Small business help for COVID-19

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I see nothing available to help small business from this financial crisis. A small business can borrow money for wages and that’s it. Yay small business and yay for gov. Help.
 
A buddy of mine said you have to use 75% of it for wages. And if you don’t have to pay it back you are not borrowing, it is a gift. So in my friend’s case he is getting $40,000. Sounds like small business help to me. Not sure what problems you are having with the program, but hopefully it works out for you.
 
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My dad owns an 18 wheeler and has been laid off with the company he leased on with. He mentioned getting help being he’s a small business. I hope you find the help you need.
 
I see nothing available to help small business from this financial crisis. A small business can borrow money for wages and that’s it. Yay small business and yay for gov. Help.
Do you have a small business? If you need help with an application for a payroll protection loan that can be forgiven in a couple months if you use the money for certain specific things and don’t fire folks, then send me a PM. I’m working on a couple handfuls of them, first cash is expected on Mon/Tue next week since tomorrow is a holiday.
 
We looked into the payroll assistance with the daycare I am on the board of. The issue was with how quick the funds would arrive, and the fact that there was only 350 billion in the pot that was gobbled up quickly once the banks for their infrastructure patched together to handle the new loans.

But yeah, the deal was basically you borrow the amount you want, but you have to pay it back, or a percentage of it back, if you didn't maintain the same number of employees.
 
There are two programs in place right now for small business help. 1) Economic Injury Disaster Loans, and 2) Payroll Protection Program loans. The second is the one to borrow 2.5 times your average monthly payroll costs. If you use it for permitted expenditures it is forgivable. The first one can fund larger amounts but has to be based on economic injury. Do some research and call your banker - assuming you can get someone to actually answer the phone.
 
The issue was with how quick the funds would arrive, and the fact that there was only 350 billion in the pot that was gobbled up quickly once the banks for their infrastructure patched together to handle the new loans.

Based on what I understand, and it's limited, none of the loans have been funded yet. I believe there is another round of funding in the works for when the first round gets used up.
 
Based on what I understand, and it's limited, none of the loans have been funded yet. I believe there is another round of funding in the works for when the first round gets used up.

From a bank side, I know (vaguely) that they had a lot of work to do in a short period of time to get the actual tools set up just to manage the loans. When they did, applications (nationally) had probable sapped all 350bil. We didn't pursue it any further due to its timeline and our teachers needing immediate answers as to whether they would be paid or whether they should grab unemployment.
 
Based on what I understand, and it's limited, none of the loans have been funded yet. I believe there is another round of funding in the works for when the first round gets used up.

My wife’s PPP loan was approved and funded yesterday by Fidelity (state bank). Great customer service, and their folks are really working long hours to help their customers.;
 
My wife’s PPP loan was approved and funded yesterday by Fidelity (state bank). Great customer service, and their folks are really working long hours to help their customers.;

That's good news. Any word on the start of the self-employed portion of the applications that start tomorrow? EDITED: Looks like the same application. I guess I have to talk with the banks to see if there are definitions of income for self-employed beyond what I already believe it to be. One can never guess with banks or the Gov't.
 
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From a bank side, I know (vaguely) that they had a lot of work to do in a short period of time to get the actual tools set up just to manage the loans. When they did, applications (nationally) had probable sapped all 350bil. We didn't pursue it any further due to its timeline and our teachers needing immediate answers as to whether they would be paid or whether they should grab unemployment.
Latest word is that $150 billion is spoken for.
 
Latest word is that $150 billion is spoken for.

Good, hopefully more people can qualify. My sources are telling me the money is there, but there is a huge backlog of people applying. SO, who knows.

Either way, maybe it can keep some businesses and people afloat for a short period of time while this whole stupid mess gets sorted out. Considering how wild my kids have been this week, Ill gladly let them pay it back in 20 years.
 
My sources are telling me the money is there, but there is a huge backlog of people applying. SO, who knows.

The backlog is probably huge. I'm in the queue with 2 different banks, but don't have a link to an application page yet, might have missed the first allocation.

Mitch McConnell tried to get $250 billion added today through a voice vote, but the Dims blocked it because they want to add more fluff.
 
I’ve filed applications with 2 banks, the first on Sat and the second yesterday. The second was approved and funded today, the first has not moved. Filing seven more tonight, hope to have them funded on Monday.

@B00ger the daycare can still apply, the loan is forgiven if the teachers are rehired by June something as I recall. Worth looking into.

one interesting rule created last night, the bank must deliver the funds to the borrower within 5 days of SBA funding the loan. I think they were concerned that the banks would screw around with the loan docs and delay distribution. Now what happens if they don’t, I have no idea.
 
I’ve filed applications with 2 banks, the first on Sat and the second yesterday. The second was approved and funded today, the first has not moved.

Which bank funded the loan? All I've heard is that Fidelity has funded loans. I haven't heard that any other banks have done it. I have it on good authority that millions of local, business deposit dollars are being pulled out of BB&T right now because of their lack of movement on the program.
 
Which bank funded the loan? All I've heard is that Fidelity has funded loans. I haven't heard that any other banks have done it. I have it on good authority that millions of local, business deposit dollars are being pulled out of BB&T right now because of their lack of movement on the program.
I had 2 applications in with PNC, pulled both and ran them through a local bank in TX, Amarillo Nat’l Bank. I’m an existing customer at both, but ANB has an advantage in that they are just doing things manually for a few thousand customers where the large banks are building systems that need to address every possible scenario pretty much without human intervention. They’ll end up doing far more than the local banks, but for the first few days the local guys have an advantage.
 
#1 way they can help small businesses is to lift these stupid restrictions and let people be responsible for their own well-being. That or the 50% unemployment rate that may be coming is going to burn the world down anyway.
 
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Truliant has our application in processing. I went ahead and submitted W-2’s and 941’s with the app to hopefully get it moving quicker.
If you haven’t already you might want to send them a detailed payroll report for Feb 2020, some banks want to be sure that you had employees on, I think, Feb 20.
 
From what I can tell, there is nothing to help the one-horse guys like me who don't hire anyone but myself. Mayhaps I am wrong, in which case I'd like to know the skinny on how it applies to a single member LLC or sole proprietorship.
 
From what I can tell, there is nothing to help the one-horse guys like me who don't hire anyone but myself. Mayhaps I am wrong, in which case I'd like to know the skinny on how it applies to a single member LLC or sole proprietorship.

As long as you are paying yourself a pay check and sending in taxes I think you can apply. Here is a link to the app form .pdf. Download it and take a look.https://www.sba.gov/document/sba-form--paycheck-protection-program-borrower-application-form

These is other items my bank ask for:
  1. Completed PPP application – download the application here: https://www.sba.gov/document/sba-form--paycheck-protection-program-borrower-application-form
  2. 2019 Payroll Summary- This include # of employees, and summary amount of payroll
  3. 2019 940s- Quarterly Document to validate the Payroll Summary
  4. 2019 W-3- Roll Up summary of the W-2
  5. 2019 P & Ls- Must show the Group Health cost and Retirement Expense
  6. Tax Returns (an option for expense verification)
 
From what I can tell, there is nothing to help the one-horse guys like me who don't hire anyone but myself. Mayhaps I am wrong, in which case I'd like to know the skinny on how it applies to a single member LLC or sole proprietorship.
Two different things, you can apply as the LLC as long as you’ve been paying payroll. Most often the owner of a single member LLC or S-corp pays themselves a reasonable salary so the IRS doesn’t crawl up yer rectum over payroll taxes. If you’re a sole proprietorship the application window opened today I think, and I haven’t followed those rules.
 
Thanks to both of you. Up to this point, I've been doing draws rather than a salary, but I believe I will be changing that starting this year. From some reading that your posts started, it looks like the LLC net annual net profit can be used to calculate the "salary." I shall be doing much more reading to figure all this out, but it would appear there may be a chance I can qualify.

Thank you again!
 
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Two different things, you can apply as the LLC as long as you’ve been paying payroll. Most often the owner of a single member LLC or S-corp pays themselves a reasonable salary so the IRS doesn’t crawl up yer rectum over payroll taxes. If you’re a sole proprietorship the application window opened today I think, and I haven’t followed those rules.
Thanks to both of you. Up to this point, I've been doing draws rather than a salary, but I believe I will be changing that starting this year. From some reading that your posts started, it looks like the LLC net annual net profit can be used to calculate the "salary." I shall be doing much more reading to figure all this out, but it would appear there may be a chance I can qualify.

Thank you again!

So we're all on the same page:

An LLC or Corporation can elect S-Corporation tax treatment and pay salaries to the sole shareholder. In fact S-Corporation shareholders who work for the company are required to receive "reasonable salaries." Distribution of taxable income after all expenses including owner salaries is income not subject to self-employment or FICA taxes, but is subject to income taxes. A single-member LLC not electing S-Corporation status is a disregarded entity for tax purposes and is filed as a Schedule C on the owner's Form 1040. No owner salaries are paid. All income is subject to self-employment taxes and income taxes.

@cubrock You are beyond the 75-day window to elect S-Corporation status for 2020. However, there is a procedure to file for late election, and it is almost 100% effective.

Payroll for a small, one-owner LLC is cumbersome. Unless there is an advantage for limiting salary, and therefore self-employment/Social Security taxes, the bother can outweigh the benefits. Proper withholding and remittance of payroll taxes is required, quarterly filing of Form 941, NCQ5, NCUI 101, annual filing Form 940, W-3/W-2s.

The PPP loan for self-employed individuals should not be more onerous than single-shareholder S Corporations. You will be asked to prove net income from self-employment.

From my perspective banks are imposing rules on the PPP loans not anticipated by the bills that were passed. This will hinder the process so the funds will not be timely dispersed. This is my personal opinion, and might not be founded in law but comes from my experience in financial services.
 
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Sen Barrasso stated to Fox News today that the PPP is out of money now. He also stated Pelosi is blocking attempts to get more money added to the program. The house will not be meeting again until 4 May.
 
Sen Barrasso stated to Fox News today that the PPP is out of money now. He also stated Pelosi is blocking attempts to get more money added to the program. The house will not be meeting again until 4 May.
End of day yesterday SBA reported $247b had been claimed and forecasted that the program would be done sometime on Thursday. I wouldn’t be surprised if Barasso is right about it being done now, and he’s certainly right about Pelosi, she wants more pork if we’re gonna help employees of small businesses.
 
I'm still waiting to hear back from my bank on applying. They are sending out applications in the order requests are received. You have to request one on their website and then wait.
 
I'm still waiting to hear back from my bank on applying. They are sending out applications in the order requests are received. You have to request one on their website and then wait.
I’m in the same boat. The bank has been sending me an email twice a day to let me know I haven’t been forgotten.
 
Last night, during the night, I finally got a link to the app from Wells Fargo. I submitted the app this morning.

Then read this.

Hopefully WF will maintain a queue in hopes of another round of funding, because the SBA won't.
 
End of day yesterday SBA reported $247b had been claimed and forecasted that the program would be done sometime on Thursday. I wouldn’t be surprised if Barasso is right about it being done now, and he’s certainly right about Pelosi, she wants more pork if we’re gonna help employees of small businesses.

wonder how many 'more' small business could have been helped if the PORK Pelosi money would have been applied in this sector instead of the PORK PROJECTS ....... that drug out the process for days....
 
Yeah I don’t know how to have made this any better, it’s literally giving money to small businesses to pay employees for 2 months, that’s cash going straight into the economy and making businesses and employees feel more secure. Heck I’m gonna tell my employees that Donald is paying them this month and next (I know that the taxpayers are paying, but lets not split hairs).

The pork just irritates me. $25million to the Kennedy Center for The Arts, that’s already dumb, and then no obligation not to fire anyone and so of course they fire everyone. No idea where that money is going, but I don’t see it helping anyone or the economy.

I don’t expect they’ll get any more cash into the program, the D’s will block it if they don’t get funds for illegals to send back to help their families in Mexico or some other worthless crap.

What I do know is that if the economy is better than marginally stable by the end of the summer that Trump’s odds of being reelected will be better than ever.
 
Our PPP funded last night for the full amount we requested (2.5 x avg monthly payroll).


Lucky you. BB&T sent us a mass email that they weren’t even going to allow us to apply since they figure they already have more applications than they think will get funded, even if more funding is made available.
 
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