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Discussion in 'The Mainboard' started by dallasdawg, Mar 18, 2020.
Excited for the upcoming server upgrades
Mine is suppose to come any day too, supposedly working their way through march applications.
damn dude! did you just submit revenue and cogs and that’s what they approved?
have you gotten the grant yet
Yup. I should have been less conservative with it. I overstated COGS by like 15k but wanted to be safe.
do you know what the calculation is to get to that loan amount? i want to put my numbers in and see what it looks like
we are doing okay right now, but that would literally be a game changer for me
Based on what I remember it feels like I got around 50% of my "profit."
and did you use cogs in the literal accounting sense or did you include anything else? you said you inflated a bit so just curious
i believe my accountant and i just used direct cogs
Only used our actual costs, not like with labor and stuff in it. Then added some to it just to be safe.
Yes received that on the 17th of April
Same I wish I would have taken freight and some coupons out of cogs. I am going try to when I get a loan officer.
formula is revenue - cogs/2 - Grant amount
formula is revenue - cogs/2 - Grant amount[/QUOTE]
yeah i saw that before but didn’t know if anything had changed. are they asking for any additional documentation or just going off the numbers you applied with? trying to see what all i need to start putting together
Just going by the short form, none of the other documentation like p and l, debt schedules, personal financials etc. they were requesting early. From what I’ve heard if you hit the minimum credit score(~575) you’ll get it.
damn okay i’m down with that
We’re a new business, so we don’t keep a ton of money in the business. When PPP hit our bank account it was a pretty big shock just looking at the balance.
So I got 21k for my single entity llc set up as an scorp.
what the hell do I do now?
My accountant says to set aside some money for payroll and UE tax but other than that I’m don’t really know what to do with it? Hesitant to move any over to my personal accounts.
I just got a credit check by SBA, I’m assuming that’s for the EIDL?
Now that’s happened how long till the funds are deposited?
Usually takes a few days for the up to 10k grant, you are likely months away from the loan.
Is the loan a separate application? When I went onto the website many weeks ago to apply it seemed it was only for the grant.
Same application applies business for both
i think Mix waited 6 weeks? probably looking at more than that now you’d think
How do they determine the loan amount since it didn’t ask how much I may need?
Yeah they are processing 3/31 4/1 apps now. I think its speeding up some but prob a few weeks away depending on when you applied.
((revenue - cogs)/2) - grant amount
Looks like I’ll have to prepare the necessary documents to send over since they wouldn’t know that information to calculate the loan amount
you should reread this page
That was convenient
They want to save millions of small businesses, this is the type of policy needed
"Last but by no means least, we need to do something to support America’s small businesses. The Paycheck Protection Program is too complicated and prescriptive to work. In a policy brief for the Economic Innovation Group, Adam Ozimek and John Lettieri propose giving zero-interest loans equal to up to the lesser of $5 million or 200 percent of 2019 operating expenses. This could help ensure that no business with a realistic long-term future needs to close due to a pandemic-related fall in demand, meaning that restrictions could stay in place as long as is prudent without jeopardizing entrepreneurs’ livelihoods or imperiling the long-term structure of the American economy."
Got ourselves one of those Bumble grants. So now that app gets you laid and paid. That will help a ton while we wait for federal money.
PPP loan forgiveness application was posted. Lots of new info/rules
Does the EIDL advance amount exclude the grant?
Some info on forgiveness. Sounds super lenient. I expect most people will be able to get it all forgiven with these rules.
Over the last week, we have received further guidance on the Paycheck Protection Program (“PPP”) regarding:
1. Certification including clarity on safe harbor provisions,
2. An extension of time to May 18, 2020 to return PPP loan proceeds under the certification safe harbor provisions,
3. Clarification of partnership loan calculation rules including the ability to increase PPP loan proceeds to partnership borrowers under such rules, and
4. PPP Loan forgiveness guidance.
Our original intention was to send an update today discussing the first three issues mentioned above; however, those issues seem to be old news considering the information regarding loan forgiveness that was released yesterday. While we are available to discuss the issues mentioned above on an individual basis, we will use this opportunity to discuss the information released yesterday regarding PPP loan forgiveness below.
Yesterday, the SBA in conjunction with the Treasury released the PPP Loan Forgiveness Application (the “Application”). While there is a lot to digest in the Application itself, some of the more critical items are the following:
1. The CARES Act defined forgivable costs as those “incurred AND paid.” The Application defines forgivable costs as those “incurred OR paid” and gives further guidance on when an expense is forgivable.
2. Full Time Equivalent (“FTE”) definition. While previously thought to use the SBA definition of FTE which is 30 hours per week, the Application clarifies the definition to be 40 hours per week.
3. With regard to loan forgiveness reductions related to either reductions in FTE’s or wages, the Application gives guidance as to how to calculate such eliminations.
We are planning to have a webinar later this week to discuss these and other items in the Application. We will also update our excel workbook to be released in conjunction with the webinar. Be on the lookout for the webinar announcement.
Additionally, as per the SBA website, the Application form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
• Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
• Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
• Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
• Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
• Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
The Application is accessible here.
In addition to the release of the Application as discussed above, the House of Representatives passed the HEROES Act yesterday as well. While several Republican Senators have made statements that this bill is dead on arrival to the Senate, the HEROES Act has several interesting provisions related to the PPP that may not be DOA. Here are some of the key PPP provisions:
• Extension of the covered period from June 30 to December 31 allowing the current 8-week period from the date of PPP loan funding to be permitted to extend past June 30.
• Repeal of the requirement that 75% of the loans be spent on payroll.
• Clarification that expenses paid or incurred with proceeds from PPP loans that are forgiven are also deductible for federal income tax purposes.
• Extends the 8-week period to pay forgivable expenses to 24 weeks.
• Establishes a minimum maturity on PPP loans of 5 years to enable borrowers to amortize loans over a longer time frame.
• Extension of the eligibility to all nonprofits.
• Allows payroll tax deferrals for recipients of forgiven PPP loans.
As with the CARES Act, there are many provisions in the HEROES Act other than those related to the PPP; however, these are some that are pertinent to the PPP. Please note that if some of the provisions in the HEROES Act discussed above pass, there will be revisions to the Application.
As seems to be the case all too frequently, this was another big week of news regarding the PPP. We will continue to keep you informed so please stay close.
Guys - holy shit we just got approved for $150k....still says application is being approved but this would be a game changer
Anyone know how long it takes from
Application Being Processed > Application Being Approved > Sign Docs and Money in the Bank?
Application was approved in like 30 mins from when I signed everything.
Still no money 2 weeks later.
map I also was deemed eligible for the 150k EIDL. 30 year term, $700/month payment at 3.75%.
I also currently am 2 years into a 7 year SBA loan that still has about $100,000 left on the balance. That monthly payment is about $2000/month.
would I be able to gobble up and payoff the 7 year loan with my EIDL money?
From what I’ve read you can’t use eidl funds to refi existing debt.
I think one of the stipulations for the loan is that the money is used to keep your business operational and not used to pay off other debts.
Any updates? Ours was just approved and I just signed and executed our docs....hoping it comes as quickly as it can. Would love to pay myself soon and settle a few payables
72 hours for us... money was directly deposited into our account
Hell yes - the full amount or in installments? I read in the terms while signing SBA reserves the right to make multiple disbursements
We got 1/3 the amount you got approved for so they deposited the entire amount one shot.
Got it Fri. So 2-3 weeks for us. Now just waiting on our Bumble money.
Didn't someone in this thread mention owning an AirB&B or whatever they are called?
Anyone else have employees refusing to work full time hours so they can keep partial unemployment?
150k EIDL just deposited. I don’t even know how to feel right now.
Relieved more than anything at the moment.
They did short us $100 ($149,900), but I’m guessing that was the wire fee. I don’t have a Karen in my company to set upon them so guess they get to keep it.
when did you apply?
Applied 3/31 or April 1ish...got the 10k advance 3-4 weeks ago. Got approved for loan last week. Executed docs on Friday, money in the account today.
So, my freelance business got approved for $1800. Certainly not much, but it's nice to have considering I got zero from the previous stimulus.
I'm still unclear on if this is part of the $10k grant or not.
Anyone know how long we would have to accept the loan after we got the email for the eligible for $150k? I’m in the middle of refinancing my house and don’t want to touch it yet