Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 231018 times)

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #60 on: April 19, 2020, 06:06:21 PM »
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.
I work for my own company, S Corp, but I'm not taking out any payroll, any way to apply and get anything out of ppp? Besides doing retro payroll
You can say what you think when you think what you say.

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #61 on: April 19, 2020, 06:08:06 PM »
Amex still accepting applications

https://americanexpresssbappp.force.com/s/login
only Amex business costumers it seems.
You can say what you think when you think what you say.

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #62 on: April 19, 2020, 06:09:55 PM »
I work for my own company, S Corp, but I'm not taking out any payroll, any way to apply and get anything out of ppp? Besides doing retro payroll

Don't think so. Maximum loan amount is 2.5 times your average monthly payroll costs (including benefits) from the past 12 months.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #63 on: April 19, 2020, 06:10:41 PM »
I work for my own company, S Corp, but I'm not taking out any payroll, any way to apply and get anything out of ppp? Besides doing retro payroll
Not sure what your accountant told you, but one of the strict laws of S Corp is that you must take a reasonable wage compared to others in your field.

Offline SwellCindy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #64 on: April 19, 2020, 06:37:47 PM »
Anyone know of someone who got through Citibank?

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #65 on: April 19, 2020, 06:48:07 PM »
Not sure what your accountant told you, but one of the strict laws of S Corp is that you must take a reasonable wage compared to others in your field.
If there is a profit I believe

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #66 on: April 19, 2020, 07:05:26 PM »
I got one. I specifically only took what I know will be forgiven, ie i did not borrow against (entire 2019 payroll/12)*2.5

Donít need to take any more debt on at this time. I got $120,000 and funded on Friday. It will go to pay people who absolutely cannot be laid off regardless.

Offline S209

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #67 on: April 19, 2020, 07:06:53 PM »
I got one. I specifically only took what I know will be forgiven, ie i did not borrow against (entire 2019 payroll/12)*2.5

Donít need to take any more debt on at this time. I got $120,000 and funded on Friday. It will go to pay people who absolutely cannot be laid off regardless.
Why not more? Certainly less costly than debt elsewhere, no payments for a year, and frankly there is a good chance the rest of the money will be forgiven eventually as well, IMHO
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Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #68 on: April 19, 2020, 07:08:13 PM »
Why not more? Certainly less costly than debt elsewhere, no payments for a year, and frankly there is a good chance the rest of the money will be forgiven eventually as well, IMHO

Not borrowing what you donít need is a good path through life my friend. Iím actually afraid the forgiveness process will be tough as hell.

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #69 on: April 19, 2020, 07:08:38 PM »
I got one. I specifically only took what I know will be forgiven, ie i did not borrow against (entire 2019 payroll/12)*2.5

Donít need to take any more debt on at this time. I got $120,000 and funded on Friday. It will go to pay people who absolutely cannot be laid off regardless.
Nice!  Im happy to hear.   Its difficult times but at least to get the help that might be available is a big blessing!

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #70 on: April 19, 2020, 07:08:53 PM »
I got one. I specifically only took what I know will be forgiven, ie i did not borrow against (entire 2019 payroll/12)*2.5

Donít need to take any more debt on at this time. I got $120,000 and funded on Friday. It will go to pay people who absolutely cannot be laid off regardless.
Thru which Bank?

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #71 on: April 19, 2020, 07:09:33 PM »
Not borrowing what you donít need is a good path through life my friend. Iím actually afraid the forgiveness process will be tough as hell.
Absolutely about the forgiveness.   I hope people understand that this might come to bite them.
#TYH

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #72 on: April 19, 2020, 07:10:46 PM »
Thru which Bank?

First National Bank of Ames, IA

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #73 on: April 19, 2020, 07:16:02 PM »
First National Bank of Ames, IA
You had prior relationship with them?

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #74 on: April 19, 2020, 07:22:43 PM »
You had prior relationship with them?

Yes. Frankly, I reached out to 4 relationships at different banks, and only they even got back to me. The average American Banker has not slept in the last 2 weeks and has ticked off many good clients to boot.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #75 on: April 19, 2020, 07:28:44 PM »
Yes. Frankly, I reached out to 4 relationships at different banks, and only they even got back to me. The average American Banker has not slept in the last 2 weeks and has ticked off many good clients to boot.

The banks are getting .25-1% of these loans, hope the bankers are making bank on this and not just their employers...

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #76 on: April 19, 2020, 07:33:15 PM »
The banks are getting .25-1% of these loans, hope the bankers are making bank on this and not just their employers...

Actually 1-5%

 
Quote
SBA will pay lenders fees for
processing PPP loans in the following amounts:
ē Five (5) percent for loans of not more than $350,000;
ē Three (3) percent for loans of more than $350,000 and less than $2,000,000; and
ē One (1) percent for loans of at least $2,000,000

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #77 on: April 19, 2020, 07:37:40 PM »
Actually 1-5%

Heís referring to what the agents (brokers) are entitled to. The truth is itís pennies, as the average loan was under $150,000 the average fee is tops $1,500. The guy who took above average loans did not need to use an agent. So I have no idea why the agents found this program worth the brain damage. Take our community for example, Eastern Union spent quite a bit of money on marketing something their fee was only 100 bips and was probably pushed to the bottom of the lenders pile.
« Last Edit: April 19, 2020, 07:41:55 PM by YesThatsMe »

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #78 on: April 19, 2020, 07:41:56 PM »
Heís referring to what the agents (brokers) are entitled to. The truth is itís pennies, as the average loan was under $140,000 the average fee is $1,400. The guy who took above average loans did not need to use an agent. So I have no idea why the agents found this program worth the brain damage. Take our community for example, Eastern Union spent quite a bit of money on marketing something their fee was only 100 bips and was probably pushed to the bottom of the lenders pile.

Right, my bad. At 1-5% the banks are making a killing. JPMCís ROI on this one must be epic.

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #79 on: April 19, 2020, 07:44:49 PM »
Eastern Union spent quite a bit of money on marketing something their fee was only 100 bips and was probably pushed to the bottom of the lenders pile.

They were trying to get a commission without doing anything.