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Started By
Message
Didn’t get PPP, what now?
Posted on 4/16/20 at 2:39 pm
Posted on 4/16/20 at 2:39 pm
Applied by 1pm on the Friday it launched through Regions and didn’t get it. True small business, only had 1 full time employee besides my wife and I. Half a dozen part timers but none worked more then 20 hours a week.
I’ll probably wait until Monday to lay my employee off To see if any other programs are in the works. I have 0 work right now for any employees and I just don’t know when the dumbass government is going to allow me to get back. I’ll probably stop all wages as of this week. I don’t want to ruin my employees weekend so I’ll see it through til Monday.
I’m not a man of prayer but it’s gonna be a bad day for a lot of people this week whose companies didn’t get this money.
Eta: the most frustrating thing is I vastly under applied as far as amount because I was really just wanting to float my employee cost. I could have asked for almost double. Clearly loans were cherry picked. I’ve had $0 revenue for 2 weeks and $0 expected until things open back up. Between those two I should have easily qualified.
I’ll probably wait until Monday to lay my employee off To see if any other programs are in the works. I have 0 work right now for any employees and I just don’t know when the dumbass government is going to allow me to get back. I’ll probably stop all wages as of this week. I don’t want to ruin my employees weekend so I’ll see it through til Monday.
I’m not a man of prayer but it’s gonna be a bad day for a lot of people this week whose companies didn’t get this money.
Eta: the most frustrating thing is I vastly under applied as far as amount because I was really just wanting to float my employee cost. I could have asked for almost double. Clearly loans were cherry picked. I’ve had $0 revenue for 2 weeks and $0 expected until things open back up. Between those two I should have easily qualified.
This post was edited on 4/16/20 at 2:41 pm
11
Posted on 4/16/20 at 2:41 pm to baldona
Same here I don’t think regions processed one loan just kept you on the hook until the money ran out then said sorry.
Posted on 4/16/20 at 2:42 pm to baldona
I went through Regions as well and submitted 1st day. Apparently did not get in either (although I cannot get a definite answer from our relationship manager).
Posted on 4/16/20 at 2:43 pm to baldona
Chase did not come through for me either. Applied the first night chase opened their application
Posted on 4/16/20 at 2:44 pm to baldona
Were you denied or just didn't get approval before the funds ran out?
Posted on 4/16/20 at 2:51 pm to baldona
We can only hope for more funding, but who’s to say Regions won’t shite the bed again? I think the only thing to be done at present is to close our accounts there and publicly shame them by announcing bow badly they failed their customers so others know they don’t have your back when you need them.
Posted on 4/16/20 at 2:51 pm to baldona
man i feel for you but if you only got denied due the limit being reached, theres a certainty they'll re-fund the program. they have too now.
the 350B or whatever it was was an arbitrary number, based on nothing. now that they started this they have to keep going
the 350B or whatever it was was an arbitrary number, based on nothing. now that they started this they have to keep going
Posted on 4/16/20 at 2:55 pm to baldona
quote:
Didn’t get PPP, what now?
Get ahead of the next round of funding, that's what. Here's what I posted in another thread. I'm just trying to give tips to people so they don't get left out in the cold again.
My suggestion to anyone that needs to get a loan done when it opens back up is to get your documentation in order. We were able to get approved so quickly because we had everything needed for an approval when we submitted. Copies of drivers licenses, IRS form 941, articles of incorporation, Schedul K-1. Get everything together NOW.
Start contacting smaller banks and credit unions NOW. Find out if you can get in their queue. Move accounts there if you have to and this loan is critical to your business.
We've identified the banks that are going to drop the ball. They've already done it. Get on the phone and get ahead of the game.
Posted on 4/16/20 at 3:12 pm to baldona
States are about to open up, can you hang on? Once one does, they all will.
Posted on 4/16/20 at 3:13 pm to baldona
I'm in just about the exact situation as you. Small S Corp with only myself and wife as employees. Applied as early as I could with Regions, and apparently I'm left out. I do agree that loans were cherry picked. I'm fairly certain the practice where I work (but not one of the owners) got their PPP approved before funding ran out today. They applied through Regions but I know for a fact that I submitted my application almost 24 hours before them.
It would be nice to get a list of banks that did well with this so those of us that weren't funded get an idea of where to go next.
It would be nice to get a list of banks that did well with this so those of us that weren't funded get an idea of where to go next.
Posted on 4/16/20 at 4:03 pm to baldona
They need four times what was originally approved. Maybe more. By the time they figure out the process most small businesses that don't have Bankers, Lawyers and CPAs on retainer will be out of business.
Posted on 4/16/20 at 4:54 pm to baldona
Take a look at the Employee Retention Credit.
LINK
This is a decent overview.
Essentially, it will give you a 50% tax credit on wages paid up to 10K per employee, per year. You access the credit by reducing your employment tax deposits, or if that's not enough, getting an advance by fling a new Form 7200 via fax.
You can also defer the employer share of FICA until 2021/2022.
Neither of the above (ERC or deferral of employer share of FICA) are available if you take PPP, so, it hasn't gotten as much publicity. But it's out there. I don't know if it will help you or not.
Good luck.
LINK
This is a decent overview.
Essentially, it will give you a 50% tax credit on wages paid up to 10K per employee, per year. You access the credit by reducing your employment tax deposits, or if that's not enough, getting an advance by fling a new Form 7200 via fax.
You can also defer the employer share of FICA until 2021/2022.
Neither of the above (ERC or deferral of employer share of FICA) are available if you take PPP, so, it hasn't gotten as much publicity. But it's out there. I don't know if it will help you or not.
Good luck.
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