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Did anyone just receive an email from PayPal about new SBA rules where schedule C filers can get ppp based on gross income line 7 rather then line 31 but that if you’ve already received your loan it can’t be withdrawn? Meaning, you can get a lot more money but only if your loan hasn’t already been funded!?
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I think you can call and speak to someone on the phone. They may be able to tell you something. Did you upload the documents to show you were in business in 2020?
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@RavenManiac I was funded a few days ago. Did you receive your first ppp from PayPal? My loan was very small....under $20k. Maybe that’s why I got funded so quickly. I also got my first round from PayPal.
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You’ll be good. I uploaded a bank statement too. A few hours later I received notification that my application was sent to SBA for approval and yesterday I received an email that it has been approved. PayPal will do final verification and then the money should be deposited into my account. That’s the last step.
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I was asked for additional documents. I uploaded them. A few hours later I received the forms to sign from DocuSign. Received an email shortly after that my application was submitted to SBA for approval. My loan was probably small compared to others so may be why it went so quickly.
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Yes, I agree. It’s so nerve wracking to me. Probably good that you haven’t heard anything it may mean you’ve already uploaded all the correct documents.
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I just received an email from loan builder asking me to upload a bank statement from February 2020 as well as a 1099 from 2019 showing I’m self employed. Makes not a lot of sense since they already have my schedule C from 2019. I don’t get a 1099 because I’m an all cash business. The representative said to upload a statement showing I was self employed. Shouldn’t my 2019 schedule C suffice? She said I could upload a bank statement instead which is odd. I don’t know how a bank statement shows I’m self employed. Did anyone get the same request?
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Same. And I just got a second spoof (phishing) email to another of my email addresses that I did not ever use for anything related to PayPal, SBA or PPP. 😕
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Beware of spoof emails that look like they are from DocuSign. I received an email this morning seemingly from DocuSign for the PPP loan 2021. It looked almost identical to the original from PPP loan 2020. Difference was it was sent to an email address I have never used for anything related to the PPP and also it wasn’t from a person it was from DocuSign AT DocuSign. Pay attention people. Don’t click anything before verifying it is authentic. @Poolman @RavenManiac
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