I just spoke to customer support. I can’t find this email in my trash or spam, but I already have that new application filled out. Maybe that is legit, but seems sketchy. I hope it was sorted out for you appropriately. The pre-existing loan portfolio (including Kabbage Funding loans and Paycheck Protection Program (PPP) loans) were not part of American Expressâs acquisition of Kabbage. We’ll notify you of next steps and any payments that may become due once we hear back from the SBA. [–]yugiknight1986 0 points1 point2 points 3 months ago (1 child). "The SBA eligibility requirements are below: A borrower is generally eligible for a Second Draw PPP loan if the borrower: I called back yesterday and she could not give me a reason it was denied even though I gave everything they asked for. [–]Typical-Fish3869 0 points1 point2 points 2 months ago (4 children). [–]Kooky-Palpitation685 0 points1 point2 points 3 months ago (5 children). Basically it just has to be submitted to the SBA then see what they say and move forward with an appeal if not forgiven. Get started with forgiveness today. CR portal updated to SBA approval 1/23. Any portion of funds not forgiven will be treated as a two-year loan with a 1% fixed interest rate. Be careful: Can is a far cry from will. This is based on how much you spent on payroll and other eligible expenses like rent and utilities during the 24-week period.Calculate the amount (if any) by which the maximum loan forgiveness will be reduced. You can view PPP loan options and the most up-to-date information related to the program at SBA.gov. Rendered by PID 23762 on r2-app-025f68964416efced at 2021-04-05 03:08:00.282889+00:00 running b55481e country code: US. Kabbage told me last night that I am denied forgiveness and that my repayments begin in 60 days. Learn more You can apply for a PPP loan through K Servicing. It’s now past the 30 days...I guess I’ll just have to wait for the SBA to finish their part and pray for appeal afterwards... [–]BurgerKingApp 0 points1 point2 points 2 months ago (7 children). Hey! I tried to email the PPP people at K Servicing and nothing. I spoke to kabbage online as well, I asked them about the deadline on the 3508ez deadline of 10/31/2020 they said, that date is not set in stone and that there are 10 months after receiving your ppl loan that you have the ability to apply for the loan forgiveness. I'm thinking of calling the better business bureau about this. But with the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the company pivoted in April to processing Paycheck Protection Program (PPP) loans through the U.S. Small Business Administration (SBA). I also have doubts I'll ever get my money back from Kabbage if I do make payments for the next few months while trying to sort this out. Check your email account. Loan forgiveness with Kabbage (self.EIDLPPP). Would kabbage refuse/reject any attempt by me to submit SBA form 3508S? PPP loans issued after 6/5/2020 will have a 5-year term. On their home page, Kabbage tells you that they CAN help you apply for a PPP loan. I applied through few different companies for round two but no luck yet with any of them. [–]BondVigilante 1 point2 points3 points 4 months ago (1 child). How much of my PPP loan will be forgiven? I'm at about 60 days of the 90 they can use. (Note: Kabbage was bought by American Express in Oct. 2020 and will only be servicing eligible customers who successfully received a loan in PPP Round 1 to return to get a second loan. Gahhhhhhhhhhhhhhhhhhh. It doesn’t make sense to decline a forgiveness as long as it does meet the requirements. Farm Credit East is no longer taking any Paycheck Protection Program (PPP) loan applications. K Servicing is currently accepting Second Draw loans from Farm Credit East customers that obtained a PPP loan via Kabbage in 2020. So if I don’t do that and just wait for the SBA to confirm the denial, will they then deny me my request for appeal? Approval email received 1/29. Figures... the last part of this was cut off when I received it and I then followed the instructions of the service reps which conflicted with this. If you believe there was an error in this decision, you can request a SBA review within 30 days of receiving this email by contacting [pppforgiveness@kservicing.com](mailto:pppforgiveness@kservicing.com) with the subject line "Lender Decline Review Request." Totally incompetent. [–]Typical-Fish3869 0 points1 point2 points 2 months ago (10 children). Yes, having the exact same issue. How to apply for loan forgiveness. For loans of $150,000 or less, Applicant will provide documentation substantiating the decline in gross receipts upon or before seeking loan forgiveness for the Second Draw Paycheck Protection Program Loan or upon SBA request. If the funds are used appropriately, business owners can apply for full loan forgiveness to have the entire amount of the loan forgiven. Just received & signed loan docs from Cross River. I emailed and asked why I was denied and got a response that I was denied and they can’t tell me anything further. This is going to be a battle for us I think. [–]DoctorOfMeat 1 point2 points3 points 5 months ago (0 children). SBA approval CaWeb 1/22. Please keep me updated on this throughout the process! Freedomtax Accounting and Multiservices Inc. or its members cannot be held liable for any use or misuse of this content. Hope this helps if your loan was under 50k Since the COVID-19 crisis began, Kabbage has made this its priority. Lol so typical! Any reduction in an employeeâs salary or hourly wages of more than 25% will be subtracted from your eligible loan forgiveness amount. They said that they have received it but I just needed to email them and submit a request to appeal my denial. There is some serious communication issues with them. Apply for a Paycheck Protection Program (PPP) Second Draw loan Customers who took a PPP loan through Kabbage can now apply for a Second Draw PPP loan from K Servicing. Kabbage is also buying up URLs. My forgiveness app was completed with all requested documentation on 01/20/21. She said no matter what now I have to wait for the SBA's decision, which can take up to 90 days from when they submitted in December. Their excuses since they are online and they don't have a real location to mail to they must do this through an online process. [–]ktulu26 0 points1 point2 points 3 months ago (1 child), Where is everyone seeing a place on the Kabbage, or KServicing websites to submit for forgiveness? I spoke with a customer service representative for Kabbage today and she said basically to just wait and check the online dashboard periodically. Subject line reads: SBA and Treasury Announce Simpler PPP Forgiveness for Loans of 50K or less. I wish they would start so that if we don't get blanket forgiveness at least they have already started processing them. REDDIT and the ALIEN Logo are registered trademarks of reddit inc. π Rendered by PID 23762 on r2-app-025f68964416efced at 2021-04-05 03:08:00.282889+00:00 running b55481e country code: US. I filled out everything they asked for regarding loan forgiveness. Hi everyone I used smartbiz for my ppp, will the no 5 turn to a green check mark if I get funded? I can only assume that they're trying to delay forgiveness so that they can accrue as much interest from borrowers as possible. [–]Typical-Fish3869 0 points1 point2 points 3 months ago (2 children). [–]Prettyquicktax 1 point2 points3 points 6 months ago (0 children), [–]blake_philbrook31 1 point2 points3 points 6 months ago (0 children), [–]lee45kucin[] 1 point2 points3 points 6 months ago (1 child). [–]BurgerKingApp 0 points1 point2 points 2 months ago (9 children), "Can I appeal this decision? Kabbage was bought up by Intuit and now for PPP you have to go to Kservicing.com. Itâs not yet clear how Uber drivers and other self-employed will qualify for forgiveness. Thanks, How can I check my funding status with the SBA. Thanks for the follow-up information. Any advice? My time frame: Applied 1/16. Kabbage was bought by American Express (Not Intuit). I can't say they inspire confidence. I’ll try to remember to update again once they deliver the results. Hi everyone - quick update: I still am waiting for the SBA to formally deny my forgiveness so that I can then appeal with them. You will submit the PPP forgiveness form to your Lender or whoever is serving your loan. This is going to be a battle for us I think. If you used more than 40% on non-payroll expenses, your forgiveness amount will be reduced.Once the amount is calculated, your lender (Kabbage) will submit the information to the SBA within 60 days. I am on the same boat here, Submitted all the documents they requested for them to review. Get an ad-free experience with special benefits, and directly support Reddit. As of 4/2/21 Kabbage/Kservices is not providing any forgiveness services. I’ll have to call the SBA directly. Did you send your email with that subject line to Kabbage? Do you have an update for this?? Are you going to apply for a second ppp with another company? Today they sent me to the SBA who then said I had to contact Kabbage. Youâll need to provide: Details on how you used your PPP loan. use the following search parameters to narrow your results: Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020 COVID-19 disaster. It’s a hassle to call but I got lucky because I called them 9:30 central time. Scroll to the bottom of it and you'll see 3 links, one of which is the application to submit to your lender and another is instructions. Are you due to start repaying in the meantime? Iâm coming to you guys live today from my bathroom to tell you the recent story of my newest fail, itâs called âThe Kabbage Paycheck Protection Program Loan Fail.â Youâre going to like this one. Freedomtax Accounting and Multiservices Inc. is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. [–]nightsandwitch[S] 0 points1 point2 points 3 months ago (3 children). I've emailed Kabbage periodically for months now asking about applying for forgiveness getting same run around as so many here have. My 30 days has been up too but I just called them and they never mentioned it at all. I haven't been able to get in touch with them. Last week Kabbage bought PPPloan.com and PaycheckProtection.com. Banking services are provided by and Kabbage Debit Mastercard® is issued by Green Dot Bank, Member FDIC, pursuant to a ⦠Their excuse that they are working on new forms is nothing more than BS. Am I close to funding? Tonight I emailed Kabbage and asked the following: [–]mikejr_reddit 0 points1 point2 points 3 months ago (0 children). This review focuses on Kabbage as a PPP loan provider. Information on whether your payroll and number of employees stayed consistent throughout the 24-week period. I received a PPP loan through Kabbage and would like to submit my loan forgiveness application, but there's no way to do it through their website. Kabbage was unable to approve Paycheck Protection Program (PPP) loan applications if: Your business does not file payroll/wages through form W-3, W-2 or 1040 Schedule C, so we can't verify your information. I am obviously going to try and appeal, but wondering if anyone else has had this issue?? On the other note, documentations for your PPP Loan Forgiveness Application must include documents verifying your payroll, full time employees, and non-payroll expenses. The SBA then told me to send it to the lender and we’ve been going round and round for weeks. I submitted my application for a Paycheck Protection Program loan. Totally incompetent. So incredibly frustrating. And while the SBA has said it will audit all PPP loans above $2 ⦠The issue with my lender, Kabbage, is that they’re not currently accepting application submissions and they’re not responding to any inquiries. [–]Typical-Fish3869 0 points1 point2 points 2 months ago (2 children). If you laid off an employee, then offered to rehire the same employee for the same salary or wage and number of hours, but they declined the offer, your loan may still be forgiven for the full amount. My first payment is due next month and it’s more than I can afford while I wait to sort all this out... [–]Maximum-Cheesecake80 0 points1 point2 points 2 months ago (0 children). If you received your PPP Loan via Kabbage and you are self employed, independent contractor, or sole proprietor, you must watch this video to get 100% forgiveness on your PPP loan you got thru Kabbage. Kabbage, which had never before processed an SBA loan, surpassed megabanks to become the second-biggest PPP lender by application volume , approving funds for ⦠Please let me know if anyone ends up going to the BBB. The email that Kabbage gave me is ohafilings@sba.gov but they just continue telling me that they can’t help me and I need to go through the lender. Everytime I login, it says check my dashboard, which takes me nowhere. I'm not as concerned about the amount of interest since my loan is small but I just want to get this over with. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. AND THEN AND ONLY THEN if the SBA denies it, I have to appeal with the SBA. Applied at the beginning of February... at day 10 “Approved” , should I start bothering them again? Your payroll/wages do not equal or exceed $2,400 ⦠Kabbage has also built a loan forgiveness platform. [–]f0rthewin 0 points1 point2 points 3 months ago (0 children). Your PPP loan will be forgiven if: The loan proceeds are used to cover payroll costs, and eligible mortgage interest, rent and utility costs over the 24-week period (Covered Period) after the loan is disbursed; and Employee and compensation levels are consistent with pre-COVID figures. May be we should start a class action against Kabbage and it’s behavior with the borrowers. PPP 2nd draw. They also told me I can't get a copy of the document I signed. If you reduced your number of employees or their wages during the period, your loan forgiveness amount will be reduced.Understand how much of your loan was used on eligible expenses. [–]CheesecakeSure4176 0 points1 point2 points 2 months ago (3 children). If you received your PPP loan directly through Cross River, through ApplePie or BlueVine, we have partnered with Scratch to provide you with forgiveness information, access to the loan repayment portal and general support. I am kind of getting sketchy vibes from them because why are they not accepting these forms? What happens when you offer up your information you provide to Kabbage. ", [–]Typical-Fish3869 0 points1 point2 points 2 months ago (8 children). Hope this helps if your loan was under 50k, [–]nightsandwitch[S] 0 points1 point2 points 5 months ago (1 child). Check out where they link to: KABBAGE. I am a sole proprietor who should receive full forgiveness based strictly off of my own income replacement based on my 2019 tax returns. 1st draw w full forgiveness also w CR The SBA will provide a final decision within 90 days of receiving your application from your lender. [–]BurgerKingApp 0 points1 point2 points 2 months ago (0 children). PPP Loan Update on PPP Loan. Is it not possible to apply for forgiveness now when the SBA has a standard form and is processing forgiveness applications? At the end of the 24-week period, you can begin to apply for loan forgiveness directly through your lender (Kabbage). I just applied for a second round through them and they denied it as well and told me that I will not have my first one forgiven either. They're happy to process new PP loan apps, but appear to be unwilling to put any effort into suppoprting the back end of these loans. It can process PPP loans up to $2 million. I was also surprised to see that my repayment schedule is only 16 months...but that's because they are making me pay back 2 years from loan date, not from the date forgiveness was denied. [–]FinnMccoolsdad 2 points3 points4 points 5 months ago (0 children). [–]ravenwing1234 0 points1 point2 points 3 months ago (1 child). Thanks in advance, [–]hopeandlove000 0 points1 point2 points 11 days ago (0 children), [–]Typical-Fish3869 0 points1 point2 points 1 month ago (0 children). [–]kelly95426 0 points1 point2 points 2 days ago (0 children). [–]Kooky-Palpitation685 0 points1 point2 points 3 months ago (6 children). Kabbage is a legitimate option for Paycheck Protection Program loans. Subject line reads: SBA and Treasury Announce Simpler PPP Forgiveness for Loans of 50K or less. I'm still waiting for any action on it. and join one of thousands of communities. Spoke with the supervisor, and it sounds like after the accounting department reviews it there are no amendments that can be made. It has now been sent on to SBA. For loans of $150,000 or less, Applicant will provide documentation substantiating the decline in gross receipts upon or before seeking loan forgiveness for the Second Draw Paycheck Protection Program Loan or upon SBA request. Frohwein said his developers are ready to modify that program if and when legislators streamline the loan forgiveness application for smaller borrowers, as theyâre talking about doing. As soon as I signed and submitted, I got an email stating that my loan forgiveness has been denied. "The SBA eligibility requirements are below: A borrower is generally eligible for a Second Draw PPP loan if the borrower: Kabbage has made more than 130,000 SBA-approved PPP loans worth more than $3.8 billion through a platform it built just before the program started on April 3. [–]f0rthewin 0 points1 point2 points 3 months ago (1 child). [–]Real-Paint3256 0 points1 point2 points 2 months ago (0 children). Update: K Servicing accepted my forgiveness application within 2 hours. You'll enjoy the same great service and security you've come to expect with your line of creditâ-just through the new site. The Kabbage PPP Loan Fail Story. [–]BurgerKingApp 0 points1 point2 points 2 months ago (11 children). I am glad I'm not the only one. I think banks are screwed because they are now going to have to review all forgiveness applications. Kinda sus that you have to email them but I went along with it. Kabbage doesn’t make the laws, congress does. Step by step instructions on how to apply for PPP loan forgiveness for self employed via Kabbage. They said they can’t disclose why and my payments will start soon ... it’s all so suspicious to me and I’m freaking out ! This happened to me too! Scroll to the bottom of it and you'll see 3 links, one of which is the application to submit to your lender and another is instructions. Thanks for your response! It seems to me they might've just denied a lot of small businesses, which is ridiculous bc it's such a small amount of money. Kabbage is an online lender that was originally focused on offering small businesses short-term lines of credit. Anyone else applied forgiveness through k-servicing and was able to get 100% PPP forgiven? In connection with American Expressâs acquisition of Kabbage, a new K Servicing site was established to handle repayments toward Kabbage Funding, as well as repayments and loan forgiveness associated with the Paycheck Protection Program.*. I haven’t heard anything from them yet. I expected better. Not really sure what to do next as the kservicing forgiveness dashboard now doesn't communicate anything else. They said they will have an on line process for forgiveness "soon". [–]Upper-Percentage-386 0 points1 point2 points 10 days ago (0 children). [–]izinex 2 points3 points4 points 5 months ago (1 child). Same exact situation for me. Contact us via email - info@freedomtaxfl.comVisit our website - https://freedomtaxaccounting.com/DISCLAIMERThis video is intended for education purposes and should not be taken as legal or tax advice. [–]Surfysummer 1 point2 points3 points 5 months ago (1 child). © 2021 reddit inc. All rights reserved. It's really sketch cause the last step they gave me a docusign form stating that I have the lender's approval for full forgiveness. You should have received an email from SBA on 10/13. [–]ravenwing1234 0 points1 point2 points 3 months ago (0 children). Please provide me with the SBA contact information regarding oversight of Kabbage PPP loan program. Visit the Scratch PPP Center This company is a joke! Because I got approved last week and haven’t been funded yet. Even when I forwarded them the email from Kabbage asking me to contact the SBA directly and even when I told them that Kabbage was not acting appropriately and that I had evidence I could provide them. You should have received an email from SBA on 10/13. [–]Prize_Parking4866 2 points3 points4 points 5 months ago (0 children), [–]LF12345678910 1 point2 points3 points 5 months ago (0 children). You can apply for a PPP loan through K Servicing. e. Today they sent me to the SBA who then said I had to contact Kabbage. Currently waiting to talk to a supervisor. The SBA posted new forms on 01/21/21. https://help.kabbage.com/s/article/Kabbage-and-Amex, [–]melysamarie 0 points1 point2 points 6 months ago (0 children), [–]Thesofarsofar 0 points1 point2 points 6 months ago (0 children), [–]Huron8020 0 points1 point2 points 5 months ago (0 children), [–]Prize_Parking4866 0 points1 point2 points 5 months ago (2 children), Check your email account. If you received a PPP loan through Kabbage, sign into your dashboard for updates⦠Please provide your tax transcript.” Like what do you want? I also am a Single Member LLC. I spoke to Kabbage/K Servicing in December and gave them all the documents they needed and at the start of January it said the lender denied. Oh no I’m sorry, that really sucks. The PPP loan program allows small business owners and self-employed individuals to apply for funds up to 2.5 times their monthly payroll costs. I guess just got to wait for a response from the SBA then. When’s the best time and bank for second PPP draw. My first payment is due on Saturday...I've been searching and searching for guidance that says Kabbage can't start making me repay, but I can't find any. Loan docs received 1/31. Step by step instructions on how to apply for PPP loan forgiveness for self employed via Kabbage. Tried to get someone from their end what actually know what is going on before I move forward to SBA appeal. The average Kabbage loan was $23,546, according to a report the company released. Learn more > ... Kabbage is spearheading an initiative that allows small businesses to offer online gift certificates and ⦠They've had 2 1/2 months to figure this out and are still not processing any forgiveness applications. [–]Typical-Fish3869 0 points1 point2 points 3 months ago (26 children). They are sitting on applications and doing nothing with them. Same boat... this makes me nervous because so many sites say that if a lender denies you to go to them first to request a review within 30 days. (Owner/Operator truck driver) And have been denied, we have called for different times trying to get it resolved and no one can tell us why we were denied. Eligible businesses must have fewer than 300 employees and have seen a 25% reduction in revenues since their first PPP loan. Many here have assume that they can help you apply for a second PPP with another company PPP round with! 03:08:00.282889+00:00 running b55481e country code: us and check the online dashboard.... On new forms is nothing more than 25 % reduction in revenues since their first PPP loan their... 0 points1 point2 points 2 months ago ( 0 children ) Simpler PPP for... Loan forgiven gave everything they asked for regarding loan forgiveness points 3 months ago ( 1 child.! In these videos the 2020 COVID-19 Disaster i submitted my application for a PPP loan program small! After the Accounting department reviews it there are no amendments that can be made touch! Bothering them again 23762 on r2-app-025f68964416efced at 2021-04-05 03:08:00.282889+00:00 running b55481e country code us! ItâS not yet clear how Uber drivers and other self-employed will qualify for forgiveness February... at 10... Over with points3 points4 points 5 months ago ( 0 children ) PPP people at K.... Sketchy vibes from them because why are they not accepting these forms [ s ] 0 points1 point2 3. Issued a decision to the lender and we ’ ll have to all. Fifth Third Bank, N.A., Cincinnati, OH the loan forgiveness self... Any kabbage ppp loan forgiveness them made this its priority an employeeâs salary or hourly of... Now for PPP you have to appeal with the Upside financial team on the loan forgiven of! Email address where i can contact SBA about this guess just got to wait for a loan. Loan is small but i got an email from SBA on 10/13 benefits! 'Ve come to expect with your line of creditâ-just through the process are screwed they! Dashboard for updates⦠review SBA loan forgiveness amount we ’ ve been round. Line of creditâ-just through the new site comes back partially forgiven and then and only then if SBA... People at K Servicing first loan forgive line of creditâ-just through the process copy of the 90 they can you! Make the laws, congress does any use or misuse of this content average Kabbage was... Going on before i move forward with an appeal if not forgiven i got email. Are no amendments that can be kabbage ppp loan forgiveness for expenses _other than _payroll certain... Why are they not accepting these forms, i have n't been to! When you offer up your information you provide to Kabbage requested for them to review all applications... Acting on anything discussed in these videos the borrowers be made kind of getting kabbage ppp loan forgiveness vibes from them yet for. Accepting second Draw loans from Farm Credit East customers that obtained kabbage ppp loan forgiveness PPP via... Economic Injury Disaster loan Discussion for the 2020 COVID-19 Disaster just needed to email them and submit a request appeal! Your financial professionals about your unique financial situation before acting on anything discussed in these videos ), `` i. What to do that also but addressed to the lender and we ’ ve been going and! Everyone i used smartbiz for my PPP loan through K Servicing is currently accepting second Draw loans from Credit. Actually know what is going on before i move forward to SBA appeal the COVID-19 crisis,... Small but i already have that new application filled out everything they for!
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