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21 minutes ago, stlrams said:

Can you defer the loan until you are ready to open or start the clock later?  

Bear me to it lol

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1 hour ago, stlrams said:

Can you defer the loan until you are ready to open or start the clock later?  

Obviously you need to talk to your lender, but between what @Chemical X has said, and everything I have read, I dont believe this is a situation where the money is going to run out if you dont act now. And even If it does run out, it sounds like there will be more where it came from. For many people who have already closed their doors or have already laid off a significant portion of their staff, I still believe it makes sense to wait and take the money closer to the June deadline. We werent in that situation, so I cant say for certain. Good luck.

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3 hours ago, E-Z Glider said:

Obviously you need to talk to your lender, but between what @Chemical X has said, and everything I have read, I dont believe this is a situation where the money is going to run out if you dont act now. And even If it does run out, it sounds like there will be more where it came from. For many people who have already closed their doors or have already laid off a significant portion of their staff, I still believe it makes sense to wait and take the money closer to the June deadline. We werent in that situation, so I cant say for certain. Good luck.

Seems like a massive gamble.  I will go on the record and say I think it would be a terrible idea to think that there is any PPP money left at the end of June.  

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1 minute ago, SayWhat? said:

Seems like a massive gamble.  I will go on the record and say I think it would be a terrible idea to think that there is any PPP money left at the end of June.  

You could be right and I’m not invested enough to offer any real insight. Could make a massive difference though. I definitely wouldn’t be making a panic-based decision 5 days into the process without talking to someone first.

Keep us posted @stlrams, I’d be interested to hear what advice you get. Good luck.

 

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So, early reports are my group is rejecting 56% of submitted apps as incomplete due to missing initials or signatures.  Either, lines 5 & 6 are not initialed, or the app isnt signed.  The line 5 & 6 initial is the biggest issue.  FYI

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My bank rep let me know today that we are approved and in the queue, just haven’t been excepted by SBA yet. 

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Just remember, you may have made it thru, but now a manual SBA 2484 needs to be prepared by your bank to accompany your app, then somehow transmitted, maybe via ETran?  That’s a lot of typing.

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We have multiple queues to work out of....my queue went from 7k at 11.30p last night to 11k this morning. 

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We participated in a forum yesterday of executives of local companies 50 and under across a broad spectrum of industries, goods and services.  The variety of issues different companies are facing, and the different approaches they are taking, is quite impressive.  I would say over half the participants have instituted some form of layoff or pay reduction, in some cases a combination of reduced hours and reduced pay - whatever works.  To state the obvious, this thing will weed out weaker companies quickly.  IT companies seem to be going great right now - high demand.  Many companies are in demand, but their customers are hurting, so they are working on payment arrangements.  Some are factoring their receivables which, in good times imo is a sign of a troubled company, but these days is actually not a bad idea since money is so cheap.  My real estate clients are pulling their hair out. Some tenants are acting in good faith and doing everything they can to make reasonable arrangements, while others seem rather clearly to be taking advantage of the various protections such as moratoriums on lease termination and eviction.

 

 

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I applied today via a bank I don't know. Should I apply to other places as well to ensure i can get a loan? Not even sure I asked for the right amount. 2.5 x self-employed salary. Do I ask for more than that for other costs?

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Technically I "pre-applied" via one bank. Should I apply to another lender like Kabbage and then if i get approved just cancel the other application? I'm worried that if I just sit here and wait to hear back that i risk being shut out.

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Just now, stlrams said:

Subscription only site.  Possible you can copy and paste.  TY

go private on your browser

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@stlrams

Disaster Loan Program Unravels

Owners were supposed to be able to get up to $2 million. Now they’re being told the cap is $15,000 — if they can get any answers at all.

Flooded by requests for help like never before, a federal disaster loan program that was supposed to deliver emergency relief to small businesses in just three days has run low on funding and nearly frozen up entirely. Now, business owners who applied are desperate for cash and answers about what aid, if any, they are going to receive.

The initiative, known as the Economic Injury Disaster Loan program, is an expansion of an emergency system run by the Small Business Administration that has for years helped companies after natural disasters like hurricanes, floods and tornadoes. To speed billions of dollars in aid along, the government directly funds the loans, sparing applicants the step of finding a lender willing to work with them.

But in the face of the pandemic, the loan program is drowning in requests. Many applicants have waited weeks for approval, with little to no information about where they stand, and others are being told they’ll get a fraction of what they expected.

The program is supposed to offer loans of up to $2 million, but many recent applicants said the S.B.A. help line had told them that loans would be capped at $15,000 per borrower. That was backed up by a message from the agency that one applicant shared with The New York Times.

The CARES Act, the $2 trillion relief bill signed by President Trump last month, also authorized the S.B.A. to hand out the first $10,000 as a grant that didn’t have to be paid back. Those funds were supposed to be available to applicants within three days of their application, even if they weren’t approved for a loan. That hasn’t happened, according to more than 400 applicants who contacted The Times.

S.B.A. officials did not respond to repeated requests for comment.

“I’m afraid I won’t see a penny,” said Virginia Warnken Kelsey, an opera singer in Branford, Conn., who applied on March 29 and had not received a response as of Thursday.

Ms. Kelsey had a busy spring season planned, with a tour scheduled to stop in Belgium and the Netherlands and performances with orchestras in Oregon and North Carolina. Everything has been canceled. The section of her website where she posts her engagements simply reads: “No upcoming events.” For her, the loan would be a lifeline of cash to cover her rent and other bills.

The disaster loan program’s missteps have been overshadowed by the chaotic start of the federal government’s other large small-business aid effort, the Paycheck Protection Program, which started taking applications last week. Applicants to that initiative have faced delays as banks deal with the hasty deployment of a $349 billion program.

Disaster loan applicants — many business owners are seeking relief through both — have also had to wait, even though the program predates the crisis. The S.B.A. began taking applications in mid-March, but its rollout was piecemeal. Each state had to submit its own formal disaster declaration, and business owners could not apply until their state’s declaration was approved. It took around two weeks for all 50 states to become eligible.

And even though Congress allocated billions of dollars to fund the disaster loan program, some applicants said S.B.A. representatives had told them that funding was running out.

Deb Wood-Schade, who runs a chiropractic wellness business in Aliso Viejo, Calif., applied in mid-March and was told by phone on Saturday that she had been approved for a loan of nearly $25,000 — enough to cover six months of her operating expenses. But loan documents she received on Wednesday suggested that amount had been cut to $8,300, covering just two months of her costs.

“Is that all I can get?” asked Ms. Wood-Schade, who emailed that question to her S.B.A. loan officer but had not heard back. “I am concerned if I take it I won’t get the additional funds.”

Senator Ben Cardin, Democrat of Maryland, who pushed for the additional funding through the CARES Act, said the program simply had to have more money.

“The fact that S.B.A. is limiting Economic Injury Disaster Loans to an initial disbursement of $15,000 shows that there is a clear need for more resources for this program,” he said.

The loan program was never designed to handle a disaster of this magnitude — one that has sent unemployment claims soaring and forced businesses to close.

The program’s previous peak came in 2006 after Hurricane Katrina. It disbursed loans of $1.7 billion that year, according to the Congressional Research Service. In early March, Congress allocated funds to support around $7 billion in lending in response to the pandemic. It added another $10 billion through the CARES Act to fund the $10,000 cash grants, saying applicants could get that money even if their applications were denied.

But the demand has been extraordinary.

If every applicant received the maximum $10,000 grant, the funding would cover around one million businesses. But more than three million applied for disaster loans last week alone, Joseph Amato, the director of the S.B.A.’s Nevada office, told attendees at a webinar on Monday. His comments were reported earlier by The Washington Post.

In response to the demand, the S.B.A. appears to have also added an additional restriction on the grants: Dozens of business owners said they had been told that the grant, if they got it, would be limited to $1,000 per employee — meaning the smallest businesses could not receive the full amount.

Even early applicants who have been approved for larger loans still have unanswered questions.

Abninder Mundra, who owns a franchise of the UPS Store in Portola Valley, Calif., applied for a loan on March 20 and was approved four days later for $210,000. He finally received and signed his closing documents this week. He was still waiting for the cash to arrive — and for details about how the $10,000 grant would work.

A retail business owner in California, who spoke on the condition of anonymity because he feared jeopardizing the loan he had been promised, was relieved to be getting the money needed to support his employees, but frustrated about the process.

He sought a loan on March 17, right after his state became eligible. In late March, he received a call from an S.B.A. official who requested additional documents, then verbally approved a loan of $500,000. It took more than a week before he got a letter confirming the loan, along with a pile of closing documents to sign.

Business owners who applied later are afraid the funding will run out before their applications are processed.

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Got an update from my bank, I was approved last week and sounds like final loan documents will be ready mid week this week. :blackdot:

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FYI, if you dont have an SBA REGISTRATION number, you dont have a reservation.  Approved means lots of different things.  Someone has to be preparing the 2484 and transmitting to the SBA.  At that point you get a Reservation number.  Then docs will ikely be 1-2 weeks? 

@GoBirds Keep me posted.  I am curious if you are being told something incorrect, but i'm trying to see what else is out there.

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7 minutes ago, Shula-holic said:

So are most of you guys also doing an EIDL as well as PPP?

My understanding is that the PPP can payoff the EIDL.  But i'm punch drunk right now, especially from how many people didnt initial Question 5 & 6 on the application.

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28 minutes ago, Chemical X said:

FYI, if you dont have an SBA REGISTRATION number, you dont have a reservation.  Approved means lots of different things.  Someone has to be preparing the 2484 and transmitting to the SBA.  At that point you get a Reservation number.  Then docs will ikely be 1-2 weeks? 

@GoBirds Keep me posted.  I am curious if you are being told something incorrect, but i'm trying to see what else is out there.

I didn’t get the number but they advised my loan documents were dated 10 days after the email I got that was approved which I believe lines up with the 10 day window they give after approval? They made it sound like my funds are reserved at this point to but I will keep you guys updated on how it goes. Hope everyone is well and weathering this situation!

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1 hour ago, Chemical X said:

My understanding is that the PPP can payoff the EIDL.  But i'm punch drunk right now, especially from how many people didnt initial Question 5 & 6 on the application.

Upon further digging this appears you are correct.  I probably should just stick to the PPP.  I did an EIDL app but from the way it appears they'll approve it for some amount for me to confirm and accept.  I could take it and roll it into the PPP, but essentially that's the way it's forgiven.  You can take both but it appears the EIDL is not forgiven if it's not rent, payroll, utilities, etc.  So while you can do both, essentially only the PPP amount is forgiveable.  The EIDL is if used appropriately and rolled in as part of the PPP.  It may just be a quicker way to access those funds.

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54 minutes ago, Shula-holic said:

Upon further digging this appears you are correct.  I probably should just stick to the PPP.  I did an EIDL app but from the way it appears they'll approve it for some amount for me to confirm and accept.  I could take it and roll it into the PPP, but essentially that's the way it's forgiven.  You can take both but it appears the EIDL is not forgiven if it's not rent, payroll, utilities, etc.  So while you can do both, essentially only the PPP amount is forgiveable.  The EIDL is if used appropriately and rolled in as part of the PPP.  It may just be a quicker way to access those funds.

Payoff the EIDL i believe is on the 2843 form in the calculation spot at the top.

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How do you guys feel about chruches applying for the PPP?

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Was able to get everything filled out and uploaded on Kabbage.com for the PPP. They responded in less than 48 hours, had me upload a few more things. Now just waiting for approval. Didn't have to have an existing account. Very easy.

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I'm writing congressmen complaining about the amount of time taking to process these loans. It seems to me there's elections coming up this November. 

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2 hours ago, Chemical X said:

How do you guys feel about chruches applying for the PPP?

hard no.  unless they start paying taxes.

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2 hours ago, Chemical X said:

How do you guys feel about chruches applying for the PPP?

I feel like there should be some kind of proof of business interruption associated with approval. 
 

 

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24 minutes ago, Freak Show said:

I'm writing congressmen complaining about the amount of time taking to process these loans. It seems to me there's elections coming up this November. 

Really? Consider the magnitude of logistics associated with this. 

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I didn't shut my business down, the government did. Consider having to pay for inventory I can't sell.

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49 minutes ago, Freak Show said:

I didn't shut my business down, the government did. Consider having to pay for inventory I can't sell.

So, who's to blame, the gov't or the banks?  How did they think any one bank could handle 60,000 SBA apps all at once and adhere to regulations, including AML.  Every App needs to be viewed to ensure it's complete.  Then a 2484 needs to be completed.  There have to be 1,000,000 apps out there, at least.  Like everyone showing up to a 10,000 seat restaurant all at 6p........you aint gonna be served  in 20 minutes.

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I'm not looking for a debate. I have bills to pay, including property taxes. My vendors and the governments want paid. I want to pay them without penalties and interest. A stimulus package was put into place to help with this. I would like to put that money to use as soon as possible. Elected officials might speed this process up.

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1 hour ago, Grahamburn said:

I feel like there should be some kind of proof of business interruption associated with approval. 
 

 

Some businesses will have their best year ever

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14 minutes ago, Freak Show said:

I'm not looking for a debate. I have bills to pay, including property taxes. My vendors and the governments want paid. I want to pay them without penalties and interest. A stimulus package was put into place to help with this. I would like to put that money to use as soon as possible. Elected officials might speed this process up.

Not a debate, but if you think elected officials care about you, you are sadly mistaken.  Thinking they can help you is a waste of time IMO.  There are likely 1 million apps out there and 17 million people have filed for UI.  I don't mean this to sound callous, but you are no more important than the rest of them.  I think everyone is trying their hardest, but this is unprecedented and can't happen in a day and a half.

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I think a lot of new business men and women will now know what it means to build their war chest for a rainy day.  

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11 hours ago, GoBirds said:

Got an update from my bank, I was approved last week and sounds like final loan documents will be ready mid week this week. :blackdot:

Did you apply  to ppp and what was the loan amount vs actual need.

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6 minutes ago, Nick Vermeil said:

Chase approval came through today. Funds by Friday they claim.  

Ppp? Amount vs need?

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1 minute ago, stlrams said:

Ppp? Amount vs need?

PPP.  They gave us exactly what we asked for and proved with our backup.  

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1 minute ago, Nick Vermeil said:

PPP.  They gave us exactly what we asked for and proved with our backup.  

Nice.  Asking because we are seeing articles indicating caps etc.  I’m debating to ask my bank to hold my application until I can reopen. 

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9 hours ago, stlrams said:

Did you apply  to ppp and what was the loan amount vs actual need.

Yes PPP and our lender created a excel calculator to come up with the loan amount, appears that number was approved. 

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5 minutes ago, GoBirds said:

Yes PPP and our lender created a excel calculator to come up with the loan amount, appears that number was approved. 

Same here with Webster bank.  Waiting to hear back..

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9 hours ago, stlrams said:

Nice.  Asking because we are seeing articles indicating caps etc.  I’m debating to ask my bank to hold my application until I can reopen. 

There’s been no “capping” of the PPP.  You may have read that about the EIDL.

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15 hours ago, Nick Vermeil said:

Chase approval came through today. Funds by Friday they claim.  

Congrats. I’m with Chase too. How were you notified? Did you get an email? Phone call?

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5 hours ago, ericttspikes said:

Congrats. I’m with Chase too. How were you notified? Did you get an email? Phone call?

Phone call from rep to the owner who was signatory on the application. 

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Good luck to y'all.  I hope that another round of funding is approved so that whatever caps were in place for the loans can be removed.

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On 4/10/2020 at 9:18 PM, stlrams said:

Subscription only site.  Possible you can copy and paste.  TY

Here's a tip for that stuff... add a "." after .com and before the "/" for any paywall site.

So it would look like this, www.nytimes.com./ The links aren't clickable like normal so I just copy and paste and add in the "."

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On 4/11/2020 at 2:35 PM, DA RAIDERS said:
On 4/11/2020 at 12:26 PM, Chemical X said:

How do you guys feel about chruches applying for the PPP?

hard no.  unless they start paying taxes.

:goodposting: no way they should be eligible for this.

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On 4/9/2020 at 4:40 PM, E-Z Glider said:

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. :thumbup:

Received, signed, and returned (via email) the official loan documents today. Will be dropping-off hard copies this evening.

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