All Forum Posts by: Mitchell R.
Mitchell R. has started 4 posts and replied 14 times.
Post: SBA Coronavirus EIDL
- Posts 14
- Votes 5
@Ken Jernigan thanks for the reply. The property manager sent me a 1099 misc and could not find a schedule c.
Post: Landlord EIDL application
- Posts 14
- Votes 5
@Andrew Postell I applied on April 3 and have not heard anything. I called the sba and they said I am still in line. I do have a feeling I will be left with just the losses. Three of my properties in this LLC are vacation rentals. The county has shut down access to two of them and they are not allowed to be rented until at least May.
Post: SBA Coronavirus EIDL
- Posts 14
- Votes 5
@Ken Jernigan I applied for both. I have two llcs and one where I pay a property manager. I received a 1099-misc. I was denied a ppp loan because I did not have payroll documents. The application asks to certify if you have payroll 941 forms or 1099-misc. I certified that I had the 1099 and pay someone but still denied. I do not think there will be much relief for landlords.
Post: Landlord EIDL application
- Posts 14
- Votes 5
The eidl loan appears to have a low interest rate. Can I use this loan to apply to my mortgages? Will it be difficult to qualify for a eidl loan that will pay my mortgages in full? It seems the loan is 30 years at maturity with a 3.75% rate. This seems like a good opportunity to recategorize my debt. My K1 shows a loss, will this affect my ability to get a loan?