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Posted

We were just notified approval by the SBA. Not sure when funds are disbursed. We were the first company approved among all companies financed by our equity investors. Hope there’s no glitches.

Posted
1 hour ago, troph said:

SBA lender portal is open. We’ve got two community banks working lawyer hours this weekend to get them in before Monday.

I've had two calls from my banker today with minor questions about the application.  Nice to see bankers working more than 30 hrs/week for once!

  • Like 1
Posted
1 hour ago, RollLeft said:

Bankers:

We have options to file with Chase and several community banks.

At the end of the day aren't the big banks still using their algorithm/software, as their front line, to accept or deny applications?  I get its SBA, backed, but wouldn't this loan like most others, for small business, be more likely approved at a bank that is non algorithm/software screened which more often than not is a small bank?  

 

I'd agree with that.  My gut is that if you have affiliation issues (or are engineering to get out of your affiliation issues)  that a large bank is going to pay attention more than a small bank. 

Is Chase ready?  JPMC in downtown Austin didn't appear to be.  I think they'll get up and running, though.

Posted
I've had two calls from my banker today with minor questions about the application.  Nice to see bankers working more than 30 hrs/week for once!
Yep, I'm waiting for questions from mine. He's working this weekend as well.
Posted (edited)
1 hour ago, Brew said:

Talked to first client that was funded on the PPP application. Seems odd that it would be through already, but they have the money.

Big bank or community bank?  Any way you can tell us who they bank with?  Approx size of the loan and industry?

Edited by RollLeft
Posted (edited)

Have BBT for one business, Wells Fargo for another, neither have accepted applications yet.

BBT emailed to tell us that "a select few have been allowed to submit applications" but we weren't in that select few. 

Wells put up a link to input your info with this message: "Complete this form, and we'll email you with an update within a few days, and we'll contact you when you can continue with the application process."


Good game, good effort guys. 

 

Anyone know a bank that will take applications if you don't already have an account with them?

Edited by hornian
Posted
Have BBT for one business, Wells Fargo for another, neither have accepted applications yet. Good game, good effort guys. 

I’ll send you to a great bank community bank when this settles out. Too late for this process so I hope you get what you need.
Posted
45 minutes ago, hornian said:

Have BBT for one business, Wells Fargo for another, neither have accepted applications yet.

BBT emailed to tell us that "a select few have been allowed to submit applications" but we weren't in that select few. 

Wells put up a link to input your info with this message: "Complete this form, and we'll email you with an update within a few days, and we'll contact you when you can continue with the application process."


Good game, good effort guys. 

 

Anyone know a bank that will take applications if you don't already have an account with them?

i hate Wells Fargo with the heat of one thousand suns.  against texas state law and with over half of my mortgage paid off they forced escrow on me and consumed 100 hours of my time over the course of multiple years fighting their bankster crime.

  • Like 3
Posted
3 hours ago, hornian said:

Have BBT for one business, Wells Fargo for another, neither have accepted applications yet.

BBT emailed to tell us that "a select few have been allowed to submit applications" but we weren't in that select few. 

Wells put up a link to input your info with this message: "Complete this form, and we'll email you with an update within a few days, and we'll contact you when you can continue with the application process."


Good game, good effort guys. 

 

Anyone know a bank that will take applications if you don't already have an account with them?

under 100 employees? ERC program is a decent and some times better alternative.

Posted

Anyone apply for the EIDL loan on SBA site and get their $10k grant money yet? Advance was supposed to be funded within 3 days and I haven’t heard shit.

I sent email to my bank last week asking for relief from an existing sba loan and heard back from bank yesterday that sba is covering payments and interest on that loan for 6 months. That’s niice

Posted
5 hours ago, RollLeft said:

Big bank or community bank?  Any way you can tell us who they bank with?  Approx size of the loan and industry?

Community Bank, $50k or so, small medical practice

Posted

Got our application in through the PNC portal today. Fingers crossed that it’s quick.  PNC is telling companies with more than $5M a year to submit a contact form. I’m under that number so we were able to go through the full application process. 
 

  • Like 1
Posted (edited)

My wife is a realtor (not an agent who owns the business), can she apply for an EIDL as a:

Applicant is an individual who operates under a sole proprietorship, with or without employees, or as an independent contractor.

is she an independent contractor? sole proprietor? employee?

Edited by 4th and 5
Posted

Someone needs to take advantage of this situation and go ahead and finish the push for nationwide weed legalization and shipping of alcohol. It would be good for the economy and people’s mental health.

  • Like 1
Posted
Can an employer that pays out nearly all salary by commissions to 1099 IC’s apply? I think so from my research but would lob this up to you guys. Thanks.

 

No. This is only for w-2 payroll. Sba rules are clear. Those paid by 1099 apply on their own separately. It’s impacted several clients of ours in a significant manner.
  • Like 1
Posted

There was a brief discussion concerning that the individual payments were actually going to be an advance on refunds for people meaning not straight up gifts that weren't going to need to be repaid.  Anyone have any detail on that?  Are the business loans also just advances on refunds from the future?  Has anyone read the relevant documentation for the parameters/rules on either responsibility in terms of payback, tax refunds in the future, as it pertains to this/these checks/deposits that are forthcoming?

Posted

The package that got approved a week ago to individuals is just a stimulus payment, no repayment required. Loans are set up with standard repayment terms and with potential gift terms. There is nothing that I am aware of that is tied to future tax refunds.

Posted
4 hours ago, zork said:

There was a brief discussion concerning that the individual payments were actually going to be an advance on refunds for people meaning not straight up gifts that weren't going to need to be repaid.  Anyone have any detail on that?  Are the business loans also just advances on refunds from the future?  Has anyone read the relevant documentation for the parameters/rules on either responsibility in terms of payback, tax refunds in the future, as it pertains to this/these checks/deposits that are forthcoming?

Based on available information, PPP appears to be a low interest, short term loan with potential forgiveness tied to employee retention and wage consistency. I’ve seen nothing tying PPP to tax refunds; future or otherwise.  

Posted

My loan is not funded yet. Talked to my banker today and he said he got 15 submitted on Friday, of which i was one. Only one has funded so far. I still can't believe i got an email from my banker on a Sunday.

Posted
On 4/2/2020 at 9:53 AM, YoungCounty said:

This may have been mentioned up thread, but I didn’t see anything definitive. What about those of us who are self-employed? I don’t have employees nor do I have payroll. 

I thought I read that Schedule C filers can qualify for PPP. Basically, your “payroll” number is your profit. Is this correct?  And if so, how do I prove I used the money to pay myself?

I would sure like to know the answer to this. 
 

My wife is Self-Employed with no payroll.can she apply for PPP?

 

I am self-employed with payroll. Should I do it based on 2.5 times my employee payroll or 2.5 times my income up to the maximum allowable limit?

  • Like 1
Posted

Without a large payroll, the way to go is the eidl route. $10k grant. If you haven’t applied yet, you are probably already too late unless they inject more money into program.

Posted

BBT accepted application today. 

Wells Fargo still sitting around with their thumb up their ass. 

Went ahead and submitted an App for the WF business through Third Coast Bank, who is accepting applications for non-customer business. 

Posted
I would sure like to know the answer to this. 

 

My wife is Self-Employed with no payroll.can she apply for PPP?

 

I am self-employed with payroll. Should I do it based on 2.5 times my employee payroll or 2.5 times my income up to the maximum allowable limit?

You qualify but SBA not taking SP and SE until later next week don’t recall the date.

Posted

big banks are having tremendous trouble on this.  some still haven't started.  and trump said he's tell Congress to fund more if it runs dry.  just the headlines this morning.  

  • Like 3
Posted
On 4/4/2020 at 7:15 PM, Texaus said:

Anyone apply for the EIDL loan on SBA site and get their $10k grant money yet? Advance was supposed to be funded within 3 days and I haven’t heard shit.

I sent email to my bank last week asking for relief from an existing sba loan and heard back from bank yesterday that sba is covering payments and interest on that loan for 6 months. That’s niice

Anyone point me in the direction of detailed information on the 6 month SBA loan program?  

Is it deferral, or forgiveness of 6 months of payments?  All the second hand articles I am finding are using both terms interchangeably.

Posted

The application for the $10k grant is NOT applying for the EIDL loan.  That's a separate application that is more comprehensive than simply applying for the $10k grant.

Posted
47 minutes ago, VABuckeye said:

The application for the $10k grant is NOT applying for the EIDL loan.  That's a separate application that is more comprehensive than simply applying for the $10k grant.

It kickstarts the process for the EIDL, as I understand it. They are overwhelmed right now, and I doubt they get back to addressing EIDL work until the PPP is flowing without kinks. I know of no one who has heard back on anything regarding the EIDL once they enabled the new form submission last Sunday afternoon. 

Posted
Anyone point me in the direction of detailed information on the 6 month SBA loan program?  
Is it deferral, or forgiveness of 6 months of payments?  All the second hand articles I am finding are using both terms interchangeably.

The SBA pays the payment for 6 months. Have to email/call your bank and request the relief. Was very easy for me
Posted
21 minutes ago, Texaus said:


The SBA pays the payment for 6 months. Have to email/call your bank and request the relief. Was very easy for me

Posted upthread, but lost (understandably) in the EIDl PPP mix.  

"The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) recently signed into law by the President of the United States provides significant relief to small businesses. It is important to note that the CARES Act provides immediate payment relief for all existing SBA section 7(a) loans and new loans made in the six months after the enactment date of March 27, 2020. SBA will cover six months of principal, interest and fees for which the borrowers will never be responsible for again"

from the link:

https://www.homestreet.com/business/small-business/sba-loans/sba-relief-funding

Homestreet emailed us before I even knew about this to tell us about it.  They also said they would refund any payments made after 3/27.  Since our payment is normally due on the first, we asked them to refund and they said 'no problem.'  Refund hasn't hit the bank account yet, but this was only last Thu 4/2.

 

Posted
The application for the $10k grant is NOT applying for the EIDL loan.  That's a separate application that is more comprehensive than simply applying for the $10k grant.

Not for me. Filled out the eidl loan application on sba website and toward the end there was a checkbox if you were interested in the $10k advance.
Posted
12 minutes ago, Texaus said:


Not for me. Filled out the eidl loan application on sba website and toward the end there was a checkbox if you were interested in the $10k advance.

Same

Posted

Submitted request Friday morning with Chase.  Still waiting on a call.  Just love to see this in the confirmation "Please do not visit a branch or contact us."

Posted
Did the application require documentation?  Did it ask for a loan amount?  Is so, then it's changed since I filed for the grant.
TIA.

No, it did not. Just some info on gross revenue, cogs. Was very basic. I think they were just trying to expedite things to get the 10k in business’ hands quickly and will be a much more exhaustive application to come later.
Posted

Got this today from my Chase agent:    FWIW

Due to fair lending we have to work clients first in, first out. If I see you in the queue, I will pull it. You may be contacted by someone else. Once the app is submitted, the funding is quick and we have funded some over the weekend as well. 

 

I’m on an update call now. Within a day or 2 we’ll be implementing a full digital option so that we’ll be able to process more volume each day. We have been working all weekend to move clients through the queue.

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