If you have any questions about the EIDL Loan, if you want to apply for an EIDL loan if you want to apply for the PPP, if you have questions on how to use your PPP funds if you have questions on how to use your EIDL loan funds then we are providing consultations this is our contact information okay. And then remember that we are also part of Freedom Group where we are a group of four companies that not only provide tax accounting we also provide immigration services, real estate financial planning, and insurance okay, so we can help you out in many ways.
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And you also need to know the amount of EIDL loan that you have already received either in 2020 or in 2021 okay
And remember that we are part of Freedom Group, we are a group of four companies where we do tax accounting.
- Freedom Immigration
- Freedom Insurance Financial
- FreedomTax Accounting
- Freedom Realty Source
So, that way we guide you step by step on how to write the email to request the EIDL loan increase okay
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Now if you don’t know how to request the increase, we have done a video in the past that I am going to put a link to that video on the description of this video.
If your business is an s-corp and you file the 1120s, you need to look at your 2019 1120s and line a gross receipt right here, line 2 cost of goods sold right here right. And if your business is a partnership that files form 1065, look at your 2019 1065. And once again look at line 1A gross receipts and line 2 cost of goods sold. So, that’s where you get the numbers from okay. So, this is the formula that we think the SBA is going to use is going to be you take your 2019 gross receipts, you subtract your 2019 cost of goods sold, you divide by 12, you multiply by 24 and you subtract the amount of Idle that you have already received all right; Idle loan note Idle grant. And that number should be the amount of increase you’re going to get up to $500,000. Okay once you take your 2019 gross receipts you subtract your 2019 cost of goods sold, you divide by 12, you multiply by 24 and you subtract the EIDL loan amount that you already got okay. And then that number up to $500,000 we think that’s the amount of increase that you can request; the max that you can request from the SBA okay. Let’s look at an example: let’s say that we have a case where the gross receipts are two hundred thousand dollars, your costs of goods sold are $50,000, this business received an EID alone in the past of $75,000 okay. So, once again we take the gross receipts 2019 200,000 minus the cost of goods sold, that’s 150,000 we take that and we divide by 12 that gives us 12,500, we take the 12,500 multiplied by 24 and then $300,000 okay, and then the $300,000 we subtract the $75,000 of EIDL loan that we already got in the past and then 225,000 should be the amount of increase I can get. Now, remember that this is up to 500,000 and if this number is higher than $500,000, the max you can request is $500,000 okay.