gs11rmb
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Post by gs11rmb on Apr 7, 2020 9:45:23 GMT -5
I didn't know about the bolded, which makes a difference, otherwise I didn't understand why unemployment wouldn't be better. With the extra $600/week people in LCOL areas are making more than they were working. I do think that's crazy. At first I thought the $600 per week was a maximum. So, if you normally made $400 per week and state unemployment was $300 then you'd get an additional $100 to make you 'whole'. I guess it was too convoluted to work out that formula but I think $600 to everyone regardless of previous income is not a financially prudent thing to do by the government.
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billisonboard
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Post by billisonboard on Apr 7, 2020 10:09:52 GMT -5
I didn't know about the bolded, which makes a difference, otherwise I didn't understand why unemployment wouldn't be better. With the extra $600/week people in LCOL areas are making more than they were working. I do think that's crazy. At first I thought the $600 per week was a maximum. So, if you normally made $400 per week and state unemployment was $300 then you'd get an additional $100 to make you 'whole'. I guess it was too convoluted to work out that formula but I think $600 to everyone regardless of previous income is not a financially prudent thing to do by the government. I was with you on this but our payroll person pointed out what all being on unemployment instead of drawing my salary was costing me. An example was the 3% matching for my retirement.
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swamp
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Post by swamp on Apr 7, 2020 11:17:36 GMT -5
My banker sent an email asking for one more form, a Beneficial Ownership Certificate. In the drop down menu for the type of entity, there is no choice for self employed or sole proprietor, so I wrote in sole proprietor.
According the the checklist he sent, he has all other documentation he needs.
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Miss Tequila
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Post by Miss Tequila on Apr 7, 2020 12:38:16 GMT -5
If you are self-employed you do have a payroll. You pay yourself. My fiancé is an S-Corp but the net income of the S-Corp just flow to him. He is the only employee. I told the bank, worst case, I will set him up as an employee of the S-Corp to show his payroll. But at the end of the day, the net income flows to him and he pays FICA on that. So, if you don't have any employees, what is the loan for? I guess I'm not understanding how a loan to pay expenses is better than unemployment that doesn't have to be paid back. home.treasury.gov/system/files/136/PPP--Fact-Sheet. For a sole proprietor or independent contractor: wages, commissions, income, or net
earnings from self-employment, capped at $100,000 on an annualized basis for each
employee.
That is from page two of the linked Fact Sheet. In addition, most self-employed pay health insurance, retirement contributions and payroll taxes. Also keep in mind that my BF business is still operating. His business is either flat or down slightly (some customers are closed but those are offset by an increase in business with other customers). He would not qualify for UC. To be honest, he shouldn't qualify for this loan forgiveness program either. As a taxpayer, I am beyond frustrated that there EVERYONE qualifies, as long as there is payroll (whether through actual payroll or through net income of a self-employed). But after scoring $1m in loans for the company that I work for, I was not passing up an opportunity to help my BF. In the end, if the loans are not forgive, we will still have over $20k in 1% loans that we can use to pay off higher interest rate business debt. If BF's business was shut down, this program would not work for him as there would be zero income to show. It is the income from the business that flows to him. Only one of the companies that I work for is actually shut down and this money will truly be used to pay the employees. They are outside sales people for a construction company and that has been shuttered by the Governor. The rest of the companies are running just fine and have shown zero impact from this. We are starting to see a little bit of slow payment from customers but nothing I would call significant. Most of our customers are also essential. Essentially, this money will be going to already highly compensated employees with some smaller bonuses being paid to the guys truly going out into the public each day. I have an issue with that.
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TheHaitian
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Post by TheHaitian on Apr 8, 2020 10:10:08 GMT -5
As for TD Bank their first question was if I was a Business Customer and that was a no so I did not qualify for the online application... When I change that to a yes: I suddenly qualify for the online application. Will call today to see if I open a business checking with them today if I can file the online application then. Carl, I would not wait. I would call every bank until you find one to help you. And apply to as many as you can. For the corporate loans, we applied to our three banks. They are all regional banks so they struggled a little more to figure it out. The one bank worked all weekend and got the applications in and approved by Monday morning. Monday morning the second bank (the bank that is trying to win all of our business) emailed me and told me the SBA and US Treasury were still trying to figure it out...I received that 30 minutes before I found out the first bank got us approved! Third bank made us scramble to get our applications to them on their own version of the application (they put their logo on it and wouldn't accept the standard one). Never heard back from them so I am assuming they never figured it out. For Fiance's loan, the banks above wouldn't work with us. At first I was pissed since I am their point of contact at the company. Then I started calling around. I found two banks willing to help. Again, both are local banks so struggled some. I applied with both. One got it through (email at 6am this morning!) and one is still working on it. I wasn't comfortable applying with everyone bank at first as the application clearly states that you do not have any other SBA loan. Our attorney told me as long as we only accept one of the loans we are fine. Thank God I did that because the bank that came through for our company was not my first choice to use. we would have lost out on a LOT of $$$ All that to say just keep trying. Try the smaller banks because the big banks seem to be at capacity. BF has his corporate accounts with Wells Fargo but since he isn't a $10m corporate account, I couldn't even get anyone to speak to about this on Thursday. I was directed to their website, which had a note that they were still working on it as of Sunday. Sent you a pm Thank you
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swamp
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Post by swamp on Apr 8, 2020 10:15:11 GMT -5
So, if you don't have any employees, what is the loan for? I guess I'm not understanding how a loan to pay expenses is better than unemployment that doesn't have to be paid back. home.treasury.gov/system/files/136/PPP--Fact-Sheet. For a sole proprietor or independent contractor: wages, commissions, income, or net
earnings from self-employment, capped at $100,000 on an annualized basis for each
employee.
That is from page two of the linked Fact Sheet. In addition, most self-employed pay health insurance, retirement contributions and payroll taxes. Also keep in mind that my BF business is still operating. His business is either flat or down slightly (some customers are closed but those are offset by an increase in business with other customers). He would not qualify for UC. To be honest, he shouldn't qualify for this loan forgiveness program either. As a taxpayer, I am beyond frustrated that there EVERYONE qualifies, as long as there is payroll (whether through actual payroll or through net income of a self-employed). But after scoring $1m in loans for the company that I work for, I was not passing up an opportunity to help my BF. In the end, if the loans are not forgive, we will still have over $20k in 1% loans that we can use to pay off higher interest rate business debt. If BF's business was shut down, this program would not work for him as there would be zero income to show. It is the income from the business that flows to him. Only one of the companies that I work for is actually shut down and this money will truly be used to pay the employees. They are outside sales people for a construction company and that has been shuttered by the Governor. The rest of the companies are running just fine and have shown zero impact from this. We are starting to see a little bit of slow payment from customers but nothing I would call significant. Most of our customers are also essential. Essentially, this money will be going to already highly compensated employees with some smaller bonuses being paid to the guys truly going out into the public each day. I have an issue with that. I was shocked I didn't have to show how I have been affected financially by COVID. I just had to check a box say I was. I am eligible for approximately $33k. Yes, I am being financially affected, adn I will run out of money in 4 to 6 weeks if things don't change. Once the courts open again and real estate starts moving again, i'll be fine, but I really need this loan to help me bridge the gap.
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bean29
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Post by bean29 on Apr 10, 2020 0:25:44 GMT -5
Swamp, how did you know to gove them your DL? Did I miss it?
My boss said it was one thing our bank came back & asked for.
I think I have the banker looking at our app. He called DH, DH told him to call me. DH had my file with the app, he nagged me to file for it, but can’t explain anything.
I missed the call. My phone was on my desk, and I was running around my office. It has been a long week. When I returned call, I got a voice mail explaining he is working from home, but will retrieve messages and return calls.
I have Friday off. Hopefully I will hear from banker.
DH is mad at me for not getting call. Story of my life. Everything is my fault.
I also applied for EIDL Saturday directly with SBA. No word on that. But it sounded like banker was asking which one we wanted. My understanding is we are eligible to get both. I don’t know if SBA handed it off to Chase or what? Hopefully I can catch him. I tried to schedule a call with him Tuesday and his appointments are 3 weeks out.
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swamp
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Post by swamp on Apr 10, 2020 9:31:40 GMT -5
Swamp, how did you know to gove them your DL? Did I miss it? My boss said it was one thing our bank came back & asked for. I think I have the banker looking at our app. He called DH, DH told him to call me. DH had my file with the app, he nagged me to file for it, but can’t explain anything. I missed the call. My phone was on my desk, and I was running around my office. It has been a long week. When I returned call, I got a voice mail explaining he is working from home, but will retrieve messages and return calls. I have Friday off. Hopefully I will hear from banker. DH is mad at me for not getting call. Story of my life. Everything is my fault. I also applied for EIDL Saturday directly with SBA. No word on that. But it sounded like banker was asking which one we wanted. My understanding is we are eligible to get both. I don’t know if SBA handed it off to Chase or what? Hopefully I can catch him. I tried to schedule a call with him Tuesday and his appointments are 3 weeks out. The banker asked for it in his initial email to me. This bank as for a copy of your DL on file for EVERYTHING. They must have 100 copies of my DL already, but whatever, I gave it to them.
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bean29
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Post by bean29 on Apr 10, 2020 13:32:53 GMT -5
I talked to the banker from our branch a bit ago, he was doing “ cold calls to business customers from our branch. He said to wait to hear from someone else processing the loan, but he seemed to think they would not need DL. I think he is wrong though, as my boss was asked for his DL, and the banker has more of a personal relationship with him.
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jerseygirl
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Post by jerseygirl on Apr 11, 2020 9:04:33 GMT -5
I was able to apply online with Chase yesterday. Was asked if I have a Chase business account, think if I remember correctly eligible only if I had account . Just received an email that loan decision would be by email No date for decision no request for more info Application was same as on SBA site but I was asked to upload at least one document showing ‘payroll’ I have an LLC and I uploaded the 2. 1099s I received for 2019 I had tried earlier in the day, before noon, twice and site crashed both times. Success at 3:30
Has anyone here been approved yet? In today’s Wall Street journal there were 550,000 loans approved
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plugginaway22
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Post by plugginaway22 on Apr 11, 2020 9:26:22 GMT -5
My DH's company was approved, waiting for funds. My company not approved, told by bank could be 2 more weeks.
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Miss Tequila
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Post by Miss Tequila on Apr 11, 2020 18:35:26 GMT -5
I was able to apply online with Chase yesterday. Was asked if I have a Chase business account, think if I remember correctly eligible only if I had account . Just received an email that loan decision would be by email No date for decision no request for more info Application was same as on SBA site but I was asked to upload at least one document showing ‘payroll’ I have an LLC and I uploaded the 2. 1099s I received for 2019 I had tried earlier in the day, before noon, twice and site crashed both times. Success at 3:30 Has anyone here been approved yet? In today’s Wall Street journal there were 550,000 loans approved Approved last Monday for all of the companies that I work for and my DF company. They have 10 days from the date of approval to fund. The bank has already funded one of the loans. The rest need to be funded by this Thursday
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ArchietheDragon
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Post by ArchietheDragon on Apr 13, 2020 13:38:10 GMT -5
We just got notification from our bank that we were assigned an SBA number which means the fund have been committed to us. They think the closing of the loan should be done by the end of the week.
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swamp
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Post by swamp on Apr 13, 2020 13:50:21 GMT -5
I got an email from the bank that basically says, unless I ask you for more info, it's in process.
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jerseygirl
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Post by jerseygirl on Apr 13, 2020 14:50:44 GMT -5
I’ve received a number also, guess it means will be reviewed
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Miss Tequila
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Post by Miss Tequila on Apr 13, 2020 17:46:18 GMT -5
3 of our companies were funded today. The other two should hit tomorrow. DF’s should close by Thursday and fund shortly Thereafter
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swamp
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Post by swamp on Apr 14, 2020 11:17:08 GMT -5
Most recent email:
I have re-reviewed your application per my email and everything looks good. I do not foresee any questions from the underwriting team. I will let you know when I hear more on the approval status.
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Miss Tequila
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Post by Miss Tequila on Apr 15, 2020 14:47:23 GMT -5
Most recent email: I have re-reviewed your application per my email and everything looks good. I do not foresee any questions from the underwriting team. I will let you know when I hear more on the approval status. Did you get approved? I received an email from my bank today (blanket email as ours were already approved) that the WSJ is today reporting that the funds from this program are anticipated to be extinguished this afternoon. Last night the woman that owns the salon reached out to me for help. I texted her last week but she was pinning her hopes on the EIDL grant, even though I told her the PPP loan was better. Long story short, she decided that I was right and asked for help last night. I filled everything out and sent it to her to review, sign and upload last night. She just texted me that she dropped the signed papers off at my house as the portal confused her. Of all days, I'm freaking working and won't be home until 6 or so. It will kill me if she misses this because this is a woman who actually needs it. My company is going to net close to $1m in forgiven loans and we didn't really have any impact (some slow payers but nothing significant so far). Her business has been shut down for over a month now. I should have been more forceful but her "accountant" told her the PPP was not the way to go. Mind you, her "accountant" is some schmuck that does payroll and payroll taxes. Ugh
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swamp
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Post by swamp on Apr 15, 2020 15:02:37 GMT -5
Most recent email: I have re-reviewed your application per my email and everything looks good. I do not foresee any questions from the underwriting team. I will let you know when I hear more on the approval status. Did you get approved? I received an email from my bank today (blanket email as ours were already approved) that the WSJ is today reporting that the funds from this program are anticipated to be extinguished this afternoon. Last night the woman that owns the salon reached out to me for help. I texted her last week but she was pinning her hopes on the EIDL grant, even though I told her the PPP loan was better. Long story short, she decided that I was right and asked for help last night. I filled everything out and sent it to her to review, sign and upload last night. She just texted me that she dropped the signed papers off at my house as the portal confused her. Of all days, I'm freaking working and won't be home until 6 or so. It will kill me if she misses this because this is a woman who actually needs it. My company is going to net close to $1m in forgiven loans and we didn't really have any impact (some slow payers but nothing significant so far). Her business has been shut down for over a month now. I should have been more forceful but her "accountant" told her the PPP was not the way to go. Mind you, her "accountant" is some schmuck that does payroll and payroll taxes. Ugh I don't know if I have been approved. I'll be pissed if I missed out. I sent it in my application the first day it was available with the only bank i could find to take the application.
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Miss Tequila
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Post by Miss Tequila on Apr 15, 2020 15:42:57 GMT -5
Did you get approved? I received an email from my bank today (blanket email as ours were already approved) that the WSJ is today reporting that the funds from this program are anticipated to be extinguished this afternoon. Last night the woman that owns the salon reached out to me for help. I texted her last week but she was pinning her hopes on the EIDL grant, even though I told her the PPP loan was better. Long story short, she decided that I was right and asked for help last night. I filled everything out and sent it to her to review, sign and upload last night. She just texted me that she dropped the signed papers off at my house as the portal confused her. Of all days, I'm freaking working and won't be home until 6 or so. It will kill me if she misses this because this is a woman who actually needs it. My company is going to net close to $1m in forgiven loans and we didn't really have any impact (some slow payers but nothing significant so far). Her business has been shut down for over a month now. I should have been more forceful but her "accountant" told her the PPP was not the way to go. Mind you, her "accountant" is some schmuck that does payroll and payroll taxes. Ugh I don't know if I have been approved. I'll be pissed if I missed out. I sent it in my application the first day it was available with the only bank i could find to take the application. I don't blame you. It seems that people are at the mercy of their banks. I submitted our corporate applications to three banks and one of them came through almost immediately. One bank just emailed me this past weekend that they had questions (this would be over a week after we were approved) and the other bank took almost a week to even start processing the applications. And it seems that a lot of banks were not willing to work with non-customers, which left a lot of people scrambling. Who knows when the money will fully be allocated. I hope the people that people that really need it are able to get it.
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billisonboard
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Post by billisonboard on Apr 15, 2020 16:04:26 GMT -5
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jerseygirl
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Post by jerseygirl on Apr 15, 2020 16:12:25 GMT -5
Republican senators want to add $350 billion to PPP program Democrats want additional money put in for hospitals
Republicans say hospitals haven’t used all money available and want to hurry get the PPP more money Then separately bill with more hospitals money and infrastructure
Last time Pelosi held it up was to insist on $25 million for Kennedy center in DC Damn politicians
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jerseygirl
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Post by jerseygirl on Apr 15, 2020 16:14:02 GMT -5
He’s only worth $2 million???
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jelloshots4all
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Post by jelloshots4all on Apr 15, 2020 17:11:09 GMT -5
How the F%CK can this be allowed If she is an artist, sit her happy @ss home and create more art work. Her hubby can pay the bills! Just makes Kudlow look like a douche bag when true small businesses that rely on this money to SUPPORT themselves cannot obtain the loans.
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aprilleigh
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Post by aprilleigh on Apr 15, 2020 17:22:43 GMT -5
Adding my anecdata...
I submitted the application last Tuesday afternoon through our Credit Union. Got an email last night at like 9 that it was approved, and we'd sign today. The person I talked to today indicated that if we signed today, it would fund this afternoon. No funds yet, but it's only been 2 hours!
Fingers crossed for everyone!
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Deleted
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Post by Deleted on Apr 15, 2020 17:38:09 GMT -5
The non-profit I volunteer with submitted with their bank on day one; it was accepted and approved and I'm told it will fund within 2 weeks.
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plugginaway22
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Post by plugginaway22 on Apr 15, 2020 18:39:02 GMT -5
We applied on Monday the 6th, verified all documents needed, and have heard NOTHING. Our owner has been bugging bankers daily. This is BS, we are a medical practice that needs to be open. If we don't get this loan major decisions will need to be made.
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ohmomto2boys
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Post by ohmomto2boys on Apr 16, 2020 6:37:56 GMT -5
The company I work for was told that the funds would be in account 24 - 48 hrs after signing. Signing happened yesterday. Hoping funds show up tomorrow or at the latest Monday and company can begin the clock on the 8 weeks. Payroll is next week so definitely want to include that payroll when time comes to turn this loan into a grant and see it forgiven.
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jelloshots4all
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Post by jelloshots4all on Apr 16, 2020 10:15:28 GMT -5
Heard on the news this morning that all of the funding has been spent. Can't approve anymore until congress passes additional funding.
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aprilleigh
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Post by aprilleigh on Apr 16, 2020 10:52:33 GMT -5
Adding my anecdata... I submitted the application last Tuesday afternoon through our Credit Union. Got an email last night at like 9 that it was approved, and we'd sign today. The person I talked to today indicated that if we signed today, it would fund this afternoon. No funds yet, but it's only been 2 hours! Fingers crossed for everyone! Funds hit our account about an hour after I posted.
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