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  1. #101
    Join Date
    Oct 2002
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    my own little world
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    2,659

    Small Biz Support 2020

    Quote Originally Posted by TBS View Post
    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 Iíve seen is pretty simple - esp compared to 7a docs. Grant you Iím 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.
    Who was bailed out? We sure as shit werenít. We didnít take a dime of federal bailout money.

    And youíre welcome. Itís not entirely altruistic, granted.
    focus.

  2. #102
    Join Date
    Sep 2006
    Location
    JAC
    Posts
    1,099
    Both my wife and I bank at Wells Fargo, and we got our pre applications in within an hour of them going live on Saturday morning. Now they have stopped taking applications because they are limited to 10 billion because of the past bulshit they did opening accounts for people without approval, etc. etc.

    Says they asked the Fed for more due to the PPP volume and were denied. This is going to suck.

    https://www.cbsnews.com/news/paychec...mall-business/
    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

  3. #103
    Join Date
    Dec 2004
    Posts
    13,646
    Tried to apply for P3 with US Bank. I don't bank with them but have an auto loan through them

    At the end was told I was not eligible, but no reason given.

    Sole Prop. 1 employee (me).

    Calling my bank today.
    Ooof!

  4. #104
    Join Date
    Apr 2007
    Posts
    460
    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.
    If you are driving to Jay Peak this evening, please drive carefully you bad ass.

  5. #105
    Join Date
    Mar 2005
    Location
    SE USA
    Posts
    2,332
    ^ You have to provide information on related businesses. Believe it is intended to police circumstances where you are trying to double-count the same payroll .
    "Can't you see..."

  6. #106
    Join Date
    Aug 2007
    Posts
    6,059
    Where is this magical Addendum to explain other businesses owned, or can we just make one ourselves and fill it in?

  7. #107
    Join Date
    Dec 2008
    Location
    Nashville TN
    Posts
    696
    Quote Originally Posted by muted View Post
    Where is this magical Addendum to explain other businesses owned, or can we just make one ourselves and fill it in?
    Make it yourself (at least that is what my clients have been doing).

  8. #108
    Join Date
    Dec 2006
    Posts
    726
    Quote Originally Posted by Marshall Tucker View Post
    UTP you can do 12m ended 3-31-20 which wont make you whole, but will give you a better answer.
    Any idea where I can look for come clarification on this. My bank is telling me I have to use all of 2019 and canít use any 2020.

    They say they are limited by the SBA itself which requires all 2019

    Itís about a 40% decrease in loan amount.

    Just filed my 941s and paid my withholding for for qtr 1 2020 today.
    I'd rather die while I'm living then live while I'm dead

  9. #109
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
    Posts
    5,381
    There is some flex on this. From the application:

    For purposes of calculating ďAverage Monthly PayrollĒ, most Applicants will use the average monthly payroll for 2019, excluding costs over $100,000 on an annualized basis for each employee. For seasonal businesses, the Applicant may elect to instead use average monthly payroll for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee. For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding costs over $100,000 on an annualized basis for each employee

  10. #110
    Join Date
    Oct 2015
    Posts
    2,151
    Supposedly $50 billion or so is accounted for. My shop will start funding our apps tomorrow and hopefully we will be through our queue by the 13th. We are pretty small potatoes as we only have about $11,000,000 in applications. For what itís worth we are using 2019 info unless you starred in 2020.

  11. #111
    Join Date
    Feb 2006
    Location
    New England
    Posts
    12,122
    Quote Originally Posted by alias_rice View Post
    Supposedly $50 billion or so is accounted for. My shop will start funding our apps tomorrow and hopefully we will be through our queue by the 13th. We are pretty small potatoes as we only have about $11,000,000 in applications. For what it’s worth we are using 2019 info unless you starred in 2020.
    My payroll company gave me a PPP report from April 2019 to March 31, 2020. It's basically all same, but did they F-up?

    My local bank got 400 apps in 90 minutes, so they shut down, but I submitted in the first 10 minutes. It would suck big time if they reject me because it's not just 2019...

    Anyone know for sure?


    EDIT: I see from Goldfinger it's flexible, but still worried.

    Quote Originally Posted by Marshall Tucker View Post
    UTP you can do 12m ended 3-31-20 which wont make you whole, but will give you a better answer.
    Sounds like what my payroll company did, so I guess I'm okay? I need a scotch...
    Screw the net, Surf the backcountry!

  12. #112
    Join Date
    Oct 2015
    Posts
    2,151
    Quote Originally Posted by BigDaddy View Post
    My payroll company gave me a PPP report from April 2019 to March 31, 2020. It's basically all same, but did they F-up?

    My local bank got 400 apps in 90 minutes, so they shut down, but I submitted in the first 10 minutes. It would suck big time if they reject me because it's not just 2019...

    Anyone know for sure?


    EDIT: I see from Goldfinger it's flexible, but still worried.



    Sounds like what my payroll company did, so I guess I'm okay? I need a scotch...
    Seems to be a bank by bank decision. Weíd likely let you use it if we had a decent relationship with you.

  13. #113
    Join Date
    Feb 2006
    Location
    New England
    Posts
    12,122
    Quote Originally Posted by alias_rice View Post
    Seems to be a bank by bank decision. We’d likely let you use it if we had a decent relationship with you.
    Thanks... good to hear. I pretty much know everybody at my bank, but that could work against me. Fortunately, they all love my dog, so I may get by this?
    Screw the net, Surf the backcountry!

  14. #114
    Join Date
    Apr 2004
    Location
    Three-O-Three
    Posts
    14,173
    FWIW, I just saw some interesting info on the EIDL loan/grant/advance, for anyone interested in that. Apparently there were a few tweets and interviews from SBA-related folks that said that the companies who have applied will get $1,000 per employee, up to $10,000. Small guys fucked once again.

  15. #115
    Join Date
    Dec 2002
    Location
    The Garden State
    Posts
    3,058
    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.

  16. #116
    Join Date
    Aug 2007
    Posts
    6,059
    Quote Originally Posted by Aldo View Post
    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.
    I did it through Chase, too. A bit hungover myself too, once again...I saw my wife smoking for the first time last week. I always suspected she had a hidden habit of an occasional cigarette and now it's the end of the world I don't think she is trying to hard to hide anything. She was on a phone call so I didn't confront here then and now I am just gonna worry about other things....ha.

  17. #117
    Join Date
    Dec 2002
    Location
    The Garden State
    Posts
    3,058
    if they sent a roll of toilet paper that would at least be a plus....

  18. #118
    Join Date
    Dec 2002
    Location
    The Garden State
    Posts
    3,058
    @ muted - sounds like you have some leverage !

  19. #119
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
    Posts
    5,381
    Quote Originally Posted by Aldo View Post
    if they sent a roll of toilet paper that would at least be a plus....
    Toilet paper is more valuable than the loan amounts. Don't hold your breath...well, maybe you should, if you get my drift...

  20. #120
    Join Date
    Nov 2002
    Location
    Behind the Zion Curtain
    Posts
    3,223
    Quote Originally Posted by Aldo View Post
    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.
    Click image for larger version. 

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  21. #121
    Join Date
    Aug 2006
    Posts
    5,668
    Got approval end of day yesterday. This must be what the .1% feels like all the time because that shit was easy.
    Live Free or Die

  22. #122
    Join Date
    Dec 2004
    Posts
    13,646
    ^^^ P3 or EIDL?

    Thx
    Ooof!

  23. #123
    Join Date
    Nov 2005
    Location
    Down In A Hole, Up in the Sky
    Posts
    27,206
    Quote Originally Posted by AdironRider View Post
    Got approval end of day yesterday. This must be what the .1% feels like all the time because that shit was easy.
    Nice. Are you still with NWKW?
    Forum Cross Pollinator

  24. #124
    Join Date
    Dec 2005
    Location
    STL
    Posts
    9,460
    Can anyone confirm that April 10th is when they roll PPP out for independents? Thks


    Sent from my iPhone using TGR Forums

  25. #125
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
    Posts
    5,381
    Quote Originally Posted by Cono Este View Post
    Can anyone confirm that April 10th is when they roll PPP out for independents? Thks


    Sent from my iPhone using TGR Forums
    I think it's defined somewhere in here but I don't have time to peruse it all. Happy hunting!

    https://www.sba.gov/funding-programs...on-program-ppp

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