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Started By
Message
re: SBA and PPP
Posted on 4/3/20 at 3:50 pm to LSUFanHouston
Posted on 4/3/20 at 3:50 pm to LSUFanHouston
quote:
You have to understand, SBA is a complete PITA when it comes to stuff like this. The amount of hoops you have to jump through on a normal SBA loan is insane.
My guess is there is a bit of distrust right now between the banking industry and the SBA.
As there should be as there always is like you said.
My issue though is everyone also knows in times of natural disasters if people are mostly true to their word the government usually lets you work it out. As in, as long as you don't go full bankrupt and commit fraud the banks will likely be okay.
The banks instead are screwing their customers and as you said, gonna use the government as an excuse.
2
Posted on 4/3/20 at 3:56 pm to baldona
Were you able to finish with Regions? I still keep getting the "Sorry for the Inconvenience" message
I had it pulled up before 9 and it was unavailable, then went in to a meeting until around 9:35 and tried to apply. I have never been able to get in, I must not be checking and refreshing the page enough
I had it pulled up before 9 and it was unavailable, then went in to a meeting until around 9:35 and tried to apply. I have never been able to get in, I must not be checking and refreshing the page enough
This post was edited on 4/3/20 at 3:59 pm
Posted on 4/3/20 at 4:01 pm to Catchfalaya
quote:
I think what the main issue is the “What if”. What if the client blows the money on other things? Will the SBA then take the guarantee away from the bank. Then said bank is out of the loan money due to no collateral, etc. banks love collateral
I mean sure, you're going to have shitbirds do the wrong thing with the money and then go out of business, so the bank has nobody to collect from. But the super high majority will do the right thing, most of the loan will be forgiven and even the % that isn't becomes a loan at 1%. A business will be able to pay back that loan at that rate.
Posted on 4/3/20 at 4:07 pm to jchamil
quote:
Were you able to finish with Regions? I still keep getting the "Sorry for the Inconvenience" message
I had it pulled up before 9 and it was unavailable, then went in to a meeting until around 9:35 and tried to apply. I have never been able to get in, I must not be checking and refreshing the page enough
Yes I finished. You submit the application once you can get the icon to pop up. Then once done with the application you have to log in elsewhere to submit your documents. The documents upload is terrible and there's no way to actually "submit them" or continue on, its just a screen with a bunch of specific upload tabs and that's it. So I feel very unsatisfied, but that's what my contact at the bank said it is.
Posted on 4/3/20 at 4:07 pm to BilJ
quote:
yep but they've come out and said point blank do not include 1099s
Can you link this? Out local bank said to include it and I've seen emails written from agents and banks saying to include it. But if you can help me show my accounting the SBA/Gov is saying don't include it, I can get them to update our paperwork quicker.
It would make sense to have a single company with a bunch of FTE and 1099's to do the loan at once instead of having a bunch of individual 1099's applying for this crap.
Posted on 4/3/20 at 4:11 pm to baldona
quote:
My issue though is everyone also knows in times of natural disasters if people are mostly true to their word the government usually lets you work it out. As in, as long as you don't go full bankrupt and commit fraud the banks will likely be okay.
The banks instead are screwing their customers and as you said, gonna use the government as an excuse.
I pretty much agree with this, but these banks I still think are scared from 2008, and, I think some of them know that if any of this gets FUBAR'd, the entirety of the Democrat Party will be screaming for them to be broken up, and attacking Big Bank as a whole.
The legal dept didn't have enough say in 2006 - 2008. They probably have too much say today.
Posted on 4/3/20 at 4:13 pm to Sho Nuff
It is clearly stated twice in the 31 page guidance the SBA issued last night that 1099s not included in payroll because they can file on their own.
This post was edited on 4/3/20 at 4:14 pm
Posted on 4/3/20 at 4:14 pm to TigerDeBaiter
quote:
Yep. frick chase. They are lying sacks of shite. Saying “there is no place to turn in applications”.
Yep we are trying to use Chase for this and they kept telling us they are waiting on more guidelines. Then we saw that things were live and asked them again and they said oh yea you can go to this site now and start. All it is was name number and a little info and will be in touch. Don't call and don't go into a branch...wait for our call. I am sure we are fricked...I loath Chase TBH.
Posted on 4/3/20 at 4:15 pm to Sho Nuff
quote:
Can you link this? Out local bank said to include it and I've seen emails written from agents and banks saying to include it. But if you can help me show my accounting the SBA/Gov is saying don't include it, I can get them to update our paperwork quicker.
LINK
Page 11, Line H.
quote:
It would make sense to have a single company with a bunch of FTE and 1099's to do the loan at once instead of having a bunch of individual 1099's applying for this crap.
The fear is that there will be double dipping, because the contractor will go out and get an EIDL based on lost revenue when in the end they will be made whole or mostly whole if PPP money flows to them via the other company.
Also, remember, the feds, especially the IRS, HATES 1099 "employees".
Posted on 4/3/20 at 4:16 pm to NOSHAU
quote:
It is clearly stated twice in the 31 page guidance the SBA issued last night that 1099s not included in payroll because they can file on their own.
I wouldn't say "clearly". Because twice it says to include, and twice it says to not include.
The answer is to not include, but they sure don't make it clear.
Posted on 4/3/20 at 4:18 pm to LSUFanHouston
1099's file on April 10th
Posted on 4/3/20 at 4:24 pm to LSUFanHouston
quote:
Page 11, Line H.
quote:
I wouldn't say "clearly". Because twice it says to include, and twice it says to not include. The answer is to not include, but they sure don't make it clear.
Exactly, it's confusing and with our bank saying to include it we did. I'll tell Accounting to get the forms prepped without our 1099's.
Posted on 4/3/20 at 4:27 pm to BilJ
quote:
honestly not sure where some are getting that from, but my buddy in construction was saying his banker was telling him to include it as well. So some may approve you for the amount that has 1099s included but its not going to be forgiven
Yeah, I have a feeling abnks are only going to want to loan what can be forgiven so they'll probably come back to us to revise since we submitted everything to them yesterday, before this guidance came out last night and today. They already sent us the new app this morning.
If they do include our 1099's and it's not forgiven, we'll take a loan at 1%! Worse case, we just give that money back to them if we end up not needing it.
Posted on 4/3/20 at 4:29 pm to BilJ
quote:
honestly not sure where some are getting that from
Pretty sure some bankers didn't read that last night because we were just dealing with one all morning that kept saying to include it. We kept telling them that you aren't supposed to and just now they finally put it out there not to include 1099.
Posted on 4/3/20 at 4:30 pm to Sho Nuff
quote:
If they do include our 1099's and it's not forgiven, we'll take a loan at 1%! Worse case, we just give that money back to them if we end up not needing it.
pretty much
This post was edited on 4/3/20 at 4:30 pm
Posted on 4/3/20 at 4:50 pm to BilJ
Or it gets denied.
Posted on 4/3/20 at 4:53 pm to BilJ
quote:
honestly not sure where some are getting that from, but my buddy in construction was saying his banker was telling him to include it as well. So some may approve you for the amount that has 1099s included but its not going to be forgiven
It really is clear as day not to include 1099's in your payroll calculation.
Maybe your buddy's banker is making an educated guess/gamble that, as things continue to change, the 1099's will soon be included for industries that rely on them. Like construction.
There's a lot of "better to ask for forgiveness than permission" going on right now. I get that.
Posted on 4/3/20 at 4:53 pm to baldona
quote:Been trying all day. The frustrating part is that it has kicked me out twice and neither time did it save anything I put in. So, I had to start over from the beginning only for it all to be lost again. Frustrating.
Yes I finished. You submit the application once you can get the icon to pop up. Then once done with the application you have to log in elsewhere to submit your documents. The documents upload is terrible and there's no way to actually "submit them" or continue on, its just a screen with a bunch of specific upload tabs and that's it. So I feel very unsatisfied, but that's what my contact at the bank said it is.
Posted on 4/3/20 at 5:19 pm to snatchola
Capital one sucks on this
Lots of these banks can’t or will not commit the massive capital it takes to fund these loans even though it seems to be no brainers
Lots of these banks can’t or will not commit the massive capital it takes to fund these loans even though it seems to be no brainers
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