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Started By
Message
re: Small Business Resource Thread COVID-19
Posted on 3/30/20 at 8:27 am to SippyCup
Posted on 3/30/20 at 8:27 am to SippyCup
quote:
Does this mean that those who jumped the gun and applied for the economic disaster loan are now disqualified from the PPP loan?
No. These disaster loans may be refinanced into PPP loans.
If your business has received a disaster loan from January 31, 2020 until June 30, 2020, you are eligible for a PPP loan so long as that disaster loan is for a purpose other than paying payroll costs, mortgages, rents and utilities.
I'm hoping to know more this afternoon. We have a call with our bank today to go over options. We're going to need something to make it through this. On the surface, the PPP sounds too good to be true. I hope there isn't a gotcha hidden in there somewhere.
1
Posted on 3/30/20 at 8:28 am to SippyCup
Posted on 3/30/20 at 9:08 am to BottomlandBrew
So PPP is through the bank directly but not set up as yet?
Posted on 3/30/20 at 9:29 am to SLafourche07
Yeah I saw that I had to reapply but it was a much easier application process this time around. And there’s a button to hit to apply for grant.
Posted on 3/30/20 at 9:58 am to igoringa
Yes, it's through your bank. My understanding was that the grant comes from the bank at time of application. I'm unsure on the grant now.
Posted on 3/30/20 at 9:59 am to SLafourche07
Are you sure about that link? It's the page to apply for an EIDL loan which is not the same as the PPP loan which is applied for through your bank.
Posted on 3/30/20 at 10:31 am to VABuckeye
CPA is telling me they've learned this AM there will also be tax credits in lieu of PPP loan. No one has the particulars yet to be able to calculate relative to the PPP loans.
Pass the law, print the money, figure it out as we go
Pass the law, print the money, figure it out as we go
Posted on 3/30/20 at 10:35 am to VABuckeye
quote:
Are you sure about that link? It's the page to apply for an EIDL loan which is not the same as the PPP loan which is applied for through your bank.
I filled it out this morning. There's a section at the end to be considered for the grant and you enter your account information where you want it to be deposited.
Posted on 3/30/20 at 10:39 am to SLafourche07
Posted on 3/30/20 at 11:17 am to VABuckeye
Posted on 3/30/20 at 12:15 pm to SLafourche07
The 10,000 grant will reduce the amount of PPP loan that is forgiven.
Posted on 3/30/20 at 12:55 pm to SippyCup
quote:
The 10,000 grant will reduce the amount of PPP loan that is forgiven.
I understand, but I had no employees in 2019 and my 2.5x average monthly payroll to figure out my max loan is less than the $10,000 grant.
Posted on 3/30/20 at 2:27 pm to VABuckeye
Info for the 7(a) loan from my CPA
quote:
The loan amount calculation will be as follows:
Payrolls costs including salary, wages, commission, or similar compensation; payment of cash tip or equivalent; payment for vacation, parental, family, medical, or sick leave; allowance for dismissal or separation; payment for group health care benefits, including insurance premiums; payment of any retirement benefit; and payment of State or Local tax accessed on the compensation of employees. Employees whose salaries are greater than $100k will be limited to $100k for this calculation. Ex: Employee salary is $156k. The Salary cap is $100k so they would use $100k and the remaining $56k would be excluded.
Each type of business will provide and certify the payroll costs listed above for us to determine an average monthly costs which will be multiplied by 2.5x to determine the loan amount. The maximum loan amount will be the lesser of the calculation or $10 million.
There is a part of this Act that has “Loan Forgiveness”. The loan is NOT a grant but it does have a portion that can be forgiven. The borrower has to provide evidence that they paid eligible costs over an 8 week period following origination of which we will file a report to request SBA to pay us this amount which will be applied to their loan balance. “Eligible costs” include payroll costs, rent, mortgage interest payment, utilities (electricity, gas, water, transportation, telephone or internet access). They will have to provide evidence they paid this – it is not automatically granted.
Posted on 3/30/20 at 2:31 pm to Doctor Strangelove
Thanks. Health insurance premiums helps me a lot. I pay 100% of my emloyees health insurance premium.
Posted on 3/30/20 at 2:35 pm to VABuckeye
I applied for 2 EIDL loans for 2 companies this morning directly through SBA's website and they are pretty straightforward. My CPA says to apply for each seperate company you own.
EIDL Application
Has anyone tried filling out FORM 1920 of the 7(a) loan application? It looks like Section E as well as other sections are checking your net worth, lines of credit as a means test, which is the right way to do it in my opinion. It's not clear though.
EIDL Application
Has anyone tried filling out FORM 1920 of the 7(a) loan application? It looks like Section E as well as other sections are checking your net worth, lines of credit as a means test, which is the right way to do it in my opinion. It's not clear though.
Posted on 3/30/20 at 2:40 pm to Doctor Strangelove
I won't be doing EIDL. Just the PPP loan. My wife will be doing one for her bookkeeping firm as well.
I do know that EIDL loans do look at net worth however for loans below $200k the following applies according to PNC.
ETA: It appears that one could do the PPP loan and do a supplemental EIDL loan for under $25k with no collateral requirement.
I do know that EIDL loans do look at net worth however for loans below $200k the following applies according to PNC.
quote:
Guarantees are required for loans >$200k and collateral is required if loan is >$25k
? Real estate is preferred, but a loan will not be declined for lack of collateral. Any
available collateral will be taken. SBA lien is subordinate to any existing liens
ETA: It appears that one could do the PPP loan and do a supplemental EIDL loan for under $25k with no collateral requirement.
This post was edited on 3/30/20 at 2:42 pm
Posted on 3/30/20 at 2:52 pm to VABuckeye
We did the EDIL this afternoon and will be doing the PPP with a local lender later this week.
The EDIL is no fee...so worst case if we don't need it, we can repay it back right away. It also provides the $10k advance which will be helpful in the short-term since those advances are supposed to be processed immediately.
Will keep this thread apprised of the process.
The EDIL is no fee...so worst case if we don't need it, we can repay it back right away. It also provides the $10k advance which will be helpful in the short-term since those advances are supposed to be processed immediately.
Will keep this thread apprised of the process.
This post was edited on 3/30/20 at 2:56 pm
Posted on 3/30/20 at 2:56 pm to Golfer
Yessir. I'm doing the same. I'm going to apply for a small EIDL loan to supplement the PPP loan if needed.
Posted on 3/30/20 at 3:08 pm to VABuckeye
I am reading that FTE employees is based on numbers from 2/15/19 - 6/30/19. Anyone have any guidance on how they will calculate FTEs in this range? We went from 70-75 employees in this time frame, then back down to 65 before the COVID-19 started. These fluctuations make it difficult to try and plan without any guidance issued on some of these smaller details.
Posted on 3/30/20 at 3:24 pm to LigerFan
The document my bank sent me states that it's a 12 month average for the past 12 months.
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