Small Biz Support 2020

[JohnnyTyndall]

This is what I keep wondering. Did they drop the ball? Reading through this thread and the bankers that are submitting the loan apps, it seems like a fairly quick turnaround for approval. 9 days from submitting the app to “tough shit, we ran out of money”. Maybe some bankers can chime in on the behind the scenes of the process. Not that it ultimately matters I guess. It’s not gonna help to be upset about it, and it won’t make money magically appear, but fuck, it was like being punched in the stomach.

Not a banker, but banker-adjacent. Nobody knew what the fuck was going on until 9 something days ago, absolutely no direction from the SBA on how any of this worked, so they couldn't process apps. Meanwhile, the queue was stacking up. Don't know how everyone else did it, but if your FI was going through in order of apps received once they did open up they just started on the backlog. Then the money ran out.

Frustration is totally justified, but before you get pissed at the brewery lady, get pissed that this loan was available to any business with less than 500 employees, amended to per location, so you're competing with TGI Fridays for this money.

[akdoc13]

Question for you: as a single-owner LLC that's treated as an S-corp for tax purposes... would I add my personal payroll amount plus the net income to get the monthly average?

That is what I did and was approved. I used my payroll to myself plus the net income of the biz. My bank said good to go and I was approved on 4/10 from the SBA but still waiting on my loan docs from the bank.

[akdoc13]

Just talked to my massage therapist (she used to work in my office) and she said she got the $1000 bucks from the EIDL. First person I have heard of getting any money from the EIDL advance.

[BobMc]

After a week of waiting I found out last night I’m approved. Nick of time.

Now I’m struggling with the FTEE requirements for forgiveness.

To get forgiveness, I’m going to have to take folks off unemployment and pay them less money.
I hope they don’t shoot me.

Fucking stupid Congress with the $600 a week really fucked up the PPP.

Do douches realize they're douches? Just curious.

[Core Shot]

Do douches realize they're douches? Just curious.

You suck at the maths

Any real advice o grand master douche nozzle?

[Bunion 2020]

Electronic docs came late this afternoon, submitted and looks like $$$ is on the way.

Thank you Glacier Bank from a 30 year customer.

[up an down]

https://www.bloomberg.com/graphics/2...rnd=markets-vp. Small-Business Rescue Shows
Not All States Are Created Equal
By Zachary Mider and Cedric Sam
April 16, 2020

[Rideski]

Pres/CEO, and VP biz, where I do my banking recorded a video trying to scrape egg off their face. Said they just got the log in late yesterday and had completed one application. Seemed to suggest no banks had gotten apps through that it was just a media rumor. Thanks guys.

[up an down]

https://www.bloomberg.com/news/artic...rnd=markets-vp Chubb CEO Warns Retroactive Measures Would ‘Bankrupt’ Industry
By Katherine Chiglinsky
April 16, 2020, 1:38 PM CDT
Greenberg says loss potential from pandemic is ‘infinite’
He’s urging Congress to grant some broad legal immunity

[Mustonen]

So you’re a bank teller

I will stop cunting up this important thread. But I don’t need to hear from someone who doesn’t understand anything about running a small business. The feeling of doing something on your own and being able to hire people that are able to pay their mortgage and put money away for college for their kids is a high that you will never understand.
This is a very scary time and these small loans are only a bandaid. So much really hard work ahead but the small business work mentality that we have will get us through.

So go back behind your window and help the next customer

Haha. Such an angry little tuna. Sure bro. That is totally a job I’ve had, and not really that long ago.

I hope you’re able to keep doing your thing, man, after this is all over. Tell Jamie “Hi” from me next time you chat with him.

[Core Shot]

That is what I did and was approved. I used my payroll to myself plus the net income of the biz. My bank said good to go and I was approved on 4/10 from the SBA but still waiting on my loan docs from the bank.

Wow. That’s impressive. The payroll of course, but the net profit from a single person LLC?

Congrats I guess.
If you’re expecting forgiveness be careful if your personal pay is over 100k

For those not looking for forgiveness, it’s a cheap 1% loan. But two year amortization is steep

=========

Edit to add a link to the only discussion I’ve seen of employee count and forgiveness.

https://www.belldavispitt.com/blog/c...an-forgiveness

I don’t know the law firm. But it looks like FTEE is a big issue.

If you bring back half your staff, you only get half forgiveness.

The strategy on this thing is complicated.

If you bring back half staff, you can always repay the other half of the loan before September. Or keep the loan as dry powder for making monthly payments on the two year amortization.

[Fritz]

Question for you: as a single-owner LLC that's treated as an S-corp for tax purposes... would I add my personal payroll amount plus the net income to get the monthly average?

Are you the only employee? If so do you pay yourself via w-2 or distributions? If w-2 we go off the salary/wage that you get payroll taxed on (form 941). If distributions then it’s just based on your average monthly net income*2.5


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[BigDaddy]

usbank processed single owner bus first & we've been waiting for the ok to submit
finally happened this week...finished filling out PPP & then they said, hey, funds are tapped for now...gotta wait on more from the gov

That's weird... did they say to wait? Friend in NYC arch firm with 45 employees applied through Chase and was funded today. I just found out I was approved today, too, but still awaiting funding.

I'm with a small regional bank and I am pretty sure they put in some serious effort to get these done. They said I just made it and I had my application submitted within 10 minutes of their site being opened. I'm feeling very lucky, but bummed for those who did not get anything yet. They definitely need to do another round...

[SuperGaper]

Missed the boat on the first round of PPP, hopefully second round will come through by end of next week? Another round of
payroll due a week from Monday.

Applied to my bank at 8AM, Saturday 4/4, they went live in the middle of the night, which definitely helped folks on the East Coast.
Could not submit actual application until this Tuesday morning, again notified at 5:30am MDT, submitted by 8am, had to get docs off my work desktop, so couldn't submit from home.

Wells and the Fed not clarifying the asset cap restriction vis a vis PPP is absolute bullshit. Are they not the largest small business banker in the nation? On the other hand they did have a seamless and simple application form, with easy docusign and financial doc upload.

I'll stop there lest Mustonen comes in to scold me for my choice of banks.

BobMc- Good on you, I am doing the same, just want to keep my employees happy. After next payroll, going to have let the staff go without PPP.

AdironRider- Congrats on getting the funds, I like your business, I am sure you like it much better than bean counting.

Fritz- Thanks for your hard work getting loans done! And Dems are trying to tack on Covid funding for hospitals and the states
better than this that went into the last funding-

https://www.forbes.com/sites/shaharz...I#4b01062a665b

Bunion- Good on you too.

Hopefully we all get our dough and eventually things start to reopen in measured safe manner.

Hang in there fuckers!

[Fritz]

I’m all for helping the hospitals but why hold up additional funding for a program that’s putting money in employees pockets immediately? The daily cost of holding up this funding has to be astronomical.


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[smmokan]

Are you the only employee? If so do you pay yourself via w-2 or distributions? If w-2 we go off the salary/wage that you get payroll taxed on (form 941). If distributions then it’s just based on your average monthly net income*2.5
TGR Forums

Both. I'm the only employee, so I pay myself a salary. And then I also take distributions which is essentially the net income of the business. It's pretty much a 50/50 split between the two for my total personal income.

Edit, looks like akdoc answered my question above, I should count both sources of income/payroll. That is, if there's more money coming for another round.

[Fritz]

Gotcha. It would effectively be your monthly net income before you paid yourself anything *2.5.


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[Bunion 2020]

Sole Prop. no employees. LLC.

Exactly how it worked for me. Not a huge amount of $$$ but it will provide a much needed cushion.

[yellofin]

Missed the boat on the first round of PPP, hopefully second round will come through by end of next week? Another round of
payroll due a week from Monday.

Applied to my bank at 8AM, Saturday 4/4, they went live in the middle of the night, which definitely helped folks on the East Coast.
Could not submit actual application until this Tuesday morning, again notified at 5:30am MDT, submitted by 8am, had to get docs off my work desktop, so couldn't submit from home.

Wells and the Fed not clarifying the asset cap restriction vis a vis PPP is absolute bullshit. Are they not the largest small business banker in the nation? On the other hand they did have a seamless and simple application form, with easy docusign and financial doc upload.

I'll stop there lest Mustonen comes in to scold me for my choice of banks.

BobMc- Good on you, I am doing the same, just want to keep my employees happy. After next payroll, going to have let the staff go without PPP.

AdironRider- Congrats on getting the funds, I like your business, I am sure you like it much better than bean counting.

Fritz- Thanks for your hard work getting loans done! And Dems are trying to tack on Covid funding for hospitals and the states
better than this that went into the last funding-

https://www.forbes.com/sites/shaharz...I#4b01062a665b

Bunion- Good on you too.

Hopefully we all get our dough and eventually things start to reopen in measured safe manner.

Hang in there fuckers!

I just read the Forbes article and I had to full up my wine glass to get through it.
The middle class used to be the engine of this economy now it’s the Deer Valley crowd.
It sucks plain and simple

[Flyoverland Captive]

After a week of waiting I found out last night I’m approved. Nick of time.

Now I’m struggling with the FTEE requirements for forgiveness.

To get forgiveness, I’m going to have to take folks off unemployment and pay them less money.
I hope they don’t shoot me.

Fucking stupid Congress with the $600 a week really fucked up the PPP.

Set the money aside; the portion you don’t use for payroll, rent, and utilities converts to a low-interest loan. If you don’t want the loan, just pay the money back in one lump sum.

[Core Shot]

Set the money aside; the portion you don’t use for payroll, rent, and utilities converts to a low-interest loan. If you don’t want the loan, just pay the money back in one lump sum.

I guess.

But also, I have to spend 75% on payroll to get any forgiveness. To do that I need to bring back most of my team.
Or throw extra money at the 40% that are still working.

But I wanted to do what PPP was for, to pay my team even if they can’t work.
Piss poor planning prevents me from properly performing.

[Flyoverland Captive]

Ah, makes sense. You have to have the same FTE during the next few months as you had prior, so just giving more money to fewer people won’t work.

[alias_rice]

I was able to get through all of my personal clients and friends before funding ran out. We also got anyone who applied before last Thursday through the system. Cold comfort though for the businesses we couldn’t get to in time. I called roughly 50 people today to tell them to call their senator and turn the spigot on again. Getting cursed out isn’t exactly fun when everyone busted their asses to get as many approved as possible, but I get their frustration. Just probably need another 48-72 hours and we can have all of our applications approved and funded. We didn’t do anywhere near the volume Fritz had, but our average loan size was just about $60k so I think we are fishing in different ponds.

[SuperGaper]

I’m all for helping the hospitals but why hold up additional funding for a program that’s putting money in employees pockets immediately? The daily cost of holding up this funding has to be astronomical.


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Excellent point, just think the D's funding request is legit, and why not both?

[GoldMember]

I’m all for helping the hospitals but why hold up additional funding for a program that’s putting money in employees pockets immediately? The daily cost of holding up this funding has to be astronomical.


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Exactly. Vote a straight bill on the expansion of PPP. Deal with the other issues as a separate bill with a separate debate.