- 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: SBA and PPP
Posted on 4/3/20 at 9:20 am to LSUFanHouston
Posted on 4/3/20 at 9:20 am to LSUFanHouston
quote:
If you get an EIDL and a PPP, they are supposed to roll the EIDL balance into the PPP. That's why that language is there now.
But the EIDL loan isn't forgivable outside of the $10k, right? And if that is the case then I want the longer payback terms of the EIDL. I know you can roll a previous EIDL loan into the PPP if you are using them for the same purpose, but I thought as long as the EIDL and PPP weren't for the same expenses then you could keep them separate?
1
Posted on 4/3/20 at 9:20 am to LSUFanHouston
From the AICPA:
Agree client service is always first and we are taking care of them. We are not attesting to anything or putting anything on letterhead (we also don't do comfort letters) and company's are self certifying. We are preparing the calculation which is specifically outlined in the agent duties.
Should add firms in our network affiliation are pretty split down the middle on who is doing agent fees and who is doing consulting fee. One or 2 are doing both where they are charging consulting for advising on which loan to take and then agent fee for the application...AICPA issued guidance that this was acceptable.
quote:
Agent % Fee
AICPA has concluded that the Agent Fee based upon a % of the loan amount will not be a contingent fee that violates independence in the case of attest clients. This determination was based off of the language within the AICPA Code of Professional Conduct which gives an out for such fees when the fees are fixed and set by a regulatory agency such as the SBA and U.S. Treasury.
Agree client service is always first and we are taking care of them. We are not attesting to anything or putting anything on letterhead (we also don't do comfort letters) and company's are self certifying. We are preparing the calculation which is specifically outlined in the agent duties.
Should add firms in our network affiliation are pretty split down the middle on who is doing agent fees and who is doing consulting fee. One or 2 are doing both where they are charging consulting for advising on which loan to take and then agent fee for the application...AICPA issued guidance that this was acceptable.
This post was edited on 4/3/20 at 9:23 am
Posted on 4/3/20 at 9:21 am to tgrbaitn08
quote:
neither have I....do you know where you can go and check the status or edit the application?
I just got a confirmation number, but I don't think there is a way to check the status of the application.
Posted on 4/3/20 at 9:23 am to Spock
quote:
I just got a confirmation number,
same
Posted on 4/3/20 at 9:25 am to Spock
quote:
But the EIDL loan isn't forgivable outside of the $10k, right?
Correct.
I am seeing some places say you CAN roll the EIDL into the PPP, and others saying you WILL roll the EIDL into the PPP.
Posted on 4/3/20 at 9:28 am to BamaAlum02
AICPA is going to be more aggressive than the insurers.
AICPA won't defend me if I get sued or hauled before a regulator.
I can certainly defend myself by saying I followed AICPA rules and I can win, I think...
Juice isn't worth the squeeze for us. Just my opinion. It's not an easy decision.
AICPA won't defend me if I get sued or hauled before a regulator.
I can certainly defend myself by saying I followed AICPA rules and I can win, I think...
Juice isn't worth the squeeze for us. Just my opinion. It's not an easy decision.
Posted on 4/3/20 at 9:29 am to LSUFanHouston
Posted on 4/3/20 at 9:29 am to LSUFanHouston
quote:
I am seeing some places say you CAN roll the EIDL into the PPP, and others saying you WILL roll the EIDL into the PPP.
will they deduct the 10k from your PPP loan?
so say you take the $10k advance and you qualify for $100k of PPP....will they send you just $90k and call it a day?
Posted on 4/3/20 at 9:31 am to LSUFanHouston
quote:
We have told our clients we will bill them at standard hourly rates for any work we do helping them with gathering the info. The app itself is so simple. All the work is in the info gathering and calculations not on the form.
Same here. Plus we're not under a fraction of the pressure the banks are. I'm good with collecting my people's hourly rates.
quote:
I am already having bankers tell me they need the calculation on firm letterhead, attested to and signed by us. That ain't happening unless I'm doing at least an agreed-upon procedures and by the time I do that, the money might be gone.
I shouldn't be shocked to read this at all. I'm trying to be supportive of my banker "cousins" but they're getting a big no from us on this as well.Posted on 4/3/20 at 9:31 am to tgrbaitn08
quote:
will they deduct the 10k from your PPP loan?
so say you take the $10k advance and you qualify for $100k of PPP....will they send you just $90k and call it a day?
From what I see - I think you need to deduct the $10k from the loan amount in your PPP application.
Posted on 4/3/20 at 9:34 am to LSUFanHouston
Our attorneys and insurers looked over EL and agent certification and said we were good to go.
Maybe we have retained a bunch of cowboys. Haha
Maybe we have retained a bunch of cowboys. Haha
Posted on 4/3/20 at 9:34 am to Spock
quote:
From what I see - I think you need to deduct the $10k from the loan amount in your PPP application.
Well I haven't gotten the $10k yet and Im submitting the app today....hopefully today
Posted on 4/3/20 at 9:35 am to LSUFanHouston
quote:
We have told our clients we will bill them at standard hourly rates for any work we do helping them with gathering the info. The app itself is so simple. All the work is in the info gathering and calculations not on the form.
My CPA told me yesterday...."Looks like I have to do all the work, all you have to do is fill out the application"... I said, well get to work
Posted on 4/3/20 at 9:37 am to tgrbaitn08
quote:
Well I haven't gotten the $10k yet and Im submitting the app today....hopefully today
Me either - but I subtracted it out anyway.
Posted on 4/3/20 at 9:41 am to BamaAlum02
quote:
Our attorneys and insurers looked over EL and agent certification and said we were good to go.
Maybe we have retained a bunch of cowboys. Haha
How big are y'all? There is less than 10 of us, only 3 of us are CPAs, and we don't have an affiliation. So we are kinda just rolling with it based on what our insurer tells us and what we think is a defensible approach. Would not be the first time we left money on the table for probably being too conservative, but thats ok.
Posted on 4/3/20 at 9:55 am to LSUFanHouston
Here we go.....I just got a message stating the SBA has not completed the addition of the PPP Product into their software. At this time no banks can complete the application process
Posted on 4/3/20 at 9:58 am to tgrbaitn08
My ray of light seems to be gone now
Posted on 4/3/20 at 9:59 am to tgrbaitn08
That would explain why when I click on the link to apply at my bank's website, I just get a "site can't be reached" message.
Posted on 4/3/20 at 10:12 am to Spock
quote:
Just found some additional info. The bottom of page 15 has some good EIDL/PPP clarification.
So essentially you can have both provided that your EIDL proceeds aren't used for payroll.
Posted on 4/3/20 at 10:15 am to tgrbaitn08
quote:
Here we go.....I just got a message stating the SBA has not completed the addition of the PPP Product into their software. At this time no banks can complete the application process
A lot of them were holding back today anyways.
A good friend of mine is controller for a local bank, I talked to her about 830 and they were about to step into a board of directors meeting to review all the final details with their legal team and were hoping to turn on the app on their website somewhere around noon.
I would guess banks can still accept info, but I wonder how many are actually ready to submit to the SBA now anyways?
Page 4 of 15
Popular
Back to top
Follow TigerDroppings for LSU Football News