Covid-19 relief package for small businesses

[Scottintexas]

I submitted my EIDL on Wed so today is the 3rd working day (we'll see if it arrives)
I submitted my PPP application to the Delta Credit Union today.
BBVA/compass bank was still not accepting new PPP applications this morning.



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[djetok]

I thought I might start a thread about relief available;
Individuals are supposed to get a check direct and as I understand it will be reconciled on your 2020 tax filing (your dependents or income changed since the 2018 or 2019 filing the gov't went off of)

For small businesses like I have they are also providing "loans" for payroll, rent and utilities that if you maintain your status quo through two months they loan will be "forgiven". I'm not one for believing anything is free and there are always strings attached (more than the string that generations of American workers will pay for this free giveaway).

The participating banks and credit unions are not supposed to be processing these loans until April 3rd but the link below details the information and has a sample application form (it does appear to very short and simple) for review.

Paycheck Protection Program

An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

www.sba.gov

If anyone participates or hears more about this program or strings attached that will bite you on the back end I'd be interested to hear about it ( I've got to get a new accountant!)

@Bruce @zipper @J-RAD @djetok or any of our other small business/self employed members,

This is from my banker. I have filled out all kinds of docs last week for the 2 businesses, only to find it changed again apr 3. If anyone wants the forms, I will send them too you. @Scottintexas text me or PM your email address and I will forward this from Travis to you.

 

[Wisefam22]

also just found out from my account small business may be eligible for $10k loan (immediately forgiven) under disaster relief,
this money is available now, first come/first serve so it may run out if you wait to file,

COVID-19 Economic Injury Disaster Loan | U.S. Small Business Administration

www.sba.gov

It has a simple for page application and money goes directly to your bank account and you can double dip with the Payroll program,

.

I applied for this and havent had any contact... unless they get info from the IRS they dont have my bank info.

Have you heard from them yet? I believe wife and I did it last wednesday

 

[Wisefam22]

So you applied for the EIDL grant? Am I right by thinking this is forgiven if you use it for payroll,rent and other eligivle expenses? The gov website is pretty horrible when it comes to figuring out which program to apply for. My wife is sole proprietor with no employees and hasn't had income since March 9th, so we are just trying to figure this out!

Sba.org/disaster there is info there for sole proprietor.

You need to attach a document requesting to please send the EIDL 10000 sba grant in advance of the loan approval.

Also the PPP if you get that and the 10k will need to be used for different items, BUT I've also read that they will take the 10k out of the PPP they send you, idk how accurately that has been found to be.

 

[djetok]

I applied for this and havent had any contact... unless they get info from the IRS they dont have my bank info.

Have you heard from them yet? I believe wife and I did it last wednesday

You have to apply with your bank now. I did all the online stuff last week. My banker sent the packet to me Monday, and they have to put it in the system. PM me your email address and I will forward the packet that was sent to me. Then you can take it to the bank you do business with.


Here is the jist of it as I understand it. The "Loan" is just that a loan. You have to apply at your bank or a bank that will do it. They input your info into the SBA system and you get a loan [HASH=143]#.[/HASH] I will go to my bank and do the loan docs for closing and get the check directly from my bank. After the fact, the SBA will get involved and you will have to show where the money was spent, did you lay anyone off, did you lower wages, ect..... They will determine how much is going to be put toward the "cares act" as a grant. The amount applied toward the grant is forgiven, the balance you owe to the bank. These loans are not guaranteed by the SBA like a SBA loan is for the bank. There is talk that the SBA is going to later come in and guarantee the loan.

 

[Bearsar240]

You have to apply with your bank now. I did all the online stuff last week. My banker sent the packet to me Monday, and they have to put it in the system. PM me your email address and I will forward the packet that was sent to me. Then you can take it to the bank you do business with.


Here is the jist of it as I understand it. The "Loan" is just that a loan. You have to apply at your bank or a bank that will do it. They input your info into the SBA system and you get a loan [HASH=143]#.[/HASH] I will go to my bank and do the loan docs for closing and get the check directly from my bank. After the fact, the SBA will get involved and you will have to show where the money was spent, did you lay anyone off, did you lower wages, ect..... They will determine how much is going to be put toward the "cares act" as a grant. The amount applied toward the grant is forgiven, the balance you owe to the bank. These loans are not guaranteed by the SBA like a SBA loan is for the bank. There is talk that the SBA is going to later come in and guarantee the loan.

Any chance you could email me the packet please?
I tried to message you but I am blocked, it said you have a limit.

 

[Scottintexas]

I applied for this and havent had any contact... unless they get info from the IRS they dont have my bank info.

Have you heard from them yet? I believe wife and I did it last wednesday

The eidl $10k is am internet application direct with the sba and should have had a place for you to put your account/routing number
I applied on wed 4/1
I applied for the ppp with my bank on 4/6

I haven't heard from either

 

[F.M.]

The eidl $10k is am internet application direct with the sba and should have had a place for you to put your account/routing number
I applied on wed 4/1
I applied for the ppp with my bank on 4/6

I haven't heard from either

Everything that I've read on it implies that it's about a 3 day process, but I would assume that they're pretty backed up. Which isn't good for me since I didn't submit my application until the 5th.

 

[djetok]

Everything that I've read on it implies that it's about a 3 day process, but I would assume that they're pretty backed up. Which isn't good for me since I didn't submit my application until the 5th.

Did you submit it at your bank or on the portal? I am convinced that if your bank did not put it in, it will be a while. Call your bank, if they are a sba loan bank they will get you. If they are not a sba bank, ask for recommendation.

 

[djetok]

The eidl $10k is am internet application direct with the sba and should have had a place for you to put your account/routing number
I applied on wed 4/1
I applied for the ppp with my bank on 4/6

I haven't heard from either

A sba bank has to input it in the system.
From the doc above:
Where can I apply? You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. Visit www.sba.gov for a list of SBA lenders

 

[F.M.]

Did you submit it at your bank or on the portal? I am convinced that if your bank did not put it in, it will be a while. Call your bank, if they are a sba loan bank they will get you. If they are not a sba bank, ask for recommendation.

I submitted it thru the sba portal.

 

[djetok]

I submitted it thru the sba portal.

I would contact your bank with your loan # and go from there. It has to be a sba bank.

 

[Wisefam22]

The PPP is through banks the 10k advancement and SBA loan (3.75%) is right through sba.org/disaster

They changed the loan part up and fill all info into their website now. At 1st you had to print, sign, scan and upload back to website.

 

[djetok]

The PPP is through banks the 10k advancement and SBA loan (3.75%) is right through sba.org/disaster

They changed the loan part up and fill all info into their website now. At 1st you had to print, sign, scan and upload back to website.

It is all so messed up lol. I did the one that you said on the disaster page too and have not heard a thing. My banker calls me a lot I will ask if I think about it when he calls.

 

[F.M.]

It is all so messed up lol. I did the one that you said on the disaster page too and have not heard a thing. My banker calls me a lot I will ask if I think about it when he calls.

Your the man if your banker calls you! Mine never calls and when I call them I get put on hold for 20 minutes.

 

[djetok]

Your the man if your banker calls you! Mine never calls and when I call them I get put on hold for 20 minutes.

Small banks are awesome. I've done business with them when they only had the Ryan, OK branch. Population 500 ? Edit 774 in 2017
We hardly talk business. Its usually rodeo, horses, and skiing.

 

[robert843]

@Scottintexas @Wisefam22 I have seen sever reductions in my revenue from my personal LLC business since this happened what all info was asked on the 10K advance? I'm a single member LLC I can prove my revenues have dropped by 50% since this has started.

 

[Wisefam22]

@Scottintexas @Wisefam22 I have seen sever reductions in my revenue from my personal LLC business since this happened what all info was asked on the 10K advance? I'm a single member LLC I can prove my revenues have dropped by 50% since this has started.

They didnt ask for any reduced revenue they asked total revenue last 12 months with ending month being jan 2020 and total goods sold for that period.

Right below that there is a checkbox for being interested in the 10k advancement grant with place to input your account info.

They asked for EIN number/ssn if sole proprietors

Sba.org/disaster leads you to the page with built in submition info..

 

[Chevyguy2021]

I work for a bank. We will begin calling customers who submitted interest in the PPP loan either today or Monday.
We will have leads that we work to get the apps submitted electronically. It will all be paperless for us. Once i submit the app over the phone the client then will upload required docs and e-sign to accept the terms.

Fingers crossed its a smooth process. That's why we have waited to take apps. Some banks rushed it and it has been a mess for their clients.

 

[Scottintexas]

@Scottintexas @Wisefam22 I have seen sever reductions in my revenue from my personal LLC business since this happened what all info was asked on the 10K advance? I'm a single member LLC I can prove my revenues have dropped by 50% since this has started.

You should look at the SBA website, I believe I read any loans justification is not to cover lost revenue but to cover expenses. I know that's a crazy chicken/egg circle.

The EIDL I submitted on line direct to the SBA.

When I completed the PPP loan application to submit to the bank the application on the amount block said "avg monthly payroll + EIDL" so maybe if you didn't file the EIDL online you can apply for it with your PPP ???

I've still not heard from either but not to surprised as this is a new program, new procedure's and overwhelming response to it.

My little bank I chose 20 years ago was bought out by BBVA/Compass and now instead of a bustling little building with about 20 employees they have maybe 3 that are 25 years old and only do teller work.