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Old 03-26-2020, 09:25 AM  
Trivers Trivers is offline
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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 04-17-2020, 10:33 AM   #541
Trivers Trivers is offline
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Originally Posted by SAUTO View Post
i'll say that my application was turned in tuesday and it was approved and funded yesterday or actually late wednesday.
Congrats!
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Old 04-17-2020, 10:34 AM   #542
Buehler445 Buehler445 is offline
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Originally Posted by Trivers View Post
Congrats!!

We are getting funded on Monday....10 days to the day for small CU
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.
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Old 04-17-2020, 11:58 AM   #543
Trivers Trivers is offline
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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.
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Old 04-17-2020, 12:17 PM   #544
blake5676 blake5676 is offline
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Quote:
Originally Posted by Trivers View Post
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.
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Old 04-17-2020, 01:17 PM   #545
mililo4cpa mililo4cpa is offline
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Originally Posted by Trivers View Post
Congrats!!

We are getting funded on Monday....10 days to the day for small CU
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....
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Old 04-17-2020, 01:24 PM   #546
Trivers Trivers is offline
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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.
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Old 04-17-2020, 01:27 PM   #547
DomCasual DomCasual is offline
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Originally Posted by mililo4cpa View Post
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....
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.
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Old 04-17-2020, 01:28 PM   #548
mililo4cpa mililo4cpa is offline
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Quote:
Originally Posted by blake5676 View Post
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.
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...
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Old 04-17-2020, 01:28 PM   #549
mililo4cpa mililo4cpa is offline
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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.
lol...you are correct.....didn't add enough zeros to the end of it!
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Old 04-17-2020, 01:31 PM   #550
mililo4cpa mililo4cpa is offline
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Originally Posted by DomCasual View Post
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.
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....
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Old 04-17-2020, 02:09 PM   #551
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Finally got visual proof of the money in the bank. It's been there since yesterday, but wasn't visible online.
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Old 04-17-2020, 02:31 PM   #552
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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
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Old 04-17-2020, 03:51 PM   #553
Buehler445 Buehler445 is offline
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Oh man Blake. I hope you get something going.
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Old 04-20-2020, 09:52 PM   #554
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Checking in on everyone. How are things going?
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Old 04-20-2020, 10:01 PM   #555
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We're still building. But only one crew on the inside .
And one crew on the outside. Which is our 4 man crew.
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Have to be honest. Its nice not tripping over extension cords.


You?
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