All Forum Posts by: Vidit Maini

Do we know anything about the forgiveness process and rules for EIDL Loan. What expenses/% of loan can be forgiven. OR is there no forgiveness?

@Huy Thai Thank you so much! It appears I received 2K in my account even though loan was just submitted to underwriting. I am assuming the 2K is just the grant and I dont have to return it. I can still decline the loan once it comes through underwriting, Correct ?

@ Huy Thai Do you have any information on what expenses and timeline is covered for loan forgiveness? Is there any option to accept the loan advance/grant portion and decline the loan ?

Hi All,

Will most likely be approved for 13k EIDL for my residential real estate rental small business 2 member LLC. Does anyone know what expenses are forgivable and in what timeline they need to be incurred? I have been trying to get a hold of SBA customer service but no luck. I have lost rental income since the pandemic started and still have to make mortgage and insurance payments. Any info you have will be greatly appreciated.

I have searched this forum but coudnt find relevant info.

Thanks,

Vidit

Hi experts!

Can anyone guide me on how to get a promissory note made ? I am buying a business where seller is offering some financing. seller has requested for a promissory note for his financing secured by a property.

who should I contact to get this promissory note created ? Does it matter if I have a HELOC on the property against which the promissory will be created ?

Thank you very much,

Vidit

Folks,

What are your thoughts on renting to someone who has a discharged bankruptcy in 2014 ? What other factors/items can I check to reduce risk in such a case ?

Thanks a ton,

Vidit

@Ana Garcia , Also, I also have a separate w2 from my day job

Thank you, All!

@Ana Garcia,

Its a retail business and I will be the sole owner. However, I wish to keep the business separate both from my personal assets as well as for taxation purposes. I also wish to keep business and personal tax impact to a minimum. I am thinking maybe I take a salary from business as most of the profits will be used to expand the business (or add more locations).

Since this is 'like a franchisee' business , I don't own any property or equipment for the business. I have a leased placed where I see my retail product.

All your inputs are welcome

Thanks,

Vidit

Hey Experts,

I am starting a new business in Washington. I am wondering what type of company formation (LLC vs S corp vs. C corp) should I go for ?

My goals are to have limited liability and avoid double taxation as I also earn salary on a w2.

All suggestions and info on pros/cons are welcome and I am happy to answer any questions you may have.

Thanks,

Vidit