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  1. #226
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    Mar 2005
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    I read that $10k EIDL will be subtracted from PPP loan forgiveness.
    . . .

  2. #227
    Join Date
    Dec 2015
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    Front Range Shitshow
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    Quote Originally Posted by ::: ::: View Post
    she isn't getting paid now for employees & then again later for her employees...she is getting the PPP forgiven once whether now or later

    what am i missing?
    why would her making a profit later matter? isn't that the point after all?
    the 8wk bridging of payroll for downtime is the loan/grant part

    if last month's income is zero, the payroll sucks for next month...
    I think the idea is they furloughed all their employees, so now they are getting supported by unemployment. Then, when business picks up and she needs to rehire she wanted to use the forgivable part of the PPP to pay their salaries for a while. Instead, the point of the PPP forgiveness is you keep them on payroll through the downturn.

    I can't say I care much. Of course businesses are scrambling to get their hands on whatever support they can right now. Given what the truly wealthy are getting away with, this seems like pretty small potatoes.

  3. #228
    Join Date
    Jan 2010
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    Quote Originally Posted by SuperGaper View Post

    Strange that a commie like me ends up a business owner- I don't particular enjoy it, but I started in my field in 91, and its the only thing I know. I don't even enjoy invoicing or making
    deposits anymore. I guess the thrill/terror of trying to sort out survival in these trying times has been interesting, and the phone and emails have been trickling in to the point when we open
    we will easily book the next month of business. Will that be in May? June? or July?
    when I used to hear about someone not invoicing right away I wondered what their problem was, I always had the invoice in hand before I finished the job
    then many years later, I'm that guy the customer is begging an invoice from, I just keep telling them I"m busy and I'll get to it, now I just invoice once a month it's much easier

    and yeah only two types of people go into business for themselves those who are blindly stupid and those that are calculated and smart the failure rate is the same


    Quote Originally Posted by smmokan View Post
    Yep, I just received this email. What a joke, they really thought this through.

    On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

    You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:
    got the same email, the funny thing is it got labled as spam, It sounds alot like spam
    the email sounds completely different than when I filled out the original application
    the amount of bullshit is all time, but what do you expect from the federal gov't

  4. #229
    Join Date
    Oct 2015
    Posts
    2,848
    I keep hearing all of the ppp money will be gone some time tomorrow. Anyone hearing anything differently?

  5. #230
    Join Date
    Jan 2010
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    Quote Originally Posted by alias_rice View Post
    I keep hearing all of the ppp money will be gone some time tomorrow. Anyone hearing anything differently?
    that seems to be the hysteria/rumor of the moment prolly true
    the airlines are getting 25 billion
    boeing which was a failure before this started will get billions too
    small business the average person can just take it in the ass because the federal gov't has always hated small business they love big corporations

  6. #231
    Join Date
    Feb 2005
    Posts
    19,208
    I thought you had to have 500 or less employees?
    Is it radix panax notoginseng? - splat
    This is like hanging yourself but the rope breaks. - DTM
    Dude Listen to mtm. He's a marriage counselor at burning man. - subtle plague

  7. #232
    Join Date
    Oct 2002
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    my own little world
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    You do. He’s just bitching and moaning because that’s what he does.
    focus.

  8. #233
    Join Date
    Sep 2006
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    JAC
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    Welp, Wells Fargo loan app submitted this morning, just go an email form Bank of Jackson Hole saying they are reviewing my application, so things are moving forward. I will go with Wells

    Yesterday after Trump said he has absolute power- Mnuchin got up to mike and said they will add funding to PPP and no one will miss out. He also acknowledged how massive this undertaking is, and in general, spoke like an adult, which was so striking after listening to Trump for 40 minutes rambling and raging.
    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

  9. #234
    Join Date
    Dec 2004
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    Where the sheets have no stains
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    Quote Originally Posted by Core Shot View Post
    I read that $10k EIDL will be subtracted from PPP loan forgiveness.
    Was contacted today from SBA about EIDL, you are correct.

    Damn SG, that you could last through 40 minutes of that shit is amazing.
    I have been in this State for 30 years and I am willing to admit that I am part of the problem.

    "Happiest years of my life were earning < $8.00 and hour, collecting unemployment every spring and fall, no car, no debt and no responsibilities. 1984-1990 Park City UT"

  10. #235
    Join Date
    Feb 2005
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    19,208
    Quote Originally Posted by Mustonen View Post
    You do. He’s just bitching and moaning because that’s what he does.
    He's like the Mikey b of scummit.
    Is it radix panax notoginseng? - splat
    This is like hanging yourself but the rope breaks. - DTM
    Dude Listen to mtm. He's a marriage counselor at burning man. - subtle plague

  11. #236
    Join Date
    Aug 2008
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    807
    Quote Originally Posted by Mustonen View Post
    Dude, it’s chase. You don’t bank with Chase to build a relationship. They do good stuff, but warm fuzzies aren’t really it.
    As on now Chase is not offering any business loans or lines of credit.
    What a great way to take care of the customers who’ve been with you for so many years

  12. #237
    Join Date
    Aug 2006
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    7,919
    Took about a week, but got the funds deposited today for our PPP loan.
    Live Free or Die

  13. #238
    Join Date
    Dec 2006
    Posts
    890
    I received a letter from my bank today that said because I have a SBA 7(a) loan that through the SBA debt relief program that my principal and interest payments will be paid for the next 6 months and there’s nothing I need to do to receive the benefit.

    Anybody know anything about this?

    I applied for PPP a week ago and they sent me the forms to sign last night.

    Any concerns doing both?
    I'd rather die while I'm living then live while I'm dead

  14. #239
    Join Date
    Oct 2015
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    2,848
    Quote Originally Posted by UTpowder View Post
    I received a letter from my bank today that said because I have a SBA 7(a) loan that through the SBA debt relief program that my principal and interest payments will be paid for the next 6 months and there’s nothing I need to do to receive the benefit.

    Anybody know anything about this?

    I applied for PPP a week ago and they sent me the forms to sign last night.

    Any concerns doing both?
    The letter is legit and will happen automatically. No problem also having a ppp loan. Two separate aspects of the stimulus bill.

  15. #240
    Join Date
    Sep 2006
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    https://www.politico.com/news/2020/0...rus-aid-188533

    I'll be competing with corporations for the remaining money. Cool.

    Actually, they have already been funded for the most part. Extra cool.
    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

  16. #241
    Join Date
    Feb 2006
    Location
    New England
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    12,098
    Quote Originally Posted by akdoc13 View Post
    Update on my PPP loan. I applied on 4/3 through my business bank, Fidelity. My documents all checked out and they submitted to the SBA on Friday 4/10. I got another email from Fidelity yesterday that the SBA had approved my PPP loan and I should be able to sign my loan paperwork later this week or early next week and receive funds as soon as they have my signed loan docs. They will wire transfer the money same day. Just wanted to give everyone a glimmer of hope as I know I was doubtful I'd get anything.
    Good to hear... mine was submitted to the SBA Monday.

    Fingers crossed, but I heard there was a huge cluster fuck at SBA.
    Screw the net, Surf the backcountry!

  17. #242
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    Sep 2006
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    JAC
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    Quote Originally Posted by Bunion 2020 View Post
    Was contacted today from SBA about EIDL, you are correct.

    Damn SG, that you could last through 40 minutes of that shit is amazing.
    It left me angry and amazed, started listening to him again just now, but must turn off for sanity.
    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

  18. #243
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    Mar 2005
    Location
    Dystopia
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    Quote Originally Posted by UTpowder View Post
    I received a letter from my bank today that said because I have a SBA 7(a) loan that through the SBA debt relief program that my principal and interest payments will be paid for the next 6 months and there’s nothing I need to do to receive the benefit.

    Anybody know anything about this??
    Got email confirmation that the auto debit on my 504 loans will be automagically suspended.

    It’s weird. The fed money actually pays your loans for six months.

    But how is that treated in quickbooks?
    Is it income to you?
    I guess so. But then you get to deduct the interest portion as an expense.
    . . .

  19. #244
    Join Date
    Oct 2002
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    my own little world
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    5,838
    Quote Originally Posted by yellofin View Post
    As on now Chase is not offering any business loans or lines of credit.
    What a great way to take care of the customers who’ve been with you for so many years
    I think it’s adorable that you thought you had a “relationship” with a $2.74 TRILLION dollar financial institution.

    But you go on now. Keep being miffed.
    focus.

  20. #245
    Join Date
    Aug 2008
    Location
    On the field
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    807
    Quote Originally Posted by Mustonen View Post
    I think it’s adorable that you thought you had a “relationship” with a $2.74 TRILLION dollar financial institution.

    But you go on now. Keep being miffed.
    My PPP grant was just deposited in my account this morning.
    Also you sound like a little bitch,are you related to Benny

  21. #246
    Join Date
    Oct 2015
    Posts
    2,848
    Looks like the ppp funds are officially dried up. We are getting errors on new submissions through the SBA saying the program is no longer available. Hopefully they authorize more funds to the program because there are still a ton of businesses out there needing funds

  22. #247
    Join Date
    Dec 2004
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    Where the sheets have no stains
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    Quote Originally Posted by yellofin View Post
    My PPP grant was just deposited in my account this morning.
    Also you sound like a little bitch,are you related to Benny

    Bwhahahahahahahahahahaah! Fuck you, now I have to clean off my monitor.
    I have been in this State for 30 years and I am willing to admit that I am part of the problem.

    "Happiest years of my life were earning < $8.00 and hour, collecting unemployment every spring and fall, no car, no debt and no responsibilities. 1984-1990 Park City UT"

  23. #248
    Join Date
    Nov 2002
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    Behind the Zion Curtain
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    4,875
    When I'm paying my employees out of my own pocket by next week it's at least comforting to read about assholes laying off their employees and complaining they're making too much money on unemployment.

  24. #249
    Join Date
    Oct 2003
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    slc
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    Quote Originally Posted by BobMc View Post
    When I'm paying my employees out of my own pocket by next week it's at least comforting to read about assholes laying off their employees and complaining they're making too much money on unemployment.
    I'd be more than willing to pre-fund some future work from you guys if it would help.

  25. #250
    Join Date
    Nov 2002
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    Behind the Zion Curtain
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    Quote Originally Posted by Dantheman View Post
    I'd be more than willing to pre-fund some future work from you guys if it would help.
    Thanks Dan, but we'll be fine. My post was more a comment about the some of the douchebags that frequent this forum. As I've mentioned earlier, this virus has a side effect of outing the assholes.

    Edit. Meanwhile Mike Lee is posting on Facebook about how we need to bail out faith based entities. Fuck Mike Lee too.

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