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. owner claims he will bring everyone back, once the loan is in place. does he have to do that? or can he just maintain what the payroll is now and still get forgiven?
I’m fine with either, I just don’t want to get into a big fight about things. It’s one of those situations where I’m not trying to pull one over on anyone, but I also don’t know enough to maybe not do something I’m not supposed to.
No. Head count and payroll are tied to average numbers prior to the outbreak.so, my company decided to furlough 95% of us, yesterday
What happens if he doesn't get the loan? The loan isn't guaranteed to go though. He is basically telling you he will bring you back he jus needs to get the loan in place. He is taking a ton of risk if he does this because we have no idea how the 'loan forgiveness' is going to work. Instead of getting upset you should be thanking him.DA RAIDERS said:so, my company decided to furlough 95% of us, yesterday
You have to maintain the 2019 payroll numbers employee count for forgiveness from what I have read.DA RAIDERS said:so, my company decided to furlough 95% of us, yesterday
Btw, my local bank means our personal banker, we are currently with SunTrust who is now Truist or some crap after BB&T merger.
My understanding is he does need to maintain headcount and not reduce your pay in order to not have the debt forgiveness part reduced. However, I think the key for the forgiveness is that he has the same headcount and pay rate in the immediate period following the loan. Someone else here is likely more up on the formula and how that works than I am, but my payroll person basically told me the key is making payroll within 7 days of the funds hitting our bank and that it has to be at the rate from 2019 with the same headcount. Not sure how it would impact that calculation if you were furloughed and then upon receiving the money if he immediately brought you back at your old rate.DA RAIDERS said:so, my company decided to furlough 95% of us, yesterday
I filled out an application on my banks website. Part of the application involved uploading the form.
We have over 20,000 applications and each one needs manual eligibility certification, backed with a lender application that goes to the SBA. You are ineligible if you answered yes to 1,2,5 or 6 on the app. also, loans are being rounded down to the nearest even 100. so, an app for 18,193 is 18,100, etc. We are also eyeballing 941s and doing light math. Should finish by next July.
GB you. I hope my bank is running at least a little ahead of your schedule though.
Bank = Regulations. We must adhere to KYC/AML and get Beneficial Owner Certifications. Vet people arent terrorists, of course (gb the Patriot Act). Also, the word being used is certifying. No one internally has given me much air cover about what happens if i certify something that may be fishy, so i'm not letting things go too easily and will deny if an initial looks wrong. There are alot of places for an error to be made. Also, that lender form that goes to the SBA is no easy peezy. Plus, you need to navigate the clunky loan system and force round pegs into squar holes. I would say it can take around 15-30 minutes to certify 1 app. Say we have 30,000. 900,000 man hours. 37,500 days, if we are working round the clock. 102 years cant be right, can it? Well, 1 person...
Very helpful and enlightening, thank you. I haven't raised hell with my bank or anything, but this definitely earned them more patience from me.
Approved by your bank? Or approved by SBA with an SBA loan confirmation number?
was on a call with my congressman the other day and he assured everyone that the 2nd round of funding will be coming.
Technology is the simple answer. If you dont have the infrastructure in place, you cant handle this.
They’re not yet ready to accept applications six days after others began processing them? Oof. Its honestly unacceptable and something that would have me switching banks at the earliest opportunity (which is hopefully after they get you a PPP loan). GL.
Capital One increased its technology staff from 2,500 in 2011 to 9,000 in 2019. How these people are being used, is another issue.
I dont have any branches near me, but I might consider dropping a few bucks in there just to try it. Is that who you work for? (you dont have to answer if you prefer to keep it a secret)
Think you can apply for products online....
Got the email that we were approved by SBA. Replied that we accepted the proposed loan. According to them, we should receive funds in the next 5 business days. Timing couldn't be better. Our 8-week clock starts as soon as we get the money.
Can you defer the loan until you are ready to open or start the clock later?Got the email that we were approved by SBA. Replied that we accepted the proposed loan. According to them, we should receive funds in the next 5 business days. Timing couldn't be better. Our 8-week clock starts as soon as we get the money.
Short answer is no. Read #20 in FAQ here.
