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.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.
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.
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.;
Latest word is that $150 billion is spoken for.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.
My sources are telling me the money is there, but there is a huge backlog of people applying. SO, who knows.
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.
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.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.
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.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.
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.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!
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.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.
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.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.
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.
Our PPP funded last night for the full amount we requested (2.5 x avg monthly payroll).