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Started By
Message
re: Didn’t get PPP, what now?
Posted on 4/16/20 at 9:51 pm to VABuckeye
Posted on 4/16/20 at 9:51 pm to VABuckeye
I don’t know what to do with my employee. Hasn’t been around long and frankly this virus has made her worthless and she has been against working due to it even though she’s working from home. Freaking entitled millennial thinking because we aren’t essential she shouldn’t have to work is the feeling I get.
I probably won’t furlough. I’ll wait a couple days to see how things work out. I mean the PPP would have guaranteed I kept her through the summer no matter what. So unless things change, absolutely the job is on the line.
I’m not here to complain about that. It’s just hard knowing some of your competitors likely got it. So now your rebound is not on an even playing field.
I probably won’t furlough. I’ll wait a couple days to see how things work out. I mean the PPP would have guaranteed I kept her through the summer no matter what. So unless things change, absolutely the job is on the line.
I’m not here to complain about that. It’s just hard knowing some of your competitors likely got it. So now your rebound is not on an even playing field.
1
Posted on 4/16/20 at 9:54 pm to baldona
My main point in starting the thread, is I gotta feel like this will lead to a ton of lay offs tomorrow. Even with some states looking to open back up, business wise who knows? Its going to be a tough time because government likely will tell people to be positive it’s almost over yet the uncertainty of work will be around for months I expect.
I just don’t know if there will be additional programs or not.
I just don’t know if there will be additional programs or not.
Posted on 4/16/20 at 10:35 pm to baldona
I went through First Bank & Trust for my company. Asked for just under $400k for 25 employees. Applied last Monday, funded yesterday.
For those that are pissed at your bigger banks, I would suggest diversifying your bank accounts. I use FB&T for Operating & payroll. I also use Capital One for wire transfers.
For those that are wondering what now, to me it seams like you have 2 options: wait for new funding, or reach out to your tax guy and ask about the tax credits. I do not know enough about taxes to advise, but one of the webinars I listened to the other day indicated that if you can float the cash you may be much better off with the tax credits. You just need to figure out the ins & outs before making any decisions.
For those that are pissed at your bigger banks, I would suggest diversifying your bank accounts. I use FB&T for Operating & payroll. I also use Capital One for wire transfers.
For those that are wondering what now, to me it seams like you have 2 options: wait for new funding, or reach out to your tax guy and ask about the tax credits. I do not know enough about taxes to advise, but one of the webinars I listened to the other day indicated that if you can float the cash you may be much better off with the tax credits. You just need to figure out the ins & outs before making any decisions.
Posted on 4/17/20 at 12:16 am to Weekend Warrior79
I filed with regions the 2nd day the applications came out, and all I heard from Regions is that it is processing if we need anything we will let you know. Plus I sent them all of the papers they requested. Even the Louisiana small business loan is a joke. The only local bank taking applications for it is Liberty Bank, and they are only doing it for their customers.
Posted on 4/17/20 at 7:23 am to PrideofTheSEC
quote:
PrideofTheSEC
All of my accounts are at Hancock Whitney except for our 2 auto loans.
They worked their asses off and got my PPP done. Search my posts over the last couple days and it will tell the story.
My local people at the Prairieville branch are aces!
Posted on 4/17/20 at 8:15 am to Weekend Warrior79
quote:
you may be much better off with the tax credits. You just need to figure out the ins & outs before making any decisions
Currently limited to $5K credit per employee
Posted on 4/17/20 at 9:23 am to Tigerpaw123
Does anyone recommend a good bank in Jefferson Parish, that has their stuff together? I was one of the unfortunate ones that made the mistake of banking with Capital one and didn't even get to put the application in for PPP.
Posted on 4/17/20 at 9:41 am to AndyJ
I applied the first day. Got the email to fill out form, it gave me an error before I could put data in. Filled out form for chase to call me. Crickets. Then they took the form site down all together.
Posted on 4/17/20 at 9:49 am to Camp Randall
...
This post was edited on 4/17/20 at 11:08 am
Posted on 4/17/20 at 12:15 pm to Rum Ham
Yep, we verified loan amounts via the payroll docs, etc. We knew that the words "free money" were being thrown around like crazy and wanted to make that customers were not stuck for calculating their loan amounts incorrectly.
This post was edited on 4/17/20 at 12:36 pm
Posted on 4/17/20 at 12:17 pm to baldona
You would be surprised to see how many loan guarantees are denied due to the smallest calculation error. It happens often.
Posted on 4/17/20 at 12:19 pm to nolabnkr
just throwing this out there, for anyone it may/might help in the future if this thing gets re-funded.
neighbors federal credit union processed and funded my PPP loan in three days (applied on a friday, funded on tuesday). if the program gets restarted, i'll post the lending agent's contact info. in the meantime if you have an account there, contact them, and if you dont, maybe think about it.
unaffiliated, etc, etc
neighbors federal credit union processed and funded my PPP loan in three days (applied on a friday, funded on tuesday). if the program gets restarted, i'll post the lending agent's contact info. in the meantime if you have an account there, contact them, and if you dont, maybe think about it.
unaffiliated, etc, etc
Posted on 4/17/20 at 12:21 pm to cgrand
Maybe we should start a thread with information for those that were left out in the cold. I'm reaching out to a couple of lenders to see if I can send referrals their way of companies in need.
Posted on 4/17/20 at 12:24 pm to baldona
Most of the bankers and underwriters are salary, so no overtime. Banks may be getting fees from the SBA but the bankers are not earning a dime. Many 12-13 hour days, plus throw in a couple 20-21 hour days, no extra money. Side note: while it has slowed a bit, we are doing other deals as well.
Posted on 4/17/20 at 1:16 pm to VABuckeye
That would be helpful for sure. Also, just overall recommendation on a local bank, an specifically a branch with a good manager. If I am able to get another bank to push something through for me (assuming we actually get more funding) I will definitely be moving my business with them.
Posted on 4/17/20 at 1:22 pm to nolabnkr
quote:
Most of the bankers and underwriters are salary, so no overtime.
Yep, I dropped a Visa gift card off to my banker this morning.
Posted on 4/17/20 at 2:52 pm to cgrand
I agree. Neighbors was great for me. I sent in all docs on Monday of this week and was funded by Thursday. Can’t say enough great things about them.
Posted on 4/17/20 at 3:52 pm to cgrand
Cgrand: Thanks.
This post was edited on 4/17/20 at 4:07 pm
Posted on 4/17/20 at 4:04 pm to LSUFanHouston
quote:Earn 1% for tying up SBA's capital. Plus, most loans resulted in a 5% fee for the banks (for what should have been 30 minutes of work).
Best case, it takes them 2 years to collect 100k and for tying up their capital they earn 1% plus maybe a servicing fee.
Posted on 4/17/20 at 4:10 pm to nolabnkr
quote:Which NOLA bank are you with ?
Side note: while it has slowed a bit, we are doing other deals as well.
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