Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable) (Read 728574 times)

cgr · « **Reply #20 on:** April 07, 2020, 02:37:23 PM »

Quote from: sillypainter on April 07, 2020, 12:30:19 PM

You are YOUR companies employee, so I hope you put 1 at least, so you will be getting $1K by this week.

Not true by definition. I don't draw payroll from that entity (unearned income), so technically that entity has 0 employees (which is what I put on the application).

sillypainter · « **Reply #21 on:** April 07, 2020, 02:42:58 PM »

Quote from: cgr on April 07, 2020, 02:37:23 PM

Not true by definition. I don't draw payroll from that entity (unearned income), so technically that entity has 0 employees (which is what I put on the application).

If it's a company that you don't work for then it's an INVESTMENT for you. Usually the IRS requires you take some W2 payroll from a company that you WORK for.

YSP · « **Reply #22 on:** April 07, 2020, 02:48:51 PM »

Wells fargo said they are no longer accepting applications

https://update.wf.com/coronavirus/paycheckprotectionprogram/

Any other way to submit the application if it's not through your bank?

herb · « **Reply #23 on:** April 07, 2020, 02:49:54 PM »

Quote from: YSP on April 07, 2020, 02:48:51 PM

Wells fargo said they are no longer accepting applications

https://update.wf.com/coronavirus/paycheckprotectionprogram/

Any other way to submit the application if it's not through your bank?

tried cross river?

ltttc · « **Reply #24 on:** April 07, 2020, 03:11:19 PM »

Quote from: sillypainter on April 07, 2020, 01:02:04 PM

Wrong info. Check before you post.

Again, this is as per my accountant and I confirm with Roth & co too before posting. If you got different info, please provide the source as there's lots of conflicting info out there.

cgr · « **Reply #25 on:** April 07, 2020, 03:21:16 PM »

Quote from: ltttc on April 07, 2020, 03:11:19 PM

Again, this is as per my accountant and I confirm with Roth & co too before posting. If you got different info, please provide the source as there's lots of conflicting info out there.

You can apply to both programs, and roll your EIDL into your PPP, but your grant will be deducted from your PPP forgiveness.

zh cohen · « **Reply #26 on:** April 07, 2020, 03:36:45 PM »

Quote from: YSP on April 07, 2020, 02:48:51 PM

Wells fargo said they are no longer accepting applications

https://update.wf.com/coronavirus/paycheckprotectionprogram/

And just like that they made $500 Million...

Dan · « **Reply #27 on:** April 07, 2020, 04:35:39 PM »

So much for the 3BM, Chase has caught on

sillypainter · « **Reply #28 on:** April 07, 2020, 05:09:24 PM »

When I go to Chase they tell you that you can fill out the form online, or if you get an error to fill out a call back form. I am the one getting the error message. Is anybody else getting an error? Not sure why they have the "official" error link. Looks very weird.

YesThatsMe · « **Reply #29 on:** April 07, 2020, 05:21:44 PM »

I've spent countless hours researching the PPP. The way it's set up now, they clearly tried to plug most loopholes. But in the rush they did not close them all. However, when the dust settles a lot of people will get very nicely audited about their application. If you don't NEED it, don't sign up for it. Remember who you're dealing with here, the Feds themselves. PGFHGS. If you have doubts, wait for guidance, the program WILL NOT run out money for those who deserve it.

Do not lie on this question: "Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant. "

sillypainter · « **Reply #30 on:** April 07, 2020, 06:24:23 PM »

Quote from: YesThatsMe on April 07, 2020, 05:21:44 PM

I've spent countless hours researching the PPP. The way it's set up now, they clearly tried to plug most loopholes. But in the rush they did not close them all. However, when the dust settles a lot of people will get very nicely audited about their application. If you don't NEED it, don't sign up for it. Remember who you're dealing with here, the Feds themselves. PGFHGS. If you have doubts, wait for guidance, the program WILL NOT run out money for those who deserve it.

Do not lie on this question: "Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant. "

Don't impose unnecessary fear. This is a loan that will be forgiven if you can provide the necessary info and docs, so I am not sure where you can go wrong. Of course if you fire your employees and take out the loan to "cover" their wages then you are in trouble, otherwise I see no issue. Most people have a legal business, and want to continue operating, but it's HARD to continue when your income is ZERO or close to it. EVERYBODY is affected by Covid 19, nobody can say with certainty I am GOOD.

zh cohen · « **Reply #31 on:** April 07, 2020, 11:08:31 PM »

Quote from: ltttc on April 07, 2020, 03:11:19 PM

Again, this is as per my accountant and I confirm with Roth & co too before posting. If you got different info, please provide the source as there's lots of conflicting info out there.

Cross River's FAQs say that you can get both.

ltttc · « **Reply #32 on:** April 08, 2020, 03:32:36 PM »

Quote from: zh cohen on April 07, 2020, 11:08:31 PM

Cross River's FAQs say that you can get both.

That's great. I'm following my accountant's advice as he's following this by the minute, definitely knows more than I do and I trust him. If a/o is advised to do otherwise that's fine. I'm sure things will keep changing as we're living it times when yesterday's news is hardly relevant today. Listen to your accountant and good luck to all

chff · « **Reply #33 on:** April 17, 2020, 12:14:42 PM »

Did anyone actually got approved & received funds from PPP? and if yes from which bank?

ReadsTheT&C · « **Reply #34 on:** April 17, 2020, 12:28:56 PM »

Quote from: chff on April 17, 2020, 12:14:42 PM

Did anyone actually got approved & received funds from PPP? and if yes from which bank?

These guys did! And through Chase. https://nypost.com/2020/04/17/potbellys-ruths-chris-snag-coronavirus-loans-meant-for-small-business/
I applied nearly 2 weeks ago (Sunday 4/5) for a small medical practice through BoA, followed all their instructions to a T and received 0. I know, world's smallest violin. I would say that Congress should pass more but based on the first round I can't imagine the result will be any different.

bermo · « **Reply #35 on:** April 17, 2020, 01:15:55 PM »

Anyone know any nonprofit that actually got approved?

YesThatsMe · « **Reply #36 on:** April 17, 2020, 01:30:46 PM »

Quote from: chff on April 17, 2020, 12:14:42 PM

Did anyone actually got approved & received funds from PPP? and if yes from which bank?

Yes. Local bank based in Ames, IA. I applied in Chicago, New Albany & Dallas as well but only Ames sent loan docs. Funded 2 hours ago.

zh cohen · « **Reply #37 on:** April 17, 2020, 02:11:18 PM »

Quote from: bermo on April 17, 2020, 01:15:55 PM

Anyone know any nonprofit that actually got approved?

Yes. Mostly from small local banks.

db23 · « **Reply #38 on:** April 17, 2020, 04:19:18 PM »

anyone apply with TD BANK?

applied the friday 2 weeks ago.

application went through, got conf number, no conf email and now two weeks later no money. called banker for status update (filled app online) she said that she knows nothing that the loan is through government.

Sport · « **Reply #39 on:** April 17, 2020, 05:24:10 PM »

Quote from: db23 on April 17, 2020, 04:19:18 PM

anyone apply with TD BANK?

applied the friday 2 weeks ago.

application went through, got conf number, no conf email and now two weeks later no money. called banker for status update (filled app online) she said that she knows nothing that the loan is through government.

Yes, how did you apply friday 2 weeks ago, their app wasnt set up until monday 4/6