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Thread: Small Biz Support 2020
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04-04-2020, 09:15 AM #76
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04-04-2020, 09:49 AM #77
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04-04-2020, 10:14 PM #78bogusbill
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Looks like I'll be ineligible for PPP because I'm on probation. Have been a percentage owner for 17 years and 100% owner as of September of 2019. Excellent history with my bank but It seems pretty clear in the SBA's guidelines that it's a no-go. Was really hoping they were going to revise it to "placed on probation within the last 5 years" but it looks they didn't. I get it if I was looking for start up money but being ineligible for an economic emergency relief loan during a national health crisis seems discriminatory. This will hurt my employee's more than myself. Still somehow hoping for good news on Monday but it's doubtful.
"bound to cover just a little more ground"
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04-05-2020, 06:10 AM #79
^^^sorry man that sucks. I haven’t run into that issue yet. Hopefully I don’t, people need this money, even fuck ups . Processed a shit load of them yesterday and now back in for another round. I need some adderall! Answered my PMs sorry for the delay.
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04-05-2020, 06:49 AM #80
I am convinced the SBA loan portion of the relief package is a distraction while tRump and his cronies make off with a few trillions.
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04-05-2020, 08:05 AM #81I drink it up
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You could argue that. It’s certainly been a mess, but that’s not exactly abnormal for rolling out an ambitious new program.
This is not altogether dissimilar to what France is doing, though, except they’re doing it across the board. Essentially, find a way for business to stay in business with their workforce intact rather than wait for them to pick up the pieces when it’s all over. I think it’s really interesting and am curious to see how it all goes.
With this, it’s interesting that such a large burden is falling on community and regional financial institutions. Positive: it provides some much needed fee income and is a nice little PR/business development vehicle. For our own FI, I worry that it’s going eat up a large swath of our liquidity, and that makes me nervous because I don’t have a great way to forecast how much of that we’ll need in two months as other liquidity sources dry up (our levers to maintain deposit levels through rates more or less snap off, our lines of credit become questionable, and it becomes untenable to liquidate large swaths of our investment portfolios).
It’ll be fine. Probably.focus.
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04-05-2020, 09:03 AM #82
It feels like a guaranteed minimum income for not working.
Feel the Bern.
But I’m doing the PPP. My employees need this and Iwould let them down if I didn’t suck the teat.
Fortunately my accountant offered to do the mounds of paperwork for $1k.
Money well spent. And he needs to eat too.. . .
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04-05-2020, 09:40 AM #83
It’s really not that much paperwork so if it isn’t too late to back out I could save ya some cash.
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04-05-2020, 09:45 AM #84
Fritz - are you accepting applications from out of state firms (like OR) who may not have an existing relationship with your institution?
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04-05-2020, 10:38 AM #85
No unfortunately not. We really only do business in the state of Colorado. Why, is your bank saying they aren’t participating?
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04-05-2020, 10:51 AM #86
Our bank sez they don’t know when they will be ready to rumble, so thought I would check other options
Thanks
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04-05-2020, 03:35 PM #87
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04-05-2020, 03:52 PM #88
Small Biz Support 2020
We got bumped from the first cycle of PPP loans for not being a “single owner” biz (we are a two-person ownership)
Gotta wait a week or so
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04-05-2020, 03:53 PM #89
If your business creditors can go after your house that means you or someone, fucked up majorly. Although, can’t say I’m shocked that fastfred would commingle finds. If you are fucked and your house can be seized for business debts, and you sell the house to your parents for a $1, the creditors are just going to take the house from them. For good measure you may get hit with a fraud charge.
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04-05-2020, 04:00 PM #90
Your ops person has no fucking clue
Lenders get a fee of 5.0% on loans up to $350k plus 1.0%/yr in interest. It goes down to 1% on loans exceeding $2 million
https://home.treasury.gov/system/fil...ct%20Sheet.pdf
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04-05-2020, 04:05 PM #91I drink it up
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04-05-2020, 04:09 PM #92I drink it up
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04-05-2020, 04:24 PM #93Registered User
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dude I pay thousands a year to an accountant and a lawyer
hell just got a audit request, I'm good at them, just play stupid, smile and act confused alot it works like a charm
heck i don't know shit and I'll admit it
I know bullshit though i can smile shake my head yeah and know your full of shit that's my success in life
my job is to drive around talk and hand out atta boys it's a good job if you can get it
my old man has a bunch of degrees can't type and can barely turn a computer on
guy knows how to pay other people to handle his shit, it's the only way to succede if you try to do everything and know everything you'll suck
you'll be another idiot know it all who talks and doesn't have shit to show for it
the old man started a vc company for fun a long long time ago guy phones in it once a month and lets someone else manage the 50mil
all this gov't money is only going to people who suck political cock the rest is being pissed away into thin air
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04-05-2020, 05:16 PM #94
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04-05-2020, 05:29 PM #95I drink it up
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Not zero credit risk, but minimal, granted. Minimal documentation. Simple admin? How?
In any event, it’s just fee income. That shit keeps the lights on, but it’s all about that spread income, baby, and this portends none.focus.
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04-05-2020, 07:11 PM #96
Wonder if somebody can give me an answer on a PPP loan I’m doing paperwork on now. Have a small office just me and two part time front office people. We are an LLC taxed as a partnership with my wife being a silent partner.
Looks like they want me to use my average payroll from 2019 to determine my loan amount. My main front office lady quit in January 2019. I went until July 2019 before I finally found a suitable replacement. For the first half of the year my payroll was 1/4 of what it was beginning in July to the present.
Do I have to use the full year as the average? If they take the total from my 941 forms and divide by 12 it won’t give me enough to cover 2 months of today’s payroll.
Can I use the average of each employee for the number of months they actually worked? Or does it have to be the average from the whole year?
ThanksI'd rather die while I'm living then live while I'm dead
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04-05-2020, 07:16 PM #97Funky But Chic
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04-05-2020, 07:19 PM #98
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04-05-2020, 07:26 PM #99
UTP you can do 12m ended 3-31-20 which wont make you whole, but will give you a better answer.
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04-05-2020, 07:27 PM #100
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.
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