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Thread: Small Biz Support 2020
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04-08-2020, 01:12 PM #126I drink it up
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04-08-2020, 01:21 PM #127
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.. . .
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04-08-2020, 01:28 PM #128
- 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.
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04-08-2020, 01:30 PM #129==================
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04-08-2020, 01:31 PM #130
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!Last edited by Core Shot; 04-08-2020 at 01:48 PM. Reason: Shit down. Damn auto spellcheck.
. . .
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04-08-2020, 01:32 PM #131==================
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04-08-2020, 01:34 PM #132==================
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04-08-2020, 01:44 PM #133
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.
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04-08-2020, 01:47 PM #134
From what I understand, I can spend it on hookers and blow, I just have to pay 100% back.
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04-08-2020, 02:06 PM #135
Plus interest.
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04-08-2020, 02:09 PM #136
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!. . .
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04-08-2020, 02:12 PM #137
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.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
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04-08-2020, 02:15 PM #138
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04-08-2020, 05:12 PM #139
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.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
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04-08-2020, 05:31 PM #140Registered User
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Small Biz Support 2020
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?
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04-09-2020, 04:51 PM #141
$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. . .
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04-09-2020, 05:34 PM #142I drink it up
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^^ 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.
focus.
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04-09-2020, 06:19 PM #143Registered User
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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
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04-09-2020, 06:34 PM #144
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. . .
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04-09-2020, 06:42 PM #145Registered User
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On another note lumber prices are dropping
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04-09-2020, 06:49 PM #146
Worrying about whether employees will be overpaid, so hot right now.
Pretty fuckhead thing to worry about.
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04-09-2020, 09:20 PM #147
We got approved today for our PPP loan. Sign docs early next week and it funds immediately thereafter. So, where's FastFred?
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04-09-2020, 09:22 PM #148
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04-09-2020, 10:18 PM #149Registered User
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04-10-2020, 07:17 AM #150
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.. . .
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