re: Small Business Resource Thread COVID-19

We just got word it has been delayed.

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While the Thursday evening White House press conference featured the importance of small business lending as imperative to the country, direct lenders and banks around the country, including the largest banks, still await final guidance from the SBA to start lending on the Paycheck Protection Program featured.

At this point, the Friday April 3 start for processing PPP Loans is delayed.

But rest assured; we believe this is just a brief hesitation. We know these funds are important to you, as does the Federal Government, the Treasury, and the Small Business Lending Association. These are unprecedented times and so many are trying to make this right. We believe that the program will launch in the near future, and we are making updates from yesterday evening and obtaining the appropriate guidelines — to ensure that when you submit your application it contains the information needed to move it efficiently through SBA channels — and to promptly provide the funding that will help your business and your employees through these uncertain times.

Know that we are working for you, and that we’ll reach out the moment we have information to provide. Stay healthy.

You are the businesses that make this amazing country what it is.

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Do you have a link for this or is that an email?

Did you submit a bunch of payroll and tax return info on that site?

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Do you have a link for this or is that an email?

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That was an email from my bank. We were able to submit everything to our bank this morning, but the SBA is not taking applications from banks today - per our bank.

Who do you bank with? Get in touch with them.

If they are not an eligible lender, see who they are deferring to.

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PPP question:

Do student internships count in either the payroll calculation on the front end OR (more importantly) the FTE calculation on the backend?

We normally only have interns during the academic year and not during the summer. Which means we might be down two students (possibly counting as 1 FTE) during the 8-week loan period which in a small office could take a huge chunk out of our forgivable loan amount.

Any insights?

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Heads up to anyone else- student worker payroll DOES count.

whatever bank you use has to be an SBA lending bank. Also, you don't necessarily have to use your commercial lender. My personal banker is handling this for me.

In looking at the application and other public details on PPP, does anyone know if a USA Corporation with 40 employees that is owned by a foreign parent (via a European PE firm) be eligible for the PPP program?

Someone mentioned that you had to have gotten a loan with the bank you apply at for the business? To qualify, doesn't sound correct. But just figured I would check..

We do payroll through Gusto and last week they sent me an email with a list of our payroll for the last year to have ready to apply for PPP. It also included our independent contractors. Two days later something has changed so they sent an update email and now our contractors are not listed. I was hoping to keep them on so they wouldn’t have to go the unemployment route, but now it looks like independent contractors are no longer included with PPP?