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

[Trivers]

Originally Posted by O.city

How do they determine how much of a loan you will get?

According to the SBA webinar I just attended, they decide how much your financial information allows them to lend..they have formulas.

I think I remember seeing a check box for amount requested, and their website is down, so I can't double check on the form right now.

[O.city]

Originally Posted by Trivers

According to the SBA webinar I just attended, they decide how much your financial information allows them to lend..they have formulas.

I think I remember seeing a check box for amount requested, and their website is down, so I can't double check on the form right now.

So should I just go ahead and apply?

[Trivers]

Originally Posted by O.city

So should I just go ahead and apply?

SBA has stated repeatedly "the sooner the better."

Asking for $25K each to keep under the collateral threshold. We have 4 applications to submit. GREAT!

[O.city]

Originally Posted by Trivers

SBA has stated repeatedly "the sooner the better."

Asking for $25K each to keep under the collateral threshold. We have 4 applications to submit. GREAT!

I contacted my banker to ask about info on it. She says they're still waiting.

So is this the 25k that is forgiven?

[SAUTO]

Originally Posted by O.city

I contacted my banker to ask about info on it. She says they're still waiting.

So is this the 25k that is forgiven?

my banker said the same thing yesterday when he called to check up on me

[Trivers]

Originally Posted by O.city

I contacted my banker to ask about info on it. She says they're still waiting.

So is this the 25k that is forgiven?

the SBA states they expect the loans to be serviced.

However, several talking heads have stated they expect the loans to be forgiven. The problem is then the student loan forgiveness issue is raised.

[notorious]

Originally Posted by Trivers

the SBA states they expect the loans to be serviced.

However, several talking heads have stated they expect the loans to be forgiven. The problem is then the student loan forgiveness issue is raised.

Damn, I might go get a loan and build a steel building.

Either way it's low interest, and if it's forgiven that's gravy.

[RunKC]

So my wife’s company used Chase bank. They royally ****ed up their portal and paperwork so my wife’s company could not get a loan in the first rd.

Their company is in the process of moving everything to a new bank.

[Monty]

Originally Posted by RunKC

So my wife’s company used Chase bank. They royally ****ed up their portal and paperwork so my wife’s company could not get a loan in the first rd.

Their company is in the process of moving everything to a new bank.

I'm in the process of doing the same thing. Chase and BofA is dead to me at this point.

[Rain Man]

Originally Posted by Monty

I'm in the process of doing the same thing. Chase and BofA is dead to me at this point.

I had some Wells Fargo stock in my IRA, and I finally sold it to protest the fact that they're just f*****g evil. I ashamedly kept the stock after the scandal where they were opening credit accounts in people's names, but now that it's emerged that they screwed over small businesses in the ppp to make more processing fees, they're dead to me. (And I didn't apply to the ppp through them just to show that it's not personal.)

I'll probably do the same with some US Bank stock since they've been accused too. I don't have previous proof that they're evil so I'm waiting to see what happens there.

Wells Fargo is everything that's wrong with the American financial system. I wish every company in America would pull their business and put that company out of business.

[Monty]

Originally Posted by Rain Man

I had some Wells Fargo stock in my IRA, and I finally sold it to protest the fact that they're just f*****g evil. I ashamedly kept the stock after the scandal where they were opening credit accounts in people's names, but now that it's emerged that they screwed over small businesses in the ppp to make more processing fees, they're dead to me. (And I didn't apply to the ppp through them just to show that it's not personal.)

I'll probably do the same with some US Bank stock since they've been accused too. I don't have previous proof that they're evil so I'm waiting to see what happens there.

Wells Fargo is everything that's wrong with the American financial system. I wish every company in America would pull their business and put that company out of business.

Couldn’t agree more.

[chefs fan in omaha]

Originally Posted by O.city

How do they determine how much of a loan you will get?

2.5 months payroll

[mililo4cpa]

Originally Posted by chefs fan in omaha

2.5 months payroll

Not entirely accurate:

PPP (CARES): With a maximum maturity of 10 years, the amount to be the lesser of (a) $10 million or (b) 2.5 multiplied by the average total monthly payments by the applicant for payroll, mortgage payments, rent payments, and payments on any other debt obligations incurred during the 1 year period before the date on which the loan is made.


EIDL: Up to $2M for working capital. I believe it is based on estimated amount of economic impact (revenue loss), net of any BI.


I also came across an SBA "Express Loan" option this morning....no idea what this means at this point, but it's clearly bridge loan and for disaster relief:

https://www.sba.gov/document/support...-program-guide

Also check your state, city, county sites for CDBG money that may be available. I know here in FL they were offering up interest fee bridge loans of $50K, and have already funded some businesses....NOTE: I would suspect that SBA will take that recovery into account when doling out their loans for EIDL