Small Business Disaster Relief

[outlook8]

dang - my wife sold her business on march 1....one month too early!!!

Sounds like perfect timing to sell to me.

[Anvilheadtexas]

Guys don’t give up! I work and consult with the largest SBA lender in the country (by volume)!and they are rapidly getting up to speed on processing applications . Has been a lot of applications submitted to a lot of banks from what I understand the big holdup is getting the applications through the SBA.

Rumors are circulating that there will be an additional 250 billion once the initial 349 billion runs out.

Go through your local banks and lean on your looking at relationships for PPP.

[Mexico]

The EIDL funds are going to be about three weeks away based on what I've heard. The PPP funds will be immediate. There is new guidance on how to calculate average monthly payroll. I am reading through it but one thing I noticed, the AICPA is saying the 100K limit is before health care and retirement costs. If you are in the oil field, that makes a pretty significant difference. I will repost when I digest the calculation. Here is what I am providing for clients:

Secretary of state entity status (online at sos website)

Original Articles or Cert of Formation (non sole-proprietors)(existing bank probably has this)

Calculation of average monthly payroll

List of Related Entities

Form W-3 that ties to the 2019 payroll calculation

Forms 941, 940 and C-3 (state unemployment) for 2019

2019 Federal Income Tax Return (this is easier to get than a financial statement from your CPA)

If you are seasonal like my nursery, look at using the first three months (12 weeks) of payroll for this year. I would go ahead and complete your 941 for the first quarter and submit that as well. You can't do the C-3 until after April 15th (per state request)

I filed the EIDL about 2 weeks ago and have yet to receive a return email.

[CJ776]

I’ve been processing applications for customers on the PPP and have been getting approvals from the SBA all weekend. So very exciting for us and our clients. Our whole bank is working through the weekend to get them processed.

I’d urge anyone who owns a business with < 500 employees to go through the program. It’s working.

I’ve submitted 31 applications for clients since Friday morning and already have 6-8 approvals.

How many bips is your bank making on each application?

[BowSlayer]

I submitted the PPP paperwork last week. Banker called Monday and said it was approved last Saturday and he would get with me to sign and fund the loan. Haven't heard from him again. I wonder if they understand the loan isn't helpful until it funds.

[sotx]

Any Wells Fargo bankers on here that could shed some light on their situation?

[rvd]

I filed the EIDL about 2 weeks ago and have yet to receive a return email.

sent you a pm

[DallasCoon12]

I filed the EIDL about 2 weeks ago and have yet to receive a return email.

Same here

[HoustonHunter]

I submitted the PPP paperwork last week. Banker called Monday and said it was approved last Saturday and he would get with me to sign and fund the loan. Haven't heard from him again. I wonder if they understand the loan isn't helpful until it funds.

We all understand that the loan isn’t helpful until it finds. It is, however, important that you got in and got the allocation from your bank.

The SBA has not released funding docs to banks, therefore, banks cannot fund without running the risk of bad documentation or doc redos.

Trust me, I have submitted 75 applications as of this morning with about 1/3 approved—I want to fund these just as fast as anyone for my customers but we cannot.

The federal government put the cart way ahead of the horse on all of this.

[dwactx]

We submitted our PPP paperwork yesterday, got word back from the Bank that it has been approved by SBA, not sure when the funds will be deposited

[BowSlayer]

We all understand that the loan isn’t helpful until it finds. It is, however, important that you got in and got the allocation from your bank.

The SBA has not released funding docs to banks, therefore, banks cannot fund without running the risk of bad documentation or doc redos.

Trust me, I have submitted 75 applications as of this morning with about 1/3 approved—I want to fund these just as fast as anyone for my customers but we cannot.

The federal government put the cart way ahead of the horse on all of this.

Thanks. I should have known it was the government dragging its feet and not the bank.

[CJ776]

Thanks. I should have known it was the government dragging its feet and not the bank.

you think the banks aren't making money off of this mess?


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[BowSlayer]

you think the banks aren't making money off of this mess?


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I never said that. I know they are. Not sure what that has to do with slow funding though.

[HoustonHunter]

you think the banks aren't making money off of this mess?


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Literally has nothing to do with his comment.

Of course the banks are going to make money off this, they are providing a service. How many businesses do you know like to work for free? If you had even an inkling of an idea as to the amount of work and manpower this program requires for a bank you’d probably think they should make more.

But yeah, the big bad banks...

[twistedmidnite]

Literally has nothing to do with his comment.

Of course the banks are going to make money off this, they are providing a service. How many businesses do you know like to work for free? If you had even an inkling of an idea as to the amount of work and manpower this program requires for a bank you’d probably think they should make more.

But yeah, the big bad banks...

Thanks! My wife has been working until 8-9 at night and even worked this past Saturday and Sunday to get it all done. She's salary....but she's also the only preferred sba lender in town.