Small Biz Support 2020

[Mustonen]

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


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Yup.

[Core Shot]

It’s crazy. My accountant said the ADP PPP custom report was wrong.
Then he hounded me for so much more data. State unemployment. Health insurance. 401k match.
I’m sweating bullets for two days, thinking my place in line is slipping away.
Then he files my PPP claim for 38% more than I expected.

Aside from hopefully getting more money. I like having the accountant on the hook.

And then ADP emails me yesterday that they have a new PPP report. Because the old one missed a lot of data. Holee fuk. Your one of the two largest payroll companies. Get your shit together.

[Fritz]

- It's just trying to figure out if you have multiple businesses, probably just to verify that one of your other companies doesn't have over 500 employees, which would cause eligibility issues.

-Just verifying you are only applying for one PPP loan per company.

-Yes, apply for PPP for all of your companies. If you have employees you can apply now, if your other entities are just real estate holding companies with one employee than those are considered sole props and you can apply for those starting Friday.

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.

[Fritz]

I've been doing trailing 12-month payroll expenses for some of my clients who had significantly higher expenses YTD 2020 vs. Q1 2019.

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.

[Core Shot]

The actual application seems easy enough.

The shit show is going to be proving you didn’t spend it all on hookers and blow.

And the real win is any biz that didn’t shut down. Schwing!

[Fritz]

Yep.

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


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[Fritz]

You have to do an average over 12 months, but you can do trailing 12 months if that looks better than calendar 2019.

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?

Thanks

[Fritz]

I did my wife's business through Chase last night. I gotta say, it almost seems like they are discouraging applicants by using fucked up language. Almost like they're trying to scare the sole props to reduce the potential volume of applicants. If my wife was doing it on her own she said she would have given up half way through it cuz she's not very savvy with business finance, etc. I would imagine their strategy will work for the majority of the gig workforce. Fuckin big banks. Wells has too many clients so they are declining some right off the bat. I'm getting some good commercial relationships out of this.

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.

[Cono Este]

The actual application seems easy enough.

The shit show is going to be proving you didn’t spend it all on hookers and blow.

And the real win is any biz that didn’t shit down. Schwing!

From what I understand, I can spend it on hookers and blow, I just have to pay 100% back.





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[GoldMember]

Plus interest.

[Core Shot]

Yeah well I don’t wanna pay it back.

But now that I think about it. If I don’t rehire my employees. And hire the local prostitutes and drug dealers instead? Winning!

[SuperGaper]

Wells just got the Fed to open up their cap space, so they are proceeding again. I have 3 applications in- US Bank, Wells (pre applications- just personal/business contact info) and one at Bank of Jackson Hole. Have not heard from any of them, except my local Wells Fargo banker called to tell me to be on the lookout for the full application via email soon. I already have every doc scanned and ready to go.

Also have a separate business checking account to use for the loan, so all payments will be super transparent. Hoping for full forgiveness and getting a lot of this into my employees hands.

[Core Shot]

Wells just got the Fed to open up their cap space, so they are proceeding again. I have 3 applications in- US Bank, Wells (pre applications- just personal/business contact info) and one at Bank of Jackson Hole. Have not heard from any of them, except my local Wells Fargo banker called to tell me to be on the lookout for the full application via email soon. I already have every doc scanned and ready to go.

Also have a separate business checking account to use for the loan, so all payments will be super transparent. Hoping for full forgiveness and getting a lot of this into my employees hands.

I’m confused. Why would you apply at three separate banks?

[SuperGaper]

I’m confused. Why would you apply at three separate banks?

My business checking, personal checking and savings and mortgage are at Wells, was ready to go on Friday, they launched just a brief sign up on Saturday morning at 8am or so.

Then on Sunday night they sent email saying the could only fund 10 billion because of the asset cap punishment with the Federal Reserve. I talk to my local bankers
here in Jackson and they are like- "start applying elswhere, now" So, wife tells me US Bank has no account or loan requirement, so send a request for an application to them.

Then Wife, bless her also small business owning heart, hears that Bank of Jackson Hole is also lending without account or loan requirement and is more responsive so I send my
whole packet over to them.

She heard back from Bank of Jackson Hole, I have not heard from anyone, but the local Wells guys told me to watch my email for the application, asset cap has been raised. I have payroll on Monday, so
would love to have that money, but seems like that might be a stretch.

I have already paid my guys 2 weeks severance, and 3 were supposed to start unemployment last Monday and 3 this coming Monday, reading the PPP statutes for loan forgiveness it does
say no lay offs, so I am still paying them for this week as well. My payroll, health insurance and WC/UI averaged a little over $26k per month last year and I have about $68k in the bank, with rents
and utilities around $7k, storage income at $9.5k. Not dire by any means, but the not knowing about when this would fund, coupled with no work all day everyday is pretty weird.

[alias_rice]

I did my wife's business through Chase last night. I gotta say, it almost seems like they are discouraging applicants by using fucked up language. Almost like they're trying to scare the sole props to reduce the potential volume of applicants. If my wife was doing it on her own she said she would have given up half way through it cuz she's not very savvy with business finance, etc. I would imagine their strategy will work for the majority of the gig workforce. Fuckin big banks. Wells has too many clients so they are declining some right off the bat. I'm getting some good commercial relationships out of this.

My wife is a commercial officer with Chase. Their process has been a shitshow, but they’ve processed 85,000 apps as of yesterday. Probably the same today.

Our little shop should be caught up with our current clients by Friday and then we will start opening it up to the general population next week. Hoping to get some good new relationships out of it, since the loans themselves aren’t all that profitable.

Where’s fastfred now that cash is hitting business’ accounts?

[Core Shot]

$600 Bonus for folks on unemployment.
I thought it was one time help.
The state just sent me an email that it’s every week.

That’s fucked. $15 an hour is $600 a week.

So under PPP I’m going to pay my employees less than they will make on unemployment?

It’s a socialist dystopia

[Mustonen]

^^ yeah, some of our clients are starting to do the math.... my initial reaction to layoffs is pretty negative, especially if the balance sheet can support an extended downturn.... but it’s not like unemployment is a bad deal right now.

[fastfred]

Where’s fastfred now that cash is hitting business’ accounts?

sitting here with my dick in my hand
the money guy who balances the check books and pays taxes and keeps me in line put together all the paper work like 20 pages of bs
my shit little bank that has been bought out twenty times in the past three years has me in the cue and someone will get to me
not holding my breath
filed for some other 10k loan grant bullshit but haven't heard anything
winning

[Core Shot]

But seriously my $15 trainees make more on unemployment now. Why will they come back to work?

My $30 skilled techs make $30 bucks on unemployment now, with the bonus.

Is this an end run to the guaranteed basic income? I need more tinfoil

[fastfred]

On another note lumber prices are dropping

[BobMc]

Worrying about whether employees will be overpaid, so hot right now.

Pretty fuckhead thing to worry about.

[GoldMember]

We got approved today for our PPP loan. Sign docs early next week and it funds immediately thereafter. So, where's FastFred?

[GoldMember]

But seriously my $15 trainees make more on unemployment now. Why will they come back to work?

My $30 skilled techs make $30 bucks on unemployment now, with the bonus.

Is this an end run to the guaranteed basic income? I need more tinfoil

Think about it; you offer them their jobs back, they decline, you report to unemployment that they declined, they get cut off. Not a lot of incentive to stay away.

[alias_rice]

Worrying about whether employees will be overpaid, so hot right now.

Pretty fuckhead thing to worry about.

Bob, you seem to have been doing right by your employees throughout this. Hopefully your getting a payroll loan, since the program seems made for companies like yours.

[Core Shot]

Think about it; you offer them their jobs back, they decline, you report to unemployment that they declined, they get cut off. Not a lot of incentive to stay away.

Not really. I have fought two unemployment claims by assholes that quit. I lost both times.

But with PPP if I put them on payroll. They become ineligible for unemployment. But they will be pissed for sure.

https://apple.news/AMmaWcKH_RUq7o_HqgKRr0Q

Weird url. It’s a Forbes magazine about what to do after getting funded.
Sequester funds. Keep good records.