# Have you applied for your SBA Advance???



## Smoochez (Feb 25, 2020)

A friend of mine that is a Small Business Owner, reminded me that I am a Small Business Owner too! As Uber driver's, we are one-man/woman shows! She suggested that I apply, and that I should probably qualify for the minimum $1,000 (since I have no employees...just myself). I did about 10 days ago and got an email last night that I qualify and a direct deposit will be made to my account within 7-10 business days. The ADVANCE is 100% forgivable too! I didn't apply for the loan portion because I didn't really think there was a need...unless it would help pay off my car. Will have to check in to THAT! It was fast an easy online and well worth the ten minutes it took to fill out the form. Just thought I would share in case anyone hasn't done it yet!


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## aluber1968 (Aug 7, 2016)

Smoochez said:


> A friend of mine that is a Small Business Owner, reminded me that I am a Small Business Owner too! As Uber driver's, we are one-man/woman shows! She suggested that I apply, and that I should probably qualify for the minimum $1,000 (since I have no employees...just myself). I did about 10 days ago and got an email last night that I qualify and a direct deposit will be made to my account within 7-10 business days. The ADVANCE is 100% forgivable too! I didn't apply for the loan portion because I didn't really think there was a need...unless it would help pay off my car. Will have to check in to THAT! It was fast an easy online and well worth the ten minutes it took to fill out the form. Just thought I would share in case anyone hasn't done it yet!


10 days ago it was for agricultural businesses only. It just opened up yesterday for everyone.


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## oldfart (Dec 22, 2017)

Whether you know it or not you probably did apply for the loan. and you will probably be approved if your credit history is ok with the SBA. The approval will be for approximately 1/2 of the Gross Revenue number you reported on the application

You dont have to accept the loan


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## Smoochez (Feb 25, 2020)

aluber1968 said:


> 10 days ago it was for agricultural businesses only. It just opened up yesterday for everyone.


EVERYONE go get it!


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## Sal29 (Jul 27, 2014)

I applied when it became available for Agricultural Businesses Only.
There are 1000 big ones being processed into my banking account today.


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## Smoochez (Feb 25, 2020)

Sal29 said:


> I applied when it became available for Agricultural Businesses Only.
> There are 1000 big ones being processed into my banking account today.


YAYAYAY!


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## 191319 (Dec 12, 2019)

Woo hoo! Received the email this morning to select the loan amount and verify my ID. Pulled my credit this afternoon and loan has been approved as of 8:00pm. I wonder if get the loan amount and the $1,000 grant or just the the full loan amount. Any idea?


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## vtcomics (Oct 9, 2018)

Smoochez said:


> A friend of mine that is a Small Business Owner, reminded me that I am a Small Business Owner too! As Uber driver's, we are one-man/woman shows! She suggested that I apply, and that I should probably qualify for the minimum $1,000 (since I have no employees...just myself). I did about 10 days ago and got an email last night that I qualify and a direct deposit will be made to my account within 7-10 business days. The ADVANCE is 100% forgivable too! I didn't apply for the loan portion because I didn't really think there was a need...unless it would help pay off my car. Will have to check in to THAT! It was fast an easy online and well worth the ten minutes it took to fill out the form. Just thought I would share in case anyone hasn't done it yet!


Wait what??!!? Link to apply??


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## oldfart (Dec 22, 2017)

vtcomics said:


> Wait what??!!? Link to apply??


https://www.sba.gov/funding-program...onomic-injury-disaster-loan-emergency-advance
This loan is based on *Gross Revenue* The Uber (and Lyft) 1099k and the annual summary give you the number but the SBA didnt ask for that proof (gross revenue is the total amount paid by your passengers) As near as I can tell the loan will be 50% of gross revenue (mine was)




DallasCub said:


> Woo hoo! Received the email this morning to select the loan amount and verify my ID. Pulled my credit this afternoon and loan has been approved as of 8:00pm. I wonder if get the loan amount and the $1,000 grant or just the the full loan amount. Any idea?


I got the loan. I did not get the advance


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## vtcomics (Oct 9, 2018)

oldfart said:


> https://www.sba.gov/funding-program...onomic-injury-disaster-loan-emergency-advance
> This loan is based on *Gross Revenue* The Uber (and Lyft) 1099k and the annual summary give you the number but the SBA didnt ask for that proof (gross revenue is the total amount paid by your passengers) As near as I can tell the loan will be 50% of gross revenue (mine was)
> 
> 
> ...


I just applied, but when it got to the end o did not check the box for applying for up to $10,000. Does that negate me from being considered for the $1000 advance? Also, I've been drawing unemployment the last 10 weeks and reported that on the application as well. Not sure if that knocks me out of the ballgame?


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## Smoochez (Feb 25, 2020)

vtcomics said:


> Wait what??!!? Link to apply??


Go to sba.gov then scroll down to the BIG BLUE BOX that says: *COVID-19 EIDL Loan and Advance Application. *



vtcomics said:


> I just applied, but when it got to the end o did not check the box for applying for up to $10,000. Does that negate me from being considered for the $1000 advance? Also, I've been drawing unemployment the last 10 weeks and reported that on the application as well. Not sure if that knocks me out of the ballgame?


SBA is a completely different ballgame. You will qualify! You don't need to apply for a loan in order to qualify for the advance.



Smoochez said:


> YAYAYAY!


Just got mine this morning!


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## _Tron_ (Feb 9, 2020)

vtcomics said:


> Also, I've been drawing unemployment the last 10 weeks and reported that on the application as well. Not sure if that knocks me out of the ballgame?


That is actually a good question. I think you've hit a gray area. Not in terms of qualifying for the loan, but in terms of your continued eligibility for unemployment. The LOAN part is easy. It is not income. It is a loan to be paid back. So no need to declare it when certifying for unemployment benefits. But the advance.... hmmm. I did not declare mine for state benefits, but, technically it is income, and at least in my Communistic state of California the state seems to want to know about _all_ forms of income. Not sure about your northeastern state. Aren't they pretty lib there as well?

You could ask you unemployment office, but on the other hand I suspect many are "double-dipping" in that narrow regard and it would take a pretty aggressive State Attorney's office to go after people who did not declare the 1K. On the _other_ hand, all the state has to do if they discover the income is to notify you to pay back the offsetting 1K of unemployment insurance you received. Then it's on you. Of course if you get the 1K you can just declare it and let the chips fall where they may.

Personally, I won't be worrying about it. :>


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## DeadHeadDriver (Feb 7, 2020)

vtcomics said:


> I just applied, but when it got to the end o did not check the box for applying for up to $10,000.


Hate to the bearer of bad news: Your new probability of collecting $1k advance (free money)----> 0.01%

The application IS very poorly worded. Depending on how you access their website its not very optimized and it was easy to 'Not See' the radio button. If you DID NOT indicate you wanted the advance then SBA will NOT process an advance. Unfortunately that annoying little button was your chance to get the FREE part of the EIDL.

They will likely process your application and will approve you for a certain loan amount.... (Non-forgivable) You can call the SBA hotline when you have a few spare hour during business hours. Might ask them if you would be allowed to withdraw your application and then reapply. If they say "Yes" then hang-up, call again [sorry] to Confirm what other Rep. told you. 
***Obviously during second round DO select that $1,000 radio-button for your Free Gov Cheese.


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## 191319 (Dec 12, 2019)

oldfart said:


> https://www.sba.gov/funding-program...onomic-injury-disaster-loan-emergency-advance
> This loan is based on *Gross Revenue* The Uber (and Lyft) 1099k and the annual summary give you the number but the SBA didnt ask for that proof (gross revenue is the total amount paid by your passengers) As near as I can tell the loan will be 50% of gross revenue (mine was)
> 
> 
> ...


This morning I had the $1,000, advance I think, in my bank but not the loan amount. Maybe that is deposited separately?


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## Smoochez (Feb 25, 2020)

_Tron_ said:


> That is actually a good question. I think you've hit a gray area. Not in terms of qualifying for the loan, but in terms of your continued eligibility for unemployment. The LOAN part is easy. It is not income. It is a loan to be paid back. So no need to declare it when certifying for unemployment benefits. But the advance.... hmmm. I did not declare mine for state benefits, but, technically it is income, and at least in my Communistic state of California the state seems to want to know about _all_ forms of income. Not sure about your northeastern state. Aren't they pretty lib there as well?
> 
> You could ask you unemployment office, but on the other hand I suspect many are "double-dipping" in that narrow regard and it would take a pretty aggressive State Attorney's office to go after people who did not declare the 1K. On the _other_ hand, all the state has to do if they discover the income is to notify you to pay back the offsetting 1K of unemployment insurance you received. Then it's on you. Of course if you get the 1K you can just declare it and let the chips fall where they may.
> 
> Personally, I won't be worrying about it. :>


I can't remember exactly the wording...but the way the question was asked about other income, it didn't sound like it was referring to UI or PUA benefits. Also, I personally know a lot of people that are getting UI or PUA AND qualified for the advance.


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## _Tron_ (Feb 9, 2020)

Yeah. The wording varies state to state. I think the worse that will happen is that if an aggressive state picks up on the advance (not the loan) they will deduct it from the unemployment award.

EDIT: Sorry. You may be referring to the EIDL app? I think you're right. I've been looking at it from the other end...the state's reaction to the income.


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## 68350 (May 24, 2017)

The wording was, "Other Compensation received as a result of the current disaster". UI/PUA _is other compensation_. You pay taxes on it.

I just went ahead and applied as well. Wasn't planning to, don't need or want the loan, but the free $1000 is hard to ignore. The application this morning had no separate radio button or prompt to separately request the advance. And the big blue check box to indicate you want to apply for the actual loan, is checked by default. You have to uncheck it to not be considered for the loan. I left it checked. I'll take the advance, but if notified that you qualify for a loan also, you can decline the loan. The loan has to be repaid, in case anyone is unsure of that.


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## Tony73 (Oct 12, 2016)

The loan comes with lots of strings attached. Misuse of funds could send you to jail!


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## SHalester (Aug 25, 2019)

68350 said:


> The loan has to be repaid, in case anyone is unsure of that.


but the loan has a great interest rate. I might just take the loan and pay down my credit line, which has a 4.25% rate..... Don't think I'll qualify for anything since I didn't even begin RS until Sept(ish). App was easy, so figured why not. Killed some time.


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## _Tron_ (Feb 9, 2020)

You are aware it must be spent directly on your rideshare biz, correct?


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## SHalester (Aug 25, 2019)

_Tron_ said:


> You are aware it must be spent directly on your rideshare biz, correct?


um, er, ah, I used the credit line to run 'my' business? Will that work? -o: pretty sure I don't meet the minimums, so won't be approved for anything.


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## oldfart (Dec 22, 2017)

Smoochez said:


> I can't remember exactly the wording...but the way the question was asked about other income, it didn't sound like it was referring to UI or PUA benefits. Also, I personally know a lot of people that are getting UI or PUA AND qualified for the advance.


I make a distinction between me and my business. 
PUA is paid to the unemployed me
EIDL is a loan to my business

If the loan application asks for "Other Compensation received as a result of the current disaster" I would answer no, because my business has not received other compensation. The PPP loan is however a business loan meant to be used for payroll. So perhaps it is other compensation that has to be reported on the EIDL application and if you use the PPP loan to pay yourself it may affect your application for PUA


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## MissAnne (Aug 9, 2017)

So in the other compensation, I have a full-time Monday through Friday job do I need to claim that money there?


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