swamp
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Post by swamp on Apr 3, 2020 13:55:14 GMT -5
So I'm trying to get a loan/grant under PPP. I'm going to document my efforts/results here.
Its supposed to be a streamlined process where you apply to a financial institution that handles SBA loans:
Call Bank 1, my usual bank. Mortgage, personal accounts, business accounts there. They are working out the fine points and will get back to me. Will email me the application when they have it. The portal for the info for them just opened today.
Bank 2. yes, they do plenty, but they are processing their regular customers as of right now. Said they got 30,000 applications.
Bank 3. They aren't an SBA lender, but they've applied and are supposed to be fast tracked. I'm on the list to contact. I did get a nice call from the CEO explaining the process the best he can, because he's in the dark here too.
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swamp
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Post by swamp on Apr 3, 2020 13:57:36 GMT -5
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clexie
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Post by clexie on Apr 3, 2020 14:32:49 GMT -5
Our president was applying for our small company (35 people.) He submitted it but was told that there is much confusion and there may be a new application next week that he'll have to redo. Heard BoA is turning away customers without a lending relationship. Here is the message from Fifth Third bank to a customer: The SBA PPP program has been temporarily postponed to next week due to some clarifications forthcoming from the SBA. The application is expected to be available next week on our website, 53.com. Please see the SBA.gov site for additional info.
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Deleted
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Post by Deleted on Apr 3, 2020 14:42:40 GMT -5
"As of early Friday afternoon, institutions had made more than 2,300 loans worth more than $889 million, said Jovita Carranza, SBA administrator, on Twitter."
So, the average loan amount is 380K?
Not sure what the total amount available is for lending, but this is sort of a troubling number.
I did hear the confusion is the government hasn't committed to how/when they will reimburse the banks when the loans are forgiven...
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plugginaway22
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Post by plugginaway22 on Apr 3, 2020 14:46:53 GMT -5
I have worked on gathering the required documents for my employer all day today. Looks like our bank will accept Monday.
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ArchietheDragon
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Post by ArchietheDragon on Apr 3, 2020 14:51:13 GMT -5
I have been working on pulling our info to submit our application. We applied to our bank today using the SBA application and our bank told us they are not accepting generic SBA applications. They are only accepting the bank's own application. But the bank doesn't have an application.
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bean29
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Post by bean29 on Apr 3, 2020 15:27:54 GMT -5
I just tried to log into our main bank (SBA lender) to see what they say about these loans, and their log in process is so complicated I could not get in. I have tried to set it up 3x now. I thought it was set up, but you have to use a digipass app, and it is clear as mud what they are looking for. So I am locked out again. We are setting this up to go to direct deposit, but I needed to log in same way to see if they are accepting applications yet. It said you have to have had a business bank account with them as of February 15, 2020 in order to apply with them. We have banked with them for more than 20 years, so we are good there.
President and VP are not in agreement on whether or not we should apply. So we will see. In the meantime I need to do our 1st quarter financials for one of the companies.
I will be attempting to gather the info for DH's business this weekend. Does anyone know if US Bank or Chase Bank are SBA Lenders? Cause that is where DH has his business accounts set up.
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TheHaitian
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Post by TheHaitian on Apr 3, 2020 16:13:03 GMT -5
I checked with Wells Fargo :
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TheHaitian
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Post by TheHaitian on Apr 3, 2020 16:15:11 GMT -5
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bean29
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Post by bean29 on Apr 3, 2020 16:56:17 GMT -5
You mean we had to apply today to get a grant? I did not know that, so if you bank was not accepting apps, you are just SOL?
You applied for yourself or for your work?
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billisonboard
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Post by billisonboard on Apr 3, 2020 17:52:22 GMT -5
"As of early Friday afternoon, institutions had made more than 2,300 loans worth more than $889 million, said Jovita Carranza, SBA administrator, on Twitter." So, the average loan amount is 380K? Not sure what the total amount available is for lending, but this is sort of a troubling number. I did hear the confusion is the government hasn't committed to how/when they will reimburse the banks when the loans are forgiven... SBA is authorized to guarantee loans under the PPP through June 30, 2020. Congress authorized a program level of $349,000,000,000 to provide guaranteed loans under this new 7(a) program. (From a PDF so don't know how to link to it)
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swamp
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Post by swamp on Apr 3, 2020 19:33:33 GMT -5
You mean we had to apply today to get a grant? I did not know that, so if you bank was not accepting apps, you are just SOL?
You applied for yourself or for your work?
I tried to apply today. I have until June to apply. I own a business.
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bean29
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Post by bean29 on Apr 3, 2020 20:36:03 GMT -5
The Paycheck Protection Program application is not real complicated but I am still confused. Is my payroll amount just my Gross Payroll for 2019 which rounded is about 60,000? $60000/12*2.5=12,500 for employees do I then add the employer FICA and UC, or is that not included?
My DH is self employed. He earns more than 100,000 - so I just add $20,833 for him. He dosn't take a paycheck - so I don't know if I include his wages here.
It also seems to indicate you can get $ for rent/mtg interest, but where do I put that on the form? Is that a seperate loan program? I understand there are 4 different programs? I think I have an application for Disaster Loan assistance which is a different program, and requires more info.
My DH is having a Bird that I need to submit the application now! Everyone else already submitted and we are going to lose out.
I understand you can only do one program, don't know which one he belongs in. He has employer id for employee wages, but tax form is Self employed or filed under his SS#, so maybe like Swamp we can't apply yet. DH feels that's wrong b/c he heard from lots of customers today that they applied.
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billisonboard
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Post by billisonboard on Apr 3, 2020 20:48:27 GMT -5
The Paycheck Protection Program application is not real complicated but I am still confused. Is my payroll amount just my Gross Payroll for 2019 which rounded is about 60,000? $60000/12*2.5=12,500 for employees do I then add the employer FICA and UC, or is that not included? My DH is self employed. He earns more than 100,000 - so I just add $20,833 for him. It also seems to indicate you can get $ for rent/mtg interest, but where do I put that on the form? Is that a seperate loan program? I understand there are 4 different programs? I think I have an application for Disaster Loan assistance which is a different program, and requires more info. I went to this article: SBA issues details for Paycheck Protection Program loansIn the first paragraph is a link to the SBA interim final rule. Downloads a pdf. You will want to read it.
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bean29
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Post by bean29 on Apr 4, 2020 4:50:46 GMT -5
Thanks bills, I will try to look at it when I get up. I went to my credit union website last night and applied for a “Covid-19” loan. I kept telling DH there was something wrong, b/c they were asking me questions like “income” and our mortgage amount which were not on the form. The loan amount was limited to 10,000 which I told him was wrong. He was so angry with me saying I make simple things complicated and “just apply for the loan”. I applied and it has been approved, but I suspect it is a regular credit union loan as term is 36 months and interest rate is 1.99 I see now. There is a link on their website now for a 3rd party vendor Kabbage to apply for PPP loan.
Your link says self employed people can’t apply yet too. I told him that and he is telling me everyone on Southside already applied, they can’t all be llc’s or corps, so just apply, no one is going to check and they are going to run out of $$.
So, he has an LLC, but our property is not held under the llc name. We can’t change it w/o refinancing the loan. The bank that holds the loan dosn’t want commercial loans anymore, so they won’t co-operate with just updating anyway without a re-fi.
He sells insurance. His 1099 is in his name, not an llc. I told him to file as an llc, his income would need to be in the name of the llc, so new business needs to be written under llc, and renewals would have to be transferred somehow. He thinks I am make everything too complicated.
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billisonboard
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Post by billisonboard on Apr 4, 2020 9:20:58 GMT -5
I am currently laid off do to lack of business at my site. The larger organization is looking at the PPP. Although I am "management", I am rarely included fully in this type of financial issue. I did do research on it just in case.
While it isn't always possible with government programs, I work to see purpose behind what they are attempting to accomplish. Here is what I see with this program. The name is a good place to start. What the government is attempting to do here is to protect people who work at small businesses from losing their paycheck and going on unemployment. The way they are looking to do that is to immediately give small business owners loans to pay their employees. There is a provision that will allow that loan to be forgiven if the money is actually spent on payroll. There is also the understanding that a small business will have other expenses that need to be paid to stay open, e.g. rent, utilities, etc. The program will loan money for those expenses and potentially forgive paying it back. But because the program is designed for paycheck protection primarily, those expenses can only be 25% of the forgiven loan amount.
There is room within the program for situations that don't fall neatly into boss-brick and mortar location-employees. I can see where it is more difficult to work out the details of how to handle them so that would be why it is taking longer to get that part available.
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teen persuasion
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Post by teen persuasion on Apr 4, 2020 13:34:31 GMT -5
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Miss Tequila
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Post by Miss Tequila on Apr 4, 2020 20:57:20 GMT -5
The Paycheck Protection Program application is not real complicated but I am still confused. Is my payroll amount just my Gross Payroll for 2019 which rounded is about 60,000? $60000/12*2.5=12,500 for employees do I then add the employer FICA and UC, or is that not included? My DH is self employed. He earns more than 100,000 - so I just add $20,833 for him. He dosn't take a paycheck - so I don't know if I include his wages here. It also seems to indicate you can get $ for rent/mtg interest, but where do I put that on the form? Is that a seperate loan program? I understand there are 4 different programs? I think I have an application for Disaster Loan assistance which is a different program, and requires more info. My DH is having a Bird that I need to submit the application now! Everyone else already submitted and we are going to lose out. I understand you can only do one program, don't know which one he belongs in. He has employer id for employee wages, but tax form is Self employed or filed under his SS#, so maybe like Swamp we can't apply yet. DH feels that's wrong b/c he heard from lots of customers today that they applied. I put together the applications for 5 companies plus DF, yesterday. The max loan amount is 2.5 months of payroll (gross payroll + health insurance + ER contributions and very limited ER payroll taxes). What will be forgiven is 8 weeks of payroll, mortgage/rent and utilities. This has been a huge cluster and it really bothers me that there is zero determination of need. 3 of our 5 companies have zero need for the program. Only 1 is actually shit down. The other company is an essential business and the only impact is slower payment from our customers. I applied through several different banks because it really is a race to who gets in first. Once the $349 billion is allocated, everyone else is shit out of luck.
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bean29
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Post by bean29 on Apr 5, 2020 9:01:47 GMT -5
Thanks Pink. I tried to apply through Chase, but they just take basic info like business name, taxpayer id etc and come back and say a banker will call you.
Are there any banks taking apps from non-customers? What about US bank? Anyone know?
Did you deduct out 941 taxes and employee income taxes, b/c the link Bills gave me left me with the impression that You need to do that? But I thought I could add state UC taxes. And it appeared I could ask for 100,000/12*2.5=20,833 for DH’s 941 earnings.
It may not appear on the surface DH is impacted, but he will be. Customers are low income. A high % pay cash. Many policies will cancel, so renewals will go down and new business. In addition he has an employee working a reduced schedule.
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TheHaitian
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Post by TheHaitian on Apr 5, 2020 10:11:28 GMT -5
Thanks Pink. I tried to apply through Chase, but they just take basic info like business name, taxpayer id etc and come back and say a banker will call you. Are there any banks taking apps from non-customers? What about US bank? Anyone know? Did you deduct out 941 taxes and employee income taxes, b/c the link Bills gave me left me with the impression that You need to do that? But I thought I could add state UC taxes. And it appeared I could ask for 100,000/12*2.5=20,833 for DH’s 941 earnings. It may not appear on the surface DH is impacted, but he will be. Customers are low income. A high % pay cash. Many policies will cancel, so renewals will go down and new business. In addition he has an employee working a reduced schedule. It seems as of Friday only 4 banks were accepting applications, Bank of America being one of them. Wells Fargo only took my information and said they will contact back. TD bank did not even do that, they have nothing yet. As someone said: this is awhile “cluster fuck”. Because the banks were only told Thursday night that They have 12 hours to start issuing loans and some of the directions were clear as mud... so no bank wants to start until the government clears up a few things.
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Miss Tequila
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Post by Miss Tequila on Apr 5, 2020 11:06:34 GMT -5
Thanks Pink. I tried to apply through Chase, but they just take basic info like business name, taxpayer id etc and come back and say a banker will call you. Are there any banks taking apps from non-customers? What about US bank? Anyone know? Did you deduct out 941 taxes and employee income taxes, b/c the link Bills gave me left me with the impression that You need to do that? But I thought I could add state UC taxes. And it appeared I could ask for 100,000/12*2.5=20,833 for DH’s 941 earnings. It may not appear on the surface DH is impacted, but he will be. Customers are low income. A high % pay cash. Many policies will cancel, so renewals will go down and new business. In addition he has an employee working a reduced schedule. It seems as of Friday only 4 banks were accepting applications, Bank of America being one of them. Wells Fargo only took my information and said they will contact back. TD bank did not even do that, they have nothing yet. As someone said: this is awhile “cluster fuck”. Because the banks were only told Thursday night that They have 12 hours to start issuing loans and some of the directions were clear as mud... so no bank wants to start until the government clears up a few things. Very true. I have submitted our applications with three banks so our apps are in their hands but I’m sure that’s where they sit One local bank has a portal so I uploaded DF’s application but no idea if it is actually going anywhere. We also are not a customer of that bank so I’m sure that will get us pushed back. Another bank that my work company uses has agreed to work with me personally as most banks are only helping their existing customers. DFs bank is not a participating SBA lender so this leaves him out in the cold It blows my mind what a true cluster this is. And, as a taxpayer, it pisses me off that you do not have to show financial harm. If your revenue is impacted, then prove it and have your loan forgiven. This is just a freaking money grab of up to $10million and I’m truly disgusted. How many small businesses that are truly hurt will get the help they need? It isn’t going to take very many companies with $10million allocations to eat the entire $349billion up.
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jerseygirl
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Post by jerseygirl on Apr 5, 2020 11:33:24 GMT -5
The program just started Friday!! Banks just got info Thursday A little early to call it useless
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bean29
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Post by bean29 on Apr 5, 2020 11:58:08 GMT -5
Jersey girl, I agree with Pink, the self employed people can not even apply until the 10th. I thought this was supposed to help the little guys! A company with 1500 employees is not little. And like pink said, many companies are broken up to multiple entities. The company I work for has 3 companies, same basic ownership. Only about 21 employees, but revenue is very strong. We will be impacted, but not greatly. We have one tenant that does mainly summer business. When Covid 19 started, nearly all their business cancelled & they notified us they would not be able to pay rent. As they are seasonal we always allow them to go delinquent in winter and catch up in summer. They now have more business booked with healthcare orders than they normally would in Summer. Sometimes you can’t predict.
I don’t have a problem with everyone being eligible, but you should have to show you revenue year over year is down.
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Miss Tequila
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Post by Miss Tequila on Apr 5, 2020 13:47:26 GMT -5
Jersey girl, I agree with Pink, the self employed people can not even apply until the 10th. I thought this was supposed to help the little guys! A company with 1500 employees is not little. And like pink said, many companies are broken up to multiple entities. The company I work for has 3 companies, same basic ownership. Only about 21 employees, but revenue is very strong. We will be impacted, but not greatly. We have one tenant that does mainly summer business. When Covid 19 started, nearly all their business cancelled & they notified us they would not be able to pay rent. As they are seasonal we always allow them to go delinquent in winter and catch up in summer. They now have more business booked with healthcare orders than they normally would in Summer. Sometimes you can’t predict. I don’t have a problem with everyone being eligible, but you should have to show you revenue year over year is down. It is limited to employers with less than 500 employees. And you have to exclude the salaries of anyone making more than $100k on an annual basis What it doesn’t do is limit this program to those actually harmed my covid-19. As a taxpayer, I have a major issue with this. We weren’t laying anyone off in 4 of 5 companies, but all 5 companies will qualify, assuming we get our application accepted before the program hits the target.
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TheHaitian
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Post by TheHaitian on Apr 5, 2020 14:27:50 GMT -5
Jersey girl, I agree with Pink, the self employed people can not even apply until the 10th. I thought this was supposed to help the little guys! A company with 1500 employees is not little. And like pink said, many companies are broken up to multiple entities. The company I work for has 3 companies, same basic ownership. Only about 21 employees, but revenue is very strong. We will be impacted, but not greatly. We have one tenant that does mainly summer business. When Covid 19 started, nearly all their business cancelled & they notified us they would not be able to pay rent. As they are seasonal we always allow them to go delinquent in winter and catch up in summer. They now have more business booked with healthcare orders than they normally would in Summer. Sometimes you can’t predict. I don’t have a problem with everyone being eligible, but you should have to show you revenue year over year is down. It is limited to employers with less than 500 employees. And you have to exclude the salaries of anyone making more than $100k on an annual basis What it doesn’t do is limit this program to those actually harmed my covid-19. As a taxpayer, I have a major issue with this. We weren’t laying anyone off in 4 of 5 companies, but all 5 companies will qualify, assuming we get our application accepted before the program hits the target. Also Independent contractors or self employed folks have to wait till April 10 To get their application — if their is any money left for them because it is a race; first come first serve. The big companies are asking for Bigger loans yet they are put ahead of the line compared to what a independent contractor may ask for for 3 months.
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TheHaitian
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Post by TheHaitian on Apr 5, 2020 14:30:24 GMT -5
It seems as of Friday only 4 banks were accepting applications, Bank of America being one of them. Wells Fargo only took my information and said they will contact back. TD bank did not even do that, they have nothing yet. As someone said: this is awhile “cluster fuck”. Because the banks were only told Thursday night that They have 12 hours to start issuing loans and some of the directions were clear as mud... so no bank wants to start until the government clears up a few things. Very true. I have submitted our applications with three banks so our apps are in their hands but I’m sure that’s where they sit One local bank has a portal so I uploaded DF’s application but no idea if it is actually going anywhere. We also are not a customer of that bank so I’m sure that will get us pushed back. Another bank that my work company uses has agreed to work with me personally as most banks are only helping their existing customers. DFs bank is not a participating SBA lender so this leaves him out in the cold It blows my mind what a true cluster this is. And, as a taxpayer, it pisses me off that you do not have to show financial harm. If your revenue is impacted, then prove it and have your loan forgiven. This is just a freaking money grab of up to $10million and I’m truly disgusted. How many small businesses that are truly hurt will get the help they need? It isn’t going to take very many companies with $10million allocations to eat the entire $349billion up. Yes that is the other thing... I did not put an application in with Bank of America because I was told they were only servicing their current customers or giving priority to their current customers (only bank with Wells Fargo and TD Bank)... and another bank told me the same. So it is not like all banks are accepting applications from just anyone, you have to have had an existing relationship with them.
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jerseygirl
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Post by jerseygirl on Apr 5, 2020 14:32:09 GMT -5
It is limited to employers with less than 500 employees. And you have to exclude the salaries of anyone making more than $100k on an annual basis What it doesn’t do is limit this program to those actually harmed my covid-19. As a taxpayer, I have a major issue with this. We weren’t laying anyone off in 4 of 5 companies, but all 5 companies will qualify, assuming we get our application accepted before the program hits the target. Also Independent contractors or self employed folks have to wait till April 10 To get their application — if their is any money left for them because it is a race; first come first serve. The big companies are asking for Bigger loans yet they are put ahead of the line compared to what a independent contractor may ask for for 3 months. [ If you’re an independent contractor or self employed with no employees probably better to claim unemployment
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TheHaitian
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Post by TheHaitian on Apr 5, 2020 15:06:47 GMT -5
Also Independent contractors or self employed folks have to wait till April 10 To get their application — if their is any money left for them because it is a race; first come first serve. The big companies are asking for Bigger loans yet they are put ahead of the line compared to what a independent contractor may ask for for 3 months. [ If you’re an independent contractor or self employed with no employees probably better to claim unemployment Great except most states like DC/MD and VA is not set up for gig workers / self employed yet to file for unemployment.
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swamp
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Post by swamp on Apr 5, 2020 15:13:03 GMT -5
I can’t claim unemployment. I’m still working but there isn’t much money coming in the door. I also want to keep my staff working.
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jerseygirl
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Post by jerseygirl on Apr 5, 2020 15:50:27 GMT -5
I can’t claim unemployment. I’m still working but there isn’t much money coming in the door. I also want to keep my staff working. If you have a staff that would be the PPP program
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