The average Kabbage loan was $23,546, according to a report the company released. My forgiveness app was completed with all requested documentation on 01/20/21. You will submit the PPP forgiveness form to your Lender or whoever is serving your loan. There is some serious communication issues with them. Thanks in advance, [–]hopeandlove000 0 points1 point2 points 11 days ago (0 children), [–]Typical-Fish3869 0 points1 point2 points 1 month ago (0 children). Applied at the beginning of February... at day 10 “Approved” , should I start bothering them again? Please keep me updated on this throughout the process! Thanks, How can I check my funding status with the SBA. I’m sure we will get what we’re due at some point but we might have to make a scene about it. 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. 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. 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. 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. 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. This is going to be a battle for us I think. 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. [–]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). Kabbage was bought up by Intuit and now for PPP you have to go to Kservicing.com. I am on the same boat here, Submitted all the documents they requested for them to review. Sigh. If you received a PPP loan through Kabbage, sign into your dashboard for updates… Not really sure what to do next as the kservicing forgiveness dashboard now doesn't communicate anything else. When’s the best time and bank for second PPP draw. These funds cover payroll and other approved business expenses. Last week Kabbage bought PPPloan.com and PaycheckProtection.com. 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. e. Today they sent me to the SBA who then said I had to contact Kabbage. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. Beginning April 6, 2021, the U.S. Small Business Administration (SBA) is expanding its Economic Injury and Disaster Loan (EIDL) program, the organization announced in a press release. [–]CheesecakeSure4176 0 points1 point2 points 2 months ago (3 children). 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. It’s a hassle to call but I got lucky because I called them 9:30 central time. SBA approval CaWeb 1/22. ABOUTHow to apply for PPP loan forgiveness via Kabbage if your self employed, independent contractor, or sole proprietor?At the end of the 24-week period, you can begin to apply for loan forgiveness directly through your lender (Kabbage). I had to resubmit my 2019 Tax Transcript along with the most recent utility bill. 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. [–]f0rthewin 0 points1 point2 points 3 months ago (1 child). You can view PPP loan options and the most up-to-date information related to the program at SBA.gov. I'm at about 60 days of the 90 they can use. Are you due to start repaying in the meantime? If the funds are used appropriately, business owners can apply for full loan forgiveness to have the entire amount of the loan forgiven. Sorry to hear about this. Kabbage doesn’t make the laws, congress does. [–]ravenwing1234 0 points1 point2 points 3 months ago (1 child). And do you have the email address where I can contact sba about this matter? Learn more You can apply for a PPP loan through K Servicing. PPP loans are eligible for loan forgiveness if all of your employees stay employed for eight weeks past the loan issue date and if the funds are used to cover payroll, rent, mortgage interest or utilities. Today they sent me to the SBA who then said I had to contact Kabbage. I am obviously going to try and appeal, but wondering if anyone else has had this issue?? You’ll need to provide: Details on how you used your PPP loan. How much of my PPP loan will be forgiven? 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 ! Anyone else in the same boat? Your payroll/wages do not equal or exceed $2,400 … This review focuses on Kabbage as a PPP loan provider. Frohwein said his developers are ready to modify that program if and when legislators streamline the loan forgiveness application for smaller borrowers, as they’re talking about doing. The SBA then told me to send it to the lender and we’ve been going round and round for weeks. 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. 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. Visit the Scratch PPP Center (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. [–]Typical-Fish3869 0 points1 point2 points 2 months ago (10 children). ", [–]Typical-Fish3869 0 points1 point2 points 2 months ago (8 children). [–]Typical-Fish3869 0 points1 point2 points 2 months ago (4 children). They are sitting on applications and doing nothing with them. Be careful: Can is a far cry from will. [–]BondVigilante 1 point2 points3 points 4 months ago (1 child). Kabbage told me last night that I am denied forgiveness and that my repayments begin in 60 days. 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. I hope it was sorted out for you appropriately. It’s not yet clear how Uber drivers and other self-employed will qualify for forgiveness. and join one of thousands of communities. [–]Kooky-Palpitation685 0 points1 point2 points 3 months ago (5 children). The KServicing website says this even. [–]FinnMccoolsdad 2 points3 points4 points 5 months ago (0 children). 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? 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. [–]ravenwing1234 0 points1 point2 points 3 months ago (0 children). I can’t find this email in my trash or spam, but I already have that new application filled out. Any portion of funds not forgiven will be treated as a two-year loan with a 1% fixed interest rate. I submitted my forgiveness app over 60 days ago (how long the bank has to review it) and haven't hear a word from loanbuilder yet. Step by step instructions on how to apply for PPP loan forgiveness for self employed via Kabbage. Since the COVID-19 crisis began, Kabbage has made this its priority. Currently waiting to talk to a supervisor. ... Had the pleasure to work with the Upside Financial team on the Loan forgiveness application. Step by step instructions on how to apply for PPP loan forgiveness for self employed via Kabbage. Kabbage was bought by American Express (Not Intuit). [–]kelly95426 0 points1 point2 points 2 days ago (0 children). I'm thinking of calling the better business bureau about this. You should have received an email from SBA on 10/13. [–]Typical-Fish3869 0 points1 point2 points 2 months ago (2 children). What happens when you offer up your information you provide to Kabbage. At the end of the 24-week period, you can begin to apply for loan forgiveness directly through your lender (Kabbage). 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. Anyone else applied forgiveness through k-servicing and was able to get 100% PPP forgiven? I can only assume that they're trying to delay forgiveness so that they can accrue as much interest from borrowers as possible. Just received & signed loan docs from Cross River. Any reduction in an employee’s salary or hourly wages of more than 25% will be subtracted from your eligible loan forgiveness amount. I just spoke to customer support. 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. Should I just keep waiting? You’ll need to provide:Details on how you used your PPP loan.Information on whether your payroll and number of employees stayed consistent throughout the 24-week period.Documentation verifying your responses on the above.How the loan forgiveness amount is calculatedTo calculate how much of your loan can be forgiven, your lender (Kabbage) will use the responses from your application to:Determine the maximum amount of possible loan forgiveness. "The SBA eligibility requirements are below: A borrower is generally eligible for a Second Draw PPP loan if the borrower: Totally incompetent. 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. 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. This happened to me too! Eligible businesses must have fewer than 300 employees and have seen a 25% reduction in revenues since their first PPP loan. This seems very shady for a company bought by AMEX. I’m coming to you guys live today from my bathroom to tell you the recent story of my newest fail, it’s called “The Kabbage Paycheck Protection Program Loan Fail.” You’re going to like this one. In connection with American Express’s 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.*. Any chance you have an update for us? “Please provide your 2019 tax return. Get started with forgiveness today. [–]BurgerKingApp 0 points1 point2 points 2 months ago (9 children), "Can I appeal this decision? The Kabbage PPP Loan Fail Story. 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. Did you send your email with that subject line to Kabbage? 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. I called back yesterday and she could not give me a reason it was denied even though I gave everything they asked for. We’ll notify you of next steps and any payments that may become due once we hear back from the SBA. Because I got approved last week and haven’t been funded yet. I'm still waiting for any action on it. K Servicing is currently accepting Second Draw loans from Farm Credit East customers that obtained a PPP loan via Kabbage in 2020. Do you have an update for this?? [–]DoctorOfMeat 1 point2 points3 points 5 months ago (0 children). I still haven’t gotten my first loan forgive. Mind you in December I had a dashboard saying that I had been forgiven by the SBA and they didn't tell me it was an error in the system so I thought I was forgiven until just yesterday when I finally spoke to a rep after 2 weeks of trying on the phone to get through. Please provide me with the SBA contact information regarding oversight of Kabbage PPP loan program. It has now been sent on to SBA. Am I close to funding? 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). 1st draw w full forgiveness also w CR Maybe that is legit, but seems sketchy. Same situation here. I expected better. You should have received an email from SBA on 10/13. 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. With over $525 billion in PPP Loans given out, 98% of borrowers have not applied for forgiveness. [–]BurgerKingApp 0 points1 point2 points 2 months ago (11 children). I applied through few different companies for round two but no luck yet with any of them. Thanks for your response! The SBA posted new forms on 01/21/21. Check out where they link to: KABBAGE. I wish they would start so that if we don't get blanket forgiveness at least they have already started processing them. Please let me know if anyone ends up going to the BBB. 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). 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. 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. [–]nightsandwitch[S] 0 points1 point2 points 3 months ago (3 children). I think banks are screwed because they are now going to have to review all forgiveness applications. I'm not as concerned about the amount of interest since my loan is small but I just want to get this over with. And while the SBA has said it will audit all PPP loans above $2 … Learn more > ... Kabbage is spearheading an initiative that allows small businesses to offer online gift certificates and … The pre-existing loan portfolio (including Kabbage Funding loans and Paycheck Protection Program (PPP) loans) were not part of American Express’s acquisition of Kabbage. [–]Surfysummer 1 point2 points3 points 5 months ago (1 child). 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). AND THEN AND ONLY THEN if the SBA denies it, I have to appeal with the SBA. Kabbage has also built a loan forgiveness platform. You can apply for a PPP loan through K Servicing. I’ll try to remember to update again once they deliver the results. Weird...they told me to do that also but addressed to the SBA. [–]Upper-Percentage-386 0 points1 point2 points 10 days ago (0 children). [–]BurgerKingApp 0 points1 point2 points 2 months ago (0 children). How to apply for loan forgiveness. The SBA will provide a final decision within 90 days of receiving your application from your lender. On the other note, documentations for your PPP Loan Forgiveness Application must include documents verifying your payroll, full time employees, and non-payroll expenses. On their home page, Kabbage tells you that they CAN help you apply for a 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. Lol so typical! You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. (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. [–]CheesecakeSure4176 0 points1 point2 points 2 months ago (6 children). 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. "The SBA eligibility requirements are below: A borrower is generally eligible for a Second Draw PPP loan if the borrower: Don't wait until the system is backlogged. Please provide your tax transcript.” Like what do you want? PPP 2nd draw. Update: K Servicing accepted my forgiveness application within 2 hours. I am glad I'm not the only one. CR portal updated to SBA approval 1/23. Kabbage is also buying up URLs. 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. 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." Kabbage is an online lender that was originally focused on offering small businesses short-term lines of credit. Same exact situation for me. Kabbage Payments, LLC is a registered Payment Service Provider/Payment Facilitator sponsored by Fifth Third Bank, N.A., Cincinnati, OH. [–]Real-Paint3256 0 points1 point2 points 2 months ago (0 children). Hope this helps if your loan was under 50k, [–]nightsandwitch[S] 0 points1 point2 points 5 months ago (1 child). It doesn’t make sense to decline a forgiveness as long as it does meet the requirements. So incredibly frustrating. I haven't been able to get in touch with them. Totally incompetent. (Hard Question) Can I apply for PPP Round one with NO PAYROLL Corporation C with Form 1040 Tax? Hope this helps if your loan was under 50k [–]izinex 2 points3 points4 points 5 months ago (1 child). I spoke with a customer service representative for Kabbage today and she said basically to just wait and check the online dashboard periodically. I haven’t heard anything from them yet. You'll enjoy the same great service and security you've come to expect with your line of credit–-just through the new site. I tried to email the PPP people at K Servicing and nothing. This decision work with the Upside financial team on the loan forgiveness ’. 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