Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 72135 times)

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #30 on: April 07, 2020, 06:24:23 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.

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #31 on: April 07, 2020, 11:08:31 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.

Offline ltttc

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #32 on: April 08, 2020, 03:32:36 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

Offline chff

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« 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?

Offline ReadsTheT&C

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #34 on: April 17, 2020, 12:28:56 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.

Offline bermo

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #35 on: April 17, 2020, 01:15:55 PM »
Anyone know any nonprofit that actually got approved?

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #36 on: April 17, 2020, 01:30:46 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.

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #37 on: April 17, 2020, 02:11:18 PM »
Anyone know any nonprofit that actually got approved?

Yes. Mostly from small local banks.

Offline db23

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« 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.

Offline Sport

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #39 on: April 17, 2020, 05:24:10 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

Online ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #40 on: April 17, 2020, 05:38:02 PM »
After receiving an email from a friend explaining that PPP might apply also to self-employed individuals with no employees, I asked another friend to research the veracity and get me info.

The second friend told me that he applied on behalf of the school he works for, and gave me the rundown of what seems to get approved (with big banks it will mostly be customers with a valuable relationship, with small banks it might depend on completeness of the application).

He advised me that if I want a chance at round 2, I better act fast and make sure not to apply with a large bank. The challenge is finding any bank that will even allow you to submit an application now, so it's ready for SBA submission once there's a reopening.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #41 on: April 17, 2020, 05:56:56 PM »
After receiving an email from a friend explaining that PPP might apply also to self-employed individuals with no employees, I asked another friend to research the veracity and get me info.

The second friend told me that he applied on behalf of the school he works for, and gave me the rundown of what seems to get approved (with big banks it will mostly be customers with a valuable relationship, with small banks it might depend on completeness of the application).

He advised me that if I want a chance at round 2, I better act fast and make sure not to apply with a large bank. The challenge is finding any bank that will even allow you to submit an application now, so it's ready for SBA submission once there's a reopening.
Exactly.  Which small bank will accept random non customer apps right now?

Online ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #42 on: April 17, 2020, 06:00:06 PM »
Exactly.  Which small bank will accept random non customer apps right now?

Look and you might find. Two small banks I deal with say online that they're not accepting applications. Another bank that I've spoken to in the past but haven't done any business with yet does have a downloadable application and an upload button. I will try to complete an application on Sunday and will then reach out to my contact at that bank.

There are many small banks all over the US. Look hard enough and you might find one.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Online ExGingi

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I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline mgarfin

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