Hey Small Business Owners...What are you doing to ride the storm out?

[Trivers]

How are you handling HR issues?

Are you applying for SBA loans?
There are several types of loans. And new info is appearing daily.

Capital up to $10MM.
Up to 30 years to repay. Some actually are forgivable.
3.75 to 4%

https://disasterloan.sba.gov/ela/

https://www.inc.com/kevin-j-ryan/sma...incthismorning



My world: Everyone at the software companies are working remotely. The chocolate factory shut down yesterday due to not be considered an essential business. The chocolate elve had already left due to health concerns. I handle all the commercial rentals myself so no impact:

I don't intend to lay-off anybody...if this stretches into June or July...then we may look at cutting salaries by 25 to 50%. With the $1,200 everyone is getting already from the gov, and the 4 month unemployment (+$600/week additional), if we have to do layoffs, then the Team will not be totally without funds.

What are you doing to ride the storm out?

[BucEyedPea]

Originally Posted by dlphg9

So im considered an independent contractor and I will probably be applying for the PPP loan today. Anyone else an IC and going to apply?

I am one too. But I will not be applying for any money.

[SAUTO]

Originally Posted by BucEyedPea

I am one too. But I will not be applying for any money.

Bye then. No need to post here.

[Mr. Plow]

Originally Posted by SAUTO

Still no word on either of mine... nice

Me either. Going to email my banker to see if there is any update.

[blake5676]

Anybody doing theirs through Bank of America? Curious about the process and progress others have made.

My initial app was accepted. About two days later, I got an account/login for their 3rd party system they are running things through with info to again fill out the Loan Amount sheet and PPP Addendum. Filled those out and uploaded them along with my tax/payroll documents yesterday. Seems each step has had about a 48 hour turnaround for next communication.

[DRU]

I'm self-employed, S-corp, with only myself on the payroll.

Equity Bank could not have made this any easier on me. Started the process on Wednesday this week, and was funded today. Yes, 3 days total, and about 30 min of my time...max.

* Sent me initial application packet with instructions to calculate forgivable loan amount. Had this filled out in about 5 min.

* Needed to provide 2019 Payroll reports and employer match 401k contribution. I had all of this available in my Google Drive already.

* Equity provided me with a simple drop box to upload the application, worksheet, borrower acknowledgement, and 2019 compensation reports. This was done on Wed.

* Received word early this morning that the loan was approved and just waiting for SBA loan number and promissory note.

* Around noon I received the DocuSign for the loan. Clickety-click, done.

* Cash is now funded in the new business account Equity setup for me specifically for this.

So glad I moved away from Bank of America to Equity Bank 4 years ago. EVERYTHING about them is 1000x better, and now with current events happening and seeing the nightmare people are going through trying to get this stuff with big banks, it just further solidifies that I will never bank with a big bank again.

Equity is regional. They know my name when I walk in and greet me with a big smile. When I call their phone number they immediately pick up and are able to help with whatever I need. When I email they reply back or call within minutes.

I have a HELOC with them as well, and that process was extremely smooth.


Can't rave about them enough.

[Mr. Plow]

Just got a response from my banker. He said mine was submitted & accepted this past Sunday. They are waiting on final guidance from SBA on process and they are hopeful to start closing the loans ASAP.

[mililo4cpa]

Originally Posted by Dallas Chief

How did they get a PPP app turned in 10 days ago? I thought banks didn't start taking applications until 4/3, last Friday?

I wrote that when they thought that the funding would come on the 13th....10 days from April 3rd app date....

They actually funded in advance of that, so they did even better.

With that said, they went through a small bank, and had most of the payroll information and other due diligence requirements in their reps hands early in the week, so when the doors opened on Friday the 3rd, everything was already done except the formal application, which was the first one this bank processed.

[mililo4cpa]

Originally Posted by Trivers

Congrats on taking the plunge and building your own company.

Yes. You existed before 1/31.

Apply ASAP for the PPP.

this...and EIDL...

[mililo4cpa]

Originally Posted by DJ's left nut

We completed step 7 yesterday.

We also asked the bank to set up a new account for us to deposit those funds into. Our hope is that it will keep things cleaner for later accounting when we look to have the loan forgiven. If we can spend out of that account for anything presently earmarked as 'forgiveable' and ONLY for those things earmarked, we may have an easier time of it on the back end.

Or so is our theory.

We've made that exact recommendation to all of our clients as well....I believe that will be very important once the application for forgiveness comes into to play

[mililo4cpa]

Originally Posted by Mr. Plow

Me either. Going to email my banker to see if there is any update.

We've been beating up our banks three times a day, and still no response to our application. I think the big banks are so inundated with volume that they themselves cannot keep track....

All the more amazing that we have the client that already funded....that is definitely the exception, not the rule, at this point.

[Trivers]

We just got the Step 1 notification that the SBA has approved the loan....but the credit union had no date of when funding will occur.

[mililo4cpa]

Originally Posted by DRU

I'm self-employed, S-corp, with only myself on the payroll.

Equity Bank could not have made this any easier on me. Started the process on Wednesday this week, and was funded today. Yes, 3 days total, and about 30 min of my time...max.

* Sent me initial application packet with instructions to calculate forgivable loan amount. Had this filled out in about 5 min.

* Needed to provide 2019 Payroll reports and employer match 401k contribution. I had all of this available in my Google Drive already.

* Equity provided me with a simple drop box to upload the application, worksheet, borrower acknowledgement, and 2019 compensation reports. This was done on Wed.

* Received word early this morning that the loan was approved and just waiting for SBA loan number and promissory note.

* Around noon I received the DocuSign for the loan. Clickety-click, done.

* Cash is now funded in the new business account Equity setup for me specifically for this.

So glad I moved away from Bank of America to Equity Bank 4 years ago. EVERYTHING about them is 1000x better, and now with current events happening and seeing the nightmare people are going through trying to get this stuff with big banks, it just further solidifies that I will never bank with a big bank again.

Equity is regional. They know my name when I walk in and greet me with a big smile. When I call their phone number they immediately pick up and are able to help with whatever I need. When I email they reply back or call within minutes.

I have a HELOC with them as well, and that process was extremely smooth.


Can't rave about them enough.

That’s fantastic...seems like the smaller banks were the way to go with this thing...

[Trivers]

crickets on the EIDL grants!

[eDave]

Originally Posted by Mr. Plow

****in funny post Mr. Plow.

[mililo4cpa]

Originally Posted by eDave

****in funny post Mr. Plow.

sums it up perfectly....doesn't it!