I shall be following thishttps://babang.xyz/assets/21/o.png

Somewhat related in the bad news department - just got word that a local sandwich shop that's been in the same spot for 23 years in my city has decided to close up permanently. Really great people and good food. Hate to see small businesses closing.

unfortunately, probably going to be a lot of this.....especially mom and pops that have been around for a long time....

There’s a deli in Springfield that I love that I’m worried about

Been eating there as much as I can

Yeah I was doing call in orders to the local outfits I liked but most of them closed. I hate to see their financials.

not near enough classic rock fans in this thread. when riding the storm out you watch the full moon crossing the range.

Just got an email from my banker. Sent me a document to sign and send back over. He said it's approved and once he has that signed paper, the money will be funded to my account. Glad I finally heard back.

excellent!

Got funded today, paid the staff today. We had to work a couple days to get some emergency patients in so I went ahead and paid the girls hazard pay out of my own pocket.

I am so thankful for my staff. They’re awesome and have made this stressful time somewhat easier. I’m very lucky

Awesome..

Excellent

Congratulations Buddy!

Still havent heard anything from Chase Bank. Hearing the PPP money is gone makes me very nervous!

WTF Chase?

Hope you hear something soon. We had enough to get through a couple months and I had some alternate ways to make things work if needed what we had wasn't going to make it, but it is a relief to hear that the money should be there today.


Also - just want to say thanks to DJ. I had not thought about putting this into a new, separate account until you mentioned it. Thanks for the great idea man! Should make tracking so much more easy when we need to account for everything.

Yeah, there's 'my staff' and then there's 'my staff'...

I've been picking up meals for my finance department peeps a couple times/wk just to thank them for keeping things running. There are 9 people in the dept but most are working from home. 3 of them are coming in and physically writing/posting checks, directing work and cracking whips when needed on the folks back home.

They've been invaluable. More amazingly, one of them put in notice 8 weeks ago (she's moving to Texas) so she knows she's gone around May 1 but even still says she'll probably stick around for awhile to keep helping out. How incredible is that? She's keeping here eye on our long-term prospects knowing full well that she's just not gonna be here for it.

The people you'd go to war with show themselves so damn fast when stuff like this pops up.

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">The SBA&#39;s $349 billion PPP loan has officially run out of money. It comes after the program had a rocky rollout. <a href="https://t.co/GCTtq8hLsR">https://t.co/GCTtq8hLsR</a></p>&mdash; L.A. BIZ (@LABizJournal) <a href="https://twitter.com/LABizJournal/status/1250818109486903297?ref_src=twsrc%5Etfw">April 16, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>




Don't know how accurate this is.

I've seen it reported pretty widely this morning. Apparently the Senate is meeting again this afternoon and may push again for unanimous consent to add $250B more to the pool.

I've had my application in since April 4th, yet to receive any sort of final confirmation from my bank that I've been approved. Uploaded requested documents over a week ago and radio silence since them. Hoping the money gets restocked.

Its accurate. **** Chase Bank and **** the Democrats for not approving the additional funds for PPP.

Accurate, tried to submit this morning and they are no longer accepting applications

I know that originally they were talking about that if the money ran out that they could pass to put more in. Hopefully they can get it done quickly.

From the sounds of it, small banks had their shit together on this. Bigger banks not so much.

Don't give up yet. Hopefully they'll get something passed to get more money in it.

Yep. My biggest issue has been making sure everyone is safe, seeing as I'm having to spin a drill with water spraying it at 40k rpm. I've got all the PPE's i have been advised so we should be fine. But the girls have all been warriors about it so I'll do whatever i can to take care of them.

It sucks that iI coudln't get it for my other office, but the girls there are doing what they can and have to. I'm working there some seeing emergencies so i've resorted to paying them what i can when i can but they're doing the unemployment thing.

And in a minor miracle, the bank got the account set up and paylocity got their software turned in 48 hours so the first payroll (drawn yesterday) came out of the new account.

We've done some minor miracle shit on this thing. Some excellent work in many ways by us, but in a lot of ways we had excellent business partners that have come through in a big way.

Well mine got approved today.

Long story as to why it took so long. But I always seem to have crazy shit happen to me. Like the craziest.

What I don't know (and what I don't think anyone knows right now) is if the taps are dry altogether or if they 'approved' funds have been earmarked already and as such, pulled from the pool even if they haven't been distributed yet.

So the question remains - if you're approved, is there still money earmarked for you that will get sent your way shortly? Or is approval largely an administrative measure and they now have to wait for the treasury to replenish the till before they can submit it?

I really couldn't tell ya.

They say if it’s approved the money was there for it. They won’t accept applications now.

I hope she was right on that.

That's one issue that I haven't gotten handled yet. Payroll goes out tomorrow, and we're going to issue that one as normal. Since I'm the one that does payroll, it gives me 2 weeks to get checks or something for this account.

My other option is to just run things as normal and then transfer the amounts needed into my regular account to cover those expenses. At least I would be able to say "Ok, I paid my electric bill for $1,000 out of my normal account and then I transferred $1,000 out of the PPP account to cover."

Hopefully the 2nd option will suffice because I don't want to through all the hassle of changing the auto withdrawals for all the utilities and then changing them back in a couple months.

Yeah, we were going to do dollar for dollar transfers if we had to. Payroll is X dollars than we'd have made a transfer out of the PPP account into base operating for X dollars down to the cent. Then rent. Then necessary benefits (essentially insurance and 401(k) match).

We were going to be able to point to a specific dollar in, dollar out transaction rather than trying to do a large transfer to cover several 'forgiveable' expenses.

It's all a wild-ass guess anyway but if you think something makes sense...it probably does.

I would think that is a good plan plow. Should be easy to account for it that way

Outstanding.

Good luck sir.

Thats Great News! Congratulations Buddy! Must be a big relief.

Well in other “sauto’s crazy ****ing life” news the argument at the bank also brought up that I supposedly own property in at least 4 other states.

So now I’m trying to figure out what the **** is going on.

It is. Thanks man. Hope everything works out for you.

Well, she was right. Just emailed me that the money was funded to my account.

Thank You. I hope your other properties are nice! LOL

I Hope they are paid for...

Yeah about that...I had been meaning to tell you

Just want to say again thank you for your contributions in this thread & the Non Political Covid thread. I really appreciate your insights.

It should be. But we're also talking about the government understanding it. :)

I thought about furloughing my staff and using the cash to buy a new side by side


Kidding

I assume that you do NOT own property in 4 other states.

I #%*^*^% hate politicians!

They would rather see Rome burn that do what is best for the businesses that need the cash.

This is one of those times I wish we had a form of government described in Heinlein's StarShip Troopers.

My only political connections are on the local and state level. Does no good to yell and screw at them via email or phone.

Well I assumed that also. First phone call to Houston seems like I might be wrong. My name and my significant other’s name is on the deed supposedly. Supposed to be e mailing me a copy of all the transfer papers.

Houston.
Alabama
Florida
Kansas

And 2 properties 30 miles from me.

The ks one is my childhood home and I own. So I know about that one lol.

I hope you're about to evict some identity thieves and cash in on the windfalls.

My luck, they'd all be mud huts built on chemical spills the epa were recently notified of.

I'm really curious about this. Is the property in Houston a place you lived or something?

Never lived anywhere but ks and mo...

****ing weird.

LMAO

I know you are asking yourself the same questions - but how the **** does your name get on the deed for properties in FL, TX, & AL.

And my “wife’s “ Is on at least one also. we have different last names of course. Been together almost 20 years but no papers lmao.


Waiting on an email from a title company in Houston. Waiting on calls back from 2 in Florida and one in Alabama.

couldn’t even leave a message on the 2 30 miles from me. Might just go drive by ROFL. Hell if it’s mine I can just go sit down in the living room, right?

Sauto has been a slumlord for years and didn’t know it

Someone stole your identity, invested in property and made you hundreds of thousands of dollars.......

I would still call Lifelock and yell at them.

Lol I’ll never get that lucky.

I probably owe a million dollars or something.

You now have vacation homes in multiple locations. Better get on collecting all that past due rent. LMAO

This really pisses me off with the loan funds. Independent contractors and the self employed got royally ****ed on this deal having to wait a whole god damn week longer than everyone else. I applied on Monday with Paypal, but it's been pending since then, so I guess im shit out of luck.

O, Buehler, Tim and I had some pretty sweet business opportunities pop up, and we want to thank you for your and your wife’s contributions.

My understanding is the money that gets funded is the banks. The "approvals" mean the bank will get paid that in like 60 days or something (my banker said 60 days. I laughed. Not my business). So IF you're approved and IF your bank allocated enough money you should get the money.

If you're wondering about forgiveness, I posted a blog post from Paul Neifer earlier that outlines it as best as I've seen.

Can I farm any of it?

I already work from home so my job hasn't changed at all other than the rest of the staff in the office now also works from home. I work for Humana, so my job isn't going to go away anytime soon, so I am lucky there.

As for spare time, I have started making my own fishing lures. I don't know if I am going to try to sell them on the side yet, but for now, I am making wooden crankbaits. I may get into soft plastics later, but for now, I am only doing handmade and hand painted lures.

I have been watching a bunch of youtube videos (Marling Baits) and that kind inspired me to try it myself. Looks fun.

The way I understand it, and it's speculative at best, is that anyone who had an SBA app number will still get funded. so, in that regards it would be earmarked funds, not dispersed funds....

Have at least one clear-cut case of this yesterday with a client, and after much pushing, found out they will be getting funding.

One other separate but related note: many smaller banks have been taking longer to actually fund. Not sure the exact reasoning, but I've had instances where the small bank was waiting up to 10 days. Best guess is that it's internal bank dealings, maybe having to do with liquidity limitations, but again, that's a guess. I say this because I do think funds are ear-market rather than disbursed, so (while I never like to give false hope) their may still be possibility if your app was in early. I'm going back to every client and making certain that, if they had an SBA app approved, that they are communicating with their bank.

My company received our funding yesterday morning, but it wasn't easy. We go through PNC, and it took non-stop calls several times each day to get answers. But we signed the loan docs Wed, money there Thursday.....so, it was like two weeks of pure hell, then bang....there's the money. Small banks are seemingly the opposite: was relatively quick to get applications in, but many are slower to fund.....

P.S. next step would be a second go-round on PPP, which I thought would be the case a while back....but it's government, so who knows when something will actually happen.

i'll say that my application was turned in tuesday and it was approved and funded yesterday or actually late wednesday.

Lurker here. Did you figure out what was going on with the properties? That is a crazy story.

Congrats!!

We are getting funded on Monday....10 days to the day for small CU

Congrats!

I think that’s the limit. Banker told me he had to get this one and that one done because there is a time limit. I think he said 10 days. Don’t reschedule.

Just finished listening to INC mag host a webinar with expects.

Summary:
If you don't have an SBA approval number, your PPP is dead until congress gets off their asses and funds hopefully next week.
SAME with EIDLs. Dead until new funding. Not expecting funding anytime soon. Low on the funding list.

I'm confused on what an SBA approval number actually is? I've seen a couple people use that terminology.

Does it mean your bank has given you this approval number that your loan and documents were verified and money is on the way?

Or is it just a number that says we've received your application and you're now officially in our system?

I'm operating on the idea that for whatever reason, I'm not going to be receiving the money. I've had my documents turned in for 10 days since last communication. And that's fine...it sucks but won't break me. But clarity has been so lacking throughout the whole process I feel like I've wasted too much time worrying about it.

it's really amazing if you think about it....$349M earmarked in less that 2 weeks.....

I never thought it was enough to go around, but that's an amazing feat in two weeks.

I do hope they are able to get additional funding in.....lots of people left out in the cold, but at least kudos on getting what was available out there quickly....

SBA will tell your bank that it is approved by the government and here is the SBA number.

Then the bank will tell you that since the gov is guaranteeing your loan, you are then approved by the bank.

thus, you need that SBA number. If your bank has not received one, then you are waiting for the next round of funding.

Only, you need to change your M to a B. It's $349 billion.

I won't even go through the whole process we went through, trying to get a PPP loan. It's too frustrating. We FINALLY e-signed the final application at 11:55 PM Wednesday night (I applied within thirty minutes of it being announced). I woke up Thursday AM to the news that the fund had dried out.

I can't be mad at the SBA, who is in a really tough spot. I can be made at Congress for weaponizing the program, and at all the banks (including mine) who prioritized some businesses over others. It's despicable.

Hopefully, they turn back on the spigot for it next week.

easiest way to think about it: The bank is simply an administrator of the program for the SBA:

applicant (you) applies to the bank,
bank tells you "OK, we have your application",
then bank has to feed your application to the SBA (after all the underwriting / certifications are vetted)......

So when you hear "SBA approval number", what that means is your application was pushed through the SBA, and the bank has received word from SBA that your loan will be funded. I'm not an expert on this, but I would think that this is also synonymous with "OK Bank, the SBA will back this loan....", and basically letting the bank finalize the transaction

Because of this, simply having bank confirmation of your application isn't enough. It's the SBA number you need....

Unfortunately, I think your assumption is correct in that, if you don't have the SBA approval number, that you will not receive funds...

lol...you are correct.....didn't add enough zeros to the end of it!

P.S. I think your assessment is spot on as well...not a smooth program, and banks doing what they wanted was a major player in that....

Finally got visual proof of the money in the bank. It's been there since yesterday, but wasn't visible online.

Wanna hear a funny story?

A colleague of mine came by the office on Monday to get some work done. I asked him if he had applied, he didn't know what I was talking about but said he was going to look into it. He just popped back in 5 minutes ago and said he got his money already. Went to his old bank in Kearney after talking with me and applied through his old lender. Got the approval call back from his banker within 30 minutes and was funded this morning.

I want to shoot Bank of America hahahaha. I applied 9 days before him and haven't heard squat ROFL

Oh man Blake. I hope you get something going.

Checking in on everyone. How are things going?

We're still building. But only one crew on the inside .
And one crew on the outside. Which is our 4 man crew.
Usally a bee hive of activity. Not anymore.
Have to be honest. Its nice not tripping over extension cords.


You?

Corn is shitting the bed. But hey wheats up and there is a real chance I will grow 0.00 bushels. And maybe corn too if it doesn’t ****ing rain some ****ing time just ****ing once.

The real bad news is there are 180 cases in Dodge. I’m guessing at the packing plant. If they shut that down that will have tremendous economic effects to the region.

Does the money just get deposited into your company account? I'm curious how it actually arrives. I'm up on the widow walk with a telescope anxiously peering at the horizon.

Your bank provides the funds. It’s up to them. Some are making new accounts for the loan so it’s easier to keep track of where that money went (qualified expenses)

Mine was just a deposit like any other loan advance.

PPP arrived. 10 days to the law.

Waiting to file the 2 other EIDLs.

I heard there were a bunch of cases out your way. Believe they did come from the packing plant, but not 100% on that. Think there is some rain coming today/tonight - not sure it's gonna hit you or not, but sounds like it's going to be pretty heavy for us. Hope it comes through for you.