Only 74% of the latest round of PPP Loan money has been claimed. This time, they aren’t just rubber stamping the applications, but actually going through an application and review process. Here are some helpful tips, if your loan is stuck and not moving forward.
An Unfinished Application
You need to make sure that your application is 100% complete and transmitted to the lending authority. Don’t leave anything blank.
Please realize that these applications are primarily underwritten by computers. You can’t expect a machine to think.
Not Enough Documentation
Without the correct documentation, your application won’t move forward. More is more, not less. If they don’t have absolutely everything they need, they will just move onto the next application.
Didn’t Receive An SBA Number
This means that your application probably isn’t complete or submitted.
SBA Errors and Hold Codes
Duplicate Submission – Borrower filed out an application at another lender that was submitted to the SBA.
First Draw Loan Booked under wrong TIN Type – Must be resolved with the initial lender.
First Draw Loan Number Cannot Be Validated – Borrower either entered invalid number or none at all.
Received An SBA Number But No Contract
You’re probably either in Fraud Review, or have failed the process entirely.
Received A Contract But Not Funded Yet
There may be some problems in the contract such as a wrong name, bank routing number, etc. that need to be resolved.
Let me leave you with this.
There still seems to be a lot of confusion about income tax filing deadlines, so here is a handy list.
The only one that was extended to May 17, 2021 was the filing deadline for Federal & Illinois 1040’s. That’s it. Nothing more.
1st Quarter Estimated Tax Deposits are still due April 15, 2021.
C Corp returns are still due April 15, 2021.
Trust Returns are still due April 15th.
If you are one of my clients with a C-Corp or a Trust those returns were extended today. Copies of the extensions will be mailed to you.
Extensions only extend the due date of the paper return. They don’t extend the due date of any money that’s due. If you would like to make a deposit prior to the filing deadline, please contact our offices today.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there’s anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,
Accounting Solutions Ltd.
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