The most prestigious law school admissions discussion board in the world.
|
 |
 
|
Solos: Any luck with SBA loans yet?
Poast new message in this thread
Date: March 30th, 2020 3:19 PM Author: Umber library My bank is still working on implementing . . . don't want to miss out (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39900659) |
 |
Date: March 30th, 2020 3:32 PM Author: stubborn histrionic ceo space how do we obtain the free 2.5 months of wages? is the app live? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39900779) |
|
Date: March 30th, 2020 3:33 PM Author: Umber library that was my question - you apply through any SBA accredited bank. Most are. But I am not aware of any that are actively accepting applications. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39900794) |
|
Date: March 30th, 2020 3:33 PM Author: Canary domesticated temple roommate Still waiting. In contact with our banker at least once a day, including Saturday and Sunday. May be Friday before they can process. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39900805) |
|
Date: March 30th, 2020 3:46 PM Author: Umber library ok thanks, same basically (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39900922) |
|
Date: March 31st, 2020 3:46 PM Author: Thriller therapy kitchen Post removed by moderator for violating The Law of The Land. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909024) |
|
Date: March 31st, 2020 3:51 PM Author: galvanic milky dog poop Post removed by moderator for violating The Law of The Land. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909085) |
|
Date: March 31st, 2020 4:14 PM Author: galvanic milky dog poop Post removed by moderator for violating The Law of The Land. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909325) |
|
Date: March 31st, 2020 4:17 PM Author: galvanic milky dog poop Post removed by moderator for violating The Law of The Land. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909356) |
|
Date: April 2nd, 2020 6:48 PM Author: Thriller therapy kitchen BENZO'S IRL INFO: benzo’s name is Christopher J. Gravens Jr. a white trash pauper and criminal from Indiana. According to our latest records, Christopher J Gravens is 32 years old and born in Oct 1987. Christopher's phone numbers include (260) 706-1271, (260) 701-9198, (812) 327-4743. Christopher's possible relatives include Ann Gravens, Carol Jackson, Christopher Gravens, David Gravens, James Gravens, William Gravens.
RATE benzo's Dad's inmate profile: https://www.in.gov/apps/indcorrection/ofs/ofs?previous_page=1&detail=239097
RATE his Aunt's PAUPER PARCEL: https://www.co.adams.in.us/DocumentCenter/View/9196/01-02-34-101-007000-014?bidId=
Contact the Adams Country Sheriff if you'd like to know more about Chris! |
Date: March 30th, 2020 3:32 PM Author: appetizing ebony brunch water buffalo what are you gonna use the loans for (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39900788) |
|
Date: March 30th, 2020 3:33 PM Author: Umber library payroll, rent and utilities for 8 weeks (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39900797) |
|
Date: March 30th, 2020 3:49 PM Author: appetizing ebony brunch water buffalo what are the loan terms? if youre that hard up for cash and have payroll aren't you dead in the water anyway? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39900933) |
|
Date: March 30th, 2020 3:50 PM Author: Useless adulterous dragon its free money (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39900948) |
|
Date: March 30th, 2020 3:51 PM Author: appetizing ebony brunch water buffalo so its not a loan? just free money? lol (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39900951) |
|
Date: March 30th, 2020 3:57 PM Author: Useless adulterous dragon it is a loan, but its 100% forgiven if you use it on payroll, rent, utilities, or interest (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39901009) |
|
Date: March 30th, 2020 4:14 PM Author: appetizing ebony brunch water buffalo so its not a loan lol. lol @ this country. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39901141) |
|
Date: April 4th, 2020 4:30 PM Author: Lime sanctuary (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39940950) |
|
Date: March 30th, 2020 4:14 PM Author: Umber library u must be new here. this is the Solos Helped In Turbulent Times, Laughing At Wagecucks ("SHITLAW" Act). (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39901140) |
|
Date: March 30th, 2020 4:16 PM Author: appetizing ebony brunch water buffalo lol (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39901149) |
|
Date: March 30th, 2020 4:17 PM Author: mint set skinny woman (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39901164) |
|
Date: March 30th, 2020 6:38 PM Author: Apoplectic lettuce (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902165) |
|
Date: March 30th, 2020 7:15 PM Author: mauve dead pit (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902413) |
|
Date: March 30th, 2020 7:45 PM Author: motley codepig (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902627) |
|
Date: March 30th, 2020 7:48 PM Author: Canary domesticated temple roommate (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902656) |
|
Date: March 30th, 2020 7:48 PM Author: Bull headed jewess senate (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902660) |
|
Date: March 31st, 2020 9:14 AM Author: misanthropic main people telephone (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39906028) |
|
Date: March 31st, 2020 1:41 PM Author: glassy stage hominid (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39907876) |
|
Date: March 31st, 2020 2:56 PM Author: razzmatazz mahogany feces indian lodge Solo Here,
180 |
|
Date: March 31st, 2020 3:54 PM Author: cerebral trump supporter cumskin (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909117) |
|
Date: April 2nd, 2020 1:34 PM Author: primrose associate parlor (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39924446) |
|
Date: April 2nd, 2020 4:01 PM Author: Violent Mother (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39925590) |
|
Date: April 4th, 2020 12:31 AM Author: clear boistinker masturbator (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39937084) |
|
Date: March 30th, 2020 4:18 PM Author: peach titillating coffee pot hairy legs Hookers (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39901169) |
|
Date: April 2nd, 2020 11:05 PM Author: orange puppy milk At least 75% for payroll costs!
See the interim final rule. |
|
Date: March 30th, 2020 3:33 PM Author: ruby jew hell link?
i'm trying to get the $600/week unemployment for solos showing that court hearings in april have been pushed back to june 3.
4th dca filing fees and deadlines are still in effect, got a phone call this morning reminding me of a filing deadline tonight. how kind of them to call. |
|
Date: March 30th, 2020 3:47 PM Author: Umber library the unemployment portion of the stimulus is being done thru state unenmployment offices (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39900927) |
|
Date: March 30th, 2020 3:50 PM Author: ruby jew hell is it worth filing 1099s and paying a few grand in fed taxes to get the $1200 stimulus? or just stick with the state unemployment bennies? or do you need a 2019 fed inc tax return to get state unemployment from self-employment?
are you pissed courts not cancelled here for felonies or appeals? |
|
Date: March 30th, 2020 4:19 PM Author: Umber library im resetting everything by agreed order and i dont have any appeals.
I dont know enough about the unemployment stuff but its gonna be such a feeding frenzy just dive in and get you some $ |
|
Date: March 31st, 2020 9:14 AM Author: misanthropic main people telephone (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39906030) |
|
Date: March 30th, 2020 3:35 PM Author: stubborn histrionic ceo space is there anything we should have ready to go so we don't delay in completing the application? any records to gather? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39900819) |
|
Date: March 30th, 2020 3:46 PM Author: Umber library ya gather your monthly payroll expense for the 12 month average ending march 30, 2020. that number will be your max loan amount
•Average monthly payroll expense for the 12 months preceding loan date multiplied by 2.5. •Payroll expense includes state and local taxes associated with payroll. •In calculating monthly payroll, do not count any portion of payroll in excess of annualized compensation of $100,000. For high earners, reduce pay to $8,333.33 per month.
|
|
Date: March 30th, 2020 4:19 PM Author: stubborn histrionic ceo space Does 1099 payments count? I pay a number of indep contractors (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39901174) |
|
Date: March 30th, 2020 4:19 PM Author: Umber library yeah it supposed to (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39901182) |
|
Date: March 30th, 2020 6:07 PM Author: stubborn histrionic ceo space Should i call my bank? I don't think i have a "banker" (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902013) |
|
Date: March 30th, 2020 6:13 PM Author: Canary domesticated temple roommate You're fucking insane to not be on the phone first thing tomorrow morning. If you're using some big globobank call them but I'd also call a local banker if I was you and try to kiss ass. Tell him you'll move your accounts or whatever. You want to be on the front end of this giveaway. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902034) |
|
Date: March 30th, 2020 6:35 PM Author: stubborn histrionic ceo space wait there's a limit on apps? wtf (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902148) |
|
Date: March 30th, 2020 7:03 PM Author: Useless adulterous dragon its only 349 billion. if you do the math that doesn't work out to that much per business (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902344) |
|
Date: March 30th, 2020 7:08 PM Author: Canary domesticated temple roommate I predict the money will run out, and I will not wait around to see if I'm right. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902378) |
|
Date: March 30th, 2020 7:05 PM Author: Umber library To be fair it’s a limit on forgiveness not applications. So it’s more important to get a timely forgiveness package in. And also congress can just ask treasury to invent more money to help solos (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902360) |
|
Date: March 30th, 2020 7:09 PM Author: Canary domesticated temple roommate Feel free to wait for Congress to reload the money machine. I will not be waiting. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902386) |
|
Date: March 30th, 2020 7:28 PM Author: Umber library Lol me neither I’ve been refreshing the sba page and trying to talk to someone at my bank. I’m disappointed in myself for using wells Fargo and not some community bank. My dads firm uses a local bank and he was able to speak to his banker today and will be invited to apply as soon as the bank has guidance on what the he’ll they’re doing (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902500) |
|
Date: March 30th, 2020 7:44 PM Author: Canary domesticated temple roommate Yeah we have a local bank that is pretty 180. Dude below has me nervous now that my distros won't count but I think that's wrong.
Thots n prayers. |
|
Date: March 30th, 2020 10:40 PM Author: silver forum knife Wait, is the last bullet point correct? My cpa was going to give me payroll of like 24k in March to get me close to the hundred k averaged out over the 12 month period but sounds like that may not work?
According to the link below its just annual, but I'm trying to find a copy of the actual bill that passed the house. https://www.natlawreview.com/article/cares-act-paycheck-protection-program |
|
Date: March 30th, 2020 3:50 PM Author: Useless adulterous dragon not open yet. SBA still has to issue regulations (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39900944) |
|
Date: March 30th, 2020 4:18 PM Author: Anal pozpig All the SBA lenders are still waiting on guidance from the SBA and are still figuring out the application process. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39901165) |
|
Date: March 30th, 2020 6:04 PM Author: Canary domesticated temple roommate Mnuchin said regs should be out today. Still waiting. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39901992) |
|
Date: March 30th, 2020 6:38 PM Author: Apoplectic lettuce do you have to be in fiscal distress to get this $$$ ?
or is it a free for all |
|
Date: March 30th, 2020 6:40 PM Author: stubborn histrionic ceo space apparently per a poaster in this thread, only a few even get it. why would a banker allow someone with 25k+ in the bank account (which they can check easily) apply for this? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902185) |
|
Date: March 30th, 2020 6:44 PM Author: Apoplectic lettuce idk gov't does all sorts of crazy stuff. If it's only for cos in fiscal distress I'm not going to apply (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902239) |
|
Date: March 30th, 2020 6:48 PM Author: Electric indirect expression "why would a banker allow someone with 25k+ in the bank account (which they can check easily) apply for this?"
are you kidding? better question is why would the banker lend it to what already looks like a dead business? if you're on the other side of a 10 year 4% loan, you want that business to exist for 10 years. doesn't matter that the fed is backstopping it, you want the interest payments. you also want those businesses that already have existing lines of credit with you to get these loans, because it improves your chances of recovering on the other non-govt-guaranteed debt. |
|
Date: March 30th, 2020 6:59 PM Author: Canary domesticated temple roommate It's literally free money for the bank, 100% guaranteed by the government. They still get their 4% interest, just from Mnuchin, not you. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902325) |
|
Date: March 30th, 2020 7:01 PM Author: Useless adulterous dragon its not underwritten at all. it's just confirming you have less than 500 employees and what your avg payroll cost is. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902331) |
|
Date: March 30th, 2020 7:07 PM Author: Umber library Banks literally get 5% processing fee from government within 48 hrs of funding a loan. They’re gonna want to be making these loans. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902370) |
|
Date: March 30th, 2020 6:45 PM Author: Cobalt Boltzmann Bawdyhouse tcq (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902245) |
|
Date: March 30th, 2020 6:58 PM Author: Canary domesticated temple roommate Free for all. You have to certify it's necessary but zero proof required. It's meant to be used bro. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902321) |
|
Date: March 30th, 2020 7:02 PM Author: Cobalt Boltzmann Bawdyhouse Makes sense or else businesses will just lay off their entire staff bc no revenue. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902332) |
|
Date: March 30th, 2020 7:04 PM Author: Useless adulterous dragon if they do that they don't get the loan forgiven. whole point is to keep employees on staff (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902349) |
|
Date: March 30th, 2020 7:04 PM Author: Canary domesticated temple roommate Exactly. Everybody gets it, don't get left behind (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902356) |
|
Date: March 30th, 2020 7:18 PM Author: Cobalt Boltzmann Bawdyhouse Yeah we are saying the same thing (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902428) |
|
Date: March 30th, 2020 8:55 PM Author: Apoplectic lettuce "You have to certify it's necessary "
oh so i just have to commit perjury? not worth it for a couple thousand $$$ |
|
Date: April 7th, 2020 2:12 PM Author: Free-loading aggressive gaping liquid oxygen Apparently this is a minority opinion on this shitbort (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39961897) |
|
Date: April 7th, 2020 12:57 PM Author: Free-loading aggressive gaping liquid oxygen You have to verify that "Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant." (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39961313) |
|
Date: March 30th, 2020 6:48 PM Author: Cobalt Boltzmann Bawdyhouse have a meeting set up with my bank tomorrow. will report back. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902257) |
|
Date: March 30th, 2020 7:03 PM Author: ruby jew hell don't you work in like a 10 lawyer firm?
how do you get the loan? website? |
|
Date: March 30th, 2020 7:07 PM Author: Canary domesticated temple roommate You have to go through a bank. Most of them already do sba loans, the rest have been deputized to do so. Call your fucking bank. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902368) |
|
Date: March 30th, 2020 7:04 PM Author: ruby jew hell what payroll do you have? you give yourself a salary or just monthly profit disbursements or are you a solo with no company? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902353) |
|
Date: March 30th, 2020 7:06 PM Author: Canary domesticated temple roommate Don't matter. Your disbursements count, regardless how you classify them. Up to 100k. Health Care premiums and required retirement plan contributions count too. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902365) |
|
Date: March 30th, 2020 7:09 PM Author: orange puppy milk "Don't matter. Your disbursements count, regardless how you classify them."
Got a cite/reference for that? |
|
Date: March 30th, 2020 7:13 PM Author: Canary domesticated temple roommate I've seen it in multiple reputable articles. I'll try to find one hold on.
Wouldn't make send to include solos and contractors otherwise, many of them take no regular salary. |
|
Date: March 30th, 2020 7:19 PM Author: Canary domesticated temple roommate Quickest link I could find. Leaves open partnership income but I've seen multiple owners included elsewhere.
https://www.natlawreview.com/article/paycheck-protection-program-sba-loan-program-expanded-cares-act
Payroll costs include: employee salary, wages and commissions; payment of cash tips; payment of vacation; parental, family, medical or sick-leave; allowance for dismissal or separation; payment required for group health benefits (including insurance premiums); payment of retirement benefits; or payment of state or local tax assessed on employee compensation; ***and sole proprietor income*** or independent contractor compensation not in excess of $100,000.
Payroll costs exclude: compensation of an individual person in excess of $100,000 (as prorated for the period); federal employment taxes imposed or withheld taxes; compensation to an employee whose principal residence is outside of the U.S.; qualified sick leave for which a credit is allowed under Section 7001 of the Families First Coronavirus Response Act; and qualified family leave wages for which a credit is allowed under Section 7001 of the Families First Coronavirus Response Act.
|
|
Date: March 30th, 2020 7:26 PM Author: Electric indirect expression lol s corp owners get fucked then (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902483) |
|
Date: March 30th, 2020 7:27 PM Author: stubborn histrionic ceo space my solo law practice is organized as an s corp for taxation purposes, am i fucked? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902485) |
|
Date: March 30th, 2020 7:31 PM Author: Electric indirect expression looks like the loan cap and forgiveness is based on payroll. doesn't include disbursements. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902525) |
|
Date: March 30th, 2020 7:37 PM Author: Canary domesticated temple roommate Compensation includes self employed individuals under 7002(b) of the families first coronavirus response act. 7002(b) references irc sec 1402, which is a broad definition of self employment income and, I think, includes basically all profits. Too many links to include on phone, somebody else will have to scholar it all. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902573) |
|
Date: March 30th, 2020 7:39 PM Author: stubborn histrionic ceo space i get a w-2 from my law practice each year. so i think i'd qualify right? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902589) |
|
Date: March 30th, 2020 7:28 PM Author: Canary domesticated temple roommate I feel like this is just loose language and they will not get fucked but we'll see. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902501) |
|
Date: March 30th, 2020 7:29 PM Author: orange puppy milk Corona Cash, here I come! (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902509) |
|
Date: March 30th, 2020 7:34 PM Author: Umber library I pay myself $4,000 a month and sadly my interpretation is that I’ll only get $10,000 (2.5x). Still a lot more than I missed out on in the poor folks stimulus.
I take the rest as a distribution and I’m not sure I wanna take more money and risk forgiveness. |
|
Date: March 30th, 2020 7:38 PM Author: Canary domesticated temple roommate Regs soon, should answer this stuff. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902578) |
|
Date: March 30th, 2020 7:39 PM Author: Umber library Where will they be published (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902587) |
|
Date: March 30th, 2020 7:42 PM Author: Canary domesticated temple roommate I presume:
https://www.federalregister.gov/agencies/treasury-department
Also presume somewhere on treasury.gov. never waited for same day regs before. |
|
Date: March 30th, 2020 7:44 PM Author: Umber library Thank (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902618) |
|
Date: March 30th, 2020 10:05 PM Author: Canary domesticated temple roommate Airline guidance came out.
https://home.treasury.gov/news/press-releases
No shitlaw guidance yet. |
|
Date: March 30th, 2020 7:12 PM Author: stubborn histrionic ceo space Do we even need proof? why not just claim the full 100k per person?
What about payroll by way of equity grants (with equivalent cash comp based on per share price)? |
|
Date: March 30th, 2020 7:15 PM Author: Canary domesticated temple roommate Yes you'll have to prove how much comp you paid, probably especially for forgiveness. Regs dropping soon. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902412) |
|
Date: March 30th, 2020 7:31 PM Author: orange puppy milk *writes compensation check to self* (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902526) |
|
Date: March 30th, 2020 7:17 PM Author: bronze coiffed national security agency good question
Rtmi |
|
Date: March 30th, 2020 7:30 PM Author: very tactful fragrant keepsake machete doesn't it prohibit dividends/distributions?
so you can't take money out of the business until its repaid? |
|
Date: March 30th, 2020 7:35 PM Author: Umber library U are confusing the bailouts to large industry with the shitlaw handout in the paycheck protect act (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902559) |
|
Date: March 30th, 2020 7:49 PM Author: Bull headed jewess senate lol no fag (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39902664) |
|
Date: March 30th, 2020 8:34 PM Author: rebellious quadroon hospital Can I get this and unemployment insurance or 1 or the other?
Solo accountant here, LLC taxed as an S corp |
|
Date: March 30th, 2020 8:45 PM Author: rebellious quadroon hospital (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39903092) |
|
Date: March 30th, 2020 11:08 PM Author: rebellious quadroon hospital (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39904171) |
|
Date: March 31st, 2020 1:24 PM Author: rebellious quadroon hospital (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39907710) |
|
Date: March 30th, 2020 10:21 PM Author: aphrodisiac famous landscape painting I use Chase and they have provided no guidance yet. Same boat as you: nervous about missing out. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39903800) |
|
Date: March 30th, 2020 10:49 PM Author: silver forum knife Question re: income calculation which I posted above but will repost here for more eyes.
Does the annual period include months where I may have paid myself over 8,333.00 if the average is less than 100k or is 8,333 the max I can claim.
I started my firm in June of last year so I'll be missing out on 3 months so I was going to have my cpa do payroll tax on an income of 24k+ this month to up my average closer to the 100k limit. However, on someone's bullet point above it states that monthly income over 8,333 won't count. It looked to me like its just over 100k annually but of course theres no actual regs to look at.
EDIT: Forbes is saying this is it https://assets.documentcloud.org/documents/20059055/final-final-cares-act.pdf |
|
Date: March 30th, 2020 11:11 PM Author: Umber library I think you’ll be fine to claim $100,000 but we are all just making it up as we go (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39904206) |
|
Date: March 31st, 2020 1:23 AM Author: silver forum knife Discussed with CPA and tax attorney tonight and the general consensus was because I started by biz after February, I could opt to use Jan/feb of this year which would be Verified by looking at my 1st quarterly tax payment for Q1, so I promptly paid myself 24900 (8,300/Mo) for Q1 so I should be able to get just under 20k. Unless we’re all wrong and then harharurfucked.
Everyone is just completely flying by the seat of their pants on this shit and it sounds like those of us taking out loans for like under 50k will not be on anyone’s radar compared to firms taking out millions in payroll costs, |
|
Date: March 31st, 2020 9:07 AM Author: aphrodisiac famous landscape painting TTT Chase still has no info. What a shitbank. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39905999) |
|
Date: March 31st, 2020 9:15 AM Author: misanthropic main people telephone (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39906034) |
|
Date: March 31st, 2020 1:21 PM Author: Maroon Messiness chase emailed me gibberish
|
|
Date: March 31st, 2020 1:21 PM Author: Bat Shit Crazy Wild Organic Girlfriend Yarmulke https://covid19relief.sba.gov/#/
guyz what does the application on this site do? do you still need a bank? |
|
Date: March 31st, 2020 1:22 PM Author: Maroon Messiness good find pumo brother (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39907699) |
|
Date: March 31st, 2020 1:33 PM Author: Bat Shit Crazy Wild Organic Girlfriend Yarmulke ty. i just applied. i have no idea what the fuck i applied for tho. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39907795) |
|
Date: March 31st, 2020 1:35 PM Author: silver forum knife lol same, thank you for the link brother (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39907819) |
|
Date: March 31st, 2020 1:23 PM Author: Apoplectic lettuce strippers BTFO (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39907703) |
|
Date: March 31st, 2020 1:35 PM Author: Umber library the economic disaster loans are different than the 7A sba loans that will be forgiven, hth (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39907822) |
|
Date: March 31st, 2020 1:37 PM Author: Bat Shit Crazy Wild Organic Girlfriend Yarmulke what does this economic disaster loan actually get us?
from what im seeing online, it seems like you might get a $10k emergency cash grant that may or may not be forgiven |
|
Date: March 31st, 2020 1:38 PM Author: Maroon Messiness this was my suspicion. this is some earthquake / hurricane / wildfire loan and strong danger that if you get it, youre btfo on the coronabucks (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39907848) |
|
Date: March 31st, 2020 1:48 PM Author: Bat Shit Crazy Wild Organic Girlfriend Yarmulke it specifically says coronavirus.
why wouldnt u be able to get it again if theres some hurricane in 5 yrs? |
|
Date: March 31st, 2020 2:29 PM Author: irradiated painfully honest lodge hunting ground I asked my Chase guy about this and he said SBA DISASTER LOAN is different program than the SBA STIMULUS we're all waiting for. He said to keep waiting.
You can apply for the disaster one if you want but it's not forgivable:
The SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
The SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible. |
|
Date: March 31st, 2020 2:38 PM Author: Canary domesticated temple roommate You probably want PPP not the economic disaster ones (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39908321) |
|
Date: March 31st, 2020 1:22 PM Author: ruby jew hell anyone else use suntrust? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39907701) |
|
Date: March 31st, 2020 3:05 PM Author: razzmatazz mahogany feces indian lodge I do, but the fuckers don't know shit yet! (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39908510) |
|
Date: March 31st, 2020 4:48 PM Author: ruby jew hell i feel like i need to join a local credit union where i'm king shit instead of some scumbag poor solo. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909565) |
|
Date: March 31st, 2020 2:38 PM Author: Canary domesticated temple roommate Application here:
More links here:
https://home.treasury.gov/cares
|
|
Date: March 31st, 2020 2:54 PM Author: Maroon Messiness So this is The Real One? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39908408) |
|
Date: March 31st, 2020 3:03 PM Author: Umber library Here we go!
But, you still apply through your bank |
|
Date: March 31st, 2020 3:04 PM Author: irradiated painfully honest lodge hunting ground Cr. My bank said their online application is still in the works. But no harm in submitting this in the meantime. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39908497) |
|
Date: March 31st, 2020 3:09 PM Author: Umber library just completed this and faxed it to all FDIC institutions (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39908550) |
|
Date: March 31st, 2020 3:30 PM Author: aphrodisiac famous landscape painting (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39908809) |
|
Date: March 31st, 2020 3:40 PM Author: stubborn histrionic ceo space what do you mean all FDIC institutions? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39908931) |
|
Date: March 31st, 2020 7:03 PM Author: Provocative sooty piazza mood lol, it includes a certification that you have only applied to one bank (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39910675) |
|
Date: March 31st, 2020 3:14 PM Author: Umber library Fact information sheet from treasury confirms friday april 3 is JUBILEE
https://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdf |
|
Date: March 31st, 2020 3:29 PM Author: Vengeful Bonkers Regret Karate Okay, so explain this for a retard:
I get approved at 2.5x my solo salary. Say it's 4k/month, so my 10k check comes in.
Two years later in April 2022 the loan comes due, I ask for total forgivness and the lender wants proof of how I spent it.
In other words, they want 75% of the loan to go to payroll, but they are giving me 250% of my current payroll. |
|
Date: March 31st, 2020 3:31 PM Author: drab volcanic crater this is not entirely clear to me either (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39908820) |
|
Date: March 31st, 2020 3:37 PM Author: aphrodisiac famous landscape painting I may be interpreting this differently than you.
"Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs."
I am reading this as a list of forgivable expenses, but that AT LEAST 75% must be payroll.
Also, you're not getting $10k per month if your salary is $4k. You're getting $10k total and it has to be spent within eight weeks to be forgiven -- conveniently, the exact amount of your payroll for eight weeks.
|
|
Date: March 31st, 2020 3:41 PM Author: drab volcanic crater i also badly misunderstood then. this is a one time, maybe-forgivable loan of 2.5x your payroll?
*jerk off motion* |
|
Date: March 31st, 2020 4:05 PM Author: aphrodisiac famous landscape painting That is my interpretation. Disclaimer: I am a lawyer but not a good one. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909222) |
|
Date: March 31st, 2020 3:38 PM Author: Canary domesticated temple roommate You have 8 weeks to spend it, so that's two months of payroll for 8k. Other 2k on rent, utilities, or something else allowable. If you literally have no other expenses maybe only ask for 8k but I'd take it all and try to figure it out down the road.
|
|
Date: March 31st, 2020 4:02 PM Author: irradiated painfully honest lodge hunting ground Cr. You have 2 years to repay whatever isn't forgiven anyway (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909188) |
|
Date: March 31st, 2020 4:06 PM Author: Umber library at 0.5%, with 6 months deferrment. no reason not to take whatever u can get (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909231) |
|
Date: March 31st, 2020 4:07 PM Author: silver forum knife Payroll costs include 1/2 taxes although it looks like for calculating max loan amount its just based on income excluding taxes so at least a significant portion can go to the taxes associated with payroll. https://www.accountingtools.com/articles/2017/5/17/payroll-costs
Also, is there anything saying we can't just give ourselves raises with the loan money?
|
|
Date: March 31st, 2020 7:05 PM Author: Provocative sooty piazza mood Nah, you have to start paying the loan in six months. But in 8 weeks, so long as you don't fire yourself, you're eligible to apply for forgiveness. The lender has to approve you within 60 days.
So April 3: Apply May 1: Get $10k July 1: Apply for forgiveness. Sept 1: Loan is forgiven.
Keep $10k and never make a payment. |
|
Date: March 31st, 2020 7:07 PM Author: stubborn histrionic ceo space what if i applied today? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39910715) |
|
Date: March 31st, 2020 7:08 PM Author: Provocative sooty piazza mood they'd tell you to apply on Friday (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39910723) |
|
Date: March 31st, 2020 3:31 PM Author: aphrodisiac famous landscape painting Per my contact at Bank of America, banks expect this program to be at capacity within 48-72 hours, so you better get those apps in ASAP. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39908819) |
|
Date: March 31st, 2020 3:41 PM Author: Razzle shivering reading party locus Do you have to use your current business account bank?
Also, what leeway will they have to forgive the loan? We have no idea what the criteria will be. It could be like student loan forgiveness and they go, ding fag - pay your bill deadbeat. |
|
Date: March 31st, 2020 4:45 PM Author: Razzle shivering reading party locus ?? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909521) |
|
Date: March 31st, 2020 3:45 PM Author: stubborn histrionic ceo space APP says this is only for "full time equivalent" employees. So part time 1099 contractors that i employ aren't eligible? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909005) |
|
Date: March 31st, 2020 4:01 PM Author: irradiated painfully honest lodge hunting ground Where does it say that (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909178) |
|
Date: March 31st, 2020 4:03 PM Author: stubborn histrionic ceo space 2nd or 3rd page. I think I can only claim for myself. I paid a variety of 1099 contractors last year but the app expressly says "full time equivalent employees" (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909201) |
|
Date: March 31st, 2020 3:58 PM Author: hideous tripping market Just so I'm clear: in a small partnership where we don't have a regular income or monthly disbursements, we don't get anything right? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909154) |
|
Date: March 31st, 2020 4:05 PM Author: stubborn histrionic ceo space i took income once last year in december , and am still claiming for the "monthly average" across all twelve months. I'm just going to pay myself the check amount within 8 weeks. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909217) |
|
Date: March 31st, 2020 4:48 PM Author: Canary domesticated temple roommate I think you're gonna get paid up to 100k. Compensation is broadly defined. Why pay solos but not partners? Still waiting on regs or guidance to clarify. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909558) |
|
Date: March 31st, 2020 4:59 PM Author: stubborn histrionic ceo space How can I force myself into this program? Sent my completed app to my contact at the bank where I have biz accounts. No response yet. I'm worried due to the stories that this will fill up in 24 hours.
If they don't make this happen for me, I'm definitely moving accounts to another bank. |
|
Date: March 31st, 2020 5:04 PM Author: aphrodisiac famous landscape painting Calculating average monthly payroll seems to be the most complicated part.
Is it the actual gross salary + health insurance costs, or do we also include payroll taxes we paid?
Does it have to be Jan-Dec 2019 if you are an established business? Or can you use Feb 2019 - Feb 2020? |
|
Date: March 31st, 2020 5:08 PM Author: stubborn histrionic ceo space I used full year 2019 (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39909697) |
|
Date: March 31st, 2020 7:07 PM Author: Provocative sooty piazza mood gross salary + healthcare + benefits + any other payroll items + state and local taxes (cap at $100k)
If your business is older than a year, it's the average monthly amount for the preceeding 12 months. If you didn't exist Feb. 15-June 30, 2019 then you use Jan and Feb 2020. |
|
Date: March 31st, 2020 7:30 PM Author: aphrodisiac famous landscape painting Have any of your banks been accepting applications yet? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39910948) |
|
Date: March 31st, 2020 7:49 PM Author: stubborn histrionic ceo space was just told that bank isnt accepting apps right now (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39911159) |
|
Date: March 31st, 2020 7:46 PM Author: Provocative sooty piazza mood Just want to remind everyone that the last time the government just announced a huge lending program it turned into a disaster. The HAMP litigation kept me busy from 2012-2015. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39911120) |
|
Date: April 1st, 2020 11:24 AM Author: Canary domesticated temple roommate FYI my banker sent out the packet poasted above yesterday. Today he said to chill, he hears there will be changes to the app. This is gonna be a shitshow. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39915525) |
|
Date: April 1st, 2020 11:36 AM Author: misanthropic main people telephone (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39915600) |
|
Date: April 1st, 2020 11:44 AM Author: Canary domesticated temple roommate He also encouraged his clients to get this stuff submitted ASAP. Do not delay... Once we know we have the correct app (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39915649) |
|
Date: April 2nd, 2020 1:24 PM Author: Razzle shivering reading party locus Bump. Any new guidance (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39924386) |
|
Date: April 2nd, 2020 1:29 PM Author: Umber library email from muh banker
Good morning – I wanted to provided another update as we are being updated by the SBA
Please see attached and below
We will be up and running with an online application shortly. Until then please continue to direct inquiries to the link provided here, to complete the Initial Information Form. This is how we will communicate with those interested in applying for the PPP and the documents required to submit a “complete application.” Anyone who has submitted a paper application should be directed back to the website to await the availability of the online process. The application that has been circulating around is only a draft and could change before it is approved by the SBA. In the meantime they should be consulting with their CPA, payroll company or other trusted professional to determine what they will need to verify payroll for the previous year. |
|
Date: April 2nd, 2020 1:37 PM Author: Canary domesticated temple roommate My guy says things are still changing on their end. Hoping to start tomorrow but might be early next week. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39924462) |
|
Date: April 2nd, 2020 1:48 PM Author: silver forum knife I'm thinking US Bank will be the same. But does this mean those of with TTT banks will be hahaurfucked as the PREMIERE banks are ready to go and gobble up all the money first?
Or are set amounts allocated to each bank? |
|
Date: April 2nd, 2020 2:02 PM Author: aphrodisiac famous landscape painting Chase is still jerking off with no online application yet. Afraid that it won't come online until next week and then all the sweet government cheese will be gone. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39924633) |
|
Date: April 2nd, 2020 2:07 PM Author: Canary domesticated temple roommate My banker says the feds are still changing the applications, especially on the bank side. That’s probably why. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39924673) |
|
Date: April 2nd, 2020 2:10 PM Author: Canary domesticated temple roommate I’m not aware of any bank by bank allocation but who knows. I’m using a small localish bank. My banker is on this like a motherfucker but I’m not at all confident his bank will be on the ball with providing him the tools to get shit done. Just hoping I can get my app in first possible minute. Make sure u have all you info ready to go. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39924696) |
|
Date: April 2nd, 2020 2:37 PM Author: Bat Shit Crazy Wild Organic Girlfriend Yarmulke where are we on this, guys? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39924912) |
|
Date: April 2nd, 2020 2:49 PM Author: Maroon Messiness This, like all other hope on autoadmit.com, will come crashing down soon. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39925015) |
|
Date: April 2nd, 2020 3:44 PM Author: silver forum knife Its beginnning to look like this. This is looking like a fucking disaster. Banks don't have a clue what is going on and its less than 24 hrs from roll out and the guys at the top don't know what's going on let alone your local banker who's supposed to give you info.
My guy gave me a link to us bank that says "sign up to learn more" i sign up as a current customer, get no email, no response, nothing. |
|
Date: April 2nd, 2020 3:45 PM Author: Laughsome idiotic range JFC (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39925426) |
|
Date: April 2nd, 2020 3:57 PM Author: razzmatazz mahogany feces indian lodge From SunTrust:
Thank you for your request for more information about the Payroll Protection Program. We are committed to sharing details with you as soon as they are available, and will be providing regular progress updates to keep you informed as to next steps.
At this time, there is nothing more to do, and we will contact you with more information in the upcoming days. |
|
Date: April 2nd, 2020 4:03 PM Author: aphrodisiac famous landscape painting Similar shit with Chase. Why is the government incompetent with every program it rolls out? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39925608) |
|
Date: April 2nd, 2020 4:05 PM Author: razzmatazz mahogany feces indian lodge Because they're completely unprepared for a financial emergency of this magnitude.
Seriously, in the span of 1 month, 10 million niggas have been laid THE FUCK OFF.
They know that if tey don't get money into people's hands, riots will start.
I'm a National Guard Bro, I'm NOT going to stand guard at some grocery store |
|
Date: April 2nd, 2020 4:19 PM Author: Provocative sooty piazza mood Because they are announced at a podium, which is when the banks hear about it, and then they have five days to complete a project that takes a year under the best of circumstances. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39925746) |
|
Date: April 2nd, 2020 4:18 PM Author: Provocative sooty piazza mood Lol, they didn't even call the program by the right name. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39925739) |
|
Date: April 2nd, 2020 4:48 PM Author: Bat Shit Crazy Wild Organic Girlfriend Yarmulke what happens next with the $10k emergency disaster loans? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39925971) |
|
Date: April 2nd, 2020 5:48 PM Author: irradiated painfully honest lodge hunting ground The $10k is a grant and it's "up to 10k" and separate from the loan part. I spent an hour researching EIDL vs PPP last night and consensus is that PPP is better (unless you need an actual repayable loan for operating capital or something). No one has any definitive idea how the "up to 10k" grant will be calculated or how it impacts PPP loan (which is not a grant but is forgivable). (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39926435) |
|
Date: April 2nd, 2020 5:54 PM Author: Bat Shit Crazy Wild Organic Girlfriend Yarmulke yeah, they're totally separate -- nothing i read said we can't get both. where did u read anything that one cant get both?
|
|
Date: April 2nd, 2020 6:05 PM Author: orange puppy milk I saw stuff specifically saying you could use PPP money to pay down or refi EIDL debt. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39926549) |
|
Date: April 2nd, 2020 8:17 PM Author: judgmental drunken fat ankles You can. You could use an EIDL to increase your PPP loan amount in some situations. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39927627) |
|
Date: April 2nd, 2020 11:08 PM Author: orange puppy milk The number of people who can actually get a PPP loan before it runs out and who have an EIDL loan amount before they submit their PPP application is going to be pretty small, I suspect. That will make adding the EIDL to lift the PPP cap a mostly unusable benefit, as far as I can tell. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39929009) |
|
Date: April 2nd, 2020 6:11 PM Author: aphrodisiac famous landscape painting Chase CUCKS; will not offer loans on April 3.
https://recovery.chase.com/cares |
|
Date: April 2nd, 2020 6:54 PM Author: Bat Shit Crazy Wild Organic Girlfriend Yarmulke it also says you need to have a chase biz account by 2/15 to apply. so we're all stuck applying with the bank we normally bank with? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39926975) |
|
Date: April 2nd, 2020 6:55 PM Author: aphrodisiac famous landscape painting Not sure about other banks, but that is Chase's rule. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39926980) |
|
Date: April 2nd, 2020 7:11 PM Author: Electric indirect expression this is because of the Know Your Customer regs. banks are asking for those to be suspended so they can lend to non-existing customers. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39927134) |
|
Date: April 2nd, 2020 7:15 PM Author: Bat Shit Crazy Wild Organic Girlfriend Yarmulke oh right.
i'm a citi biz bank client.
if that reg is suspended, what would even be the credited lender? |
|
Date: April 2nd, 2020 7:17 PM Author: Electric indirect expression if you have any relationships with someone at the bank that can help you, that one. otherwise, i don't think it matters. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39927199) |
|
Date: April 2nd, 2020 7:19 PM Author: Bat Shit Crazy Wild Organic Girlfriend Yarmulke are we all just going to apply online through a major banks's website, or is this some cliquey thing where we have to have an in with our "personal banker"?
ive never talked to me stupid "personal banker" who is prob some business major at a ttt trying to upsell me stupid shit |
|
Date: April 2nd, 2020 7:22 PM Author: Electric indirect expression at huge banks like Citi and Chase your "personal banker" can't do shit. Chase isn't even running these loans through at the branch level. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39927251) |
|
Date: April 3rd, 2020 8:26 AM Author: judgmental drunken fat ankles (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930300) |
|
Date: April 2nd, 2020 6:45 PM Author: aphrodisiac famous landscape painting Any updates from any banks? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39926871) |
|
Date: April 2nd, 2020 6:47 PM Author: Provocative sooty piazza mood Very excited to write this loan! As soon as we know how! (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39926893) |
|
Date: April 2nd, 2020 7:29 PM Author: silver forum knife lol this has been 100% my experience thus far. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39927329) |
|
Date: April 2nd, 2020 11:19 PM Author: razzmatazz mahogany feces indian lodge (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39929086) |
|
Date: April 2nd, 2020 7:43 PM Author: Razzle shivering reading party locus We are gonna get fucked. They changed the rate from .5 to 1% (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39927412) |
|
Date: April 2nd, 2020 8:07 PM Author: Electric indirect expression this is because a ton of small banks said they wouldn't participate in the program because at 0.5% they lose money. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39927552) |
|
Date: April 2nd, 2020 8:15 PM Author: judgmental drunken fat ankles Basically no one besides smaller middle market borrowers are getting these loans. Just come to terms with that now. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39927618) |
|
Date: April 2nd, 2020 8:18 PM Author: Electric indirect expression but Mnuchin was just on tv saying independent contractors can get it, starting next week, after the businesses get it. and if they oops run out of money they'll just ask congress for more. lol (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39927632) |
|
Date: April 2nd, 2020 8:19 PM Author: judgmental drunken fat ankles Nothing in the rule book says a golden retriever can’t get a PPP loan (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39927637) |
|
Date: April 2nd, 2020 8:21 PM Author: Electric indirect expression (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39927644) |
|
Date: April 2nd, 2020 8:25 PM Author: judgmental drunken fat ankles Guys, if you want some actual practical advice, reach out to the shittiest local banks in your area. Those are the only ones that are taking on people that aren’t already borrowers. If you try to get a loan from Wells Fargo, Chase, BofA, etc. you WILL NOT GET IT. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39927668) |
|
Date: April 2nd, 2020 11:02 PM Author: orange puppy milk Interim Final Rule
https://content.sba.gov/sites/default/files/2020-04/PPP--IFRN%20FINAL.pdf
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp |
|
Date: April 2nd, 2020 11:54 PM Author: jade national gunner (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39929321) |
|
Date: April 2nd, 2020 11:54 PM Author: Razzle shivering reading party locus Thanks so are 1099 independent contractors good or not (section h) to use in the calculation? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39929325) |
|
Date: April 3rd, 2020 2:06 AM Author: irradiated painfully honest lodge hunting ground Am I eligible? You are eligible for a PPP loan if you have 500 or fewer employees whose principal place of residence is in the United States, or are a business that operates in a certain industry and meet the applicable SBA employee-based size standards for that industry, and: i. You are: 5
A. A small business concern as defined in section 3 of the Small Business Act (15 USC 632), and subject to SBA’s affiliation rules under 13 CFR 121.301(f) unless specifically waived in the Act; B. A tax-exempt nonprofit organization described in section 501(c)(3) of the Internal Revenue Code (IRC), a tax-exempt veterans organization described in section 501(c)(19) of the IRC, Tribal business concern described in section 31(b)(2)(C) of the Small Business Act, or any other business; and ii. You were in operation on February 15, 2020 and either had employees for whom you paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099-MISC. You are also eligible for a PPP loan if you are an individual who operates under a sole proprietorship or as an independent contractor or eligible self- employed individual, you were in operation on February 15, 2020. You must also submit such documentation as is necessary to establish eligibility such as payroll processor records, payroll tax filings, or Form 1099- MISC, or income and expenses from a sole proprietorship. For borrowers that do not have any such documentation, the borrower must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount.
|
|
Date: April 3rd, 2020 2:08 AM Author: irradiated painfully honest lodge hunting ground f. What qualifies as “payroll costs?” Payroll costs consist of compensation to employees (whose principal place of residence is the United States) in the form of salary, wages, commissions, or similar compensation; cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); payment for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums, and retirement; payment of state and local taxes assessed on compensation of employees; and for an independent contractor or sole proprietor, wage, commissions, income, or net earnings from self-employment or similar compensation. |
|
Date: April 3rd, 2020 2:11 AM Author: irradiated painfully honest lodge hunting ground BUT SEE, h. Do independent contractors count as employees for purposes of PPP loan calculations? No, independent contractors have the ability to apply for a PPP loan on their own so they do not count for purposes of a borrower’s PPP loan calculation. |
|
Date: April 3rd, 2020 6:49 AM Author: judgmental drunken fat ankles (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930128) |
|
Date: April 3rd, 2020 6:59 AM Author: Provocative sooty piazza mood How do I calculate the maximum amount I can borrow? The following methodology, which is one of the methodologies contained in the Act, will be most useful for many applicants. i. Step 1: Aggregate payroll costs (defined in detail below in f.) from the last twelve months for employees whose principal place of residence is the United States. ii. Step 2: Subtract any compensation paid to an employee in excess of an annual salary of $100,000 and/or any amounts paid to an independent contractor or sole proprietor in excess of $100,000 per year.
|
|
Date: April 3rd, 2020 8:27 AM Author: judgmental drunken fat ankles That means that if you’re an independent contractor you can get up to 250k (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930302) |
|
Date: April 3rd, 2020 10:15 AM Author: Provocative sooty piazza mood I don't read it that way. You can borrow based on your independent contractors. It's plural in the statute.
This is an issue where clarification would help, but the maximum borrowing amount is based on monthly payroll costs, which include wages, salaries, commissions and anything like that. A regular monthly contractor would be like that. It definitely allows you to pay part-time employees even though they aren't included in the loan forgiveness part.
The contractor can then also borrow to pay themselves a salary if they organize their business that way.
Then forgiveness is based on full-time employees only, which is weird. You can theoretically borrow based on the independent contractors, but that won't be forgiven unless you keep paying them. |
|
Date: April 3rd, 2020 6:10 PM Author: judgmental drunken fat ankles The regs preempt the statute here (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39934239) |
|
Date: April 3rd, 2020 8:56 AM Author: Razzle shivering reading party locus Makes no sense, it literally says you can count 1099 as payroll (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930440) |
|
Date: April 3rd, 2020 9:18 AM Author: judgmental drunken fat ankles No it doesn’t. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930546) |
|
Date: April 3rd, 2020 10:15 AM Author: Provocative sooty piazza mood yes it does (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930857) |
|
Date: April 3rd, 2020 1:18 PM Author: Razzle shivering reading party locus Please explain for an idiot like me (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39932067) |
|
Date: April 3rd, 2020 1:46 PM Author: Provocative sooty piazza mood § 1102 (a)(1)(E)(i)(I)(aa)(AA) See also § 1102 (a)(1)(H) |
|
Date: April 3rd, 2020 2:58 PM Author: judgmental drunken fat ankles Read the regs you dumb motherfucker (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39932751) |
|
Date: April 3rd, 2020 3:18 PM Author: Provocative sooty piazza mood The agency is wrong. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39932911) |
|
Date: April 3rd, 2020 6:08 PM Author: judgmental drunken fat ankles (Administrative law masterman) (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39934222) |
|
Date: April 4th, 2020 11:21 AM Author: Provocative sooty piazza mood Their logic and explanation makes sense, (independent contractors don't get to double dip) but I don't think it's clear from the statute. By the time you could challenge it would be mute. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39938589) |
|
Date: April 3rd, 2020 12:03 AM Author: silver forum knife WTF, just used the find a lender tool straight from the paycheck protection program website and there are zero BIG banks listed. All are tiny little TTT local banks. Does this mean we’re all fucked? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39929357) |
|
Date: April 3rd, 2020 6:51 AM Author: judgmental drunken fat ankles See my poast above...I already told you this. If you don’t already have a preexisting loan with a big bank they will not give you any money. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930132) |
|
Date: April 3rd, 2020 6:59 AM Author: aphrodisiac famous landscape painting The problem is that we have existing relationships with big banks but they're refusing to participate in the program at all. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930144) |
|
Date: April 3rd, 2020 8:25 AM Author: judgmental drunken fat ankles “Relationship” = $10+mm in outstanding indebtedness
Looks like the interim final rules may have limited the program to “small business concerns” which would mean that the revenue restrictions could actually still apply. This is good news for actual legit small businesses. |
|
Date: April 3rd, 2020 8:28 AM Author: aphrodisiac famous landscape painting Thank you, I'm gay the poaster (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930307) |
|
Date: April 3rd, 2020 9:18 AM Author: judgmental drunken fat ankles (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930545) |
|
Date: April 3rd, 2020 6:53 AM Author: aphrodisiac famous landscape painting Can you link to the find a lender page? Thanks. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930136) |
|
Date: April 3rd, 2020 6:59 AM Author: Provocative sooty piazza mood Just google "Find Find a Lender" (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930145) |
|
Date: April 3rd, 2020 8:48 AM Author: aphrodisiac famous landscape painting Any updates from anyone? The loans should be open now.
I heard that BOA was now up and accepting applications. |
|
Date: April 3rd, 2020 8:51 AM Author: Maroon Messiness fraud (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930413) |
|
Date: April 3rd, 2020 9:05 AM Author: beady-eyed hot church building friendly grandma Citi is still not ready: https://online.citi.com/US/JRS/pands/detail.do?ID=smallbusinesspppinfo (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930484) |
|
Date: April 3rd, 2020 9:07 AM Author: silver forum knife Neither is US Bank. I think big banks are done here. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930501) |
|
Date: April 3rd, 2020 9:10 AM Author: aphrodisiac famous landscape painting WTF, the SBA website says the only bank making these loans is the Star of David Credit Union in Brooklyn. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930511) |
|
Date: April 3rd, 2020 9:31 AM Author: zippy hairless den The app did not require tax returns - do you think the process will? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930631) |
|
Date: April 3rd, 2020 10:16 AM Author: Provocative sooty piazza mood Up to the lender. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39930866) |
|
Date: April 3rd, 2020 10:10 AM Author: silver forum knife Sounds like this clusterfuck is at least a week out from being ready... https://www.forbes.com/sites/brianthompson1/2020/04/03/no-small-business-relief-yet-false-start-on-paycheck-protection-program-loans/ |
|
Date: April 3rd, 2020 10:28 AM Author: Bat Shit Crazy Wild Organic Girlfriend Yarmulke I found at least one Bank, Ameris, that says it is taking applications by email.
*** anyone try this? |
|
Date: April 3rd, 2020 12:54 PM Author: aphrodisiac famous landscape painting Verne? Anyone else? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39931901) |
|
Date: April 3rd, 2020 12:59 PM Author: stubborn histrionic ceo space I've been talking with my banker every day. His recommendation is to wait until the second round. Initial 10B will likely be exhausted within 2-3 hours. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39931928) |
|
Date: April 3rd, 2020 1:05 PM Author: orange puppy milk I think you're talking about EIDL, not PPP. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39931965) |
|
Date: April 3rd, 2020 1:06 PM Author: Canary domesticated temple roommate Got a bitchy email from my banker this morning saying the government is fucked up, they keep changing the app and haven't issued necessary guidance, and they are protecting the bank AND us (fucking LMAO) by waiting for more guidance.
I'm getting fucked in the ass here and he's telling me it's for my own good. |
|
Date: April 3rd, 2020 1:08 PM Author: Bull headed jewess senate Mine did this too. Said they "don't have all the information yet" and sent me the sba.gov link. My accountant has a small bank in her town that is apparently processing them so she submitted mine today. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39931982) |
|
Date: April 3rd, 2020 1:15 PM Author: Canary domesticated temple roommate If I don't get some of these batbux I'm gonna run amok (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39932044) |
|
Date: April 3rd, 2020 2:59 PM Author: judgmental drunken fat ankles What did I tell you fuckers. I was trying help your dumbasses. Go find a shitty bank NOW. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39932766) |
|
Date: April 3rd, 2020 1:18 PM Author: Umber library nothing. the natives are getting restless. mnunchin unilaterally changed it to a 1% coupon last night. he will likely change this again over the weekend to satisfy the big banks.
u know what would have been easier? $2K a person in UBI for 4 months. JFC. The only reason I got excited about this was because the tax code always fucks upper middle class bros. no child tax credit, no student loan deduction etc.
|
|
Date: April 3rd, 2020 1:20 PM Author: Canary domesticated temple roommate Same brother (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39932083) |
|
Date: April 3rd, 2020 1:47 PM Author: aphrodisiac famous landscape painting CHASE UPDATE:
The website says the application is available. You fill out a form with extremely basic info (just business name) and then it brings you to a page where they say they'll contact you for the rest of the info.
I don't expect to ever be contacted. JFC Chase absolutely fucked this up. |
|
Date: April 3rd, 2020 2:00 PM Author: orange puppy milk Link? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39932403) |
|
Date: April 3rd, 2020 1:55 PM Author: Bat Shit Crazy Wild Organic Girlfriend Yarmulke guyz, it says we can claim rent/utilities expenses too. is does home office covered? it's not clear (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39932381) |
|
Date: April 3rd, 2020 2:02 PM Author: Excitant doobsian garrison basically got a "thanks for filling out this form! a representative will get back to you in a few days, but we are super swamped bro" message (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39932418) |
|
Date: April 3rd, 2020 2:03 PM Author: orange puppy milk Bank of America is going to get all the money. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39932423) |
|
Date: April 3rd, 2020 2:05 PM Author: razzmatazz mahogany feces indian lodge Oh, I see you bank with SunTrust/Truist as well! (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39932430) |
|
Date: April 3rd, 2020 2:42 PM Author: aphrodisiac famous landscape painting Per CNBC, BoA has already process $9b in applications today. Basically, unless you use BoA, you're not getting money. LJL at our dysfunctional shitcountry. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39932657) |
|
Date: April 3rd, 2020 2:59 PM Author: razzmatazz mahogany feces indian lodge (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39932760) |
|
Date: April 3rd, 2020 3:15 PM Author: cream deer antler property Shit (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39932889) |
|
Date: April 3rd, 2020 3:16 PM Author: Canary domesticated temple roommate Guillotines now (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39932902) |
|
Date: April 3rd, 2020 5:22 PM Author: silver forum knife my banker told me BoA applied for 6 billion, but has not processed applications for 6 billion and that BofA and Chase are actually waitlisting apps, not actually processing them as they are STILL receiving requirements from the SBA. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39933890) |
|
Date: April 3rd, 2020 3:18 PM Author: Bull headed jewess senate Here is my confirmation email after everything was submitted for around 51k.
Thank you for submitting your Paycheck Protection Program loan application.
Your application is in process. If our credit administration team identifies any missing documentation, you will receive a separate email outlining the necessary missing documents. Due to the high volume of applications submitted, we anticipate processing to take several days.
Thank you for banking with (Small Shitty) Bank and turning to us as your partner during this difficult time.
This e-mail and any files transmitted with it are confidential and are intended solely for the use of the individual or entity to which they are addressed. It is not an offer or acceptance, and it is not intended to be all or part of an agreement. If you are not the intended recipient or the person responsible for delivering the e-mail to the intended recipient, be advised that you have received this e-mail in error and that any review, use, dissemination, forwarding, printing, or copying of this e-mail is strictly prohibited. If you have received this e-mail in error, please notify the sender immediately by return e-mail and delete this e-mail from your system. The sender does not accept liability for any damage caused by any virus transmitted by this e-mail or any errors or omissions in the contents of this message which arise as a result of e-mail transmission.
|
|
Date: April 3rd, 2020 3:44 PM Author: Bat Shit Crazy Wild Organic Girlfriend Yarmulke do you regularly bank with "(Small Shitty) Bank"? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39933125) |
|
Date: April 7th, 2020 1:28 PM Author: Bull headed jewess senate I don't but my accountant does for a ton of her business. They stopped taking outside applications yesterday and told her mine will take longer because it's outside but they'll process it... (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39961565) |
|
Date: April 3rd, 2020 4:02 PM Author: Electric indirect expression got my app in to my banker.
also, lol at using Chase, Citi or any other megacorp bank as your business bank. |
|
Date: April 3rd, 2020 4:17 PM Author: Bat Shit Crazy Wild Organic Girlfriend Yarmulke govts are more likely to take apps from evil megabank than shitty small banks (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39933359) |
|
Date: April 3rd, 2020 5:39 PM Author: irradiated painfully honest lodge hunting ground Out the bank (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39934018) |
|
Date: April 3rd, 2020 4:19 PM Author: Razzle shivering reading party locus SO Bank Of America is the only one accepting applications? But you have bank with them. ACn this universe be even more corrupt (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39933382) |
|
Date: April 3rd, 2020 5:38 PM Author: orange puppy milk Bank that doesn't seem to be requiring a preexisting relationship:
https://sbacares.boefly.com/ |
|
Date: April 4th, 2020 12:09 AM Author: silver forum knife Applied and it said application accepted then I got this: “Thank you for your SBA CARES application to help with the COVID-19 crisis. This email confirms that we have your information. Know that we've marked your place in the queue!
Now that the bill has been signed into law, the next milestone is for the SBA to issue rules that will govern the SBA CARES loan program... We are currently waiting for this to happen In the meantime, please know we are working hard to deliver as speedy a process as possible once lenders are authorized to begin.”
Sounds like none of this shit has even been sorted out yet and banks are just “accepting” ppl and then adding them to a queue for when things are figured out. Almost makes me appreciate my TTT bank who isn’t accepting apps till its actually ready to go. |
|
Date: April 4th, 2020 12:40 AM Author: Razzle shivering reading party locus Says the guy not in the queue (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39937145) |
|
Date: April 4th, 2020 3:23 AM Author: orange puppy milk Yeah, they updated their page to clarify that they're just lining you up for when the real application is available. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39937690) |
|
Date: April 4th, 2020 9:58 AM Author: cream deer antler property Any updates on this? I don’t think retail bankers work weekends. Monday should be fun. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39938277) |
|
Date: April 4th, 2020 10:01 AM Author: judgmental drunken fat ankles There are definitely banks out there accepting applications and submitting them into the SBA portal. I know this for a fact. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39938287) |
|
Date: April 4th, 2020 10:19 AM Author: cream deer antler property any that don’t require a pre-existing relationship? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39938355) |
|
Date: April 4th, 2020 11:05 AM Author: judgmental drunken fat ankles I doubt it. Maybe a very small local bank could get away with it. It’s the KYC requirements that are tripping the big banks up. The big banks aren’t going to lend to you anyway until they take care of their big customers. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39938523) |
|
Date: April 4th, 2020 4:28 PM Author: silver forum knife I was finally able to apply with US bank. My banker told me that per the SBA they're doing single owner companies first and then moving into companies with more than one owner. I think the idea is single owner companies are more likely to need the money ASAP and will likely have fewer employees so it will be less of a drain on the available funds.
With that said, I'm sure there's been plenty of big companies who have been able to apply through the back door already. |
|
Date: April 4th, 2020 4:47 PM Author: Useless adulterous dragon This is true. Our law firm (which has hundreds of millions in revenue) applied cuz we have 500 or less employees and we got a special Backdoor link from our banker that wasn’t available to the Public and submitted fairly easily. They said expect the money mon or tues. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39941045) |
|
Date: April 4th, 2020 8:45 PM Author: judgmental drunken fat ankles How did they doc the loan? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39942999) |
|
Date: April 6th, 2020 2:55 PM Author: silver forum knife with US bank, and I assume every big bank, they've created an online application where you answer the basic questions contained in the original app put out by the SBA but just in US banks online application portal.
Then there's like multiple steps after that where they reach out to you for documentation. I don't think any of that has happened yet and it may or may not. But right now that is what it looks like. |
|
Date: April 6th, 2020 9:46 PM Author: judgmental drunken fat ankles So you haven’t signed a promissory note yet? That’s what I’m curious about. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39957614) |
|
Date: April 6th, 2020 11:08 PM Author: silver forum knife No and I don’t think anyone has. I doubt it’s even drafted yet at this point. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39958171) |
|
Date: April 7th, 2020 1:27 PM Author: Electric indirect expression the online Chase app includes e-signing a promissory note (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39961560) |
|
Date: April 6th, 2020 2:10 PM Author: aphrodisiac famous landscape painting (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39953881) |
|
Date: April 6th, 2020 7:17 PM Author: bronze coiffed national security agency What do I need to provide for income expense statement for this?
Just a handmade one will work?
I just have a one person LLC |
|
Date: April 6th, 2020 9:05 PM Author: orange puppy milk I just helped a sole proprietor friend with this.
The statute doesn't require any particular form of documents. But bureaucrats and functionaries like things that look official.
We made a simple income statement in Excel using a template. |
|
Date: April 6th, 2020 10:07 PM Author: bronze coiffed national security agency Ty kirbymo
Any particular template you have or recommend?
What did you include on yours? |
|
Date: April 7th, 2020 1:01 AM Author: bronze coiffed national security agency (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39958736) |
|
Date: April 7th, 2020 1:47 AM Author: orange puppy milk (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39958836) |
|
Date: April 7th, 2020 9:32 AM Author: Bat Shit Crazy Wild Organic Girlfriend Yarmulke Solos: Citibank SBA PPP "application" went "live"
twist you fill out a form with name and email and you get: Thank you for your interest
We will be in touch with more information when applications become available.
https://online.citi.com/US/secure-message-center/sba-loan |
|
Date: April 7th, 2020 12:38 PM Author: judgmental drunken fat ankles Go find a shit bank and apply through them. People are actually processing applications. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39961211) |
|
Date: April 7th, 2020 12:56 PM Author: Free-loading aggressive gaping liquid oxygen Just filled out US Bank application all the way to the end, but wasn't willing to check the box stating "Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant."
It's pretty much fraud if you don't need the loan. |
|
Date: April 7th, 2020 1:31 PM Author: Bull headed jewess senate Your loss (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39961586) |
|
Date: April 7th, 2020 1:49 PM Author: orange puppy milk I suspect you're giving "need" a relatively strict reading.
There are shut down orders everywhere. Clients are running for the hills. Unemployment is exploding. We're almost certainly headed for a recession (as technically defined), and GDP is already shrinking. Some authorities say we're fucked until there's a vaccine, which they say is a year away. I don't see it as terribly difficult for most small businesses to believe they have a need with respect to ongoing operations. |
|
Date: April 7th, 2020 2:08 PM Author: Free-loading aggressive gaping liquid oxygen In my circumstance, there is zero evidence that I do or will need this money any more than any other time. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39961857) |
|
Date: April 7th, 2020 2:15 PM Author: orange puppy milk Do you have fed gov contracts or something like that? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39961929) |
|
Date: April 7th, 2020 2:34 PM Author: Free-loading aggressive gaping liquid oxygen Nope. But I've got litigation (and other matters) heating up for a flush-with-cash client that always pays promptly and a bunch of new clients/matters in the pipeline. There's no way I can honestly claim I need a 2.5 months salary/benefit advance RITE NAO to keep operations going. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39962061) |
|
Date: April 7th, 2020 2:42 PM Author: Electric indirect expression you are being extremely risk averse. you can definitely claim that. courts are closed indefinitely. litigation can't move forward. you can't take depositions, access to experts is limited, and your single flush with cash client can fire you tomorrow.
no one is going to look at these loans after the initial underwriting. banks don't care because they are taking zero risk. government can't because there are no guidelines as to "need," only a request for affirmation on the app. there's a reason the underwriting is so minimal - they want this money out there.
on top of all that, to the extent there is anyone looking for fraud, it's going to be the people getting loans at multiple banks, not disclosing affiliate relationships between multiple entities, and faking payroll numbers to juice the loan amount. the loans are up to $10 million. there will never, ever be an investigation into someone who got like $40K, there just aren't the resources.
doesn't matter though because you're not going to get one anyway unless you have an existing lending relationship with a bank. |
|
Date: April 7th, 2020 2:59 PM Author: Free-loading aggressive gaping liquid oxygen This isn't about risk of getting caught. This is about honesty.
|
|
Date: April 7th, 2020 3:01 PM Author: Electric indirect expression fair enough (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39962218) |
|
Date: April 7th, 2020 1:50 PM Author: judgmental drunken fat ankles No it’s not and no one is reading the app the way you just did. Every law firm in the country is advising their clients that’s it’s NOT need based. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39961725) |
|
Date: April 7th, 2020 1:50 PM Author: self-centered digit ratio locale Good goy (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39961731) |
|
Date: April 7th, 2020 1:51 PM Author: aphrodisiac famous landscape painting Lawyers really are risk averse nerds. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39961740) |
|
Date: April 7th, 2020 2:08 PM Author: Free-loading aggressive gaping liquid oxygen Or...ethical? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39961864) |
|
Date: April 7th, 2020 1:53 PM Author: Cobalt Boltzmann Bawdyhouse how do you know what your revenue is going to be next month? the economy is shut down. your clients could decide not to pay their bills, and new clients may choose not to retain your firm. How would you pay your firm's payroll? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39961745) |
|
Date: April 7th, 2020 2:10 PM Author: Free-loading aggressive gaping liquid oxygen First, I have to certify that the loan is necessary. I don't think not having a crystal ball meets that standard. In any event, I've got a lot of work lined up over the next couple months, so there's no way I could legitimately claim I need this loan to keep paying myself my salary. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39961876) |
|
Date: April 7th, 2020 3:06 PM Author: Dark principal's office part 1 was when we first looked into the loan that it required a showing that the business was making less this year than last. whether true or not, i wasn't going to spend time proving that to a fucking banker. then posters said, dude, you are wrong. i looked into it again and they were correct. nothing like comparison of income from previous year existed. that's when we ran into this second hitch that you are talking about. we're making money. none of this shit is "necessary" so, you are not alone even if we are both suckers |
|
Date: April 7th, 2020 3:13 PM Author: judgmental drunken fat ankles You are being a little bitch (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39962274) |
|
Date: April 7th, 2020 3:18 PM Author: Free-loading aggressive gaping liquid oxygen I was thinking that if I did get the money I'd blow it on whatever I thought would help the economy most, but I'm not exactly heartbroken over losing out on 2.5X my modest monthly salary. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39962294) |
|
Date: April 7th, 2020 3:12 PM Author: Avocado Pisswyrm Just do prosecute millions for walking on a red carpet the charging party rolled out. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39962268) |
|
Date: April 7th, 2020 3:19 PM Author: Free-loading aggressive gaping liquid oxygen Getting away with it isn't the point (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39962298) |
|
Date: April 7th, 2020 3:26 PM Author: judgmental drunken fat ankles You are interpreting it wrong. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39962331) |
|
Date: April 7th, 2020 5:16 PM Author: Free-loading aggressive gaping liquid oxygen Ok, explain. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39963091) |
|
Date: April 7th, 2020 7:52 PM Author: judgmental drunken fat ankles It doesn’t say that you have to need the money. You only have to show you’ve been impacted by the financial uncertainty. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39964365) |
|
Date: April 7th, 2020 8:07 PM Author: Dark principal's office you can pretend this is superfluous, but it's not ambiguous "Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant." |
|
Date: April 7th, 2020 8:08 PM Author: Free-loading aggressive gaping liquid oxygen Yeah, not sure of another way to read that. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39964510) |
|
Date: April 7th, 2020 8:19 PM Author: judgmental drunken fat ankles I’m telling you that no one is reading it the way you two are (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39964580) |
|
Date: April 7th, 2020 8:21 PM Author: Free-loading aggressive gaping liquid oxygen And you're such a reliable authority that we should defer to what you say other unnamed people are doing (without explanation)? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39964598) |
|
Date: April 8th, 2020 8:26 AM Author: judgmental drunken fat ankles Ive been following this very closely for my jerb. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39967411) |
|
Date: April 7th, 2020 1:27 PM Author: Electric indirect expression updates:
- Citibank is only doing loans for customers that have an existing lending relationship (not just banking) with them.
- Wells Fargo is fully subscribed and isn't taking any more apps. they were limited by the SBA in amount of money they can get because of their recent fuck ups.
- Chase's app is online but no idea what happens after submission. says they'll email you if you are eligible.
- Bank of America is the same. they were first to get their app online and have received the most requests.
- Your Local Shitbank is going to prioritize loans for customers with existing lending relationships.
- SBA back end system is broken so apps can't be processed: https://www.politico.com/news/2020/04/06/small-business-loan-program-system-crashes-169614 |
|
Date: April 7th, 2020 1:41 PM Author: aphrodisiac famous landscape painting 180 MAGA (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39961634) |
|
Date: April 7th, 2020 1:50 PM Author: Laughsome idiotic range NO MOVEMENT (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39961727) |
|
Date: April 7th, 2020 2:13 PM Author: razzmatazz mahogany feces indian lodge LOL, small business owners are so FUCKT under this incompotent administration.
They can't even figure out how to GIVE MONEY AWAY WITHOUT FUCKING UP |
|
Date: April 7th, 2020 2:31 PM Author: Electric indirect expression just spoke with my banker at my local shitbank. they're processing apps now. he said he expects funding will be by middle of next week. YNY (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39962027) |
|
Date: April 7th, 2020 3:18 PM Author: Cobalt Boltzmann Bawdyhouse wtf. my shitbank still can't even accept applications. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39962295) |
|
Date: April 7th, 2020 6:00 PM Author: Electric indirect expression already out of money: https://www.foxnews.com/politics/mnuchin-speaks-with-congressional-leaders-about-additional-250b-for-paycheck-protection-program (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39963478) |
|
Date: April 7th, 2020 6:03 PM Author: bronze coiffed national security agency LOL
|
|
Date: April 7th, 2020 7:54 PM Author: Provocative sooty piazza mood lmao (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39964384) |
|
Date: April 7th, 2020 8:08 PM Author: cream deer antler property 350B was never going to be enough.
But they aren’t “out” yet |
|
Date: April 9th, 2020 11:29 AM Author: aphrodisiac famous landscape painting Trump said this went off without any glitch. Everyone enjoying your PPP loans? (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39975644) |
|
Date: April 10th, 2020 8:08 AM Author: judgmental drunken fat ankles Everyone has big beautiful PPP loans. (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39981992) |
|
Date: April 10th, 2020 8:58 AM Author: razzmatazz mahogany feces indian lodge I’m tired of winning so much! (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39982104) |
|
Date: April 10th, 2020 8:09 AM Author: judgmental drunken fat ankles I’ve heard that Bank of America has over 300k applicants in its queue lmao (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#39981993) |
|
Date: April 19th, 2020 2:00 PM Author: startled flatulent trailer park selfie Small firmmo here, but we got the money.
My wife's non-profit got the money. |
|
Date: April 20th, 2020 8:19 PM Author: Fluffy deep step-uncle's house shitlaw solo here - just got $18,000 MAGA (http://www.autoadmit.com/thread.php?thread_id=4493023&forum_id=2#40057660) |