- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Small Business Resource Thread COVID-19
Posted on 4/3/20 at 9:16 am to BottomlandBrew
Posted on 4/3/20 at 9:16 am to BottomlandBrew
I don't see a place to apply for this on my bank's website. Are online applications being accepted anywhere yet?
Posted on 4/3/20 at 9:49 am to medtiger
We just got word it has been delayed.
quote:
While the Thursday evening White House press conference featured the importance of small business lending as imperative to the country, direct lenders and banks around the country, including the largest banks, still await final guidance from the SBA to start lending on the Paycheck Protection Program featured.
At this point, the Friday April 3 start for processing PPP Loans is delayed.
But rest assured; we believe this is just a brief hesitation. We know these funds are important to you, as does the Federal Government, the Treasury, and the Small Business Lending Association. These are unprecedented times and so many are trying to make this right. We believe that the program will launch in the near future, and we are making updates from yesterday evening and obtaining the appropriate guidelines — to ensure that when you submit your application it contains the information needed to move it efficiently through SBA channels — and to promptly provide the funding that will help your business and your employees through these uncertain times.
Know that we are working for you, and that we’ll reach out the moment we have information to provide. Stay healthy.
You are the businesses that make this amazing country what it is.
Posted on 4/3/20 at 10:17 am to BottomlandBrew
Anyone know of banks doing this that do not require pre-existing relationship. By business account is with BOA but since I don't have a lending relationship with them, I am scoped out of their first cut. Pissed off.
Any help would be appreciated.
Any help would be appreciated.
Posted on 4/3/20 at 10:20 am to BottomlandBrew
Do you have a link for this or is that an email?
Posted on 4/3/20 at 12:07 pm to medtiger
lendio.com
i applied online through them. who knows. why not. my local banks are not able to allow me to apply yet
i applied online through them. who knows. why not. my local banks are not able to allow me to apply yet
Posted on 4/3/20 at 12:14 pm to Jerrysworld
Did you submit a bunch of payroll and tax return info on that site?
Posted on 4/3/20 at 12:18 pm to medtiger
yes, but not anymore than you will have to do anywhere else from i can tell.
Posted on 4/3/20 at 12:44 pm to McNeeseLSU
quote:
Do you have a link for this or is that an email?
That was an email from my bank. We were able to submit everything to our bank this morning, but the SBA is not taking applications from banks today - per our bank.
Posted on 4/3/20 at 3:57 pm to BottomlandBrew
my banker sent me the final SBA PPP form today. Along with the banker says to turn in FORM 941 for 2019.
I will need average monthly payroll for 2019
My CPA says I also need to include:
2019 W-2s
2019 Form 940
2019 State Unemployment Tax Reports
2019 Payroll Register
Articles of Incorp
The PPP form has a place to record average monthly payroll. Are you guys using rent, retirement, health care coverage, etc as part of that payroll dollar amount?
I will need average monthly payroll for 2019
My CPA says I also need to include:
2019 W-2s
2019 Form 940
2019 State Unemployment Tax Reports
2019 Payroll Register
Articles of Incorp
The PPP form has a place to record average monthly payroll. Are you guys using rent, retirement, health care coverage, etc as part of that payroll dollar amount?
This post was edited on 4/3/20 at 3:58 pm
Posted on 4/3/20 at 3:57 pm to medtiger
Who do you bank with? Get in touch with them.
If they are not an eligible lender, see who they are deferring to.
If they are not an eligible lender, see who they are deferring to.
Posted on 4/3/20 at 3:58 pm to BigJim
quote:
PPP question:
Do student internships count in either the payroll calculation on the front end OR (more importantly) the FTE calculation on the backend?
We normally only have interns during the academic year and not during the summer. Which means we might be down two students (possibly counting as 1 FTE) during the 8-week loan period which in a small office could take a huge chunk out of our forgivable loan amount.
Any insights?
Heads up to anyone else- student worker payroll DOES count.
Posted on 4/3/20 at 3:59 pm to Doctor Strangelove
quote:
Are you guys using rent, retirement, health care coverage, etc as part of that payroll dollar amount?
Not retirement, but it should included employer paid portions of health care and retirement as well as SUTA tax.
Posted on 4/3/20 at 4:00 pm to BigJim
whatever bank you use has to be an SBA lending bank. Also, you don't necessarily have to use your commercial lender. My personal banker is handling this for me.
Posted on 4/3/20 at 7:44 pm to Doctor Strangelove
In looking at the application and other public details on PPP, does anyone know if a USA Corporation with 40 employees that is owned by a foreign parent (via a European PE firm) be eligible for the PPP program?
Posted on 4/4/20 at 12:07 am to litenin
Pretty sure that is no bueno. Ownership can’t be overseas. If you own a percentage then maybe you are eligible for ownership portion.
Posted on 4/4/20 at 12:35 am to kaaj24
Someone mentioned that you had to have gotten a loan with the bank you apply at for the business? To qualify, doesn't sound correct. But just figured I would check..
Posted on 4/4/20 at 8:24 am to Russ337
No. He doesn’t have a history of borrowing from his bank so they didn’t put him in the first wave.
Posted on 4/4/20 at 1:45 pm to VABuckeye
We do payroll through Gusto and last week they sent me an email with a list of our payroll for the last year to have ready to apply for PPP. It also included our independent contractors. Two days later something has changed so they sent an update email and now our contractors are not listed. I was hoping to keep them on so they wouldn’t have to go the unemployment route, but now it looks like independent contractors are no longer included with PPP?
Posted on 4/4/20 at 1:51 pm to SuddenJerk
Correct.
ETA: Not as of today. 1099 opens applications on April 10th.
ETA: Not as of today. 1099 opens applications on April 10th.
This post was edited on 4/4/20 at 1:53 pm
Popular
Back to top
Follow TigerDroppings for LSU Football News