- 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 4/6/20 at 8:08 pm to McNeeseLSU
Posted on 4/6/20 at 8:08 pm to McNeeseLSU
Yeah that sucks. They never emailed or called me either, I just happened to be looking at the site and saw that I could do it. I started, but didn’t finish because I had to collect some info and before I got back to do it they sent me this.
“ Dear Business Client,
We urge you to go online now to complete the next steps for your Paycheck Protection Program loan.
Step 1: Make sure you have an active Chase Business Online profile. If you don’t, click here to set up or update your online credentials. You can only apply online.
Step 2: Please click Continue below (or paste this URL into your browser www.chase.com/cares) to sign in to Chase and submit your application. The digital application may require you to enter information similar to what you’ve already submitted.
Please make sure you have only one Chase.com browser window session open, or you may lose all of your work and have to restart your application.
Continue
Our branch and call center teams can’t answer any questions about the program or the status of your loan. If your Paycheck Protection Program loan is approved, Chase will deposit your funds into your oldest Chase Business Banking checking account.
Thank you for being a Chase customer. ‘
I just finished mine and everything was submitted successfully. Good luck.
“ Dear Business Client,
We urge you to go online now to complete the next steps for your Paycheck Protection Program loan.
Step 1: Make sure you have an active Chase Business Online profile. If you don’t, click here to set up or update your online credentials. You can only apply online.
Step 2: Please click Continue below (or paste this URL into your browser www.chase.com/cares) to sign in to Chase and submit your application. The digital application may require you to enter information similar to what you’ve already submitted.
Please make sure you have only one Chase.com browser window session open, or you may lose all of your work and have to restart your application.
Continue
Our branch and call center teams can’t answer any questions about the program or the status of your loan. If your Paycheck Protection Program loan is approved, Chase will deposit your funds into your oldest Chase Business Banking checking account.
Thank you for being a Chase customer. ‘
I just finished mine and everything was submitted successfully. Good luck.
1
Posted on 4/6/20 at 8:14 pm to SuddenJerk
Those facking arseholes. What about that phone call or email I was supposed to get 
This post was edited on 4/6/20 at 8:15 pm
Posted on 4/6/20 at 11:43 pm to SuddenJerk
Is it correct that only businesses with W2 type employees are eligible for the PPP loan?
Posted on 4/6/20 at 11:55 pm to BottomlandBrew
Hit the nail on the head. We have our business accounts with Synovous and just used them for debt to purchase a piece of commercial property in January. We’ve learned that they just don’t give a shite. As soon as the virus is in the rear view we’re switching to a smaller bank that treats us like they appreciate our business.
Posted on 4/7/20 at 12:29 am to CajunInFL
Own a multi member LLC. We have zero impact by the coronavirus and are actually doing better year over year.
Would I get approved for either of these loans? Also, are there stipulations where I can’t put this money? I would really like to get some cheap interest and dump more into the market.
Would I get approved for either of these loans? Also, are there stipulations where I can’t put this money? I would really like to get some cheap interest and dump more into the market.
Posted on 4/7/20 at 4:51 am to jlu03
quote:
Own a multi member LLC. We have zero impact by the coronavirus and are actually doing better year over year.
These loans aren’t for you.
quote:
Would I get approved for either of these loans? Also, are there stipulations where I can’t put this money? I would really like to get some cheap interest and dump more into the market.
Look. I’m sure you mean well but if your business wasn’t severely impacted and will not be, and you apply for a loan anyway, then you’re part of the problem with this loan process.
Good people that are suffering are having a hell of a time even getting an application in and part of the issue is the potential fraud that is coming.
The sad thing is, the same posters here that are doing that are probably the first in line to rant about welfare abuse. Pot meet kettle.
Posted on 4/7/20 at 5:27 am to Murray
Received word late yesterday evening from my banker that we had our SBA loan number for the PPP. I was able to have my first good night of sleep in a couple weeks. Still a long war to fight, but I won this battle. I can't say enough good things about ServisFirst Bank and them helping us through this process.
Posted on 4/7/20 at 6:14 am to BottomlandBrew
Congrats brother
Posted on 4/7/20 at 8:28 am to Joehat
quote:
Is it correct that only businesses with W2 type employees are eligible for the PPP loan?
The language is kind of up in the air, I talked to my CPA and he said apply for everything because it keeps changing day by day. I uploaded documents for my W-2, K1 and my contractors payroll documents. We’ll see what happens, but this is my payroll as I consider it every month and I am trying to keep 2 independent contractors employed during this to make it easier for them. Our business is down at least 80% but I still need everyone on my team.
Posted on 4/7/20 at 8:53 am to Joehat
quote:
Is it correct that only businesses with W2 type employees are eligible for the PPP loan?
No. On Friday the application should be out for independent contractors and self-employed.
Posted on 4/7/20 at 9:07 am to SuddenJerk
quote:
I am trying to keep 2 independent contractors employed during this to make it easier for them.
Ya'll need to watch your language here. It sure sounds like you are pushing out of the gray area of contractor and into being an employee.
Posted on 4/7/20 at 9:15 am to Murray
quote:
Look. I’m sure you mean well but if your business wasn’t severely impacted and will not be, and you apply for a loan anyway, then you’re part of the problem with this loan process.
Good people that are suffering are having a hell of a time even getting an application in and part of the issue is the potential fraud that is coming.
The sad thing is, the same posters here that are doing that are probably the first in line to rant about welfare abuse. Pot meet kettle.
I posted in another thread last night on another board, that this is starting to look like the Deepwater Horizon Claims Facility, on steroids.
With that, it was all a formula. If you had a reduction followed by an increase, you qualified. You never had to show WHY you had a reduction. If you remember, the economy wasn't in tip-top shape even before that disaster, so a lot of people got huge payouts even though they had absolutely no impact directly from the disaster.
You also had a lot of people who were horribly impacted, but never got a dime of relief money, because their records were crap and couldn't prove the "V".
Here, the larger end of the "small companies" have the resources and banking relationships to do this quickly, and they are also taking out large sums of money. Meanwhile, the true little guys are confused and stuck.
Posted on 4/7/20 at 9:17 am to SuddenJerk
quote:
The language is kind of up in the air, I talked to my CPA and he said apply for everything because it keeps changing day by day. I uploaded documents for my W-2, K1 and my contractors payroll documents. We’ll see what happens, but this is my payroll as I consider it every month and I am trying to keep 2 independent contractors employed during this to make it easier for them. Our business is down at least 80% but I still need everyone on my team.
Treasury finally put this issue to bed around 11 pm last night. Payments to independent contractors / sole proprietors are NOT part of payroll costs.
Of course, they also said you can rely on interpretations available at the time of loan application.
Posted on 4/7/20 at 9:18 am to baldona
quote:
Ya'll need to watch your language here. It sure sounds like you are pushing out of the gray area of contractor and into being an employee.
The whole area here involves people that the IRS fully believes you should treat as an employee.
Posted on 4/7/20 at 9:31 am to LSUFanHouston
Is anyone else having an issue applying online through Chase?
Posted on 4/7/20 at 9:56 am to McNeeseLSU
Has anyone tried to apply though Bank of America?
Posted on 4/7/20 at 10:06 am to LSUFanHouston
quote:
Treasury finally put this issue to bed around 11 pm last night. Payments to independent contractors / sole proprietors are NOT part of payroll costs. Of course, they also said you can rely on interpretations available at the time of loan application.
Link?
Posted on 4/7/20 at 10:18 am to LSUFanHouston
We did not include 1099 contractors on our submission. We went back and forth on this, but erred on the side of caution.
Posted on 4/7/20 at 10:21 am to gsvar2004
Page 13 of 15
Popular
Back to top
Follow TigerDroppings for LSU Football News