Small Biz Support 2020

[MakersTeleMark]

I can only agree with core shot that Benny's naked links are fucking so #bunnyshit

Fred: is the wife available?

Next time you are over the pass, hit me up for a brewski.

[Cono Este]

Well, everyday this week my bank called with some BS request. I submitted my app for ppp two weeks ago, and I better fucking be in there this time.

I will update of it hits this time.


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[t-the-east]

Well, back to pacing by the phone/email waiting to hear on round two. As stated above, I probably shouldn’t hold my breath. I’ve already called the bank to “make sure they didn’t need anything else from me”. Basically a not so subtle “please get me some fucking money!”

I’m reading the funding for round 2 is going to be gone even faster than round one.

The EIDL funding is back but the website says no new applications yet, until they process the previous ones. So we’re probably SOL on that too.

And I still haven’t gotten my god damn stimulus check. Sure does feel like a Monday.

[fastfred]

^^^^ breath, it's ok
it's like winning the lottery
not likely but if you do it'll be nice
I'm not counting on shit, life works out better when you don't get your hopes up
best of luck

[alias_rice]

Etran is crashing and is basically impossible to use. It’s almost like they had no clue every bank in the country would be submitting at the same time. It’s going to be a long fucking day.

[Cono Este]

Well, back to pacing by the phone/email waiting to hear on round two. As stated above, I probably shouldn’t hold my breath. I’ve already called the bank to “make sure they didn’t need anything else from me”. Basically a not so subtle “please get me some fucking money!”

I’m reading the funding for round 2 is going to be gone even faster than round one.

The EIDL funding is back but the website says no new applications yet, until they process the previous ones. So we’re probably SOL on that too.

And I still haven’t gotten my god damn stimulus check. Sure does feel like a Monday.

Friday my bank called asking if I could re scan them a copy of the loan calculator spreadsheet. They said they could read it, but wanted a nicer copy.

Fucking sent them that 2 weeks ago! A nicer copy? Wtf.




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[Flyoverland Captive]

My bank has been trying to log in to the system all day with no success. Fuck.

[alias_rice]

My bank has been trying to log in to the system all day with no success. Fuck.

It’s so fucking frustrating. We have 10 processors and we have done 9 total. I’ve only got 1 in myself and normally it’s a 10-15 minute process. No doubt they are prioritizing the “bulk submissions” that the big boys are able to do. Fucking bastards at the sba have come out and said it’s going slow by design.

[smmokan]

Meanwhile, the Lakers are giving back the $4.6MM they received from round one PPP funding. No wonder there wasn't any money left for the companies that actually needed it.

They're valued at $4.4B. How the fuck were they even allowed to apply in the first place? What a fucking disgrace.

[jackstraw]

Meanwhile, the Lakers are giving back the $4.6MM they received from round one PPP funding. No wonder there wasn't any money left for the companies that actually needed it.

They're valued at $4.4B. How the fuck were they even allowed to apply in the first place? What a fucking disgrace.

Yeah, that less than 500 employees was certainly flawed.

The whole thing is a mess.

The other side of the coin as an example. Two companies that are exactly the same. One X the other Y. Both make the same healthy profit for the last 20 years. X saves every year for the rainy day in conservative accounts. Y buys expensive homes, cars, trips and generally lives large milking the company. COVID hits and X has 5 million in the bank and Y has enough working capital to last a month. Who deserves the ppp?

[GoldMember]

Yeah, that less than 500 employees was certainly flawed.

The whole thing is a mess.

The other side of the coin as an example. Two companies that are exactly the same. One Ant the other Grasshopper. Both make the same healthy profit for the last 20 years. Ant saves every year for the rainy day in conservative accounts. Grasshopper buys expensive homes, cars, trips and generally lives large milking the company. COVID hits and Ant has 5 million in the bank and Grasshopper has enough working capital to last a month. Who deserves the ppp?

FIFY

[4matic]

LA Takers

[Core Shot]

LA Takers

Well if they used PPP to make another Fletch movie, all would be forgiven.

[Fritz]

Just a reminder that the primary purpose of the loan is to get money to your fucking employees.


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[Flyoverland Captive]

Just a reminder that the primary purpose of the loan is to get money to your fucking employees.


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If the website worked that might happen; but alas, I suspect my staff is fucked, because the fuckwits in charge didn't prepare for the volume of requests, and the system is locked up.

[Core Shot]

Just got my loan docs. Three days late but better late than never.
Sucks that round two is even more of a clusterfuck. I bet a metric shit ton of micro businesses didn’t even know about round one in time to apply, and absolutely everyone knows round two is there, if only you can jam your paperwork into the mail slot.

I just found out one of my FTE took another job. So it just got harder for me to qualify for forgiveness. Still wondering about the re-hire by June 30 provision. My lawyer said go for it. It’s in the statute. My banker hasn’t gotten feedback from his team.

[Fritz]

My bank has been trying to log in to the system all day with no success. Fuck.

I was able to get a few done yesterday but it was a major struggle. Web site timed out every couple minutes. Took me over 4 hours for one app yesterday that should have taken me 10 minutes. The SBA claimed that their site was working fine and they were simply “pacing” the process which is bullshit. Anyways I eventually got all my clients in, most of them between 7pm last night and 6am this morning when the traffic was light enough to get em done with out the web site crashing.


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[jackstraw]

FIFY

Ha! Athough my example was actually real life. The numbers are not the same, but they are very close overall top line. It's the same industry with a similar customer base and in some cases the exact same customers. Friendly competitors with minimal direct competition.

I was able to get a few done yesterday but it was a major struggle. Web site timed out every couple minutes. Took me over 4 hours for one app yesterday that should have taken me 10 minutes. The SBA claimed that their site was working fine and they were simply “pacing” the process which is bullshit. Anyways I eventually got all my clients in, most of them between 7pm last night and 6am this morning when the traffic was light enough to get em done with out the web site crashing.


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Yeah, it took 12hrs to get 3 done yesterday according to my bud and my other friend is trying to get two RE 504's thru etran to no avail.

[Cono Este]

3 weeks ago my banker told me I was the first independent to apply!

Odds I see more than a bad headache from this?


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[::: :::]

I did receive my Donald J Trump stimulus letter yesterday (we did get direct deposit back on 4/15)
but no EIDL & no PPP

[Rideski]

The SBA is hiring (not kidding)

[single]

It sounds like ours finally went through.

Originally submitted during first round with wells Fargo. Had everything dialed right from the get go, but appears WF screwed up en masse on that one.

Submitted again during the downtime with a local bank, I think it went through this morning. Signed papers, but haven't seen it come in yet.

Fingers crossed. I had convinced myself it wouldn't happen, so was pretty stoked that it might work out.

[GoldMember]

If they had you sign the loan docs, you'll be fine. It shouldn't take long for the funds to hit your account.

[SuperGaper]

It sounds like ours finally went through.

Originally submitted during first round with wells Fargo. Had everything dialed right from the get go, but appears WF screwed up en masse on that one.

Submitted again during the downtime with a local bank, I think it went through this morning. Signed papers, but haven't seen it come in yet.

Fingers crossed. I had convinced myself it wouldn't happen, so was pretty stoked that it might work out.

Same scenario with my wife and I, separate businesses. We both started with WF, and applied elsewhere when the asset cap thing happened. She docusigned her promissory
with Wells last Monday- then on Sunday night she got an email that said they did not have it!

Follow up with Wells is impossible there is no email or phone contact, you just wait. I have been getting robo emails saying my Wells application was still in the
queue- one or 2 emails per day, no promissory note so I had all but given up hope.

I was in my office on Saturday, and Bank of Jackson Hole called and said my loan funded, I just need to open an account with them- they had the docs to me first thing
yesterday, and signed loan docs this morning at 11am, funds in new account at 3pm. I think my Wells app was stuck behind this one, i.e. Bank of JH got to the window first.
Is Wells going to email every day for the rest of my life saying I am still in the queue? There is no way to notify them of being funded by a different bank.

I really hope something happens for my wife, her business (weddings) is getting crushed, every day more moved to next year. You can be sure that both of us will be moving
everything out of Wells Fargo in the near future. I am moving personal accounts this week. Then when the PPP account at Bank of JH is drained, I will move my commercial accounts over.

As I mentioned earlier in the thread, I have been paying my guys full hours to stay home, thinking this would come through a lot sooner. We are actually starting back to work on some projects at unoccupied homes, and also packing and crating things for home moves- also with just a caretaker getting us access. Lots of jobs in the pipeline luckily. Mixing a bunch of hand sanitizer and actually have a cache of n-95's from the wood shop, had long been offered to the hospital here, but they said they were good. Having a meeting on Thursday with the guys to figure out best practices, sanitation etc. All the trades and moving companies have been working here the whole time- had hoped to stay shut until 5/15- but people are begging for service calls, and promising to just let us in and lock up after we leave, so about as good a situation for starting back as I could hope for.

I have really been spun out about reopening and risk and sickness. Talked to my crew and explained that we are screening clients, no second home owners just arrived, we wont go to them until after 2 weeks for their jobs.

[SuperGaper]

Oh yeah, and my loan agreement is dated 5/25, so today's payroll can be paid with the PPP funds! And rent and utilities on the 1st.

Now just have to figure out how to keep Mrs. SuperGaper afloat for the foreseeable future- she has an office/warehouse, $4k per month rent,
and I would guess about $300k in inventory inside. Luckily no debt.

Landlord is reducing rent to $3k for the next 2 months and then revisit.

Gonna be a long summer.