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  1. #76
    Join Date
    Dec 2002
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    cow hampshire
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    5,070
    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
    Thank you for busting your ass and helping all those businesses.

  2. #77
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
    Posts
    5,384
    Quote Originally Posted by jackstraw View Post
    Thank you for busting your ass and helping all those businesses.
    +1 Thanks!

  3. #78
    Join Date
    Oct 2004
    Posts
    190
    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"

  4. #79
    Join Date
    Sep 2006
    Location
    Midgaard
    Posts
    2,862
    ^^^sorry man that sucks. I havenít run into that issue yet. Hopefully I donít, 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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  5. #80
    Join Date
    Dec 2012
    Location
    I smell poutine!!!
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    10,442
    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.

  6. #81
    Join Date
    Oct 2002
    Location
    my own little world
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    2,662
    Quote Originally Posted by riser3 View Post
    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.
    You could argue that. Itís certainly been a mess, but thatís not exactly abnormal for rolling out an ambitious new program.

    This is not altogether dissimilar to what France is doing, though, except theyíre 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 itís all over. I think itís really interesting and am curious to see how it all goes.

    With this, itís 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 itís going eat up a large swath of our liquidity, and that makes me nervous because I donít have a great way to forecast how much of that weíll 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).

    Itíll be fine. Probably.
    focus.

  7. #82
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    10,527
    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.
    ďLife has become immeasurably better since I have been forced to stop taking it seriously.Ē
    Hunter S. Thompson

  8. #83
    Join Date
    Sep 2006
    Location
    Midgaard
    Posts
    2,862
    Itís really not that much paperwork so if it isnít too late to back out I could save ya some cash.


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  9. #84
    Join Date
    Oct 2004
    Location
    50 miles E of Paradise
    Posts
    9,275
    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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  10. #85
    Join Date
    Sep 2006
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    Midgaard
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    2,862
    No unfortunately not. We really only do business in the state of Colorado. Why, is your bank saying they arenít participating?


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  11. #86
    Join Date
    Oct 2004
    Location
    50 miles E of Paradise
    Posts
    9,275
    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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  12. #87
    Join Date
    Jan 2010
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    2 hours from anything
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    8,179
    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
    I was told by an ops person who looked into the program for ways to assist in servicing the loans (he should know), that the fee to the bank is 50 basis points or .5%. So $5,000 on a $1M loan.

  13. #88
    Join Date
    May 2009
    Location
    inpdx
    Posts
    12,926

    Small Biz Support 2020

    We got bumped from the first cycle of PPP loans for not being a ďsingle ownerĒ biz (we are a two-person ownership)
    Gotta wait a week or so

  14. #89
    Join Date
    Jan 2010
    Location
    2 hours from anything
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    8,179
    Quote Originally Posted by fastfred View Post
    shit I do need to sell my house quickly to my parents for a dollar so I can claim bankruptcy without.......
    If your business creditors can go after your house that means you or someone, fucked up majorly. Although, canít say Iím 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.

  15. #90
    Join Date
    Oct 2004
    Location
    50 miles E of Paradise
    Posts
    9,275
    Quote Originally Posted by neufox47 View Post
    I was told by an ops person who looked into the program for ways to assist in servicing the loans (he should know), that the fee to the bank is 50 basis points or .5%. So $5,000 on a $1M loan.
    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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  16. #91
    Join Date
    Oct 2002
    Location
    my own little world
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    2,662
    Quote Originally Posted by TBS View Post
    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
    He may have been confused by the rate, which was initially set at 50bp (since upped to 100bp). The fee income is the (mediocre) carrot here. And the warm feeling from helping people.
    focus.

  17. #92
    Join Date
    Oct 2002
    Location
    my own little world
    Posts
    2,662

    Small Biz Support 2020

    Quote Originally Posted by neufox47 View Post
    If your business creditors can go after your house that means you or someone, fucked up majorly. Although, canít say Iím 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.
    A personal guaranty isnít exactly uncommon for the types of lenders weíre talking about with this program.
    focus.

  18. #93
    Join Date
    Jan 2010
    Location
    your vacation
    Posts
    2,111
    Quote Originally Posted by neufox47 View Post
    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.
    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

  19. #94
    Join Date
    Oct 2004
    Location
    50 miles E of Paradise
    Posts
    9,275
    Quote Originally Posted by Mustonen View Post
    He may have been confused by the rate, which was initially set at 50bp (since upped to 100bp). The fee income is the (mediocre) carrot here. And the warm feeling from helping people.
    The carrot is five points for Zero credit risk, minimal documents and simple administration

    I do appreciate all the lenders out there processing these applications at warp speed.
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  20. #95
    Join Date
    Oct 2002
    Location
    my own little world
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    2,662
    Not zero credit risk, but minimal, granted. Minimal documentation. Simple admin? How?

    In any event, itís just fee income. That shit keeps the lights on, but itís all about that spread income, baby, and this portends none.
    focus.

  21. #96
    Join Date
    Dec 2006
    Posts
    727
    Wonder if somebody can give me an answer on a PPP loan Iím 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 wonít give me enough to cover 2 months of todayís 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?

    Thanks
    I'd rather die while I'm living then live while I'm dead

  22. #97
    Join Date
    Sep 2001
    Location
    The Cone of Uncertainty
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    49,309
    Quote Originally Posted by neufox47 View Post
    I was told by an ops person who looked into the program for ways to assist in servicing the loans (he should know), that the fee to the bank is 50 basis points or .5%. So $5,000 on a $1M loan.
    .5% of 1 million is 50,000

  23. #98
    Join Date
    Sep 2004
    Location
    LV-426
    Posts
    16,678
    Quote Originally Posted by iceman View Post
    .5% of 1 million is 50,000
    No, that's 5%.
    Quote Originally Posted by powder11 View Post
    if you have to resort to taking advice from the nitwits on this forum, then you're doomed.

  24. #99
    Join Date
    Mar 2005
    Location
    SE USA
    Posts
    2,344
    UTP you can do 12m ended 3-31-20 which wont make you whole, but will give you a better answer.

  25. #100
    Join Date
    Oct 2004
    Location
    50 miles E of Paradise
    Posts
    9,275
    Quote Originally Posted by Mustonen View Post
    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.
    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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