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Started By
Message
PPP advise please
Posted on 3/9/21 at 4:19 pm
Posted on 3/9/21 at 4:19 pm
So my wife is wanting me to find out information.
She filed with the same bank as last time. They wanted no new documents. Used the same ones.
It's been 2 weeks and this is message since then when checking:
SO I told her I knew where to check.
1- Anybody have this happen where it just doesn't move?
2- Is it time to go to a different bank?
The only update is that on there end it updates to "being worked on") on Friday. However the link never changed.
Looking for any advise
She filed with the same bank as last time. They wanted no new documents. Used the same ones.
It's been 2 weeks and this is message since then when checking:
quote:
We have submitted your request to the SBA and are awaiting their response. We will notify you once they have made a decision (probably within a few days).
SO I told her I knew where to check.
1- Anybody have this happen where it just doesn't move?
2- Is it time to go to a different bank?
The only update is that on there end it updates to "being worked on") on Friday. However the link never changed.
Looking for any advise
3
Posted on 3/9/21 at 4:27 pm to Jjdoc
how many employees does she have? there was a 14 day period where only business under 20 employees could apply.
Posted on 3/9/21 at 4:46 pm to Hermit Crab
quote:
there was a 14 day period where only business under 20 employees could apply.
She is under and I believe she met that time.
quote:
Posted: Feb 24, 2021 / 06:53 AM EST / Updated: Feb 24, 2021 / 09:44 AM EST
(WSYR-TV) — Starting Wednesday, the nation’s smallest employers will get the first shot at the Paycheck Protection Program (PPP).
In an exclusive 2-week window, businesses with fewer than 20 employees can apply for PPP loans. Self-employed workers and independent contractors are also eligible under the new rules.
So she was in that window. Still would be
Posted on 3/9/21 at 4:59 pm to Jjdoc
Is she a schedule C filer?
All the banks were waiting on updated guidance from the SBA for calculating loans for Schedule C filer. The guidance came out on Thursday of last week I believe and now the banks are updating the applications.
My bank said that I should have my loan package submitted this week with the updated calc.
All the banks were waiting on updated guidance from the SBA for calculating loans for Schedule C filer. The guidance came out on Thursday of last week I believe and now the banks are updating the applications.
My bank said that I should have my loan package submitted this week with the updated calc.
Posted on 3/9/21 at 5:29 pm to LigerFan
quote:
Is she a schedule C filer?
Yes
Posted on 3/9/21 at 5:33 pm to LigerFan
quote:
All the banks were waiting on updated guidance from the SBA for calculating loans for Schedule C filer. The guidance came out on Thursday
Our bank submitted before then...
2021-02-22
quote:
I believe and now the banks are updating the applications.
We may need to follow up with that.
Posted on 3/9/21 at 5:44 pm to Jjdoc
Double check and make sure there’s no additional information that they need. They came back to me a couple of times for additional documentation which I submitted through my bank portal. My deposit was made about three weeks ago. I probably filed my initial application within the first week of the portal being open.
Posted on 3/9/21 at 5:49 pm to Jjdoc
quote:
It's been 2 weeks and this is message since then when checking:
My advice would be to wait and see how it goes, this round moves much slower than the first, took our app a few weeks to go through
Posted on 3/9/21 at 5:49 pm to Jjdoc
My wife has same type of application. Submitted Jan 19. Funded Feb 24. So best I can figure her application was funded using net profit vs gross so she gets less money than if she would have waited to file application. Maybe it is a good thing your wife’s has not funded yet.
Posted on 3/9/21 at 5:53 pm to Hankg
Thanks all!
Posted on 3/9/21 at 6:45 pm to Jjdoc
Don’t want to hijack but. My wife didn’t apply in 2020. First app was Jan 2021 and used schedule c net profit. I keep reading about now can use gross vs net. And can get two draws. Can she apply again this week for her “ second” draw or first was 2020 and second is 2021 only?
Posted on 3/9/21 at 7:36 pm to Hankg
She should be able to double dip. You will have to count 8 weeks from the disbursement date of ppp loan 1 to apply for ppp loan 2. This is because you have 8 weeks to (on paper) use the funds for a ppp loan. So on paper she funded January 2021, used those funds over 8 weeks ending X and then applied for the second round of funds with the next 8 week election period. Make sense?
For ppp 2 she’ll just need to show the 25% reduction quarter over quarter to qualify.
For ppp 2 she’ll just need to show the 25% reduction quarter over quarter to qualify.
Posted on 3/9/21 at 8:23 pm to Im4datigers
Thanks for reply. She applied Jan 19, funded Feb 24. I thought I read application deadline is March 31? So have to wait 8 weeks from Jan19 or Feb 24? As far as 25% decline in Qtr. Governor shut her down for two months so no issue there.
Posted on 3/9/21 at 8:39 pm to Hankg
quote:
I thought I read application deadline is March 31? So have to wait 8 weeks from Jan19 or Feb 24?
Unfortunately it's 8 weeks from the funded date, not the app date. So you will have to wait and pray that they extend the deadline past 3/31. Otherwise unfortunately you're SOL for double dipping.
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