Go back to the line before. If you’re filing under your social security number, as most of us in the gig economy are doing, your business legal name is YOUR name.
So guess what happens if you put “Doordash” down as the business name and the SBA sees your bank account isn’t under Doordash?
Pay attention to what you’re filling in here. Make sure you’re putting the right kind of bank information in, which won’t be an issue if you did your prep correctly.
Entering your monthly income totals
Complete the monthly gross receipts for each year listed on the form. Gross receipts include all revenue in whatever form received or accrued, from whatever source. If there was a period with no sales, please enter 0.
It’s interesting. The act states that economic loss is for any earnings after , however they ask you for earnings back to January on this form.
Note that there’s a space for . You’ll need to fill that in as well. If you fill this out in March, it’s possible you’ll need to enter information for February, and so on.
Remember that if you have multiple schedule C’s, you’ll need to make sure you have added up your gross reenue for all of them.
Pay attention to what you’re agreeing to here. You’re stating you realize that you’re submitting this under penalty of perjury.
Warning: Any false statement or misrepresentation to SBA may result in criminal, civil or administrative sanctions including, but not limited to: 1) fines and imprisonment, or both, under 15 U.S.C. 645, 18 U.S.C. 1001, 18 U.S.C. 1014, 18 U.S.C. 1040, 18 U.S.C. 3571, and any other applicable laws; 2) treble damages and civil penalties under the False Claims Act, 31 U.S.C. 3729; 3) double damages and civil penalties under the Program Fraud Civil Remedies Act, 31 U.S.C. 3802; and 4) suspension and/or disbarment from all Federal procurement and non-procurement transactions. Statutory fines ended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
I hereby certify UNDER PENALTY OF PERJURY UNDER THE LAWS OF THE UNITED STATES that the above is true and correct.
Do not be sloppy about this. Don’t guess. Don’t go off the cuff. Have your numbers together. This is a business application with a government agency. Treat it that way.
And don’t be tempted to fudge the numbers to make it so you qualify. That’s when you’re really getting in trouble.
What happens after you are done?
If your application meets threshold eligibility requirements for the Targeted EIDL Advance, you will receive an email requesting that you log in to the customer account portal to complete and sign a Request for Transcript of Tax Return (IRS Form 4506-T) for your business or organization. You must complete this task in order for your application to be considered. Submitting this form does not guarantee that your application will be approved.
I don’t know if they’ll drill down further into week by week numbers. If you have two consecutive months in 2020 (or 2021) that added up to more than a 30% loss of revenue when compared to same two months the year before, then it’s safe to say you met the 8 week criteria.
The language in their closing paragraph indicates tehre will be a follow up if you appear to qualify. Part of that will be to let them pull up your tax records.
The thing is, tax records don’t give any month to month information. The only thing they can do with that is compare them to your total earnings.
SBA’s goal is to process all requests within 21 days of receiving a completed application. All application decisions will be communicated via email. Due to limited available funds for the Targeted EIDL Advance program, SBA will not be able to reconsider applications through an appeal process, so please make sure that your information is correct when submitting your application.
To be fair, the part of the email that tells about qualifications says you will need this. It says you must have:
The SBA Email:
What do you do if you have more than one business on some of these questions? Which business are we talking about?
Even though states have legalized it, the Federal government hasn’t yet. Businesses engaged in the sale of marijuana are not eligible. This is an important distinction.
21. Is Applicant engaged in real estate development or investment (other click here to investigate than rental properties)?
Bank name should be the official name of the bank; please contact your bank if you are unsure. Ensure that you provided a checking account to facilitate the ACH payment.
The bank account you provide must satisfy the following: (1) Account opened using your business legal name; (2) Account has your business address and phone number; (3) Account opened using your business tax identification number (EIN, or SSN if no EIN registered).