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Thread: Small Biz Support 2020
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04-03-2020, 10:33 AM #51
I filled out the form last night.. I was told by a bank officer to make certain that I had the latest version..in upper right corner of my form is an expiration date..09/30/2020... That is supposed to be good...as a self employed sole proprietor (and sole employee) I was told that my 1040 and Schedule C forms are sufficient for supporting documentation..very simple... I will be dropping it off at bank drive up window.. Not sure when the bank can submit the forms..Bank officer told me that as of last night the SBA still had to get the application portal finished
what's so funny about peace, love, and understanding?
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04-03-2020, 11:11 AM #52Registered User
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be honest with yourself
you aint' seeing shit
got a phone call alittle while ago from my economic advisor asked me if I was done filling out paper work
told him I was busy working on things that would actually pay me money in the next couple weeks
the funny thing is my avg monthly payroll is just under 20k so yeah give me 48 thousand dollars fuck yeah but I doubt it, free or with low interest I'll take it
in the meantime I have 30 more mins of a paper work some tubes to pull and trying to decide when and where i"ll ski this afternoon
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04-03-2020, 11:33 AM #53
I'v been given the same form but also told they are not done fully issuing guidance yet. Interest rates have already gone up half a point in the past day or so so it feels in flux. Banker told me they are pissed because they have to nut up the money first and only get 1%. Guessing they are pushing back against that and trying to hammer out when they get the forgiveness.
Live Free or Die
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04-03-2020, 11:46 AM #54
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04-03-2020, 01:32 PM #55
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04-03-2020, 03:34 PM #56I drink it up
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Clusterfuck of a day. Spent most of it syncing up to e-Tran. Not that that really did anything. Commercial lenders’ voicemail inboxes kept filling up, but what do you say when you don’t have anything to say? God knows why they didn’t wait to push this live until 4/10.
focus.
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04-03-2020, 03:50 PM #57I drink it up
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That’s too cynical and over-broad. As a business with fewer than 500 employees we are not eligible to borrow under the program because we’re a lender, but we might earn some fee income on this that offsets that missed opportunity. We’re trying to keep our employees at work same as you.
If receivables continue to deteriorate and we start to see seriously rising delinquencies and charge offs, this is going to do a number on your local community financial institutions. Because of our category, though, we don’t see any of these programs because we’re small enough to fail.focus.
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04-03-2020, 04:17 PM #58Registered User
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I was told that because I don't have a current loan with my bank, they'll run our application but I'm not a priority to receive funds. Reading between the lines, fastfred is probably correct, the majority of these funds will go to bigger businesses with better relationships with their bankers. If they can float the PPP funds to their existing loan customers, they'll be less likely to default on those loans.
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04-03-2020, 04:38 PM #59I drink it up
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What lines? We’re suddenly trying to stuff $350B in a few weeks through a pipe that normally only supports $25B a year.
We’re prioritizing too. Not because anybody is “big”, but there are more apps than we can process.focus.
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04-03-2020, 04:57 PM #60
Shit - the application changed after I completed it. Easier now - don't need 20%+ investors to sign
The fillable form is at https://home.treasury.gov/system/fil...30-2020-v3.pdf
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04-03-2020, 05:41 PM #61Registered User
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I got corporate credit cards and lines of credit w my bank
the best bet is probably to close up shop in the next couple weeks
collect the invoices payable
collect my welfare
file for bankruptcy, just because, it'll add another number to the failure column for the gov't to measure
buy a van travel around smoke dope ride my bike ski and become one with the world like a 20 year old
kinda like the time I woke up in backwoods kentucky 8 hrs from where I after ate mushrooms
shit I do need to sell my house quickly to my parents for a dollar so I can claim bankruptcy without.......
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04-03-2020, 06:00 PM #62Registered User
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Yup. We have received 250 applications since yesterday. We typically close 10 commercial deals a month, maybe 3 of which are SBA deals. Our average loan size hovers around a million dollars. Now we are trying to close 100’s of deals averaging about $60k. No way to do it all so we are only helping current members, though you don’t need a loan with us to qualify.
Not a ton of money in these either when you look at manpower to get them done. We made a decision though that it was our duty to help our members and the local economy. We have converted to an online portal and will be live processing on Monday. It’ll be a clusterfuck for a while but the cash will get out there. I’d guess we burn through the $350 billion by the end of April.
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04-03-2020, 07:20 PM #63
Small Biz Support 2020
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.
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04-03-2020, 07:24 PM #64
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04-03-2020, 07:34 PM #65
You should still apply as should all of your contractors as it is essentially 2 months of net income for free. Seems like a lot of the contractors, single member LLCs, S-corps, etc all seem to think they won’t get anything out of the PPProgram and it just isn’t true. PM me if you have questions I’ll be doing nothing but approving, submitting, and funding these for the foreseeable future so won’t be keeping up with this thread much.
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04-03-2020, 07:50 PM #66Registered User
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Easy bro
Big difference between approving and actually putting money in people's accts you haven't deposited shit because you dont have dick keep approving to give people hope but when it comes time to pay up wheres the money
I know what I'm talking about politicians lie and govt workers are clueless
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04-03-2020, 08:20 PM #67
Dude you’re an idiot
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04-03-2020, 09:05 PM #68
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04-03-2020, 09:17 PM #69
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04-04-2020, 02:16 AM #70Registered User
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Totally true and good advice...I just hope the $$$ holds up long enough for those folks with a 7 day delay to 4/10
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04-04-2020, 07:52 AM #71
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04-04-2020, 07:57 AM #72Registered User
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04-04-2020, 08:33 AM #73
Wells Fargo went sort of live this morning, finally letting you get in the queue by entering your name, DBA and FEIN. Setting up separate PPP account today, hopefully fund it next week?
Have 5 full time and one part time laid off (whole staff), finishing severance this week, then job attached unemployment, hoping to put them back on payroll and burn through PPP money on them and rents/utilities for full forgiveness.
Trying to help get the money to bottom of the pile this time and see if that helps stimulate the economy faster than a top end bail out.
Fastfred- agree this maybe a logistical "Bridge Too Far" , but I am set for 6 months burn without loan, or employees- luckily have a billable storage component to my business that helps- but fingers crossed and hoping for the best, more worried about my employees than myself.
My wife is freaking because she is full time in the wedding business, stationary and tablescapes (fancy dish rental) already had half the big weddings cancel or postpone this season.
I started my business in 07, with no employees and tiny overhead, always knew that contraction could be a reality, been through '91, dot com, 9/11 and 2008. This seems more dire, maybe because of the forced inactivity and the impending sense of dread- sort of like waiting for an invisible tidal wave.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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04-04-2020, 08:45 AM #74
Small Biz Support 2020
US Bank has acknowledged the start of the process for their implementation of the PPP program
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04-04-2020, 08:48 AM #75
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