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Rule of thumb: If you think something will take a week, it'll take a month. If you think it will take a month, it will take three. If you think it will take 3 months, it will take a year.....uncanny how often that holds true, particularly when it comes to business transactions.... With that said, they are going to want to get money in the hands of business sooner rather than later, but still mountains of details to work through.... |
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This thread has been a tremendous resource. Thank you, everyone. |
Also, information from various state chambers of commerce. Not certain how useful as of now, likely some good nuggets
https://www.statechambers.org/cv |
2nd day back at work. Just the 3 of us out here working on this new house.
Bought a used Colman 3 burner stove the other day. So were cooking here on site rather than running into town and eating at a fastfood joint.. We're on the banks of the Elkhorn river. Its beautiful out here. And quiet. So quiet and peaceful. You'd never know we are in the grips of a pandemic. Gods Speed people. |
With the nature of ous business, we're used to having lulls and thankfully have enough saved up to get us through the next 4 months. We're just hunkered down and praying that things get back to normal soon
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I haven't read this in entirety, but so far, this is very good read regarding the SBA Loan (which I will now refer to Payroll Protection Program or "PPP")
https://www.kelleydrye.com/News-Events/Publications/Client-Advisories/Federal-Relief-Package-Includes-$350-Billion-for-S |
So should I go ahead and fill out the application now? This is confusing
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I would also continue down the road of the SBA EIDL.....you don't have to take the funding even if approved, so I would at least continue down that road first. NOTE: I'm trying to get input on whether an approval of EIDL eliminates options on the PPP.....it's a concern I have. |
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An SBA rep just told me something very important about the EIDL.
They are so swamped that they have changed their initial documentation requirements. They have changed the immediate filing of a requested EIDL from 6 docs to fill out and upload to ONLY TWO. This streamline version enables them to assign a application case number to each submittal. THEN an SBA processor will contact you to ask for additional documentation. BUT, he stressed, never ever give out that case number. You and the SBA will be the ONLY ones to have it. If you get a phone call, and the person asks you for the case number, YOU ARE BEING SCAMMED. |
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SBA states to file for both. You can always turn down the EIDL $$$ if you get the PPP $$$ |
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Reminder: You don't have to take the EIDL if approved. so why would I stop the EIDL loan application to apply For PPP assuming that you can take a "wait and see approach" with PPP. But if banks come back and say "Nope, you're approved for EIDL, use that", then there will be a lot of pissed off people. And worse yet, what if people withdraw their EIDL apps, then don't qualify or receive PPP funding???? Also, It would be very shitty if the SBA forgave loans for one type of loan, but not the other other, when essentially the loans are for the same thing. But at the same time, how does one know they will or will not actually receive either the PPP or EIDL? This is why I think money doesn't start flowing for 2 months.....too many unanswered questions as of now. |
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