Again, this question is about your business

Again, this question is about your business

Again, this question is about your business

Because you personally invested in an REIT does not mean that your business is engaged in this. The determining factor is, are any of the income and expenses on your Schedule C related to this type of business.

24. How many employees does Applicant have as of the date of this Targeted EIDL Advance application?

I wrote about this related to the original EIDL application process. At the time I wrote that as self employed individuals or sole proprietors, we have no employees. I also linked to this article from Gusto that said “If youre a sole proprietor and dont have any employees, put zero.”

If you said 1 the first time you applied, and you received the advance, it’s obvious that listing 1 was not a problem. If you remember for sure what you put down the first time around, I don’t imagine it would be bad to stay consistent with what you put on your original application.

Verifying information from your original application

It’s pretty straight forward. All of this is information from your previous application. If you were funded, there’s less likely to be any issues. However, pay attention to their instructions.

Once again, the print is small. I won’t walk through all the fields because it’s information you previously provided. I am going to break up the introduction paragraph into bite sized chunks because it’s important stuff.

Confirm information is still accurate.

The information below was submitted with your previous application. Please confirm that it is still accurate for your business or organization. Revise any information that has changed.

For most of us things probably haven’t changed much since applying. However, if you’ve had an address change or payday loans in AR other contact information has changed, be sure to update that here.

If you do have a different address, make sure you match up with what you will put on your income tax return. The only time you would have a different address that I can think of than your personal address is if you actually rent out an office to operate your business out of.

Do not make up an address just to try to qualify for the low income area qualification. A change of address from a non qualifying address to one that does qualify could easily raise a red flag. If you did make a move, prepare to have documentation that proves your new address.

Get the right business name.

Ensure that the legal name of your business is entered correctly and that it matches your 2019 tax return; this would be the business owner’s name in some cases, such as a Sole Proprietorship or Independent Contractor, where a separate business tax return is not filled.

Just the fact that they have to spell this out tells me this tripped a lot of people up on the original application.

I kind of ranted on this when I posted a guide for applying. I did all the “online shouting” posting in Red and using all caps.

My commentary, in all its italicized capitalized boldened glory, on what to put down for Business Name on the EIDL Application.

So I find it interesting and a bit humorous that they felt the need to go into detail on this this time around. That makes me think a lot of people put the wrong thing down here under business name.

Get the right bank information down.

Does this sound like beating a dead horse? Given the amount of space the SBA dedicated to this topic in their invitation email, they’re consistent by addressing it again.

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