paycheck protection program

[gungriffin]

This just seems like an absolute cluster. I am seriously thinking about moving to Puerto Rico and qualifying for Act 20 and 22. That way I would owe no taxes since they go to things like the PPP. 183 days of sun and sand Puerto Rico in the winter and then 182 days of Colorado summers doesn't sound too bad.

 

[bassguyry]

I'm a banker and am on the team dedicated to rolling out, underwriting, and processing these loans for my bank. A few things to note from my perspective:

- If you're interested in the loan program, contact your bank first. You won't have much luck finding a "banker" that you don't already have a relationship with to work on these loans for you. The demand is massive, and as a result, most banks (including mine) are limiting applications to customers who had a relationship with the bank as of April 1st.

- As Ryan stated, the process right now is a giant cluster. I've been working 24/7 on this, and it's been crazy. The SBA decided to issue the final rules/regulations governing the program Thursday evening - hours before banks were supposed to start taking applications on Friday. Like the vast majority of banks across the country, we will not start accepting applications until Monday morning, at the earliest. BofA and Chase have started accepting applications, however, they are not able to register any of these loan applications via the SBA portal (which is not yet able to capture this loan program), so the applications they've accepted are basically hanging in limbo for the foreseeable future.

- Independent contractors and self-employed individuals (i.e. those who do not have employees or actual "payroll" expenses) are eligible for the loan program, but cannot apply until April 10th.

- If you're going to apply, be prepared to provide payroll tax forms and internal payroll reports for the trailing twelve months (Q2 2019 through Q1 2020). This will likely include W-3s, Form 941s, W-2s, and any internal reports showing all benefits paid for employees. Also keep in mind that the portion of any individual salary above $100k will be omitted from the maximum eligible loan amount calculation. For self-employed individuals and independent contractors, you'll be asked to provide your 2019 Schedule C or other applicable financial statements (income statement/profit & loss statement) showing 2019 income and expense amounts.

- Lastly, if you're interested in the program, please make sure you read the rules/regulations and borrower information sheet (links below). The eligibility guidelines are somewhat straightforward, but if you want to have a fighting chance of having the loan forgiven in a few months, you really want to make sure you understand exactly how the loan proceeds are to be used.

Some helpful links are below:

Application: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf

Final Program Rules/Regulations: https://home.treasury.gov/system/files/136/PPP--IFRN FINAL.pdf

Borrower Info Sheet: https://home.treasury.gov/system/fi...31-Special&utm_medium=email&utm_source=Eloqua

Hope this helps!

 

[satchel]

That's very helpful and basically what I've been told by many bankers. My frustration is with banks that are turning businesses away, that have a checking account with them and a real need, but don't already have a loan with them. I'm really hoping that isn't the case with Key bank once they open the flood gates or I'm gonna go nuts.

The fact that banks can tailor this to which of their existing customers they want to is absurd to me, based on how many cards they have or whatever, while turning others away that only have a checking account.

 

[bassguyry]

That's very helpful and basically what I've been told by many bankers. My frustration is with banks that are turning businesses away, that have a checking account with them and a real need, but don't already have a loan with them. I'm really hoping that isn't the case with Key bank once they open the flood gates or I'm gonna go nuts.

The fact that banks can tailor this to which of their existing customers they want to is absurd to me, based on how many cards they have or whatever, while turning others away that only have a checking account.

I hadn’t heard about banks turning away customers simply because they didn’t have a loan already in place. We’re just requiring customers to have a checking account with us as of April 1st.

 

[satchel]

Sounds like a great business opportunity for folks such as yourself to steal some business from the big banks. I can guarantee you that if Key does something like this to me, I'll be taking our business accounts to a lender who will process me.

Most of what I have heard has been from people being turned away to BoA and Wells Fargo, which have business accounts, but not debt with the bank. I assume most of the complaints are with those since they are few of the big banks actually allowing you to process already. Sounds like JPM did something similar.

https://www.newsweek.com/customers-...merica-struggle-stimulus-loan-rollout-1496097

I hadn’t heard about banks turning away customers simply because they didn’t have a loan already in place. We’re just requiring customers to have a checking account with us as of April 1st.

 

[bassguyry]

Yikes. Not good form for those banks at all. We'll probably open our application up to those who don't currently have a business account (not debt) with us, but we'll need to get through our current volume first.

 

[Rzeppa]

In related and potentially time sensitive news (I am researching the time sensitivity and so far determined it has somthing to do with the interface of the this EIDL loan and the PPP - Paycheck Protection Program. As all this is new and evolving, I make no promise of accuracy and you do this all at your own risk. This is information and not legal advice). If you need assistance, please contact me directly.
This is from a financial advisor I work closely with and would be happy to refer you to for additional assistance moving forward.

************************************
"One of bills that was enacted allows businesses (including independent contractors and sole proprietors) to apply for a COVID-19 Economic Injury Disaster Loan and request up to $10k as a Loan Advance. If approved, the Loan Advance will be deposited into the bank account you specify, and is NOT required to be repaid, nor is it required to be used for payroll. However, if you apply for the Payroll Protection Program (PPP) loan also, the $10k Loan Advance will be deducted from the forgivable amount; no double-dipping. To be eligible for this loan, you simply need to believe that your business will be financially impacted by the COVID-19 outbreak. Whether or not you actually are impacted is irrelevant. It just requires an honest belief that you may be.

If you believe you will need additional cash to cover expenses, including or in addition to those covered under the PPP, the deadline to apply for this loan is TODAY, April 3rd. Afterwards, it appears that the $10k Loan Advance will not be available."

Here is a link to the online application. While it says that the estimated time for completing the application is two hours and ten minutes, it shouldn’t take you more than 15 minutes.
************************************

More at: https://www.sba.gov/funding-program...onomic-injury-disaster-loan-emergency-advance
Link to Interim Final Guidance if you want to get deep into the rules: https://www.sba.gov/sites/default/files/2020-04/PPP--IFRN FINAL_0.pdf

Well crap. Just saw this. My business has checking, credit card and LOC with 1st Bank. I'll be giving them a call tomorrow and see what the deal is. I went to make a deposit yesterday and the lobby at the Evergreen branch was closed to customers, although they had employees doing their thing inside. Fortunately I had everything filled out and could make the deposit via their night deposit box. Thanks for starting this thread Sascha, and thanks to everyone who has contributed info. I'll share what I learn tomorrow.

 

[Rzeppa]

I called my local 1st bank today and spoke with one of their people. They are on minimal staffing and their lobby is closed to the public as I mentioned above. They have but one loan officer working and the lady I spoke with says that he's been on the phone non-stop for about the past two weeks. She said they've set up a PPP call center and gave me the number and also transferred me. The answer was automated, with instructions to leave a message which I did. Looking through their PPP section of their web site, it appears that PPP is up and running, but the second phase for contractors and sole proprietors won't be rolling out unto this Friday, April 10th.

 

[bassguyry]

I called my local 1st bank today and spoke with one of their people. They are on minimal staffing and their lobby is closed to the public as I mentioned above. They have but one loan officer working and the lady I spoke with says that he's been on the phone non-stop for about the past two weeks. She said they've set up a PPP call center and gave me the number and also transferred me. The answer was automated, with instructions to leave a message which I did. Looking through their PPP section of their web site, it appears that PPP is up and running, but the second phase for contractors and sole proprietors won't be rolling out unto this Friday, April 10th.

Jeff, I'm actually an officer with FirstBank. If you're a sole proprietor/self-employed and NOT an independent contractor, you're able to apply now - the SBA recently changed this rule. Go ahead and get your application in whenever you're ready.

 

[J1000]

In related and potentially time sensitive news (I am researching the time sensitivity and so far determined it has somthing to do with the interface of the this EIDL loan and the PPP - Paycheck Protection Program. As all this is new and evolving, I make no promise of accuracy and you do this all at your own risk. This is information and not legal advice). If you need assistance, please contact me directly.
This is from a financial advisor I work closely with and would be happy to refer you to for additional assistance moving forward.

************************************
"One of bills that was enacted allows businesses (including independent contractors and sole proprietors) to apply for a COVID-19 Economic Injury Disaster Loan and request up to $10k as a Loan Advance. If approved, the Loan Advance will be deposited into the bank account you specify, and is NOT required to be repaid, nor is it required to be used for payroll. However, if you apply for the Payroll Protection Program (PPP) loan also, the $10k Loan Advance will be deducted from the forgivable amount; no double-dipping. To be eligible for this loan, you simply need to believe that your business will be financially impacted by the COVID-19 outbreak. Whether or not you actually are impacted is irrelevant. It just requires an honest belief that you may be.

If you believe you will need additional cash to cover expenses, including or in addition to those covered under the PPP, the deadline to apply for this loan is TODAY, April 3rd. Afterwards, it appears that the $10k Loan Advance will not be available."

Here is a link to the online application. While it says that the estimated time for completing the application is two hours and ten minutes, it shouldn’t take you more than 15 minutes.
************************************

More at: https://www.sba.gov/funding-program...onomic-injury-disaster-loan-emergency-advance
Link to Interim Final Guidance if you want to get deep into the rules: https://www.sba.gov/sites/default/files/2020-04/PPP--IFRN FINAL_0.pdf

I didn't see this before but I just applied and it looks like the website is still up and running and still accepting applications. I have a side business I fly drones for aerial photography and make a few bucks and actually had to cancel several flights already so this will be welcome.

 

[Corbet]

Anyone receive any communication from the SBA yet post submitting application?

 

[J1000]

It said it would take a week.

 

[Corbet]

I thought the $10k loan was a three day deal.

 

[Rzeppa]

I got an voice message reply from my bank (1st bank) that basically said everything is on their web site, just fill everything out. Well, it isn't. I will call again and hope I get a live person. Thank goodness for speakerphone while you're on hold and go do other stuff.

 

[bassguyry]

I got an voice message reply from my bank (1st bank) that basically said everything is on their web site, just fill everything out. Well, it isn't. I will call again and hope I get a live person. Thank goodness for speakerphone while you're on hold and go do other stuff.

Jeff - I sent you my direct phone number and email address Wednesday morning via DM, and asked you to call or email me directly with any questions. My offer still stands.

 

[Rzeppa]

Jeff - I sent you my direct phone number and email address Wednesday morning via DM, and asked you to call or email me directly with any questions. My offer still stands.

My personal email and phone numbers are in the Rising Sun Roster, and my business email and phone number are on my web site in my sig line. What is a DM? I haven't received this. Anyway, I emailed 1st bank (My business banking company, including checking, LOC and business credit card) direct today when the second part of the CARES act was supposed to become active basically saying that yeah, I see the PPP portal on your web site but that is all, please give me a URL for the sole proprietor part"

The Denver Post reported today that 1st Bank had to pause their PPP applications though their web site due to being inundated, to catch up on the backlog of applications. I wouldn't be surprised if the second part for us sole proprietors will be delayed/logjammed.

 

[rover67]

Jeff he’s actually trying to help you.

 

[Rzeppa]

Jeff he’s actually trying to help you.

I understand Marco. As I wrote above I didn't get anything. That's why I pointed out where my phone numbers and emails can be found. Heck, I'll just post them right in this reply. Personal email: jeff at rzeppa.org home phone: three oh three six seven four two three eight six, work email: web at american3dprinting.net work phone: three oh three six seven four four oh four four.

 

[bassguyry]

I understand Marco. As I wrote above I didn't get anything. That's why I pointed out where my phone numbers and emails can be found. Heck, I'll just post them right in this reply. Personal email: jeff at rzeppa.org home phone: three oh three six seven four two three eight six, work email: web at american3dprinting.net work phone: three oh three six seven four four oh four four.

Jeff - I just sent an email to your personal and work email addresses. I hope you'll forgive my lack of communication today, as I'm trying to spend some time with the family for Easter.

Also DM = direct message. Also known as private messages/conversations. In the top right hand corner of the forum, you should see an "Inbox" icon. This is where the message I referred to earlier is located. If it's not, might be a good idea to reach out to @Lars.

 

[Rzeppa]

Jeff - I just sent an email to your personal and work email addresses. I hope you'll forgive my lack of communication today, as I'm trying to spend some time with the family for Easter.

Also DM = direct message. Also known as private messages/conversations. In the top right hand corner of the forum, you should see an "Inbox" icon. This is where the message I referred to earlier is located. If it's not, might be a good idea to reach out to @Lars.

Got it and replied, thanks so much Ryland! I always thought the term DM was a twitter thing. Ever since my VBulletin PM box here filled up and overflowed a decade or so ago I kind of ignored it. I see with zen it appears to have different title, "Inbox". I'll have to investigate that, maybe it isn't full any more? I try to funnel all my forum stuff into my email so I don't have to go check the dozens of forums I am a member of. Then I go out and look at individual threads and replies that are interesting, and pass over stuff I'm not. For example, I have two 40s a 45 and a 60 so not interested in buying 100 series parts. But sometimes 80 or 100 series tech is interesting to follow, like 1FZ PHH for example.

I hope your Easter has been nice for you and your family, we had my FIL up for dinner, so it was just the 3 of use. In years past we've hosted dozens of family members, spouses, their BFs/GFs etc. This is a weird time we're in right now. Right now my wife is Zooming with our eldest granddaughter.

Back on topic (even though this is a chat thread, I still hate to see stuff veer too far off topic), it appears that 1st bank's application process for us sole proprietors is not-so-separated from the PPP process for companies with payroll to cover with fewer than 500 employees. I was under the impression that it was a separate process, based on posts earlier in this thread, so the info you provided was ultra-helpful Ryland thank you so much!