Cares Act And Senators say EIDL should be $10k not $1k per employee. small business |
- Cares Act And Senators say EIDL should be $10k not $1k per employee.
- Graham Stephan just made a video about the $10k Advance Problems,
- Approved for PPP!
- Now into 4th week of daycares and most businesses being closed in PA with no relief in sight.
- Wells Fargo applications going out. 7+ year old business just denied...
- SBA Southeast Admin on 4/3: "You'll get a $10,000 advance within 72 hours of applying for the loan"
- New Treasury Guidance on PPP - Answers to Some Open Questions
- Official SBA bulletin: "EIDL Loan advances will start to be distributed this week. $1000 per employee up to $10,000 max "
- Big Restaurant, Hotel Chains Won Exemption to Get Small Business Loans
- Chase PPP Online Application for Business Customers Up (4/6)
- Anyone had success with a physical invention?
- EIDL Grant/Advance (Email to SBA template)
- Winds of change SENATORS WILL FLEX ON SBA STARTING TOMORROW
- Update for SBA Advance 4/6 applied 3/30
- WELLS FARGO IS OUT
- EIDL Update Today (Applied 3/18/20 Longform, 3/29/2020 Streamline)
- How do you decide how much of your personal savings should be used to support employees?
- Quickbooks may be offering PPP loans - There's a page where you can express interest
- Miscalculated Amounts on Chase PPP Application
- Submitting PPP small business loan through Chase, new application now up on their site
- Partnership
- Correct number of employees?
- PPP list open to non customers
- I don’t really know if I’m a small business or not
- I work for a bank and I'm helping process paycheck protection loan applications
| Cares Act And Senators say EIDL should be $10k not $1k per employee. Posted: 06 Apr 2020 03:22 PM PDT Senators Say the EIDL Loan is 10K not $1k per employee. The new announcements saying that EIDL loans will now be $1000 per employee, have quite a few people mad. It seems that in addition to the actual law saying it is $10k, that the Senate says it should be $10k too, not $1k per employee. Check out what it says at the bottom of this page: [link] [comments]  |
| Graham Stephan just made a video about the $10k Advance Problems, Posted: 06 Apr 2020 05:52 PM PDT This guy has 1.66M subscribers, so maybe we will get some movement on it. [link] [comments]  |
| Posted: 06 Apr 2020 04:25 PM PDT Just got an email from my bank that I was approved for the PPP. Even though they have the provision for including any EIDL you may have received (I included the $10,000 advance even though I haven't received it), I only got the 2.5x payroll amount. Just wanted people to know that approvals are coming! [link] [comments]  |
| Now into 4th week of daycares and most businesses being closed in PA with no relief in sight. Posted: 06 Apr 2020 06:37 AM PDT Sorry guys/gals, this is just a post to vent. Playing by the rules and relying on politicians apparently never pays off. I run a solo law firm which has been effectively shut down for almost 4 weeks now and while I have been operating for a couple years with modest success, my business depends on being "open." For instance, I have had approximately 2 new clients since this started where I normally average 5+ per week and I only expect these numbers to get worse. I have 3 kids and my wife is "essential" so with daycares being closed, I am the only option for childcare. I'm not complaining about that part because I obviously love them and people everywhere have it much worse off. I am here, however, to point out this monumental failure by our political leaders. When this happened, I told my wife, "don't worry, the gov will do something to help people like us... they can't just shut down businesses and expect people to just continue on without help." Well, that's actually exactly what is happening and there seems to be no end in sight. We've done our best to get bills pushed but that has only worked for some. I applied as soon as possible for the SBA loan(s), the EIDL, and the PPP and everyone knows how well these have been administered. Further, the "expanded UC" benefits in PA are in a "check back for updates" sort of mode for now. So for now, I am keeping my family healthy, trying not to commit legal malpractice, and planning for the reality of probably filing BK if these restrictions continue and our "leaders" continue to ignore small businesses. I personally will never forget these people who have failed us. [link] [comments]  |
| Wells Fargo applications going out. 7+ year old business just denied... Posted: 06 Apr 2020 11:15 PM PDT ~half a mil in revenue, averaging 10 employees. Just got this gem. Looks like I'll be switching banks ASAP. We want to keep you informed on your interest in the Paycheck Protection Program application through Wells Fargo. Due to high demand, we are not able to begin your application at this time, but you remain in our queue based upon when you submitted your initial interest. All applications for the Paycheck Protection Program loans will be online only. We will continue to send you email updates frequently so you are informed on the status of your request for an application. Our branch and call center teams aren't able to answer any questions about this status. What you need to apply You will be asked to provide supporting documentation, such as Payroll tax filings Payroll Tax form 941 Form 1099-Misc Income and expenses from a sole proprietorship You may be able to apply elsewhere There is a limited amount of funds approved by the SBA for the Paycheck Protection Program. Because Wells Fargo is targeting to distribute a total of $10 billion to small businesses with fewer than 50 employees and nonprofits, you may want to apply elsewhere to increase your chances of receiving a loan before the funds run out. Visit the SBA website to find a full list of participating lenders you can contact. Keep in mind that each business may only receive one loan through the Paycheck Protection Program. We will continue to keep you updated through email. [link] [comments]  |
| SBA Southeast Admin on 4/3: "You'll get a $10,000 advance within 72 hours of applying for the loan" Posted: 06 Apr 2020 11:51 AM PDT Ashley Bell, the SBA Southeast Regional Admin, stated on a radio show on 4/3 that businesses with employees could apply for an EIDL loan and will "get a $10,000 advance within 72 hours" of applying. Here's a link to the broadcast. It starts with him talking about PPP, the EIDL portion starts at about the 8:00 mark. https://soundcloud.com/gdsportsradio/4032020-show-segment-3-ashleybell-sba Never says it is based on number of employees, only that you need to have employees. [link] [comments]  |
| New Treasury Guidance on PPP - Answers to Some Open Questions Posted: 06 Apr 2020 09:25 PM PDT This evening, Treasury produced another set of guidance for borrowers and lenders participating in the PPP. It's fairly short, but it addresses a number of questions that continue to pop up here and is worth reading. The guidance can be found here. A few things worth highlighting:
I'm sure there's more that others may find individually useful, but wanted to flag this here as I know many of us have been waiting for answers to some of the above. [link] [comments]  |
| Posted: 06 Apr 2020 09:18 AM PDT See the bulletin sent by the SBA Massachusetts District Office this morning at 10:12 a.m: https://content.govdelivery.com/accounts/USSBA/bulletins/284f240 [link] [comments]  |
| Big Restaurant, Hotel Chains Won Exemption to Get Small Business Loans Posted: 06 Apr 2020 06:19 AM PDT Thought I'd let you all know. Seems this might not be so "small business oriented" after all. No surprise there though. [link] [comments]  |
| Chase PPP Online Application for Business Customers Up (4/6) Posted: 06 Apr 2020 02:27 PM PDT As the thread title says, the Chase PPP Online Application for business customers is up. Business customers can navigate to: https://www.chase.com/digital/resources/coronavirus/cares and login to their accounts where they should be able to apply. It appears that, in addition to the PPP loan application inquiries, they are also having businesses submit at least one form of payroll proof, but they can upload up to four forms. This includes third-party payroll processor forms, W2/W3, 940, and 941 information. It does not appear that they have contacted customers about this, and upon completion, the application apparently says that they will only be making decisions by mail. They do follow up with a confirmation email. [link] [comments]  |
| Anyone had success with a physical invention? Posted: 06 Apr 2020 11:50 PM PDT I've got a sweet idea that I've designed. I can't prototype yet because of lockdown, but have plans to. It's an accessory to a drill for builders. Not sure yet if I'll do a Kickstarter or just go straight to market and approach companies that would likely use it. Just wondering if anyone has gone through this process as a one person band? Did you do a Kickstarter or just get straight into it? What's your story? [link] [comments]  |
| EIDL Grant/Advance (Email to SBA template) Posted: 06 Apr 2020 03:04 PM PDT Hey all, I am being thrown through the loops as you have been attaining information about the EIDL grant and loan. I have written up an email I sent to SBA and cc'd some state senators. Here is my template for anybody else wanting to draft up an email to them. : 04/06/2020 Dear SBA, The CARES Act, Section 1110. Emergency EIDL Grants, (e), (1) states: IN GENERAL.—During the covered period, an entity included for eligibility in subsection (b), including small business concerns, private nonprofit organizations, and small agricultural cooperatives, that applies for a loan under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) in response to COVID–19 may request that the Administrator provide an advance that is, subject to paragraph (3), in the amount requested by such applicant to such applicant within 3 days after the Administrator receives an application from such applicant. I have submitted my application (#xxxxxxxxxx) on day, 00/00/2020, and still have not received the grant (_ business days have passed). I am facing extreme financial hardship due to COVID-19, with a direct impact on my main source of revenue. Per SBA.GOV, it states: "The SBA's Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic. This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19." My main issue right now is the lack of transparency the SBA is giving regarding these grants and even the EIDL in general. As (a/an small business owner/ independent contractor/sole proprietor), I have no way to plan for my businesses future as there is no clear and concise information coming from the SBA. Furthermore, "name bank" is not accepting PPP loans as of 04/05/2020. I would appreciate hearing from you on this matter. Thank you for your urgency. Sincerely, [your name] I cc'd these senators: https://www.filehosting.org/file/details/857840/SBA_EIDL_Letter_TempV1.doc here is a link for the doc template, including flair where applicable. Hope everybody gets their application sorted out in the very near future.. [link] [comments]  |
| Winds of change SENATORS WILL FLEX ON SBA STARTING TOMORROW Posted: 06 Apr 2020 06:30 PM PDT 100% speculation posted prior to actually happening. The lawmakers wrote a bill and the administrators in their implementation made rules counter to the spirit of the bill. When it comes down to punching power the legislature has the power to ram it down SBA throat. But normally the lawmakers are accommodating with how the administrations like SBA wants to implement legislation cuz they aren't pricks, like the SBA is. So when an agency is shown to be not acting in good faith and the reports of SBA managers telling SBA phone answering temp hires and actual civil servants to lie to people. , if there was ever a time to flex, this is it. It's a bipartisan group. This is Chairman Rubio and Bernie on the same side and pissed off ready to kick some ass together. Bipartisan means there's no side for a Trump to champion so look for SBA JOVA empress to be rightly left to the wolves of Rubios committee. SENATORS ARE ABOUT TO FLEX. The SBA administrator beeeeeyotch and any associated political appointees and career SBA associated with the flying of SBA managers to train in buffalo NY on how to lie to American citizens deserve to be fired. I posted screen shots of the smoking gun in comments on Mazie Hirono, Bernie, Rubio, Brian Schatz twitters recent posts. It's 2vsets of 3 screen shots and both are threads from this group. One is the story from a tier 1 and the other a tier 2. Twitter handle Hawaii_Jeff picture is of a coconut frond basket I wove. Go look at those comments to see not negligence, but purposeful criminal activity buy the people you pay their salaries for. If you show me you were on any REDDIT thread in this group last few days on this topic, I will make a basket personally for you if you visit my home island of Kaua'i. The senate must must hammer the SBA as hard as possible.The changes made were counter to the spirit of the bill and it's so easy to see. The EITL grant not going in three days and modifying the amount based on employees. My guess is that the website being down right now for the banks to write loans is related to the Senate committee making radical changes. I don't think this computer crash is a glitch. I think you can expect to see some explosive moves done by the Senate to the SBA. It's gonna be a scandal Randal Referring back to frond baskets, mashadasha, cue378, victor mortimer, doggystyleaddict44, rangersfan80 and on and on. You guys are all warriors. I've named this group SBARTT -Small Business Association Reddit Think Tank. You are hereby Sbarttans and I've been honored to be in your crew. [link] [comments]  |
| Update for SBA Advance 4/6 applied 3/30 Posted: 06 Apr 2020 01:08 PM PDT Called today to SBA hotline 1-800-695-2955 to get a status update on my application that I applied to on 3/30. Rep said: 1) SBA tech team has not built out system to check on application portals 2) do not expect your money in 3 day turnaround time 3) if I haven't heard anything within 10 business days to call back 4) to check my email for an email from them with a .gov address (anything else is spam) which will mean my application is in process and to note that sometimes the payment will arrive before the email (some folks have gotten checks in the email, others funds deposited into bank account directly) so to keep checking accounts daily too 5) if your business is small you may not get the full $10,000 Hope this helps you not wait on hold for 2.5 hours like I did :) [link] [comments]  |
| Posted: 06 Apr 2020 10:26 AM PDT Just saw an article on CBS. WELLS is out of the PPP game. Not taking any more apps. https://www.cbsnews.com/amp/news/paycheck-protection-program-wells-fargo-small-business/# [link] [comments]  |
| EIDL Update Today (Applied 3/18/20 Longform, 3/29/2020 Streamline) Posted: 06 Apr 2020 07:01 PM PDT I called three times today to get three different answers. Mind you, the disaster loan web portal for 2000 applications are live again. Mine states: Updated 04/06/2020 "Your recent COVID-19 Economic Injury Disaster Loan (EIDL) application has been received. Please reapply at the following website to complete your self-certification: https://covid19relief.sba.gov/"
So all in all, SBA has no fucking idea what they're doing. It sounds like a mess and im unsure what to really believe. It's frustrating, but I am still hopeful. I am fortunate enough to have paused 99% of my bills and landlords/etc have been decent to work with. So I am not burning through too much money while we're shut down, but I don't want to fall backwards by letting rent and unpaid payroll before the shutdown sit or accrue. When we open up, I'd rather only be a little behind than a lot behind, even if I have to use the EIDL loans to survive (assuming the grant is wonky). I guess we will see what happens but I'll keep updating when I can, hope this is useful to someone here. Also, I am located in San Diego, CA if that helps at all Edit: added words [link] [comments]  |
| How do you decide how much of your personal savings should be used to support employees? Posted: 07 Apr 2020 12:22 AM PDT Please keep this thread civil and don't judge people. I know a lot of people here are paying employee salaries out of their own pockets. How much of your own assets are you willing to use to do this? Would you do this even if you have no hopes of business recovering this year? (i.e. you're basically paying employees welfare) [link] [comments]  |
| Quickbooks may be offering PPP loans - There's a page where you can express interest Posted: 06 Apr 2020 01:48 PM PDT Here's the link to the page with the form: https://quickbooks.intuit.com/small-business/coronavirus/paycheck-protection-program/ It's just for your email address and what quickbooks product you use, if any. So if you use quickbooks it might be worth it to put in your info if you are still waiting on your bank to accept applications. [link] [comments]  |
| Miscalculated Amounts on Chase PPP Application Posted: 06 Apr 2020 09:35 PM PDT I submitted my online application for PPP but realized that I forgot to include group healthcare and employer paid tax contributions into my Average Monthly Payroll. Will someone contact me before processing my application? Will I have an opportunity to correct those numbers? [link] [comments]  |
| Submitting PPP small business loan through Chase, new application now up on their site Posted: 06 Apr 2020 11:17 PM PDT Submitted the inquiry Friday midday as soon as it went up on the Chase site. I just read an article that Chase had uploaded a new, more detailed application. I logged in and it is several pages long, filled it out for the 2 small businesses we have. One of the first pages indicates that if you are updating your application, your place in line is still when you first submitted the inquiry. Good luck and may the odds be ever in your favor... [link] [comments]  |
| Posted: 07 Apr 2020 02:58 AM PDT Hi, I'm a developer and I'm looking for partners. Who I'm looking for: [link] [comments]  |
| Posted: 06 Apr 2020 07:10 PM PDT S-Corp owner here, software company. 2 employees, me and my wife. 2 subcontractors. Bank of America's website says to include both 2019 payroll costs and "2019 Independent Contractor Costs" defined as "Listing of 1099's-MISC for 2019 independent contractors, by person, as reported to the IRS. (Note: Do NOT include 1099's for services)". Do I include payments to these contractors for the software development work they did for me? Not sure how they should be treated. I use Gusto for payroll if it matters. [link] [comments]  |
| PPP list open to non customers Posted: 06 Apr 2020 02:53 PM PDT Like many we got screwed by Wells Fargo telling us PPP would open today, not Saturday. Like many, Wells Fargo is our only bank. For people in this situation, or people who can't apply with their bank, let's make a list of lenders accepting non current customers. I didn't find any, if you know one please answer this post and I will update the OP. [link] [comments]  |
| I don’t really know if I’m a small business or not Posted: 07 Apr 2020 01:56 AM PDT Hey guys, kinda weird situation I'm in here and i don't really know what to do. I graduated college and started a business (i think technically im a sole proprietor), but there was a lot of delays that stopped me from really getting into it. Fast forward, i'm finally onto something and figuring things out, then BAM. Lockdown. I have a DBA and a business tax certificate, but that's about it. Am I even considered a small business? My line of work is shut down until schools reopen, so I'm in purgatory right now. Before this I was just a full time student, does this mean I don't qualify for anything for relief? I'm a little worried about making it to September, so any advice would be helpful. Thanks everyone [link] [comments]  |
| I work for a bank and I'm helping process paycheck protection loan applications Posted: 06 Apr 2020 01:02 PM PDT Happy to answer what questions I can. Please note that while I've worked in banking a while, I don't normally work in lending or SBA stuff. My family also OWNS a small business and is trying to apply the same as everyone else, so I can see both sides of things. [link] [comments]  |
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