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Old 03-26-2020, 09:25 AM  
Trivers Trivers is offline
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Join Date: Oct 2011
Location: Two Rivers, Wisconsin
Hey Small Business Owners...What are you doing to ride the storm out?
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?
Last edited by Trivers; 04-02-2020 at 06:02 AM..
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Old 04-09-2020, 05:46 PM   #406
mililo4cpa mililo4cpa is offline
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Quote:
Originally Posted by Trivers View Post
Question:

This thread has been mostly focused on how to get PPP and EIDL funds.

Now the question is: What is the process once you are approved? Is it a traditional closing with loan docs?

Thanks
I'm getting this from my consultant working with this client:
1. PPP App turned in
2. Bank came back, sign some underwriting docs
3. Bank submits to SBA
4. SBA came back with a revised document through the bank that client signed
5. Client signed, returned to bank, who then sent back to SBA
6. SBA confirmed approval via an email to bank, bank to client
7. There was some type of final loan doc the SBA had client sign. I don't know if that was through docu-sign or hard copy
8. Once that final loan doc was sign, SBA approves loan, bank funded....client said they received a check, which surprised me.
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Old 04-09-2020, 06:02 PM   #407
Trivers Trivers is offline
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Join Date: Oct 2011
Location: Two Rivers, Wisconsin
Quote:
Originally Posted by mililo4cpa View Post
I'm getting this from my consultant working with this client:
1. PPP App turned in
2. Bank came back, sign some underwriting docs
3. Bank submits to SBA
4. SBA came back with a revised document through the bank that client signed
5. Client signed, returned to bank, who then sent back to SBA
6. SBA confirmed approval via an email to bank, bank to client
7. There was some type of final loan doc the SBA had client sign. I don't know if that was through docu-sign or hard copy
8. Once that final loan doc was sign, SBA approves loan, bank funded....client said they received a check, which surprised me.
Ugh! I'm still at Step 1.

Rep for the detail!
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Old 04-09-2020, 09:01 PM   #408
Dallas Chief Dallas Chief is online now
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Originally Posted by mililo4cpa View Post
that's fantastic!

Update on my client: they are now being told the 13th, but still, that is a very good results....10 days from application to funding.....that's good work!
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?
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Old 04-09-2020, 09:04 PM   #409
IA_Chiefs_fan IA_Chiefs_fan is offline
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Originally Posted by Dallas Chief View Post
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?
As I understand it, the loan must be closed within ten days from the approved application.
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Old 04-09-2020, 09:07 PM
Camaro
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Old 04-09-2020, 10:41 PM   #410
BucEyedPea BucEyedPea is offline
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Old 04-10-2020, 05:26 AM   #411
Trivers Trivers is offline
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Join Date: Oct 2011
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Quote:
Originally Posted by Camaro View Post
I’m not really sure what to do. I started an electrical company 1st of the year and had a bunch of work lined up but so far have just done 15k worth of Work to date and invested about 40k into tools, truck, material.. I haven’t paid myself a dime but if this keeps up I’m gonna run out of money. Will I qualify for anything even though I didn’t exist before 2020?
Congrats on taking the plunge and building your own company.

Yes. You existed before 1/31.

Apply ASAP for the PPP.
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Old 04-10-2020, 07:41 AM   #412
Mr. Plow Mr. Plow is offline
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Originally Posted by BucEyedPea View Post
Tomorrow, gonna make ten more Sculpey clay starfish for my hanging Mason jars around my lanai's eat-in area by my pool to use up time. The real ones, that are dried disintegrate here in the humidity. They're organic matter. So gonna make fake ones, then bake hard. Fake n' Bake.
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Old 04-10-2020, 08:14 AM   #413
dlphg9 dlphg9 is offline
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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?
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Old 04-10-2020, 08:41 AM   #414
SAUTO SAUTO is offline
Shit
 
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Still no word on either of mine... nice
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Old 04-10-2020, 08:41 AM   #415
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Quote:
Originally Posted by mililo4cpa View Post
I'm getting this from my consultant working with this client:
1. PPP App turned in
2. Bank came back, sign some underwriting docs
3. Bank submits to SBA
4. SBA came back with a revised document through the bank that client signed
5. Client signed, returned to bank, who then sent back to SBA
6. SBA confirmed approval via an email to bank, bank to client
7. There was some type of final loan doc the SBA had client sign. I don't know if that was through docu-sign or hard copy
8. Once that final loan doc was sign, SBA approves loan, bank funded....client said they received a check, which surprised me.
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.
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Old 04-10-2020, 08:47 AM   #416
Trivers Trivers is offline
Always ask 'Why?"
 
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Originally Posted by DJ's left nut View Post
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.
Yep, we already did that. Makes it much easier. And paying via papercheck whenever possible instead of electronic payment such as utilities, etc.
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Old 04-10-2020, 08:51 AM   #417
limested limested is offline
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Originally Posted by Camaro View Post
I’m not really sure what to do. I started an electrical company 1st of the year and had a bunch of work lined up but so far have just done 15k worth of Work to date and invested about 40k into tools, truck, material.. I haven’t paid myself a dime but if this keeps up I’m gonna run out of money. Will I qualify for anything even though I didn’t exist before 2020?
Electrical work not considered essential or is business just down because of covid-19?
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Old 04-10-2020, 08:53 AM   #418
SAUTO SAUTO is offline
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Originally Posted by limested View Post
Electrical work not considered essential or is business just down because of covid-19?
Let’s hope you aren’t here to just stir shit today...
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Old 04-10-2020, 08:54 AM   #419
limested limested is offline
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Let’s hope you aren’t here to just stir shit today...
It is a serious question.
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Old 04-10-2020, 08:57 AM   #420
SAUTO SAUTO is offline
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It is a serious question.
What does it matter?

Hint: it should be obvious
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