Small Biz Support 2020

**alias_rice** · 04-01-2020, 05:42 PM

Originally Posted by Core Shot

Seriously?

Six months no payment on my 504 portion?

Is it free or tacked onto the back end. Local bank loan offers interest only for six months with a ballon payment at the end of loan for missed principal. Maybe they offer full six months deferral now.

I don’t want to borrow more.
But I sure can’t sleep thinking about how to make the next payment.

Seriously. They actually make the payment for you. P&I is made so they are paying down your loan. I’d call your servicer to cancel your autopay.

As much as the sba is saying the payroll loans are quick and easy, I worry they’ll turn into a clusterfuck. Banks still don’t know what we need to gather as evidence of payroll, what docs to sign, etc. My advice would be to call around and find a lender that already does a lot of sba production and ask if they’re a preferred lender. If so, they’re more likely to be able to more efficiently get loans processed through the system. I can totally see people sitting for weeks waiting for their application to get processed.

**Bunion 2020** · 04-01-2020, 07:11 PM

The SBA application form is a fucking nightmare.

I got as far as the 3rd page and it would not let me proceed. "Some Fields May be incorrect".

Except that all the fields are indicating that they are correct.

**::: :::** · 04-01-2020, 07:24 PM

Originally Posted by Bunion 2020

The SBA application form is a fucking nightmare.

I got as far as the 3rd page and it would not let me proceed. "Some Fields May be incorrect".

Except that all the fields are indicating that they are correct.

I found I had to enter my phone number manually (autofill fucked up the form)

Maybe re-enter anything that got auto-filled?

**Bunion 2020** · 04-01-2020, 08:47 PM

Yeah that seemed to be at least a part of the problem.

Edit to add, do not use the auto fill, entered everything manually and it uploaded perfectly.

Now, where is my $$$

**smmokan** · 04-02-2020, 08:27 AM

Originally Posted by alias_rice

As much as the sba is saying the payroll loans are quick and easy, I worry they’ll turn into a clusterfuck. Banks still don’t know what we need to gather as evidence of payroll, what docs to sign, etc. My advice would be to call around and find a lender that already does a lot of sba production and ask if they’re a preferred lender. If so, they’re more likely to be able to more efficiently get loans processed through the system. I can totally see people sitting for weeks waiting for their application to get processed.

Yep, sounds like it. I've talked with a few different banks so far about it (since my main business bank doesn't work with the SBA). One banker said that he's already received hundreds of applications, but can't process anything until Friday at the earliest. Another said she doesn't have answers for questions yet, and that she heard a date for the SBA getting to the applications is probably closer to the 13th.

The application is very basic and straightforward, but the bank I'll work with is requiring a lot more backup documentation to process the loans. I imagine the whole thing is going to be a giant cluster. I also imagine that the $350BB gets used up before a large majority of businesses get help; the limits for individual businesses are way too high if they expect to distribute the funds across the board.

**GoldMember** · 04-02-2020, 12:47 PM

Our bank is a SBA preferred lender and sent me what we need last night. The form is simple. We just fill it out and return to him. I think this will work out okay for us, anyway. I can see where if you're going through a different bank than you normally work with, this could be a nightmare scenario. Good luck to all of you.

**::: :::** · 04-02-2020, 01:46 PM

our bank guy was coming up to speed with this stuff too when we contacted him
he said, "it's like building a plane while you're trying to fly it"

**Mustonen** · 04-02-2020, 01:55 PM

Originally Posted by ::: :::

our bank guy was coming up to speed with this stuff too when we contacted him
he said, "it's like building a plane while you're trying to fly it"

We’re working on this as a lender.

Not a bad way to put it....

**smmokan** · 04-02-2020, 02:11 PM

Also as an FYI for anyone considering it, supposedly there's some kind of restriction on applying for the PPP and EIDP together, where they count "against" the amount you can have forgiven.

I don't know the exact details since it was just a quick conversation with a friend, but it's worth looking into if you're applying for both.

**alias_rice** · 04-02-2020, 02:27 PM

Rate just increased to 1%.

I bet this gets postponed at least a week. Sba still hasn’t given us anything on how to process these. I should just call in sick tomorrow.

**t-the-east** · 04-02-2020, 02:41 PM

We’ve had 2 calls this week from the Vice President of our bank. They are still unsure of all the details. They did advise us to not apply for the loan AND the payroll loan. They said “I know it’s difficult but I strongly recommend waiting for the forgivable loan”

But there are also some great points in this thread about logistics. The loan will cover payroll for people that are not supposed to be working? We are technically an essential business, so we have some money coming in, will that affect us qualifying?

I guess that’s why it’s taking a while to figure it all out. But man, sure could use a little help with bills, mortgage, payroll, etc.. at this point we are starting to go without pay to keep our employees busy, and that is a bad way to go.

**jackstraw** · 04-02-2020, 03:03 PM

Originally Posted by alias_rice

Rate just increased to 1%.

I bet this gets postponed at least a week. Sba still hasn’t given us anything on how to process these. I should just call in sick tomorrow.

Yeah, my bud is srvp and he's saying 'clusterfuck'. No guidelines from the sba yet and it all starts tomorrow. Joy.

**GoldMember** · 04-02-2020, 03:11 PM

Yeah, we (businesses), they (banks), and them (SBA) are all flying by the seat of our collective pants on this, right now. This is happening at an incredible pace right now for a highly bureaucratic entity like SBA. The urgency in their office is probably something never seen before.

**GoldMember** · 04-02-2020, 03:12 PM

Originally Posted by ::: :::

our bank guy was coming up to speed with this stuff too when we contacted him
he said, "it's like building a plane while you're trying to fly it"

That's a great way to put it. I'll have to remember that.

**TBS** · 04-02-2020, 06:05 PM

^^^Agreed to all of the above. Thanks to Alias_Rice I got a copy of the SBA PPP Application. Took about an hour to complete because I had limitations and Sched M issues to work through with compensation. Talking to our CPA about supporting docs for application and administration since we haven't filed our 2019 return, I got a lot of "we don't know yet".

I've reached out to banks and none of them have a clue as to what they need to process the application. They say "stay tuned". I'm kinda thinking we should wait a week to let the dust settle before applying. The risk of that is this program gets oversubscribed.

**yellofin** · 04-02-2020, 06:39 PM

My tax attorney said I should go through Chase but as of 8pm est
They don’t know if they will be ready tomorrow
What is wrong with using the SBA website?
They seem to be taking them already

**TBS** · 04-02-2020, 07:36 PM

You need to got thru a bank. SBA is the guarantor - they neither originate nor service the loan.
Just listened to a report on CNBC - all of the banks are awaiting guidance from SBA re: what they need to present to SBA to get approval.

This will become a clusterfuck.

**MakersTeleMark** · 04-02-2020, 07:43 PM

This is what I got from my approved bank:

Thank you for your inquiry. We are working through the details of this program. Please continue to watch our website for the most up-to-date information about the application process.

**Aldo** · 04-02-2020, 07:55 PM

I’ve seen that paragraph a few times this week.

Sent from my iPhone using TGR Forums

**ripvanwinter** · 04-03-2020, 12:59 AM

So, has anyone received of or heard of anyone getting the eidl grant yet?
I pay my guys 1099 so not eligible for PPP and I file as an S Corp so my salary is low. (I’m the sole shareholder)
I’m holding my breath and pushing my accountant to get my 2019 filed so I can collect UI plus $600 which seems like the best deal around for me, and telling all my guys to get PPP on their own.

For self-employed folks it looks like they are basing PPP on net income, not gross. Is this right? Would they be better of filing for UI, too, assuming they wrote a lot off on their returns?

**fastfred** · 04-03-2020, 08:19 AM

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

**smmokan** · 04-03-2020, 08:44 AM

Originally Posted by ripvanwinter

So, has anyone received of or heard of anyone getting the eidl grant yet?
I pay my guys 1099 so not eligible for PPP and I file as an S Corp so my salary is low. (I’m the sole shareholder)
I’m holding my breath and pushing my accountant to get my 2019 filed so I can collect UI plus $600 which seems like the best deal around for me, and telling all my guys to get PPP on their own.

I'm in the same boat so I went with the EIDP grant/loan/advance. I filed on Wednesday afternoon, and it said to expect the money in your account within three business days. I'll be very surprised if that happens, but I'll update this post if anything happens early next week.

**jackstraw** · 04-03-2020, 08:45 AM

We just got this one -

Here is the latest.

All banks just received interim guidance from the SBA last night. Unfortunately, the Banks still don't have direction from SBA on final eligibility requirements, formal applications, and process/next steps. TD Bank intends to help our Customers get access to these emergency funds as soon as possible. We have teams of people working to implement the PPP so that we can support our Customers during their time of need, but we're still not prepared to accept formal applications as of today. Please hang on to your application and additional information.

**JohnnyTyndall** · 04-03-2020, 09:04 AM

Weighing in from the banking side. Sounds like SBA did manage to put out some guidance last night and is hosting calls today to explain things further and is saying they're going to continue to release guidance and clarification. Still not clear how the PPP and EDIL interact, hopefully this gets cleared up in the next couple of days. At any rate, it's not the banks jerking people around, we've just had no idea what to actually do for this thing. Application form is here.

**GoldMember** · 04-03-2020, 09:46 AM

Originally Posted by JohnnyTyndall

Weighing in from the banking side. Sounds like SBA did manage to put out some guidance last night and is hosting calls today to explain things further and is saying they're going to continue to release guidance and clarification. Still not clear how the PPP and EDIL interact, hopefully this gets cleared up in the next couple of days. At any rate, it's not the banks jerking people around, we've just had no idea what to actually do for this thing. Application form is here.

That's the form our bank sent me two days ago. We're filing today. I think we're likely fine with this and, contrary to FastFred, I believe we'll see the money next week. I'll report back.