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Old 03-27-2020, 11:12 AM   #2
mililo4cpa mililo4cpa is offline
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Quote:
Originally Posted by Mr. Plow View Post
For anyone interested, I called my banker a little while ago. Talked for a bit, and he sent me this from a meeting he was at yesterday.
Yes...this is consistent with what I have seen.....

I have a .pdf document, but not sure how to attach it.....
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Old 03-27-2020, 11:15 AM   #3
mililo4cpa mililo4cpa is offline
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Quote:
Originally Posted by mililo4cpa View Post
Yes...this is consistent with what I have seen.....

I have a .pdf document, but not sure how to attach it.....

OK...figured this out....sorry, I'm a noob....
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Old 03-27-2020, 11:22 AM   #4
Mr. Plow Mr. Plow is offline
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Quote:
Originally Posted by mililo4cpa View Post
OK...figured this out....sorry, I'm a noob....
Thanks man!
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Old 03-27-2020, 11:30 AM   #5
mililo4cpa mililo4cpa is offline
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Quote:
Originally Posted by Mr. Plow View Post
Thanks man!
Thanks for yours as well. Any info on this is good stuff.

....the .pdf I attached references Congress.gov, but I've yet to seen any summary like the .pdf. I'd assume UBS put that together, but then I'd guess they'd put a legal disclaimer in it as well, which they don't....

I also still think that there are lots of details remaining to hash, and I'd bet 2 months before money starts flowing....
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Old 03-27-2020, 11:09 AM   #6
mililo4cpa mililo4cpa is offline
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OK...a little clarification on CARES in regards to the SBA EIDL. It appears that there are multiple "phases" to the SBA relief. Phase two is the EIDL, Phase three (at least in regards to small businesses) is the Small Business Interruption Loans. Phase II and III are different programs all together, but participating in Phase II MAY make the borrower ineligible for Phase III.

I'm getting this from a bank document outlining the provisions. I'm going to vet this further, and if I can get a good link, I'll post this....
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Old 03-27-2020, 11:32 AM   #7
mililo4cpa mililo4cpa is offline
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Just got this from my legal counsel....it's a multi-state CoronaVirus policy tracker....

I could have used this about 2 weeks ago!

https://www.multistate.us/pages/covid-19-policy-tracker
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Old 03-27-2020, 11:37 AM   #8
mililo4cpa mililo4cpa is offline
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Also, information from various state chambers of commerce. Not certain how useful as of now, likely some good nuggets

https://www.statechambers.org/cv
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Old 03-27-2020, 11:39 AM   #9
LiveSteam LiveSteam is offline
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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.
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Old 03-27-2020, 11:47 AM   #10
FlaChief58 FlaChief58 is offline
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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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Old 03-27-2020, 11:59 AM   #11
mililo4cpa mililo4cpa is offline
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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
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Old 03-27-2020, 12:20 PM   #12
O.city O.city is offline
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So should I go ahead and fill out the application now? This is confusing
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Old 03-27-2020, 12:22 PM   #13
Mr. Plow Mr. Plow is offline
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Originally Posted by O.city View Post
So should I go ahead and fill out the application now? This is confusing
I'm waiting until the bill passes to see exactly what it is and what I need to do. I'd rather try to apply for the one that at least a portion doesn't have to be repaid vs. the other. If the first falls through for me, I'll try the next.
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Old 03-27-2020, 12:50 PM   #14
mililo4cpa mililo4cpa is offline
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Originally Posted by Mr. Plow View Post
I'm waiting until the bill passes to see exactly what it is and what I need to do. I'd rather try to apply for the one that at least a portion doesn't have to be repaid vs. the other. If the first falls through for me, I'll try the next.
If it were me, and assuming the PPP has to go through a lending institution, I'd be in constant contact with my bank. Since PPP is formula based, it should be relatively easy to calc out the amount you could borrow.

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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Old 03-27-2020, 01:13 PM   #15
O.city O.city is offline
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Quote:
Originally Posted by mililo4cpa View Post
If it were me, and assuming the PPP has to go through a lending institution, I'd be in constant contact with my bank. Since PPP is formula based, it should be relatively easy to calc out the amount you could borrow.

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.
I was told you would not be able to do both
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