We just magically got our 10K EIDL grant, applied Friday March 27th,,,,haven't heard from a loan officer regarding an additional loan
My sister and her husband got money today... We are still waiting. They used a more local bank and we used a larger bank. Kinda feel like that may be why we still haven’t gotten word back yet
Yeah my BIL is in the same boat using BOA and still hasnt heard back after he submitted paperwork day one. We used Centennial which is a regional bank and got denied then approved
Im in the same spot. I don’t have confidence that we get approved. It seems like we should’ve gone the smaller community bank route vs going with a big national branch. I’ll likely have to make some workforce cuts. Been tossing around the idea of filing for unemployment myself to keep staff in place and hope at some point in the not to distant future I actually start seeing those checks. But speaking to some people who filed 6-7 weeks ago and still haven’t received the pin to get the file going I have very little faith I can go this route. Still holding out slim hope we actually get the money.
yeah I think we took the wrong route. I spoke directly to my local branch manager who got me in touch with the regional director who’s putting all these apps in and funding approved. Basically said we should hear back in the next 48 hours and if we don’t I take it we’re fucked
SBA supposedly kicked off some big banks that were using bots to get more in. as of like an hour ago 57 billion has been done. With the banks caps it’s going slower than expected
Got a call from a WF rep on Thursday to go over the application as there was an inconsistency. Sent over the requested document and was told that it’s on the underwriter’s desk to review. Haven’t heard back since. All I get are these generic emails from WF to be on the lookout for a docusign.
Despite our application being approved and ready to go per chase’s email, we have not received any notification.
So has anyone put together a good spreadsheet for tracking the loan forgiveness items? How about a good summary of what is anticipated to be required for the loan forgiveness application. Just want to make sure we are documenting properly on our end.
it hasn’t been announced yet, but I would save everything from your payroll processor for the time being.
i’m just tracking everything in a basic spreadsheet for now, as well as through payroll. your processor should have added line items to your reports basically, just don’t lose any employees, keep paying payroll, and allocate any additional funds to utilities and rent and you’ll be fine
https://www.lowenstein.com/news-ins...he-paycheck-protection-program-debt-financing That seems fairly recent and based on what we know at this time. If you want something more practical that explicitly tells you what documentation you need, google ppp loan forgiveness and look for a CPA firm's blog post on the issue. Or ask your bank
Has anyone heard of PPP app being able to be amended after it’s approved, but, not funded? Client shorted them selves 10 grand in their calculation.
Got notice from chase that our application was sent to the SBA. How long until we get approved and funds are dispersed?
So many variables. No bank with over a billion is assets is allowed to submit from 3:00 today until midnight.
Some banks are allowed to send mass files that SBA will work. The Etran loading system for tonight is reserved for small banks. If you got sent in a mass file that’s probably a good thing. SBA is striking deals with some banks to stop quickly loading and assuring they will work the mass file for approval. Like I said it’s so many variables. If they loaded your to Etran with the SBA it comes back approved quickly.
Seems like national banks lack some personal service. I’ve always been a fan of banking locally are a large regional bank that too have a local person to deal with.
This main street lending program seems like a pretty good idea but I don't understand why they are keeping the minimums(500k) pretty high.
We used a local bank and had a great experience. PPP was approved and deposited like two weeks ago, maybe a bit more. Similar company to ours here in Richmond went through WF and is still waiting for an answer. Fuck the big banks.
What they sent to me in response to my “it’s been 13 days” email To clarify – I did not submit your application to the SBA. All I did was verify your documentation and confirm the requested loan amount, then I moved it to another team which prepares it for SBA submission in accordance w/ their requirements. Your application is ready to be submitted to the SBA, but they have capped the number of applications they will accept from each bank at one time. Synovus is working on these submissions 24/7. I know it’s been a long delay, but our hands are tied with how many applications we can push through. Truly sorry the process is such a mess but your patience is appreciated.
They told us that amending may move us back to the end of the line and we raised hell and they got it fixed within a few hours.
Finally have funds reserved with SBA for PPP. Applied through Wells within an hour on that Saturday they put the portal up but still nothing from them. Got through with another lender.
Got an email from chase last night saying we were approved by the SBA and funds will hit our account within 3 days. Now we need to figure out how to correctly use them.
problem is our payroll varies and we are 3-months behind on being paid for invoices. So I think we either need to halt business payments for work done and just use PPP or pay huge salaries over the next 2-months. We have a call set up with our accountant who can hopefully help.
please post any info here. my cpa is supposed to be sending something out today that i’ll share as well
this is not advice, but I thought I read that all dollars of employee pay for salaries >100k, is not covered in this program, but your accountant or lawyers will know for sure.
Just FYI if any of you guys were planning on using the payroll tax credit (as opposed to a PPP loan): in the last 24 hours the IRS issued guidance that it is only available to businesses experiencing a near-shutdown of operations or ones that can demonstrate a decline in revenue of more than 50% in a quarter. Pretty unexpected but good to keep in mind.
my cpa is under the impression that the two are unrelated and you can still use the tax credit if you have a ppp loan i’ll send them a note and see what they say Oranjello might be able to answer that as well
The CPA is incorrect, as the CARES Act statute says that PPP recipients cannot claim the employer retention tax credit. Here's the recent guidance: https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act At the top of the questions it says "This FAQ is not included in the Internal Revenue Bulletin, and therefore may not be relied upon as legal authority. This means that the information cannot be used to support a legal argument in a court case." But because the preclusion of the PPP and ERTC is in the statute, it is still the law (unlike the FAQ). All that to say, I don't believe (but could be wrong) the 50% decline in revenue is in the statute, and I don't believe any regulation, so it's not the law but rather the practice the IRS will follow. If you disagree, your primary option is to pay the tax, file for a refund, and then file a lawsuit when they deny the refund. See also https://www.irs.gov/newsroom/covid-19-related-employee-retention-credits-general-information-faqs https://www.irs.gov/newsroom/covid-...-with-other-credit-and-relief-provisions-faqs https://www.irs.gov/newsroom/covid-...e-to-claim-the-employee-retention-credit-faqs https://www.irs.gov/newsroom/covid-...e-employers-employee-retention#gross_receipts