SBA PPP loan thread

[dreamingat30fps]

Originally Posted by jlstyle

Great to hear.
SBA sent me an email, perhaps it's a mass email, but said my application is being processed in the order it was received. Nothing promising but good to be updated.

I got the same email. Although I already got the PPP so... don't think you can get both, but could be wrong.

[RickFLM4]

Originally Posted by dreamingat30fps

I got the same email. Although I already got the PPP so... don't think you can get both, but could be wrong.

I also received the same email.

[hubbahubba]

Originally Posted by DocL

I got my EIDL the day after the PPP. I had zero notification that I was getting it, and I never got any emails. It just showed up.

This is good to know. Hoping we see the extra 10k, would be the icing on the cake!

Edit for after turning the page... sad face.

[Kolyan2k]

Originally Posted by F30lolz

I applied for the $10k grant on March 31st and received $1k around 1:30am this past Wednesday. Palosi/Shumer can bark all they want but I don’t think the SBA will be forced to give out the remaining $9k to independent contractors/freelancers.

I think they changed it pretty quickly from 10k to 1k per employee. I doubt they will open program again.

My town opened up 10k grands to small businesses. I am not sure if i qualify though. These guys want proof of hardship, and I am not sure what they mean by that. Can I pay my bills from my savings...yes I can, was I effected by Corona, yes obviously just like everyone else.

[RickFLM4]

Originally Posted by Kolyan2k

I think they changed it pretty quickly from 10k to 1k per employee. I doubt they will open program again.

My town opened up 10k grands to small businesses. I am not sure if i qualify though. These guys want proof of hardship, and I am not sure what they mean by that. Can I pay my bills from my savings...yes I can, was I effected by Corona, yes obviously just like everyone else.

Yep, it’s $1K / employee up to $10K (subject to funding being available).

[turbo_joe]

I have been following this thread but never posted...

I am the VP for my families commercial HVAC company, we have been steadily working full time with no layoffs but over half my jobs have been shut down. Working hard to keep all my employees their 40+ hours a week as long as they want to work. We have 23 employees total.

But update for my company. Applied for EIDL within the first few days that option existed and got $10k about three weeks ago.
I applied for the PPP at the end of the first round and got stuck in limbo. This time around I finally got approved and I am suppose to see the funding in the next 5-10 days (minus the 10k from the EIDL) I went through Square as I was tired of dealing with a couple of my local banks. I was approved for the equivalent of four weeks of payroll.

I will update once the money actually comes into the account.

[saeyedoc]

Originally Posted by dreamingat30fps

I got the same email. Although I already got the PPP so... don't think you can get both, but could be wrong.

You can get both.

[OnlyGerman]

Originally Posted by dreamingat30fps

I got the same email. Although I already got the PPP so... don't think you can get both, but could be wrong.

You can still get both, both are completely different. EIDL is not accepting new applications though.

[hubbahubba]

So we received the docusign email with the note to sign yesterday afternoon. Within 10 minutes of completion, the funds had hit our account. Wicked fast, and very thankful for it. Had more people at the store today to work than since we closed, and will phase in the rest as soon as we figure out how to pay our tipped employees... The payroll report that ADP generated for us to apply for the ppp showed the tipped employees claimed tips as well as base wage, as it was all taxable income. That certainly makes sense. That said, we spoke to ADP yesterday, and they said we were only required to pay state minimum wage during the 8 week period for those that are back to work. Servers at our place average $20-$25/hour when life is normal.
Well, right now on unemployment those that filed are getting about $800/week between state and fed while sitting at home. Pretty sure I wouldn't give that up to come work 40 hours for $480, why would I expect them to do so? Anybody else run into similar situation? What is your plan? We are hopeful to re-open a partial dining room next week, but will not bring all back, as there just is not enough to go around. Ideas?

[dreamingat30fps]

Originally Posted by hubbahubba

So we received the docusign email with the note to sign yesterday afternoon. Within 10 minutes of completion, the funds had hit our account. Wicked fast, and very thankful for it. Had more people at the store today to work than since we closed, and will phase in the rest as soon as we figure out how to pay our tipped employees... The payroll report that ADP generated for us to apply for the ppp showed the tipped employees claimed tips as well as base wage, as it was all taxable income. That certainly makes sense. That said, we spoke to ADP yesterday, and they said we were only required to pay state minimum wage during the 8 week period for those that are back to work. Servers at our place average $20-$25/hour when life is normal.
Well, right now on unemployment those that filed are getting about $800/week between state and fed while sitting at home. Pretty sure I wouldn't give that up to come work 40 hours for $480, why would I expect them to do so? Anybody else run into similar situation? What is your plan? We are hopeful to re-open a partial dining room next week, but will not bring all back, as there just is not enough to go around. Ideas?

Was this for PPP or EIDL? I didn't get any paperwork for the PPP. Nothing to sign, no calls, doesn't even show up as a loan in my Chase account. Just a deposit in my account.

[hubbahubba]

Originally Posted by dreamingat30fps

Was this for PPP or EIDL? I didn't get any paperwork for the PPP. Nothing to sign, no calls, doesn't even show up as a loan in my Chase account. Just a deposit in my account.

This was ppp for us. Your's ppp also? We had to sign via docusign twice. Once for the official app prior to submittal to SBA by bank, and again for the promisory note yesterday. So you got the dough without signing anything? Hey, maybe your debt is forgiven already?

[dreamingat30fps]

Originally Posted by hubbahubba

This was ppp for us. Your's ppp also? We had to sign via docusign twice. Once for the official app prior to submittal to SBA by bank, and again for the promisory note yesterday. So you got the dough without signing anything? Hey, maybe your debt is forgiven already?

Yeah mine was ppp. I mean I filled out the initial app online, but even that was pretty basic. Then a month later money is deposited into my account. I mean I'm the only employee so it's a pretty small amount compared to most other businesses I'm sure. My friend has like 3-4 employees and I think he had to sign a bunch of stuff even though I don't believe he's gotten his $$ yet.

[hubbahubba]

Originally Posted by dreamingat30fps

Yeah mine was ppp. I mean I filled out the initial app online, but even that was pretty basic. Then a month later money is deposited into my account. I mean I'm the only employee so it's a pretty small amount compared to most other businesses I'm sure. My friend has like 3-4 employees and I think he had to sign a bunch of stuff even though I don't believe he's gotten his $$ yet.

Seems pretty odd.... Maybe call the bank? The doc we signed yesterday was 22 pages long and covered the typical legal mumbo jumbo you would expect with any loan. Sounds like an oversight on their part for sure.

[DocL]

Originally Posted by hubbahubba

Seems pretty odd.... Maybe call the bank? The doc we signed yesterday was 22 pages long and covered the typical legal mumbo jumbo you would expect with any loan. Sounds like an oversight on their part for sure.

Maybe his was a phantom deposit that isn't traceable. However I'm sure someone will be calling asking for him to sign something. However, if they don't catch onto the mistake who cares.

A friend of mine who's mother died a few years ago got the letter explaining her $1,200 stimulus check will be direct deposited. It even acknowledged she was deceased. There are some funky things going on with the fed right now.

[dreamingat30fps]

Originally Posted by DocL

Maybe his was a phantom deposit that isn't traceable. However I'm sure someone will be calling asking for him to sign something. However, if they don't catch onto the mistake who cares.

A friend of mine who's mother died a few years ago got the letter explaining her $1,200 stimulus check will be direct deposited. It even acknowledged she was deceased. There are some funky things going on with the fed right now.

What's interesting is the deposit shows "SMALL BUSINESS N/A CREDIT PPD" it's an ACH transfer. Wouldn't a loan show up under loans with my mortgage etc? I dunno but from what I've heard it's almost impossible to get a hold of Chase customer service right now (people on hold for hours) and every email or communication they have about ppp specifically states not to contact customer service about it that they can't help... so it is what it is for now.

We'll see if they contact me.

[hubbahubba]

Originally Posted by DocL

Maybe his was a phantom deposit that isn't traceable. However I'm sure someone will be calling asking for him to sign something. However, if they don't catch onto the mistake who cares.

A friend of mine who's mother died a few years ago got the letter explaining her $1,200 stimulus check will be direct deposited. It even acknowledged she was deceased. There are some funky things going on with the fed right now.

With the hope of not making this thread political, I can't help but ask...

What party did your friend's mother belong to?



As for funky, this whole thing has been funky. Cubed.

[dreamingat30fps]

Originally Posted by DocL

Maybe his was a phantom deposit that isn't traceable. However I'm sure someone will be calling asking for him to sign something. However, if they don't catch onto the mistake who cares.

A friend of mine who's mother died a few years ago got the letter explaining her $1,200 stimulus check will be direct deposited. It even acknowledged she was deceased. There are some funky things going on with the fed right now.

Apparently its a thing as they go off 2018-2019 tax returns

https://www.today.com/money/should-y...lative-t180523

[OnlyGerman]

It seems if you have received a PLP number from your lender, you should be all good and funded within 10 days. From what I am hearing, it seems this phase is funding more small businesses! I still hope there will be a phase 3 for anyone else left out.

[DocL]

Originally Posted by hubbahubba

With the hope of not making this thread political, I can't help but ask...

What party did your friend's mother belong to?...

My friend and his mother are Democrats. He's a super nice guy and is running for a seat on the Supreme Court in his state.

[hubbahubba]

Originally Posted by DocL

My friend and his mother are Democrats. He's a super nice guy and is running for a seat on the Supreme Court in his state.

Awesome, doc. I really shouldn't have gone there.....

[Mr Pete]

Originally Posted by hubbahubba

...Well, right now on unemployment those that filed are getting about $800/week between state and fed while sitting at home. Pretty sure I wouldn't give that up to come work 40 hours for $480, why would I expect them to do so? Anybody else run into similar situation? What is your plan? ...

That's the issue I'm running into. Have 2 employees who would rather sit at home and be on unemployment. The only feedback I'm getting back is 'when they're ready.' Oh really? I didn't realize the employees owned the business, and have a direct hand in producing the revenue to pay the monthly bills, rent, expenses.

Technically, I assume you can let the department of labor know that you offered them their jobs, but they did not accept. Im sure under normal, non Covid circumstances the employees benefits would be cut. But these are different times.

I definitely won't have the same number of employees as I did pre covid, because my business can no longer support the pre-covid salaries. My revenue forecast approximates a 20-25% monthly decrease from my usual monthly averages. I'm assuming I'm going to get fucked with this PPP loan as there's zero guarantee of it being forgiven even if you play by the rules, and I'll have less employees than pre covid. So, I'm just going into this thinking I got a 1% working capital loan to be paid back in 2 years. If any of it gets forgiven, awesome.

Have to run a bit more lean now. I don't operate a charity. Want to work, come in and work.

[jmg]

I've been very fortunate that I picked up a contract just before all of this. My company is still under contract for a few months, so we did not qualify for any of the programs. My biggest worry is what is going to be happening a few months from now. Will business be picking up? Will people be ready to spend money so soon with the fear of another lockdown in the fall? Will there be any aid available after this, and all these loans, most of which will be forgiven, will create astronomical debt for our country. There will be a huge deficiency of consumers able or willing to consume? Will my company even survive?