Anyone file for a loan through the PPP (Paycheck Protection Program) Yet?

[andrew547]

Has anyone applied? How did it go? Would love to hear from anyone about their experience now or in the coming weeks.

As I understand, all self-employed people with revenue are eligible, and you don't have to have employees. I'm not sure about the differences between businesses with employees vs sole proprietorships with none, with respect to loan forgiveness.

I would have applied on day one but I don't have my 2019 taxes done yet. Working on that now.

[myboardid]

The PPP loan is no longer available.  It was only forgiven if you used it to pay commercial rent or payroll for employees.  DH applied for the unemployment one in the latest Care law via the SBA and received a check in 2 days.  On the other hand, we have yet to see the $1200 each promised to everyone in the beginning.  If you get any of these, remember that they are taxable income. 

[bar-29368]

The $1200 (etc) stimulus payment isn't taxable. It's an "advance" of a 2020 tax credit.

[myboardid]

That's good to know, but it means it is just an interest-free loan.  I don't lie those because in the end you are still in the same place you started. 

[doubledz-a2z]

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@mickroid wrote:

I applied filled out all the application sent picture of my drivers license and copy of my money records bank paypal etc? took one day and came back said I was denied? Don't know if was because of my credit score which is in the good range or if im the only employee. That was last week.

Moving  forward to today and tried again and filled out my basic info to see if I qualify and quickly said I was not eligible. don't know

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I checked the eligibility a few weeks back and the deal breaker for most of us is that if you have the ability to work from home or online you are not eligible.   

[ryansmemorabilia]

Can I ask what someone who sells stuff on ebay would even need a loan for?  You don't pay rent for a brick and mortar, 99% of sellers don't even make enough to qualify for a 1099 and as it is a "loan" you'll now be taking on debt you have to pay back. 

Is this so you can pay for mortgage, food, apartment rent, car payments etc?  Because otherwise I cannot fathom taking out a loan for ebay, I don't see the point.  I'd be buying new things, then re-selling them at profit.  Just like I've always done.  Except this time I'd have to pay back a bank.

Any insight is helpful.

[ryansmemorabilia]

I share the same sentiment, I'm suspecting maybe the OP has other financial troubles at the moment and this could be a "loophole" for a loan that they otherwise could not get.  I'm just speculating until they answer, though.

[ryansmemorabilia]

I'd also point out that the OP only has 164 items available through 4-5 listings.  Even at $100 a cockroach (which, by the way is against eBay's policies.....which leads me to assume that's why you use so many private listings) he'd only be making $16,400 if he sold ALL of them this year before fees and shipping.  Most of the cockroaches on his listing are a few dollars at most.  If I'm being generous and giving the benefit of the doubt that he is able to sell 164 cockroaches at $100 each 3 times a year before fees that is still not enough for most people to live on in the average city.  This doesn't seem like a full time business or "job," and it would be considered a side-gig in the eyes of the IRS unless he's taking in $20,000 of untaxed sales, then he'd receive a 1099 and could apply for OTHER tax breaks and benefits during filing.

What is the purpose of the loan?  What are you claiming you have lost since Coronavirus started?  It would be hard to prove since eBay sales have on average skyrocketed during this time, especially for sports memorabilia and novelty items.

[ryansmemorabilia]

If you were basing your answers solely off of your ebay "employment," I'd question how you filled that form out, nothing in those lines applies to someone who sells from an online eBay account.  

Even the guy above you who says he DOES pay taxes because he makes $27k in total sales, is the only employee and didn't mention selling his items out of a store or office that people can already walk into to conduct that very business he's conducting by himself online.

Does anyone here know what "PPP" stands for?  This isn't meant for people to just get some random interest free loan so they can go buy a new car, it's to ensure that your business rental/lease/mortgage isn't terminated or foreclosed upon because of the virus, and you can continue to pay your staff (or yourself) while offsetting monthly costs.  If you have no monthly costs except ebay/paypal fees, shipping and stock, then that is not what this program was intended to cover.

After reading this thread carefully, and the fact that the OP is already doing something with his store that is against ebay policies, I'm chalking this up to a whole lot of people who are getting desperate or opportunistic for whatever reason and willing to commit fraud in order to get ahead or survive.  I denounce this, and I actually hope the government doesn't give out loans to anyone on ebay.  If you didn't need a loan to start your store, you don't need a loan to keep it. eBay will charge you nothing if you post nothing and sell nothing, and that's the bottom line.  None of us will "lose our ebay job" if the government doesn't hand us loans. 

Good luck, but it's 100% dishonorable.