has anyone been audited for eidl loan

Exclusive Interview: SBA Administrator Linda McMahon Says Small Business Options Improving, SBA Celebrates National Women's Small Business Month, SBA Gives Maine Small Businesses $200,000 to Help Improve Exports. Additionally, borrowers may not seek any advances on superior liens on the EIDL loan collateral without the written consent of the SBA. Dear Sir, For small business continuity, adaptation and resiliency. If a direct Federal debt is delinquent, your recommendation must be based on independent documentation from the appropriate Federal agency explaining how the delinquency will be cured. If an S corporation pays out dividends, however, they are not required to pay employment taxes on these, although the law does require that reasonable wages be paid to owners. Things like licenses, insurance, supplies, professional fees - these are all acceptable uses of the EIDL proceeds. Thanks to efforts over the last nine years that have allowed Indiana to fund critical needs while maintaining our state's competitive tax environment, many Hoosier taxpayers have received a one-time $125 taxpayer refund under Indiana's "Use of Excess Reserves" (IC 4-10-22) law. Also,for any allowable purpose of the EIDL loan. It is unnecessary to obtain written consent of SBA for these types of distributions.. Things usually handled with a few emails back and forth or a quick phone call). The loan is intended to help practices survive until they can return to normal operations following a disaster. Small loans most likely won't be targeted for auditing as long as your business has followed all the rules and you document your PPP spending. Note that we are not able to provide private consultations, give advice, or answer questions. S-Corporation owners can still receive a salary, but they cannot take out money in addition to what they receive through payroll until the EIDL is paid back (without written consent from the SBA). Have Completly lost buissness because of the coronavirus. The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. Erica's insights into personal and business finance have been cited in numerous publications, including MSN, View Erica Seppala's professional experience. Start earning rewards with your corporate spending today. You will, however, need to abide by the terms of the grant to avoid being asked to pay it back. Here are some of the conditions of the EIDL loan agreement: Maintain "current and proper" records for the most recent five years until three years after your loan maturity or after the loan has been paid in full, whichever comes first.

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