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Started By
Message
re: SBA and PPP
Posted on 4/3/20 at 12:47 pm to Golfer
Posted on 4/3/20 at 12:47 pm to Golfer
Regions (I'm probably Fricked) is requiring me to submit a couple forms I don't have like IRS Form 940 and Form 941 because I work with an HR company and we are leased employees. Anyone know what to submit here?
I'm thinking of just submitting a blank word document saying "does not apply"?
I'm thinking of just submitting a blank word document saying "does not apply"?
4
Posted on 4/3/20 at 12:47 pm to Golfer
They put out a new application today. If you filled one out yesterday, it isn’t the one they’re using.
Posted on 4/3/20 at 12:50 pm to Hawgeye
Jesus Christ. I shouldn't have been so optimistic about this process earlier this week.
Posted on 4/3/20 at 12:51 pm to Golfer
Just telling you what Banker told us after talking to SBA on conference call this morning.
Sent new application, which was the same that was posted earlier by tgrbaitn08. Also had an addendum that changed slightly.
Told us to hold off submitting anything until new calculator comes out.
Sent new application, which was the same that was posted earlier by tgrbaitn08. Also had an addendum that changed slightly.
Told us to hold off submitting anything until new calculator comes out.
Posted on 4/3/20 at 12:56 pm to Hawgeye
I'll post this info that ive received from my bank and hope it helps clear some things up for yall
PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET:
BORROWERS
Revised Application
• April 3, 2020 – small businesses and sole proprietorships can apply
• April 10, 2020 – independent contractors and self-employed individuals can apply
What can you do now to expedite the process?
• Completed Application (attached to this email, this is the current version, if SBA updates again, we will send ASAP)
• Form 941 (Quarterly Payroll Information) for all four quarters of 2019
• A listing of 2019 qualified payroll expenses with an average calculated (you can use the attached spreadsheet)
• Organizational documents for your business
PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET:
BORROWERS
Revised Application
• April 3, 2020 – small businesses and sole proprietorships can apply
• April 10, 2020 – independent contractors and self-employed individuals can apply
What can you do now to expedite the process?
• Completed Application (attached to this email, this is the current version, if SBA updates again, we will send ASAP)
• Form 941 (Quarterly Payroll Information) for all four quarters of 2019
• A listing of 2019 qualified payroll expenses with an average calculated (you can use the attached spreadsheet)
• Organizational documents for your business
Posted on 4/3/20 at 1:13 pm to baldona
quote:
Regions (I'm probably Fricked) is requiring me to submit a couple forms I don't have like IRS Form 940 and Form 941 because I work with an HR company and we are leased employees. Anyone know what to submit here?
Send them the payroll reports and note that y'all use leased employees.
Posted on 4/3/20 at 1:16 pm to LSUFanHouston
quote:
How big are y'all?
About 85 FTE's. This time a year pushing 100.
Posted on 4/3/20 at 1:20 pm to baldona
PDF file of interim final rule for sba/ppp
Looks like as stated previously, they are upping the interest rate to 1%
Looks like as stated previously, they are upping the interest rate to 1%
Posted on 4/3/20 at 1:20 pm to LSUFanHouston
quote:
Send them the payroll reports and note that y'all use leased employees.
That's what I'm doing. I just never trust submitting anything but what is actually asked. Thank you though!
Posted on 4/3/20 at 1:21 pm to tgrbaitn08
quote:
mine is a small community bank that we've been banking with for 40 years and have a really good relationship...I hope I dont get fricked
In my experience those are the ones who are most to together and willing to help right now.
Posted on 4/3/20 at 1:22 pm to baldona
quote:
That's what I'm doing. I just never trust submitting anything but what is actually asked. Thank you though!
That's always a good mindset to have, but in your case, there aren't any 941/940s to submit. They may come back and ask you for more info, who knows.
Posted on 4/3/20 at 1:24 pm to BamaAlum02
quote:
In my experience those are the ones who are most to together and willing to help right now.
Yep. I have a feeling its going to be anyone that can just get something submitted at this point, and there's gonna be some big banks waiting to have all the t's crossed and i's dotted and all their customers are going to be fricked when the money runs out.
Posted on 4/3/20 at 1:24 pm to mastersoftext
quote:
I have a lot of clients who are being told by their Bakker to submit 1099 amounts as part of payroll costs.
It seems the bankers are pushing to increase the loan amounts as much as possible to make them points.
yep but they've come out and said point blank do not include 1099s
quote:
f. What qualifies as “payroll costs?”
Payroll costs consist of compensation to employees (whose principal place of
residence is the United States) in the form of salary, wages, commissions, or
similar compensation; cash tips or the equivalent (based on employer records of
past tips or, in the absence of such records, a reasonable, good-faith employer
estimate of such tips); payment for vacation, parental, family, medical, or sick
leave; allowance for separation or dismissal; payment for the provision of
employee benefits consisting of group health care coverage, including insurance
premiums, and retirement; payment of state and local taxes assessed on
compensation of employees; and for an independent contractor or sole proprietor,
wage, commissions, income, or net earnings from self-employment or similar
compensation.
quote:
h. Do independent contractors count as employees for purposes of PPP loan
calculations?
No, independent contractors have the ability to apply for a PPP loan on their own
so they do not count for purposes of a borrower’s PPP loan calculation.
and the real unfortunate part, which we already knew but
quote:
m. Is the PPP “first-come, first-served?”
Yes
We're just completing the updated app for clients, attaching the quarterly payroll reports or year end summaries from the payroll companies and getting them in the hands of local lenders so once the trough is opened they've got a shot. I see no way this thing isn't one giant cluster frick
This post was edited on 4/3/20 at 1:35 pm
Posted on 4/3/20 at 1:27 pm to baldona
Problem will be if it gets submitted and that's not what they are asking for, then nothing.
Catch 22. Anytime something like this is rushed and government employees have to do something they aren't used to, which is work. It becomes a shite show.
Catch 22. Anytime something like this is rushed and government employees have to do something they aren't used to, which is work. It becomes a shite show.
Posted on 4/3/20 at 1:28 pm to baldona
I'm with Chase and they seem to be late to the game. Is there another website anyone who meets criteria for loans can apply through?
Posted on 4/3/20 at 1:33 pm to GravelLotinCanada
Not sure anyone is late to the game. My understanding is the SBA may not be accepting applications today???? But, who knows.
Posted on 4/3/20 at 1:35 pm to ROUSTER
quote:
Not sure anyone is late to the game. My understanding is the SBA may not be accepting applications today???? But, who knows.
quote:
Steven Mnuchin
@stevenmnuchin1
UPDATE over $1,800,000,000 #PPPloan now processed by
@SBAgov
mostly all from community banks. Big banks taking in large amounts but not yet submitted in these numbers! #CARESAct #SmallBusiness
Posted on 4/3/20 at 1:38 pm to LSUFanHouston
Some banks, specifically mine, better get off their arse.
Posted on 4/3/20 at 1:40 pm to ROUSTER
I’m being told you need to go with a technology driven bank where computer systems compute the documents and spit it out for approval. The smaller banks still have to do their Ancient process. Loan Officer-Packager-Underwriter-Credit Committee-Closer-To you.
Posted on 4/3/20 at 1:49 pm to LSUFanHouston
Just got an email from my bank and they have access to start uploading applications to SBA.
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