04-04-2020, 05:00 PM | #23 | |
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Oversubscribed? |
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04-04-2020, 05:06 PM | #24 | |
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04-04-2020, 07:33 PM | #25 |
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It has been a confusing process. Just wanted to secure the $'s and then figure out the foregiveness details.
Has anyone received their $10 EIDL?
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04-04-2020, 08:03 PM | #26 |
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I went through the application process earlier today and post the results later.
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04-05-2020, 08:49 AM | #27 |
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I received an email from the AICPA this morning with recommendations of to how to calculate payroll for PPP loans (use gross not net). They also have a resource center. At some point there are too many “resources” to keep reading but perhaps this can help someone:
https://www.aicpa.org/news/aicpa-cor...ontent=Special
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04-05-2020, 09:42 AM | #28 | |
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I’ve heard conflicted reports that EIDL’s would be processed/funded this coming week so if anyone (I mean business owners) receive any grants this early, God bless them. |
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04-05-2020, 10:27 AM | #29 |
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Here's a small business owner's experience with applying for this program. Warning...there is some profanity and a bit of politics in his video. Would be interested in if this lines up with the business owner's experience here.
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04-06-2020, 07:57 AM | #30 | |
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I heard Rubio on CNBC this morning saying if the program is oversubscribed the President will go back to Congress to request more money. Theoretically, more people working means less unemployment benefit payments. Personally, I think it would be politically difficult for either party to say or imply they prefer people losing their jobs and paying them unemployment to supporting job retention.
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04-06-2020, 08:42 AM | #31 |
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We have a 200 employee medical practice. Waiting for a board call today, but our CEO said late Friday afternoon he was able to secure our PPP loan with Frost, who we have a great relationship with, they hold the mortgages on all of our properties.
My question is how is 2.5x monthly payroll supposed to get us through the end of June, including paying rent and other eligible expenses, when the payroll numbers have to be adequate for forgiveness? Are we supposed to cut everyone's pay? We have many employees living paycheck to paycheck who can't afford a cut. We've already had to cut everyone making over $100k to that level (all of the providers basically), except we're still paying our CEO in full, since he's the only one really doing any work right now, although I wish he would voluntarily cut his salary for now. |
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04-06-2020, 08:50 AM | #32 |
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Great question. As I understand it, the salary's are still supposed to go out once the loan is secured to all employees, whether they are working or not. The idea is to keep those jobs as stable as possible thru the crisis, and once the crisis is over they all come back to work. I am thinking of it as an alternative to unemployment for employees until the well runs dry. Any money that is not spent on mortgage/rent, utilities, or payroll is not forgiven, and must be paid back. Somebody please correct me if you know differently.
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04-06-2020, 08:55 AM | #33 |
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Got a confirmation from BoA two days ago for PPP but who knows how long it will take from them to actually get back to me for additional documents.
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04-06-2020, 09:25 AM | #34 | |
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04-06-2020, 11:05 AM | #35 | |
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You are correct that with bank portals just opening up on Friday (for the most part) and continuing through the weekend, a lot of applications are yet to be submitted. But I know of many that did get in on Friday, probably totaling more than $50 million - just in my little industry in my little state. There is another $50 million ready to go in (same industry and state) as soon as other banks can take the applications. Trump also said over the weekend that he expected to ask for more funding for this very popular program. |
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04-06-2020, 03:04 PM | #36 |
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I submitted my application for the PPP Friday. Today I just got the email from BoA with the link to the Intralinks to upload all of my payroll information. It's a bit confusing on the website as I can't figure out where to upload my documents. I also noticed that there is work sheet that mentions people who make over $100k as a W2 employees aren't eligible. Maybe it's for the amount over $100k, but that isn't good. Ughh. This is so fucking complicated.
I still havem't heard back about the EIDL.
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04-06-2020, 05:42 PM | #37 |
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My son is hoping my dad gets the loan, not that son has any need for $$ since he lives at home.
OK, maybe he needs more credits for Fortnight or something . . . #whippersnappers, get OFF MY LAWN!!!!!! |
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04-06-2020, 09:06 PM | #38 | |
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04-07-2020, 07:24 AM | #39 |
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Congrats dougt.ah3!
I received an email from Wells overnight that we may not get it through them because in a nutshell they are oversubscribed, and I may want to look for another source. WTF????? Bye bye Wells.... |
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04-07-2020, 08:11 AM | #40 |
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I am helping a friend who banks through Wells has the same issue. He is livid. Unfortunately the small bank who got my funding is focusing on their customers first.
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04-07-2020, 09:30 AM | #41 | |
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04-07-2020, 09:35 AM | #42 |
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04-07-2020, 11:39 AM | #43 |
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That sucks dude. I heard wells, bb&t and regions are overwhelmed currently. Regions site crashed over the weekend
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04-07-2020, 11:44 AM | #44 |
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Wells is apparently capped because of their regulatory issues. Those using Wells should try another bank. PNC reports they have no cap; BofA apparently doesn’t either. Local banks also worth checking. The big issue is volume and them prioritizing existing customers and better relationships.
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