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Message
1
Posted on 4/15/20 at 7:39 pm to MrLSU
Mine is approved. Hasn’t closed yet though.
Posted on 4/15/20 at 7:40 pm to Kim Jong Ir
True - as long as you are maintaining 75% of your regular payroll expense and 75% of the FTEs you had, you can use the other funds on rent, mortgage, and utilities. Businesses that are even doing well should be running to the bank to get these loans.
Posted on 4/15/20 at 7:40 pm to Spasweezy
Wrong board
Posted on 4/15/20 at 7:41 pm to JumpingTheShark
quote:
Your friend is smart. The loan won’t be 3 years, it will be two. If I were him I would use the loan proceeds to pay payroll exclusively and use the funds derived from operations to either pay down debt, invest, or do significant capital projects and gain new customers.
They are just going to invest it or use it to pay for some capital projects they’re in the middle right now. I was floored when he told me how much they got.
Posted on 4/15/20 at 7:42 pm to Green Chili Tiger
quote:
New Mexico is a state
Prove it
Posted on 4/15/20 at 7:44 pm to FAP SAM
quote:
Sounds like it's time to get a new bank
Time to get a new CPA
My CPA did everything, all I had to do was fill out the application and send them a copy of my drivers license
I’ll be funded no later than next Thursday.
Posted on 4/15/20 at 7:44 pm to tgrbaitn08
quote:
Friend of mine got approved for $800k yesterday and he hasn’t lost a cent of business. He’s just going to take whatever he has to pay back at 1% over 2-3 years.
That’s a good way to burn a bridge with his lender for future needs, because no bank wants to keep those loans on their books at 1%; and also could be considered fraud if his business has not had a negative impact as you mentioned.
Posted on 4/15/20 at 7:46 pm to Jonas
quote:
That’s a good way to burn a bridge with his lender for future needs, because no bank wants to keep those loans on their books at 1%; and also could be considered fraud if his business has not had a negative impact as you mentioned.
They’ve been with this bank for 20 years. They aren’t going anywhere
I’ve been with them same bank for over 40 years and no one has anything to worry about.
Posted on 4/15/20 at 7:47 pm to Jonas
quote:
and also could be considered fraud if his business has not had a negative impact as you mentioned.
And that just shows how little knowledge you have about this program
Posted on 4/15/20 at 7:49 pm to tgrbaitn08
quote:
And that just shows how little knowledge you have about this program
I’ve processed a ton of these and it’s a direct question you have to answer on the application, confirming that you have had a negative impact. But okay.....
ETA: the question remains will anyone actually check on that info after the fact, and I don’t think there really is enough resources to do that, so I don’t see it being an issue. But it is a question and a valid concern. I personally think the forgiveness process will be fairly easy.
This post was edited on 4/15/20 at 7:52 pm
Posted on 4/15/20 at 7:50 pm to Jonas
quote:
could be considered fraud if his business has not had a negative impact as you mentioned.
An economic loss need not be proven for the PPP Loan. Only a certification that economic conditions are currently uncertain enough to warrant the assistance, which most businesses are experiencing anyway. Glad you’re not consulting with anyone on these.
Edit: oh wait you are, ruh roh
This post was edited on 4/15/20 at 7:51 pm
Posted on 4/15/20 at 7:51 pm to Jonas
quote:
I’ve processed a ton of these and it’s a direct question you have to answer on the application, confirming that you have had a negative impact. But okay.....
You’re lying. That’s not true at all
Posted on 4/15/20 at 7:52 pm to Jonas
quote:
I’ve processed a ton of these and it’s a direct question you have to answer on the application, confirming that you have had a negative impact. But okay.....
I feel sorry for your clients
Are you a CPA or just a bank teller?
Posted on 4/15/20 at 7:54 pm to MrLSU
So Texas companies laying off because of cheap oil are instead claiming it's because of COVID-19? 
Posted on 4/15/20 at 7:57 pm to tgrbaitn08
quote:
Are you a CPA or just a bank teller?
From his "knowledge of the situation" I'd say he slept at a holiday inn last night, at best
I filled many different versions of the application out through Hancock and not one of them asked that question.
FYI: I got a pre-closing email tonight, so I think that I am finally SBA approved and will be funded soon.
Posted on 4/15/20 at 7:58 pm to BeepNode
quote:
So Texas companies laying off because of cheap oil are instead claiming it's because of COVID-19?
Yes
Posted on 4/15/20 at 7:59 pm to MrLSU
I applied for the PPP and EIDL and haven't heard shite back
Posted on 4/15/20 at 8:01 pm to AUtigR24
It is common for you not to have heard back on the EIDL, very few of my clients have. PPP should move much quicker. I’d give it till Friday then follow up or switch banks if you are able to.
Posted on 4/15/20 at 8:03 pm to shawnlsu
Correct, it’s the uncertainty language I was referring to and I apologize referring it to a negative impact interpretation. FWIW, we haven’t turned any one down that has applied (we do certify the amount requested) and I’m glad we are putting money back into business owners pockets.
My bad on the use of interpretation. I’m willing to eat some crow on how I phrased it. It’s been a long 10 days.
My bad on the use of interpretation. I’m willing to eat some crow on how I phrased it. It’s been a long 10 days.
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