Covid-19 relief package for small businesses

[robert843]

Thanks @Scottintexas and @Wisefam22 I may apply for the EIDL and see what happens I'm not really interested in a loan at this time as I think I can weather the storm with out it but the $10K would help a lot to weathering the storm to help pay my operating expenses especially if the current state lasts well into the summer as expected.

 

[props2you]

Thank you Sir!

Being a self-employed entrepreneur working directly with FI's I have a solid ear-to-the-ground on this. Keep in mind, the rules keep changing on this EIDL, recently, up to $10k with a $1k for each employee. The PPP has been a disaster in and of itself. You can double dip with the PPP and the EIDL but be aware of potential chain reactions that are attached to fed free money. IRS audits, tax implications etc.

Probably be dried up before it's figured out. The large organizations have big banks walk this through for them and cut a check. (Not getting into the weeds on logistics)

Relatively easy to apply for... but I have yet to hear/see any in my circle of business owners actually see the funds yet.

Overall disappointing!

 

[robert843]

Being a self-employed entrepreneur working directly with FI's I have a solid ear-to-the-ground on this. Keep in mind, the rules keep changing on this EIDL, recently, up to $10k with a $1k for each employee. The PPP has been a disaster in and of itself. You can double dip with the PPP and the EIDL but be aware of potential chain reactions that are attached to fed free money. IRS audits, tax implications etc.

Probably be dried up before it's figured out. The large organizations have big banks walk this through for them and cut a check. (Not getting into the weeds on logistics)

Relatively easy to apply for... but I have yet to hear/see any in my circle of business owners actually see the funds yet.

Overall disappointing!

Of the 70 businesses that are my customers I have heard of only one that actually has gotten approval so far.

 

[Scottintexas]

I just heard from someone who works in my building that they already received their PPP money. They work with a small bank (5 local branches). They went in person presented documents and days later received the money.

I called the bank and even though I don't have an account they said they would accept my PPP application just current customers would receive priority (he was just about to get started on the non-customer applications).

He said the their process is;
1. bank reviews your application and supporting documents
2. if correct, they do data entry (about 30 minutes of work) to submit to BSA
3. BSA very quickly returns them a confirmation/reservation number for the money that is to be loaned
4. the bank has 10 days to finalize the loan and put the money into your account (he said it's only taking them 1 day to finalize/deposit)

Because I had already submitted my PPP to Delta C.U. it could already be "in process" or already approved but Delta just hasn't told me. Very frustrating I can't get anyone to give any update at Delta so I don't want to submit to the new bank and cause even more confusion.


.

 

[Wisefam22]

I know that the 10k advance grant goes against your PPP so if payroll is low you will get PPP or the 10k grant (that's all I want not the loan).

The PPP is nice but my fear is that we can all go back to work (hopefully early to mid may) but how long before people build funds for discretionary income to spend.

 

[Liftr]

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..

This makes several times I’ve seen “Sba.org”.

Isn’t the website actually “Sba.gov”?

 

[Wisefam22]

This makes several times I’ve seen “Sba.org”.

Isn’t the website actually “Sba.gov”?

Sorry you are correct sba.gov. idk why I kept typing org

 

[djetok]

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 ???

Weirdly I received a deposit from SBAD - Treas misc pay in the amount of 4000.00. This has to be the eidl, because I have not signed my closing docs yet, I will today though. Anyone else?

 

[Scottintexas]

I've not received any money yet,

I did speak to a delta rep yesterday who just reviewed and approved my ppp application and would be padding it on to the "processer" to send to sba

 

[F.M.]

I just talked to an sba rep about my application. Because my wife and I have no other employees besides ourselves, we may not qualify for the eidl, so we'll see soon, I hope.

 

[djetok]

It was EIDL money just received this email.

Dear Applicant,


On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.


You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:


Paycheck Protection Program Full EIDL Loan

PURPOSE​	Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable)​	To meet financial obligations and operating expenses that could have been met had the disaster not occurred (amount of any EIDL advance is forgiven)​
TERMS​	Up to $10 million 1% interest rate​	Up to $2 million 3.75% for businesses 2.75% for non-profits​
FORGIVABLE​	YES​	NO – EIDL Loan YES – EIDL Advance​
MATURITY​	2 years​	30 years​
FIRST PAYMENT DUE​	Deferred 6 months​	Deferred 1 year​

To locate a Paycheck Protection Program Lender, please visit: www.SBA.gov/PaycheckProtection.
Information on available resources may be found at www.sba.gov/coronavirus. For more information on these services, please go to www.sba.gov/local-assistance to locate the email address and phone number for the nearest SBA district office and/or SBA's resource partners.​

 

[F.M.]

It was EIDL money just received this email.

Dear Applicant,


On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.


You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:


Paycheck Protection Program Full EIDL Loan

PURPOSE​	Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable)​	To meet financial obligations and operating expenses that could have been met had the disaster not occurred (amount of any EIDL advance is forgiven)​
TERMS​	Up to $10 million 1% interest rate​	Up to $2 million 3.75% for businesses 2.75% for non-profits​
FORGIVABLE​	YES​	NO – EIDL Loan YES – EIDL Advance​
MATURITY​	2 years​	30 years​
FIRST PAYMENT DUE​	Deferred 6 months​	Deferred 1 year​

To locate a Paycheck Protection Program Lender, please visit: www.SBA.gov/PaycheckProtection.
Information on available resources may be found at www.sba.gov/coronavirus. For more information on these services, please go to www.sba.gov/local-assistance to locate the email address and phone number for the nearest SBA district office and/or SBA's resource partners.

I just received that exact same email a few minutes ago. But no deposit...

 

[Bearsar240]

Has anyone had to submit their PPP to kabbage? Our bank said they do it now?

 

[Scottintexas]

To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

It's the government, we should be happy to be getting anything and I'm more than patient with them giving us money, they've never done anything like this before but..... I've read SBA links since the beginning and have never heard of the "$1,000. per employee OR 10K", I'm happy to get $1k per employee but when you where expecting $10k it leaves me shaking my head,

I have not received my EIDL money yet,

Has anyone had to submit their PPP to kabbage? Our bank said they do it now?

I have not, the bank goes to the SBA to "reserve" the guarantee of the money, then your bank actually loans you the banks money. Maybe your bank ran out of money ?? I wanted to deal with my local bank ( I actually chose my credit union over BBVA/Compass) thinking they would be more seamless and easier to deal with than the untold multitudes going to a national bank like BBVA.

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I received my loan papers to sign for my PPP today. The credit union sent me an electronic copy to sign. I did and returned it but it did not say when the funds would be put in my account.

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[Scottintexas]

PPP money is in my account
EIDL is still to be seen

recap of my PPP process,
4/6 @ 0953 submitted my PPP application via email to bank
4/6 @ 0955 received email confirmation the bank received it and a tracking #
4/13 @ 0100 - contacted general lending person at bank to complain having not heard anything for 7 days
4/13 @1130 - PPP administrator from bank called, confirmed they reviewed the application, I had failed to initial two spots, he said everything else was fine, correct the app and then he would pass it to the "processor" to send to SBA for their approval/reservation of the money
4/13 @1200 - I emailed corrected app. back to the bank
4/15 @0930 received an email from bank with my Loan contract, please sign and return
4/15 @0945 signed and returned the contract via electronic sig. on email
4/15 @1215 money is in my account


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[Scottintexas]

Save Small Business Fund

Helping small employers impacted by Covid-19 with $5,000 grants

savesmallbusiness.com

I just heard about this program from the Chamber of Commerce for $5k grants.

I do not trust this as much as the Chamber of Commerce is not the US Govt. but a 501c3 private group and although it's a non-profit it still makes my spidey senses go off on what information would I be giving to you and what am I agreeing to in the "terms and conditions" for this "free" money.



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[Scottintexas]

SBA says it's out of money for loans to businesses hit by coronavirus pandemic

The Small Business Administration said Thursday it is out of money for firms that are seeking loans from a key program to cover expenses during the...

www.marketwatch.com

It appears the SBA is out of money for the PPP program,

if you had applied and your bank got an approval/reservation for your request, your bank has 10 days to "finalize" the loan or the reservation will cancel and you loose the opportunity for the money. so if you haven't heard from your bank it could be they're just overwhelmed getting applications submitted for the reservation and will finalize loans now,

there is a good chance Congress will allocate more money to this program it just depends on the haggling of what other "pork" will be included and how long it will take them to make their bacon, at least we can be comforted knowing the Kennedy Arts Center is take care of.


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[Bearsar240]

This whole thing is a load of s@&t. I know of companies personally that the virus has had no effect on their company and they applied for this money and received it BS! Then the companies like my wife's and many others, that are in need of assistance to hopefully have a buisness when this is over have not received a thing but a jump rope and hula hoop!

 

[djetok]

This whole thing is a load of s@&t. I know of companies personally that the virus has had no effect on their company and they applied for this money and received it BS! Then the companies like my wife's and many others, that are in need of assistance to hopefully have a buisness when this is over have not received a thing but a jump rope and hula hoop!

That stinks. The ppp is a 1 percent loan. I knew it was going fast.

 

[robert843]

I think there were a lot of companies given way more money then they need which has hurt this. A business I know probably has an operating cost of maybe $30K a month in full operation right now their operating cost is around 10-15K a month and they were loaned over 500k I just found out today. Thats way more then they should get as they still have income coming in so this is probably enough for them to run for close to three to four years at the current limited capacity.