Small Biz Support 2020

[Mustonen]

These are better than NINJA mortgages. No financials, no personal guarantees, no collateral, most of the money will be forgiven. 100% covered by SBA.

The lender application I’ve seen is pretty simple - esp compared to 7a docs. Grant you I’m clueless about the bank-SBA admin interface on this but I think the banks will come out OK

Consider it a way of giving back for being bailed out in the last downturn.

And again, thanks to the bankers churning these deals out.

Who was bailed out? We sure as shit weren’t. We didn’t take a dime of federal bailout money.

And you’re welcome. It’s not entirely altruistic, granted.

[SuperGaper]

Both my wife and I bank at Wells Fargo, and we got our pre applications in within an hour of them going live on Saturday morning. Now they have stopped taking applications because they are limited to 10 billion because of the past bulshit they did opening accounts for people without approval, etc. etc.

Says they asked the Fed for more due to the PPP volume and were denied. This is going to suck.

https://www.cbsnews.com/news/paychec...mall-business/

[Bunion 2020]

Tried to apply for P3 with US Bank. I don't bank with them but have an auto loan through them

At the end was told I was not eligible, but no reason given.

Sole Prop. 1 employee (me).

Calling my bank today.

[C.O. Jones]

Thanks to the couple peeps (fritz, mustonen) who are providing good knowledge here, I've been reading everything possible and as always, TGR delivers.

Anyone know what the gist of this question on the PPP application is:

Is the Applicant or any owner of the Applicant an owner of any other business, or have common management with, any other
business? If yes, list all such businesses and describe the relationship on a separate sheet identified as addendum A.

And later on, it has you certify:
During the period beginning on February 15, 2020 and ending on December 31, 2020, the Applicant has not and will not receive another
loan under the Paycheck Protection Program.

My wife and I have a few different entities - we each have a single member LLC's that are s-corps, and an LLC that's a partnership. I thought it was 1 PPP per entity; am I shooting myself in the foot by applying for both the single member LLC and the partnership? Is the applicant my business or me? May just skip the partnership, but any guidance is appreciated - revenue went straight to 0 with the shutdown.

[Marshall Tucker]

^ You have to provide information on related businesses. Believe it is intended to police circumstances where you are trying to double-count the same payroll .

[muted]

Where is this magical Addendum to explain other businesses owned, or can we just make one ourselves and fill it in?

[Mr. Mike]

Where is this magical Addendum to explain other businesses owned, or can we just make one ourselves and fill it in?

Make it yourself (at least that is what my clients have been doing).

[UTpowder]

UTP you can do 12m ended 3-31-20 which wont make you whole, but will give you a better answer.

Any idea where I can look for come clarification on this. My bank is telling me I have to use all of 2019 and can’t use any 2020.

They say they are limited by the SBA itself which requires all 2019

It’s about a 40% decrease in loan amount.

Just filed my 941s and paid my withholding for for qtr 1 2020 today.

[GoldMember]

There is some flex on this. From the application:

For purposes of calculating “Average Monthly Payroll”, most Applicants will use the average monthly payroll for 2019, excluding costs over $100,000 on an annualized basis for each employee. For seasonal businesses, the Applicant may elect to instead use average monthly payroll for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee. For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding costs over $100,000 on an annualized basis for each employee

[alias_rice]

Supposedly $50 billion or so is accounted for. My shop will start funding our apps tomorrow and hopefully we will be through our queue by the 13th. We are pretty small potatoes as we only have about $11,000,000 in applications. For what it’s worth we are using 2019 info unless you starred in 2020.

[BigDaddy]

Supposedly $50 billion or so is accounted for. My shop will start funding our apps tomorrow and hopefully we will be through our queue by the 13th. We are pretty small potatoes as we only have about $11,000,000 in applications. For what it’s worth we are using 2019 info unless you starred in 2020.

My payroll company gave me a PPP report from April 2019 to March 31, 2020. It's basically all same, but did they F-up?

My local bank got 400 apps in 90 minutes, so they shut down, but I submitted in the first 10 minutes. It would suck big time if they reject me because it's not just 2019...

Anyone know for sure?


EDIT: I see from Goldfinger it's flexible, but still worried.

UTP you can do 12m ended 3-31-20 which wont make you whole, but will give you a better answer.

Sounds like what my payroll company did, so I guess I'm okay? I need a scotch...

[alias_rice]

My payroll company gave me a PPP report from April 2019 to March 31, 2020. It's basically all same, but did they F-up?

My local bank got 400 apps in 90 minutes, so they shut down, but I submitted in the first 10 minutes. It would suck big time if they reject me because it's not just 2019...

Anyone know for sure?


EDIT: I see from Goldfinger it's flexible, but still worried.



Sounds like what my payroll company did, so I guess I'm okay? I need a scotch...

Seems to be a bank by bank decision. We’d likely let you use it if we had a decent relationship with you.

[BigDaddy]

Seems to be a bank by bank decision. We’d likely let you use it if we had a decent relationship with you.

Thanks... good to hear. I pretty much know everybody at my bank, but that could work against me. Fortunately, they all love my dog, so I may get by this?

[smmokan]

FWIW, I just saw some interesting info on the EIDL loan/grant/advance, for anyone interested in that. Apparently there were a few tweets and interviews from SBA-related folks that said that the companies who have applied will get $1,000 per employee, up to $10,000. Small guys fucked once again.

[Aldo]

submitted and accepted through chase, understand i may get nothing but happy its at least in system. now going to update the quitting smoking thread, hang over check in thread.

[muted]

submitted and accepted through chase, understand i may get nothing but happy its at least in system. now going to update the quitting smoking thread, hang over check in thread.

I did it through Chase, too. A bit hungover myself too, once again...I saw my wife smoking for the first time last week. I always suspected she had a hidden habit of an occasional cigarette and now it's the end of the world I don't think she is trying to hard to hide anything. She was on a phone call so I didn't confront here then and now I am just gonna worry about other things....ha.

[Aldo]

if they sent a roll of toilet paper that would at least be a plus....

[Aldo]

@ muted - sounds like you have some leverage !

[GoldMember]

if they sent a roll of toilet paper that would at least be a plus....

Toilet paper is more valuable than the loan amounts. Don't hold your breath...well, maybe you should, if you get my drift...

[BobMc]

submitted and accepted through chase, understand i may get nothing but happy its at least in system. now going to update the quitting smoking thread, hang over check in thread.

[AdironRider]

Got approval end of day yesterday. This must be what the .1% feels like all the time because that shit was easy.

[Bunion 2020]

^^^ P3 or EIDL?

Thx

[rideit]

Got approval end of day yesterday. This must be what the .1% feels like all the time because that shit was easy.

Nice. Are you still with NWKW?

[Cono Este]

Can anyone confirm that April 10th is when they roll PPP out for independents? Thks


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[GoldMember]

Can anyone confirm that April 10th is when they roll PPP out for independents? Thks


Sent from my iPhone using TGR Forums

I think it's defined somewhere in here but I don't have time to peruse it all. Happy hunting!

https://www.sba.gov/funding-programs...on-program-ppp