Employer's Quarterly Tax Return (2nd Qtr)
4. pdf : Form 941 for 2019: Employer's Quarterly Tax Return (3rd Qtr)
5. pdf : Form 941 for 2019: Employer's Quarterly Tax Return (4th Qtr)

All those docs were kept in my accounting folder and I uploaded them like that. Perhaps the first batch (pdf) was an overkill but I figured the more the better and they can take what the need and dismiss what they don't.

It worked for me....

 

What do you think about EIDL as a tool? Is it worth it?

EIDL not being a subject for forgiveness and at 3.75% is a different type of loan than PPP.
I am not sure, If I even want it, since the cost of having it as a hedge is there.