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Ah, I get what you're saying, just apply through any bank. That's a good link btw for anyone trying to find the portal for their lender. Thank you.
I'm going for PPP because I'm only trying to cover payroll and that's the one with the chance of forgiveness. I'm willing to absorb my other costs.
I thought on the EIDL you get a grant ("loan advance") for a certain amount that's forgivable?
Thanks GB but all of these banks are requiring loan applicants to be current account holders. Looks like I'm stuck with US Bank and their foot dragging.
I believe non payroll costs are 25% forgivable, or is it 75%? With the PPP it's all forgiven if used to maintain previous payroll levels.
Yep. Essentially you're paying yourself what you would've been paid over the next 2 months. And you're showing that by providing records of past income.
Things like building rent, utilities, debt servicing, overhead, cost of operation, etc. And those wouldn't be fully forgiven.
But reading if you're approved for the EIDL grant it would be forgiven up to 10k. So if I have minimal overhead then I should be applying the PPP and not the EIDL? Or both? And last question, what if the lockdown lasts longer than 2 months? You can't use any funds to cover expenses that may accrue at that time? Thanks.
Update from my bank at 5 eastern today.
Low overhead is why I'm going the PPP route. Another reason is because the interest on anything not forgiven (if any) is lower on the PPP (1.0%) versus the EIDL (3.75%). Honestly when I heard about the chance at 100% forgiveness with PPP, the lower rate, and my low overhead, I ruled out the EIDL right then and there so I don't have as much info on that one.
Oh and regarding the lockdown going beyond 2 months, I don't think there's an answer for that yet when it comes to these programs. Perhaps they'll fund it more at that time if this is still going.
Looking at BofA website they're saying I can't apply because i don't have a small business account with them. I don't have a business account anywhere. Am I SoL?
Initial thought researching this would be to contact a smaller local bank on Monday and see if they'll let you open an account and then apply with them for one of the SBA programs. My guess is someone will oblige but they might want you to bring all of your banking to them.
I bank with BofA. They say not eligible because I don't have a small business account with them.
Unfortunately I think the reality is that lo a of banks are going to be so overwhelmed with applications that they’ll come up with reasons why you shouldn’t/can’t submit through them. There is no requirement of needing a “small business account” that I’m aware of. Pull up the list of SBA Approved lenders in your state and start calling places first thing Monday morning. You’ll find one that will put you in their queue.m would be my guess.
I can't apply until Friday anyway. BofA saying no. Chase saying no because no business checking account with them.
I'm seeing a lot of people denied by BofA for simply never having taken out a business loan even with a small business account. I also saw someone denied because they didn't have a business credit card. Those aren't valid reasons to deny this and I don't think the reason you're being given is valid either. I see a whole lot of people complaining about BofA on Twitter. And those complaints are being copied to Senators and to Secretary Mnuchin.
See my reply right after you posted this. Still hope. Apparently they're denying just about everything right now in a blanket manner. They're supposedly waiting on more guidance.
Yeah the rush to be the first to have their portal available is not working out very well. It took an hour over the phone on hold, but I'm starting to feel better about US Bank making sure their ducks are in order before opening up their portal.
Our non-profit just recently opened a small biz account with them and tried to apply. We were denied for having no current loan plus not being a customer for long enough due to AML/KYC issues.
US Bank invitation finally came and mine was declined due to eligibility as well. And I have no earthly idea how I'm not eligible. When I was on the phone with US Bank asking where the invitation was, they did say that someone would contact me if declined for whatever reason. I sure hope it's just glitches. This was supposed to help ALL small businesses not just the ones who owe their lenders money.
Not that I know of. I own some rental properties too and have a tenant moving out in June. As far as I know I'm on my own there. That said, I own a business that qualifies for PPP separate from that so I haven't done a ton of research into LLC structure and what requirements are there. I also figured that since I'm getting PPP I wouldn't qualify elsewhere, especially for passive income. But from the property owners I hear from right now none are expressing any knowledge of a way to cover lost revenues.cubd8 said:
Would this be salary + dividends? My wife is an LLC and filed as an SCorp so each paycheck she pays herself a salary amount and a dividend amount for tax purposes. Our accountant set it up that way. I’m assuming she would file only for the salary portion?
I'm assuming the same but it doesn't hurt to calculate using the combined number. Your bank is going to require docs to back up the number your wife provides and they just might accept the dividend amount added to the salary amount. It doesn't hurt to try.
