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  1. #51
    Join Date
    Oct 2003
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    1,021
    I filled out the form last night.. I was told by a bank officer to make certain that I had the latest version..in upper right corner of my form is an expiration date..09/30/2020... That is supposed to be good...as a self employed sole proprietor (and sole employee) I was told that my 1040 and Schedule C forms are sufficient for supporting documentation..very simple... I will be dropping it off at bank drive up window.. Not sure when the bank can submit the forms..Bank officer told me that as of last night the SBA still had to get the application portal finished
    what's so funny about peace, love, and understanding?

  2. #52
    Join Date
    Jan 2010
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    your vacation
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    Quote Originally Posted by GoldMember View Post
    That's the form our bank sent me two days ago. We're filing today. I think we're likely fine with this and, contrary to FastFred, I believe we'll see the money next week. I'll report back.
    be honest with yourself
    you aint' seeing shit
    got a phone call alittle while ago from my economic advisor asked me if I was done filling out paper work
    told him I was busy working on things that would actually pay me money in the next couple weeks
    the funny thing is my avg monthly payroll is just under 20k so yeah give me 48 thousand dollars fuck yeah but I doubt it, free or with low interest I'll take it
    in the meantime I have 30 more mins of a paper work some tubes to pull and trying to decide when and where i"ll ski this afternoon

  3. #53
    Join Date
    Aug 2006
    Posts
    5,681
    I'v been given the same form but also told they are not done fully issuing guidance yet. Interest rates have already gone up half a point in the past day or so so it feels in flux. Banker told me they are pissed because they have to nut up the money first and only get 1%. Guessing they are pushing back against that and trying to hammer out when they get the forgiveness.
    Live Free or Die

  4. #54
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
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    5,384
    Quote Originally Posted by fastfred View Post
    be honest with yourself
    you aint' seeing shit
    got a phone call alittle while ago from my economic advisor asked me if I was done filling out paper work
    told him I was busy working on things that would actually pay me money in the next couple weeks
    the funny thing is my avg monthly payroll is just under 20k so yeah give me 48 thousand dollars fuck yeah but I doubt it, free or with low interest I'll take it
    in the meantime I have 30 more mins of a paper work some tubes to pull and trying to decide when and where i"ll ski this afternoon
    Whatever....suit yourself.

  5. #55
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    10,527
    Quote Originally Posted by fastfred View Post
    be honest with yourself
    you aint' seeing shit
    got a phone call alittle while ago from my economic advisor asked me if I was done filling out paper work
    told him I was busy working on things that would actually pay me money in the next couple weeks
    the funny thing is my avg monthly payroll is just under 20k so yeah give me 48 thousand dollars fuck yeah but I doubt it, free or with low interest I'll take it
    in the meantime I have 30 more mins of a paper work some tubes to pull and trying to decide when and where i"ll ski this afternoon

    Yeah. Pulling just under $20k payroll.
    Filling out forms. Hope this works.
    Not for me. Since there’s nothing to do.
    Weird times.
    “Life has become immeasurably better since I have been forced to stop taking it seriously.”
    Hunter S. Thompson

  6. #56
    Join Date
    Oct 2002
    Location
    my own little world
    Posts
    2,662
    Clusterfuck of a day. Spent most of it syncing up to e-Tran. Not that that really did anything. Commercial lenders’ voicemail inboxes kept filling up, but what do you say when you don’t have anything to say? God knows why they didn’t wait to push this live until 4/10.
    focus.

  7. #57
    Join Date
    Oct 2002
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    my own little world
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    2,662
    Quote Originally Posted by fastfred View Post
    anyone who thinks that this money is going to "trickle down" to small businesses and provide some sort of help is kidding themselves
    this is just another bunch of bullshit lies by the gov't to make the average fuck up like myself think they are going to be taken care of
    gov't agencies and banks will suck up 2/3 of the money for helping administer the so called loans and grants
    the left over 1/3 of the money will be handed out to scum bags who give blow jobs and money to their local politicians
    so unless you were already giving handjobs you are going to take in the ass
    mark my words, in one month from now everyone will be looking around wondering how they can't find one single small business that was given a penny
    meanwhile the large corporations will be bailed out with billions and billions because the were to large to fail and our country needs large corporate overlords to survive
    and all these d bags with 1099 employees not paying a cent into the unemployment fund go fuck yourselves too, you should suffer and so should your employees who have now realized when they head out to get that UE check that they don't get shit because no one was paying into their states UE fund yeah the gig economy is so great
    in four weeks I'm going to ass rape each of the so called polticians who pretend to represent the people and who straight up voted for and lied about all this bail out money
    That’s too cynical and over-broad. As a business with fewer than 500 employees we are not eligible to borrow under the program because we’re a lender, but we might earn some fee income on this that offsets that missed opportunity. We’re trying to keep our employees at work same as you.

    If receivables continue to deteriorate and we start to see seriously rising delinquencies and charge offs, this is going to do a number on your local community financial institutions. Because of our category, though, we don’t see any of these programs because we’re small enough to fail.
    focus.

  8. #58
    Join Date
    May 2012
    Location
    PNW
    Posts
    454
    I was told that because I don't have a current loan with my bank, they'll run our application but I'm not a priority to receive funds. Reading between the lines, fastfred is probably correct, the majority of these funds will go to bigger businesses with better relationships with their bankers. If they can float the PPP funds to their existing loan customers, they'll be less likely to default on those loans.

  9. #59
    Join Date
    Oct 2002
    Location
    my own little world
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    2,662
    What lines? We’re suddenly trying to stuff $350B in a few weeks through a pipe that normally only supports $25B a year.

    We’re prioritizing too. Not because anybody is “big”, but there are more apps than we can process.
    focus.

  10. #60
    Join Date
    Oct 2004
    Location
    50 miles E of Paradise
    Posts
    9,275
    Quote Originally Posted by JohnnyTyndall View Post
    Weighing in from the banking side. Sounds like SBA did manage to put out some guidance last night and is hosting calls today to explain things further and is saying they're going to continue to release guidance and clarification. Still not clear how the PPP and EDIL interact, hopefully this gets cleared up in the next couple of days. At any rate, it's not the banks jerking people around, we've just had no idea what to actually do for this thing. Application form is here.
    Shit - the application changed after I completed it. Easier now - don't need 20%+ investors to sign
    The fillable form is at https://home.treasury.gov/system/fil...30-2020-v3.pdf
    Check Out Ullr's Mobile Avalanche Safety Tools for iOS and Android
    www.ullrlabs.com

  11. #61
    Join Date
    Jan 2010
    Location
    your vacation
    Posts
    2,111
    I got corporate credit cards and lines of credit w my bank
    the best bet is probably to close up shop in the next couple weeks
    collect the invoices payable
    collect my welfare
    file for bankruptcy, just because, it'll add another number to the failure column for the gov't to measure
    buy a van travel around smoke dope ride my bike ski and become one with the world like a 20 year old
    kinda like the time I woke up in backwoods kentucky 8 hrs from where I after ate mushrooms
    shit I do need to sell my house quickly to my parents for a dollar so I can claim bankruptcy without.......

  12. #62
    Join Date
    Oct 2015
    Posts
    2,151
    Quote Originally Posted by Mustonen View Post
    What lines? We’re suddenly trying to stuff $350B in a few weeks through a pipe that normally only supports $25B a year.

    We’re prioritizing too. Not because anybody is “big”, but there are more apps than we can process.
    Yup. We have received 250 applications since yesterday. We typically close 10 commercial deals a month, maybe 3 of which are SBA deals. Our average loan size hovers around a million dollars. Now we are trying to close 100’s of deals averaging about $60k. No way to do it all so we are only helping current members, though you don’t need a loan with us to qualify.

    Not a ton of money in these either when you look at manpower to get them done. We made a decision though that it was our duty to help our members and the local economy. We have converted to an online portal and will be live processing on Monday. It’ll be a clusterfuck for a while but the cash will get out there. I’d guess we burn through the $350 billion by the end of April.

  13. #63
    Join Date
    Sep 2006
    Location
    Midgaard
    Posts
    2,862

    Small Biz Support 2020

    Quote Originally Posted by fastfred View Post
    anyone who thinks that this money is going to "trickle down" to small businesses and provide some sort of help is kidding themselves
    this is just another bunch of bullshit lies by the gov't to make the average fuck up like myself think they are going to be taken care of
    gov't agencies and banks will suck up 2/3 of the money for helping administer the so called loans and grants
    the left over 1/3 of the money will be handed out to scum bags who give blow jobs and money to their local politicians
    so unless you were already giving handjobs you are going to take in the ass
    mark my words, in one month from now everyone will be looking around wondering how they can't find one single small business that was given a penny
    meanwhile the large corporations will be bailed out with billions and billions because the were to large to fail and our country needs large corporate overlords to survive
    and all these d bags with 1099 employees not paying a cent into the unemployment fund go fuck yourselves too, you should suffer and so should your employees who have now realized when they head out to get that UE check that they don't get shit because no one was paying into their states UE fund yeah the gig economy is so great
    in four weeks I'm going to ass rape each of the so called polticians who pretend to represent the people and who straight up voted for and lied about all this bail out money
    You clearly have no fucking idea what you are talking about. I would just keep my mouth closed if I was that ignorant. On our first day doing PPP loans under the stimulus package I approved $15mm in forgivable loans today alone and not one of those 30 or so businesses have more than 50 employees. I expect to do at least this much every day for the next month at a minimum as we already have over 600 small businesses in our queue and growing.


    Sent from my iPhone using TGR Forums

  14. #64
    Join Date
    Mar 2005
    Location
    Dystopia
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    10,527
    Quote Originally Posted by fastfred View Post
    I got corporate credit cards and lines of credit w my bank
    the best bet is probably to close up shop in the next couple weeks
    collect the invoices payable
    collect my welfare
    file for bankruptcy, just because, it'll add another number to the failure column for the gov't to measure
    buy a van travel around smoke dope ride my bike ski and become one with the world like a 20 year old
    kinda like the time I woke up in backwoods kentucky 8 hrs from where I after ate mushrooms
    shit I do need to sell my house quickly to my parents for a dollar so I can claim bankruptcy without.......
    Holy crap
    That’s living the dream.
    Bankruptcy and free skiing.
    I’m exhausted trying to take care of my team.
    “Life has become immeasurably better since I have been forced to stop taking it seriously.”
    Hunter S. Thompson

  15. #65
    Join Date
    Sep 2006
    Location
    Midgaard
    Posts
    2,862
    Quote Originally Posted by ripvanwinter View Post
    So, has anyone received of or heard of anyone getting the eidl grant yet?
    I pay my guys 1099 so not eligible for PPP and I file as an S Corp so my salary is low. (I’m the sole shareholder)
    I’m holding my breath and pushing my accountant to get my 2019 filed so I can collect UI plus $600 which seems like the best deal around for me, and telling all my guys to get PPP on their own.

    For self-employed folks it looks like they are basing PPP on net income, not gross. Is this right? Would they be better of filing for UI, too, assuming they wrote a lot off on their returns?
    You should still apply as should all of your contractors as it is essentially 2 months of net income for free. Seems like a lot of the contractors, single member LLCs, S-corps, etc all seem to think they won’t get anything out of the PPProgram and it just isn’t true. PM me if you have questions I’ll be doing nothing but approving, submitting, and funding these for the foreseeable future so won’t be keeping up with this thread much.


    Sent from my iPhone using TGR Forums

  16. #66
    Join Date
    Jan 2010
    Location
    your vacation
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    2,111
    Quote Originally Posted by Fritz View Post
    You clearly have no fucking idea what you are talking about. I would just keep my mouth closed if I was that ignorant. On our first day doing PPP loans under the stimulus package I approved $15mm in forgivable loans today alone and not one of those 30 or so businesses have more than 50 employees. I expect to do at least this much every day for the next month at a minimum as we already have over 600 small businesses in our queue and growing.


    Sent from my iPhone using TGR Forums
    Easy bro
    Big difference between approving and actually putting money in people's accts you haven't deposited shit because you dont have dick keep approving to give people hope but when it comes time to pay up wheres the money
    I know what I'm talking about politicians lie and govt workers are clueless

  17. #67
    Join Date
    Sep 2006
    Location
    Midgaard
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    2,862
    Dude you’re an idiot


    Sent from my iPhone using TGR Forums

  18. #68
    Join Date
    Feb 2005
    Posts
    13,063
    Quote Originally Posted by Fritz View Post
    Dude you’re an idiot


    Sent from my iPhone using TGR Forums
    He has certain moments.

  19. #69
    Join Date
    Jan 2017
    Location
    on the banks of Fish Creek
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    2,489
    Quote Originally Posted by fastfred View Post
    Easy bro
    Big difference between approving and actually putting money in people's accts you haven't deposited shit because you dont have dick keep approving to give people hope but when it comes time to pay up wheres the money
    I know what I'm talking about politicians lie and govt workers are clueless


  20. #70
    Join Date
    Oct 2008
    Location
    Edgewater, CO
    Posts
    666
    Quote Originally Posted by Fritz View Post
    You should still apply as should all of your contractors as it is essentially 2 months of net income for free. Seems like a lot of the contractors, single member LLCs, S-corps, etc all seem to think they won’t get anything out of the PPProgram and it just isn’t true. PM me if you have questions I’ll be doing nothing but approving, submitting, and funding these for the foreseeable future so won’t be keeping up with this thread much.


    Sent from my iPhone using TGR Forums
    Totally true and good advice...I just hope the $$$ holds up long enough for those folks with a 7 day delay to 4/10


    Sent from my iPhone using TGR Forums
    Corner store junkies giving advice

  21. #71
    Join Date
    Mar 2005
    Location
    SE USA
    Posts
    2,344
    Quote Originally Posted by ripvanwinter View Post
    I pay my guys 1099 so not eligible for PPP and I file as an S Corp so my salary is low. (I’m the sole shareholder)
    Believe in this set of facts the loan would cover 2.5m of the low salary+suta.

    probably not much but somethin.
    "Can't you see..."

  22. #72
    Join Date
    Jan 2010
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    your vacation
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    Quote Originally Posted by Fritz View Post
    Dude you’re an idiot
    no I'm not I just know the truth and I know bullshit I"m prolly the smartest guy in the room
    let me know whenyou actually fufill some of those loans please with real money

  23. #73
    Join Date
    Sep 2006
    Location
    JAC
    Posts
    1,099
    Wells Fargo went sort of live this morning, finally letting you get in the queue by entering your name, DBA and FEIN. Setting up separate PPP account today, hopefully fund it next week?

    Have 5 full time and one part time laid off (whole staff), finishing severance this week, then job attached unemployment, hoping to put them back on payroll and burn through PPP money on them and rents/utilities for full forgiveness.

    Trying to help get the money to bottom of the pile this time and see if that helps stimulate the economy faster than a top end bail out.

    Fastfred- agree this maybe a logistical "Bridge Too Far" , but I am set for 6 months burn without loan, or employees- luckily have a billable storage component to my business that helps- but fingers crossed and hoping for the best, more worried about my employees than myself.

    My wife is freaking because she is full time in the wedding business, stationary and tablescapes (fancy dish rental) already had half the big weddings cancel or postpone this season.

    I started my business in 07, with no employees and tiny overhead, always knew that contraction could be a reality, been through '91, dot com, 9/11 and 2008. This seems more dire, maybe because of the forced inactivity and the impending sense of dread- sort of like waiting for an invisible tidal wave.
    The market is dominated by fat skis largely because young toughs want what they see in videos: organ donors hucking into heliski bowls. -Seth Masia

  24. #74
    Join Date
    May 2009
    Location
    inpdx
    Posts
    12,926

    Small Biz Support 2020

    US Bank has acknowledged the start of the process for their implementation of the PPP program

  25. #75
    Join Date
    Apr 2004
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    Three-O-Three
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    14,186
    Quote Originally Posted by Fritz View Post
    You clearly have no fucking idea what you are talking about. I would just keep my mouth closed if I was that ignorant. On our first day doing PPP loans under the stimulus package I approved $15mm in forgivable loans today alone and not one of those 30 or so businesses have more than 50 employees. I expect to do at least this much every day for the next month at a minimum as we already have over 600 small businesses in our queue and growing.

    Sent from my iPhone using TGR Forums
    Just block him, it's a lot easier.

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