Anyone else apply for PPP money?

[bandit67]

Doesn't it also apply to homeowners and renters....?

 

[NJRR]

Doesn't it also apply to homeowners and renters....?

The PPP is for businesses and related to payroll and keeping people off unemployment.

 

[biomedtechguy]

I am paying the employees, health insurance, rent, and utilities anyway, so if I get nothing it is no big deal, compared to the loss I have to write off.

YOUR BUSINESS is EXACTLY the kind that will benefit the most from PPP!
Payroll, employee health insurance benefits, utilities, rent, ALL 100% forgivable meaning you show proof of those expenses and you don't have to pay it back.
I applied as a 1 man small business LLC, and because of the LLC I was told I didn't have to wait until the 10th. The local bank group I do business with happened to be in the SBA program. I applied Monday. I showed internet, cell phone, and I took $100K (I gross a little more than that) and divided by 12 for my "payroll" because I don't have payroll as the only employee.
I'm hoping to hear back soon, and I hope that math works. I don't have any other way to calculate payroll.
I also filed online last Wednesday, a week ago, online for a EIDL loan directly from US Treasury. No reply yet.
We need to work together to help make sense of these loans, etc. If there's any info that any other ONE MAN business in a similar situation as mine would like to share, and if you don't want it on the forum, PM me.

 

[mopar 3 B]

The next round appears to be a worthless as the rest for small business but will have to wait and see. I am not taking an unneeded loan out just to get free grant money. The new program coming out will only cover those that fall in the 1099 category. I do very little sub contracting.
I built this business without occurring debt and see no reason for it now. If they can throw free money out to everyone else affected by this why not those that fall into my category also. Maybe a message to some representatives need to be made.

 

[4406bbl]

Yes only payroll, so when you hear people squawking about the ceo and directors being bailed out they get nothing as most are paid with dividends or stock. The whole deal is to hopefully save a business and keep the employees until they can reopen, so as not to totally destroy the economy. There will be hiccups, thats why you have an emergency fund, business and employee.

 

[biomedtechguy]

The new program coming out will only cover those that fall in the 1099 category. I do very little sub contracting.

That's another quandary...
Some of my clients, usually the larger accounts, send me a 1099, but I don't use them to show income because my Quickbooks program takes into account ALL of the income I receive, and my business bank account records show the actual income based on deposit records. The only thing I have to do is separate out any deposits I make like business loans or cash that I infuse to cover outlay should my account be short, or deposits of my own money I make to buy test equipment, parts, or equipment for resale.
So I'd have to go on a search and rescue mission to find the 1099s, but it may be worth it if it is a loan in addition to the current loan offerings. If it isn't "in addition to" but is "in place of" one of the loan programs I've already applied for, then I don't see a reason to bother, and probably would not qualify.
The main reason why I'm looking at what is available is because although I am still working, I'm working a LOT less for now because facilities I service are closed or on reduced schedules. My bills and my income are already a delicate balancing act, which in retrospect is something that I should have avoided allowing myself to be enslaved by, but easy credit and not as much self-control as I should have, got me where I am. I hope to be able to leverage some of the SBA etc loan money, where applicable, to shift the burden of debt to the lower interest rate, longer term government loans.
That is when I finally hear something about the applications I submitted. For an "expedited" loan approval process, they sure are taking their time...

 

[Greg Ducato]

Our bank ( BBVA) had an influx of online applications on Friday April 3rd that crashed the system, they have still not recovered enough to accept new applications. I am wondering if there will even be funds remaining to loan once they are back up and ready to process, they say maybe by the end of this week....

 

[biomedtechguy]

I am wondering if there will even be funds remaining to loan once they are back up and ready to process

There are a lot of reasons why I was trying to get ahead of the curve. I sent the first email to a local SBA office representative back on March 12th, MARCH 12TH and didn't get any useful information until the 25th, and any actionable information until last Wednesday April 1st.
Since this is the General Discussion forum, I'll just say that I dread anything I have to rely on government for. Those wheels turn very slowly.

 

[mopar 3 B]

Sent my congress house rep an e-mail this afternoon explaining the situation. Got a return message that the office is currently running in overload and they hope to get back with me in a few days. I have yet to have a question go unanswered so will see where this goes.

 

[biomedtechguy]

Steve Scalise's office responded to an email I sent Saturday March 28th on Monday March 30. His staff suggested that the PPP plan would definitely be one appropriate for my 1 man business. That was somewhat helpful at least.

 

[CudaChick1968]

Mitch McConnell posted yesterday that the PPP is already getting totally overwhelmed and, out of the $2T stimulus, is the only part of the CARES Act that is already dangerously close to the funding limit. If you're going to apply do it soon.

I believe the limit is $10 million per business (with under 500 employees). If you retain (or hire back by June 30) all employees then from what I understand the entire amount is forgivable.

Good luck gang! I hope we are all still in business when all this crap is over with.

 

[biomedtechguy]

So...still NOTHING from the SBA on the EIDL disaster loan. Get this, from the SBA Q&A on that particular loan: $10K can be advanced w/in 3 days and that amount doesn't have to be paid back, regardless of the status of the loan.
Now it seemed to me like they were going to hand out $10K w/in 3 days of the application being processed, but it was 8 days ago that I submitted my application, online, the money comes directly from the US Treasury as a direct deposit. I printed the page w/my loan app ID # and EVERY time my phone alerts me that I have a new email, I expect to hear about my EIDL loan and the "expedited advance" and I haven't heard ****, and there's no way to check on the status. That's the EIDL loan.

The PPP loan I have read about people who applied online with Chase Bank, on Friday the 3rd when it "went live". By Saturday and/or Sunday they had email follow ups sent to them, and pending deposits by Monday. My bank submitted my application to their underwriters Monday. Today's Thursday and I haven't heard ****.
The Senate wanted an additional $250 billion for the PPP and the Democrats blocked it, and that's all I can say in the General Discussion forum.
But I can add this:

 

[Roger63]

So...still NOTHING from the SBA on the EIDL disaster loan. Get this, from the SBA Q&A on that particular loan: $10K can be advanced w/in 3 days and that amount doesn't have to be paid back, regardless of the status of the loan.
Now it seemed to me like they were going to hand out $10K w/in 3 days of the application being processed, but it was 8 days ago that I submitted my application, online, the money comes directly from the US Treasury as a direct deposit. I printed the page w/my loan app ID # and EVERY time my phone alerts me that I have a new email, I expect to hear about my EIDL loan and the "expedited advance" and I haven't heard ****, and there's no way to check on the status. That's the EIDL loan.

The PPP loan I have read about people who applied online with Chase Bank, on Friday the 3rd when it "went live". By Saturday and/or Sunday they had email follow ups sent to them, and pending deposits by Monday. My bank submitted my application to their underwriters Monday. Today's Thursday and I haven't heard ****.
The Senate wanted an additional $250 billion for the PPP and the Democrats blocked it, and that's all I can say in the General Discussion forum.
But I can add this:

Clear you inbox I tried to send a pm.

 

[biomedtechguy]

Clear you inbox I tried to send a pm.

Done. Thanks! I replied to Ppp

 

[bandit67]

Stay with it you small business guys, if there is any truth to this NESARA/GESARA movement these "loans" very well may turn into grants....I am hoping so.....

 

[biomedtechguy]

PPP fund DEPLETED.
My application was sent by my bank to their underwriters Monday April 6th, the PPP program only "went live", in other words the first day applications were accepted was Friday April 3rd.
I haven't heard ANYTHING from them, AT ALL, and OAN news just announced that the small business PPP program FUNDS ARE DEPLETED.
I pray to GOD that I NEVER have to depend on single payer government healthcare!

 

[Roger63]

PPP fund DEPLETED.
My application was sent by my bank to their underwriters Monday April 6th, the PPP program only "went live", in other words the first day applications were accepted was Friday April 3rd.
I haven't heard ANYTHING from them, AT ALL, and OAN news just announced that the small business PPP program FUNDS ARE DEPLETED.
I pray to GOD that I NEVER have to depend on single payer government healthcare!

I can't wait till we find out what 5 or 6 companies got all the money.

 

[4406bbl]

I never depend on government to help small business in a crisis, only to make it worse. I filed but it does not matter either way, my employees are paid, health insurance is paid. I also pray we never get single payer health care. If they want everything to stay shut down they had better get some money out there is all I know, or people are going to open on there own. I am LMFAO over the lack of taxes the cities and states are getting right now...guess they are finding out shutdowns are not so cool, and they ain't untouchable.

 

[biomedtechguy]

No PPP loan for me.
Just heard from my bank.
Reason?
Because my business showed a loss in 2018, the tax year that I had available to submit as part of my application.
So businesses that have FAT STACKS of profit GET "forgivable loan" (AKA FREE) money from the government, but a guy like me who is running a razor thin margin gets a swift kick in the nutsack.
Government--><--Me

 

[4406bbl]

My LOAN was approved today at 3:38 pm, filed on april 7.