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Started By
Message
re: PPP Approved Loans by State as of this afternoon
Posted on 4/15/20 at 8:05 pm to shawnlsu
Posted on 4/15/20 at 8:05 pm to shawnlsu
There is actually a statement under the ‘certifications’ that the owner must initial claiming an act of good faith that the business is being affected.
The tricky part is that any business can say honestly initial there and it’s not ‘fraud’. A business can be at 100% normal operations/revenue currently, but what’s to say there won’t be a trickle down where it does reduce a month or two from now once they fulfill their backlog. Also receivables will be at a larger exposure to uncollectible due to other businesses suffering.
People that try to make this out to be black or white, or are only looking at the current situation fail to see the big picture.
Congrats on your loan!
The tricky part is that any business can say honestly initial there and it’s not ‘fraud’. A business can be at 100% normal operations/revenue currently, but what’s to say there won’t be a trickle down where it does reduce a month or two from now once they fulfill their backlog. Also receivables will be at a larger exposure to uncollectible due to other businesses suffering.
People that try to make this out to be black or white, or are only looking at the current situation fail to see the big picture.
Congrats on your loan!
1
Posted on 4/15/20 at 8:06 pm to tgrbaitn08
quote:I did it thru my bank, it took about 30 minutes tops. I dont see why some are complaining, there was a worksheet, you attached your tax returns, your 740 and your W3......I say 30 minutes, but I grab assed for like 15 of em.
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 8:07 pm to shawnlsu
I have a feeling his a low level loan officer that is only pushing papers.
My CPA did all the work.
My banker only asked me for a signature and a copy of my drivers license
My CPA did all the work.
My banker only asked me for a signature and a copy of my drivers license
Posted on 4/15/20 at 8:10 pm to East Coast Band
quote:
If only I knew what a "PPP" loan was to offer my meaningless opinion.
That's the line that most of the morons on this site use to throw their shite on the walls of td.
Btw, it's Paycheck Protection Program. Feel free to join the discussion as an expert now.
This post was edited on 4/15/20 at 8:11 pm
Posted on 4/15/20 at 8:14 pm to tigerfoot
quote:
I did it thru my bank, it took about 30 minutes tops. I dont see why some are complaining, there was a worksheet, you attached your tax returns, your 740 and your W3......I say 30 minutes, but I grab assed for like 15 of em.
That’s great. My company is a little more complicated and I’d rather my certified public accountant who also has a direct relationship with my bank do all the paperwork to maximize my funds and analyze all the changes they made at the beginning.
Saved me a lot of time. Took me 10 minutes to sign the paperwork and email it back.
Posted on 4/15/20 at 8:20 pm to JumpingTheShark
This is not completely accurate. Your loan is calculated only based off of monthly payroll costs. The loan is 2.5 that value. So to expedite the application process, your loan amount is 80% payroll costs (2 of the 2.5 bc it’s for eight weeks).
After you get approved and use the loan proceeds, after the 8 week period, all payroll, rent, debt interest (originated before Feb 15th) and utilities paid during that time will be considering forgivable, given two criteria.
1. 75% of the amount you are trying to be forgiven must be payroll costs.
2. Your ratio of FTEs from the beginning until June 30th must be 1:1.
If you reduce staff directly after 8 weeks that the government paid for then your percentage of forgivable costs are reduced by that amount. The whole purpose of this loan is the government paying your salaries for two months to keep businesses from firing to keep the unemployment rate down as much as possible.
Was not trying to call out what you said bc you’ve said the most factual information in this thread. I have seen so many people claiming so many inaccuracies, I just wanted to provide some clarity.
After you get approved and use the loan proceeds, after the 8 week period, all payroll, rent, debt interest (originated before Feb 15th) and utilities paid during that time will be considering forgivable, given two criteria.
1. 75% of the amount you are trying to be forgiven must be payroll costs.
2. Your ratio of FTEs from the beginning until June 30th must be 1:1.
If you reduce staff directly after 8 weeks that the government paid for then your percentage of forgivable costs are reduced by that amount. The whole purpose of this loan is the government paying your salaries for two months to keep businesses from firing to keep the unemployment rate down as much as possible.
Was not trying to call out what you said bc you’ve said the most factual information in this thread. I have seen so many people claiming so many inaccuracies, I just wanted to provide some clarity.
Posted on 4/15/20 at 8:24 pm to BeepNode
quote:
So Texas companies laying off because of cheap oil are instead claiming it's because of COVID-19?
Oil is low bc of COVID-19 demand destruction (no one is flying and 50% less driving) plus Saudi oversupply. Transportation fuels make up over half of oil demand. It is an incredibly rare double black swan. Add to that literally no where to store excess supply. It is going to get really nasty in the oil patch
This post was edited on 4/15/20 at 8:27 pm
Posted on 4/15/20 at 8:29 pm to JumpingTheShark
quote:
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.
Tell them to check their credit. SBA pulled my credit Saturday and I got my EIDL advance yesterday. That's the only notice I received.
ETA: still nothing on the actual loan, just a credit pull and the advance direct deposit 3-4 days later
This post was edited on 4/15/20 at 8:33 pm
Posted on 4/15/20 at 8:30 pm to DatNewOffense
Thanks!
Posted on 4/15/20 at 8:30 pm to tgrbaitn08
quote:Payroll is generally payroll, no matter the number of zeros in it. I was under the impression that it was fairly basic.
My company is a little more complicated
Posted on 4/15/20 at 8:34 pm to tigerfoot
quote:
I was under the impression that it was fairly basic.
It is very basic.
Posted on 4/15/20 at 8:36 pm to MrLSU
Unfortunately for Sole Proprietors is it is a loan for payroll, my wife being a Sole Proprietor doesn't get anything, so rent, utilities, and other business expenses go unpaid since the Governor deemed her "non-essential"
Posted on 4/15/20 at 8:41 pm to shawnlsu
Mine was. My banker was very efficient and specific
Posted on 4/15/20 at 8:41 pm to tigerfoot
quote:
Payroll is generally payroll, no matter the number of zeros in it. I was under the impression that it was fairly basic.
I don’t keep track of all the payroll to the cent.
Plus there was other taxes and medical cost that were factored in.
We removed some taxes and it increased our application by $10k.
My CPA and banker caught that last minute change they made to the program.
I would have never caught that.
Posted on 4/15/20 at 8:43 pm to Kim Jong Ir
quote:
The funds can also be used for other "overhead" expenses such as mortgage payments, rent, utilities
Only 25%. 75% must go towards payroll for the loan to be forgiven.
I was able to help some of those Louisiana businesses get their loans. It was nice to do some good.
Posted on 4/15/20 at 8:46 pm to DatNewOffense
Not quite. It’s payroll X 2.5 plus averaged monthly retirement benefits and health insurance premiums paid.
Posted on 4/15/20 at 8:52 pm to VABuckeye
quote:
Not quite. It’s payroll X 2.5 plus averaged monthly retirement benefits and health insurance premiums paid.
That’s right. It’s not “just payroll is payroll”
I have a feeling some of these morons trying to do it on their own without a professional are leaving money on the table or not sure what they are doing.
Posted on 4/15/20 at 9:14 pm to tgrbaitn08
quote:and those benefits are just payroll expenses. As I said, it took about 15 minutes.
have a feeling some of these morons trying to do it on their own without a professional are leaving money on the table or not sure what they are doing.
Posted on 4/15/20 at 9:19 pm to tigerfoot
Congrats bro. I’m not hating on your grass cutting business.
We’re all in this together
We’re all in this together
Posted on 4/15/20 at 9:30 pm to tgrbaitn08
Dude. frick off.
My CPA and banker told me that a moron could do it. They said there hands were full of folks that couldn’t make that grade.
There was literally zero need to be a
If your big changes netted you 10k i would just keep that quiet
My CPA and banker told me that a moron could do it. They said there hands were full of folks that couldn’t make that grade.
There was literally zero need to be a
If your big changes netted you 10k i would just keep that quiet
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