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Posted on 3/31/20 at 9:58 am to Spock
quote:
7(a) is through the bank. 7(b) is online
Correct. 7b is directly from the SBA. 7a through your bank.
I'm not sure how they are making money on the 7a loans. Not all of the 7a will be forgiven, so I guess they are making interest off of that portion. It's maxed at 4% for 10 years. My banker told me her bank is only loaning what is forgivable as really a service to help their existing business interests with low risk on their end. My bank fully expects to see some businesses close for good, so they're not willing to give out more than can be forgiven. Some banks are not offering 7a loans at all. Some are only offering to existing customers.
Posted on 3/31/20 at 10:20 am to Golfer
quote:
We did the EDIL this afternoon and will be doing the PPP with a local lender later this week.
I just read this..does this relate to what you're doing?
quote:
Businesses that receive a Paycheck Protection Loan cannot receive and EIDL loan for the same purpose. However, businesses that have an EIDL loan issued in 2020 in place may be able to refinance that loan into the Paycheck Protection Loan, which becomes forgivable if the business has sufficient qualifying salary, utility and rent/mortgage expenses.
Posted on 3/31/20 at 10:24 am to tgrbaitn08
You can apply for both. You can use both loans to fund payroll. What you cannot do is use EIDL funds to cover payroll costs at the same time you are using PPP loan proceeds for payroll costs.
IOW, they can't overlap in use for the same purpose.
IOW, they can't overlap in use for the same purpose.
Posted on 3/31/20 at 10:30 am to VABuckeye
So in other words use the PPP loan just for payroll and the EIDL loan for expenses?
then one or the other or possibly both can partially be forgiven in the future?
then one or the other or possibly both can partially be forgiven in the future?
This post was edited on 3/31/20 at 10:31 am
Posted on 3/31/20 at 10:37 am to VABuckeye
I have gotten 20+ calls already this morning about the deadline for the EIDL grant.
As far as I know, the deadline is NOT today.
As far as I know, the deadline is NOT today.
Posted on 3/31/20 at 10:39 am to tgrbaitn08
quote:
then one or the other or possibly both can partially be forgiven in the future?
EIDL will forgive the advance 10k.
PPP will forgive 8 weeks of payroll, utilities, rent and/or interest.
If you take the 10k from EIDL, 10k of the PPP will not be forgiven.
Posted on 3/31/20 at 10:39 am to SippyCup
are you a banker? I've been trying to reach mine since yesterday....I dropped all my shite off to him Friday, we had a good convo, but now he's swamped and their lobby is closed so I cant pop in on him
Posted on 3/31/20 at 10:40 am to SippyCup
quote:
EIDL will forgive the advance 10k.
PPP will forgive 8 weeks of payroll, utilities, rent and/or interest.
If you take the 10k from EIDL, 10k of the PPP will not be forgiven.
gotcha..thanks!
Posted on 3/31/20 at 10:50 am to tgrbaitn08
What I’m trying to figure out is do I have to do the PPP loan through a bank or can I do it online? It will only be around $30,000 if that matters but don’t think it will.
My business bank is a large bank and my concern is I’m a small fish and They’ll be busier with bigger ones for awhile. If I can do it on my own why wait?
Eta: but it appears the only thing you can do online is the quick money?
I’m fine cash wise, but just for my knowledge let’s say I get my loan processed next week when are funds supposed to be available?
My business bank is a large bank and my concern is I’m a small fish and They’ll be busier with bigger ones for awhile. If I can do it on my own why wait?
Eta: but it appears the only thing you can do online is the quick money?
I’m fine cash wise, but just for my knowledge let’s say I get my loan processed next week when are funds supposed to be available?
This post was edited on 3/31/20 at 10:52 am
Posted on 3/31/20 at 11:01 am to tgrbaitn08
quote:
are you a banker?
CPA
Posted on 3/31/20 at 11:05 am to baldona
PPP loan is only through a bank.
ETA: Who else expects this to be a giant clusterfrick?
ETA: Who else expects this to be a giant clusterfrick?
This post was edited on 3/31/20 at 11:06 am
Posted on 3/31/20 at 11:06 am to baldona
quote:
but it appears the only thing you can do online is the quick money?
I’m fine cash wise, but just for my knowledge let’s say I get my loan processed next week when are funds supposed to be available?
I just did the quick online application...took me 20 minutes. I opted for the $10k advance.
I'm still waiting for my banker to call me back....it's a small town community bank and he's getting slammed right now...at least I'm in the system and have an application number
Posted on 3/31/20 at 11:10 am to SippyCup
quote:
I have gotten 20+ calls already this morning about the deadline for the EIDL grant.
As a CPA, what are you doing for your clients?
I havent called mine since last week, before the bill was even passed and he sounded frustrated already.....I dont want to bother him again unless there is something he can do. I know he's busy with other non COVID related shite
Posted on 3/31/20 at 11:45 am to tgrbaitn08
I put off all tax returns until next week. Last week and this week has been nothing but answering phone calls and emails about the stimulus.
I’ve never said “I don’t have the answer yet” to my clients this many times in my entire career.
I’ve sent out information as it becomes available and answer questions as they come in. Today I’m sending out another email with the list of items they need to gather to be ready to apply for the PPP.
I’ve never said “I don’t have the answer yet” to my clients this many times in my entire career.
I’ve sent out information as it becomes available and answer questions as they come in. Today I’m sending out another email with the list of items they need to gather to be ready to apply for the PPP.
Posted on 3/31/20 at 12:02 pm to SippyCup
If you could share that list here for the PPP loan I'd greatly appreciate it.
Posted on 3/31/20 at 12:07 pm to VABuckeye
So is this the quick and dirty:
7(a) - Loan applied through bank, up to 250% of monthly payroll.
7(b) - Online, meant for quick access to funds to float you until 7(a) comes in
7(a) - Loan applied through bank, up to 250% of monthly payroll.
7(b) - Online, meant for quick access to funds to float you until 7(a) comes in
Posted on 3/31/20 at 12:11 pm to SippyCup
quote:
Does this mean that those who jumped the gun and applied for the economic disaster loan are now disqualified from the PPP loan?
Not according to what we have been told. You can have both loans, they just can't pay for the same costs. So the EIDL loan couldn't pay payroll costs, for example.
We are also being told you can roll the EIDL into the PPP.
We are advising clients to hold off on EIDL if they are liquid enough.
Posted on 3/31/20 at 12:12 pm to baldona
Yes.
However, it seems that your payroll also includes 1099 personnel and insurance premiums. I'm not sure if that's strictly health insurance premiums only or if it also includes other insurance premiums.
I would LOVE for it to include workman's comp premiums but that is probably a pipe dream.
However, it seems that your payroll also includes 1099 personnel and insurance premiums. I'm not sure if that's strictly health insurance premiums only or if it also includes other insurance premiums.
I would LOVE for it to include workman's comp premiums but that is probably a pipe dream.
Posted on 3/31/20 at 12:13 pm to VABuckeye
quote:
If you already have one. You can’t go out and get both now. Specifically prohibited.
Do you have a reference? I am hearing the exact opposite.
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