I’m a bank employee working directly with the PPP/SBA loans. I have some things to say. small business |
- I’m a bank employee working directly with the PPP/SBA loans. I have some things to say.
- Wapo: SBA official Joseph Amato blasts big banks over failure to quickly distribute loans "Big banks took 'free money’ in 2008. They’re turning their back now on small businesses"
- PPP Success!
- SBA Under Fire for Failing to Get Aid to Struggling Small Businesses [Article]
- PPP Funded
- Senators Confront SBA for Failing To Get Money Disbursed As Prescribed By Cares Act
- EIDL; The SBA Just Called Me
- Coronavirus: US weekly jobless claims hit 6.6 million [the reason why the government is making false promises (PPP same day, EIDL loans) to not fire their employees is to suppress unemployment numbers]
- Is 499 employees really a small business?
- Best way to get customers for a local service business?
- How to start subcontracting jobs that im not legally qualified to do?
- If I havent applied for the EIDL yet is there any hope..?
- Contingency plans, on the spot changes, yearly changes?
- Wasn't sure if anyone saw this
- Question about getting paid
- Shot in the dark
- EIDL / PPP - new hires and “raises”
- Sole-prop PPP Help. Banks claiming not eligible.
- Non COVID 19 Post. What I'd the best business advice you've received?
- Question about unemployment and PPP loan.
- How does SumUp Compare to everyone else, like Square or Stripe
- PPP with PNC, anyone have good feedback?
- Merchant Cash Advance
| I’m a bank employee working directly with the PPP/SBA loans. I have some things to say. Posted: 08 Apr 2020 04:45 PM PDT Please be patient with us. I get it — you need this funding. Not only do you and your families need it to stay afloat, your employees need it, too. The amount of pressure, stress, and uncertainty you're feeling right now is absolutely devastating. My heart truly goes out to everyone at the forefront of this crisis. I have no idea what it's like to own a business so I certainly don't have the ability to empathize on a realistic degree. But I know that myself and the rest of my team are trying our best to help you. And it's really, really hard to do your best at something when nobody has any idea what's going on. Honestly. At this point in time, everyone's just kind of winging it. We have had no training material aside from vaguely-worded emails, half-assed PowerPoints, and "very informative" FAQ sheets that answer literally none of our questions. There's no one to reach out to for clarification or guidance. Everyone is completely inundated. Our team of underwriters/analysts are working round-the-clock, 7 days a week on this stuff. And it's still not enough. We're coming into the office on Easter Sunday to work full shifts. Employees from other departments are being recruited to help even though staffing was already tight in those parts. This isn't a case of our particular branch being behind the curve — we're actually receiving wonderful feedback from the SBA on our execution and timeliness of accepting applications. The complaints and concerns keep coming in regardless. To our executives, this is somehow our problem. I don't blame them necessarily — they're probably way more stressed and perhaps even more clueless at this moment, so... I get it. I guess. I don't really have anything else to say but... Yeah, please be patient. I'm at a community bank so I can't speak for those currently dealing with Chase/WF/BoA etc., but I can assure you if there's any holdup or confusion regarding your application, it's not the banks fault. This is SBA or corporate-level stuff. Don't take it out on your bankers, or the back-office staff. It's not our/their fault. We're working ourselves to the bone and get nothing in return from higher-ups aside from them breathing down our necks asking why everything isn't running flawlessly and without question. You, as a small business owner, are probably going mad with the stress, lack of sleep, and anxiety over this whole situation. We are, too. This isn't a "you think your situation is bad? Think about me!" kind of stance. This is a solidarity message more than anything else. I don't know what else to say. Just please try to keep that in mind. I just keep hoping that this will all blow over relatively soon and that there's a light at the end of the tunnel eventually. I'm sure you can all say the same. Edit (4/9): Thanks for all of the responses. I passed out last night — I'll get to everyone's questions after my shift today. [link] [comments]  |
| Posted: 08 Apr 2020 07:55 AM PDT Federal Official blasts big banks https://outline.com/3xxJ5a (skips paywall) [link] [comments]  |
| Posted: 08 Apr 2020 03:46 PM PDT Applied on 4/3 - $706k - submitted to SBA over the weekend. Approval this morning, closing documents this afternoon, and the money was deposited before close of business today. I went through my (smaller) local bank. [link] [comments]  |
| SBA Under Fire for Failing to Get Aid to Struggling Small Businesses [Article] Posted: 08 Apr 2020 09:36 AM PDT SBA Under Fire for Failing to Get Aid to Struggling Small Businesses I am glad this is getting national coverage but we need to be louder. I have emailed my reps and made comments on as many social media outlets as I can this morning. We need to be heard!!! [link] [comments]  |
| Posted: 09 Apr 2020 05:32 AM PDT Per title, PPP funded. Small regional bank in NC that I have been working with. I started application last week. Banker reached out to me on Saturday for updated application. She emailed again on Sunday saying it was approved and moved to closing. Funded today. It's moving... slowly. Hang in there guys. [link] [comments]  |
| Senators Confront SBA for Failing To Get Money Disbursed As Prescribed By Cares Act Posted: 08 Apr 2020 12:14 PM PDT Senators Schumer, Cardin, Coons, and Sanders asked the SBA Director on April 2, 2020: Emergency Economic Injury Grant The CARES Act included a requirement that a $10,000 grant be awarded within 3 days of an application to the SBA's Economic Injury Disaster Loan program to help cover operating expenses while waiting for the loan processing. Are SBA staff prepared to fulfill this requirement? Crickets. And a week ticks by. What will they do next if SBA continues to rewrite the law and turn 3 days into 30? 10k into 1k. Or simply ignores the law altogether? [link] [comments]  |
| Posted: 08 Apr 2020 11:10 AM PDT Application # 3300335XXX Single Member LLC 0 Employees Overview I received a phone call from the SBA about an hour ago regarding my application for the EIDL, followed up with an email. A Senior Loan Officer from the SBA told me that they should be processing my application in the next day or two and that during the review they would see how much of the loan advance (aka $10,000 grant) that I would qualify for. Background I applied on Monday, March 30 for the EIDL and selected that I wished to receive the $10,000 grant. Nothing happened and on Friday, I contacted my U.S. Representative's office and asked for assistance contacting the SBA. When submitting the Release Consent Form to their office, I included a pseudo demand letter on my company's letterhead. The following Monday I received an email from a staffer of the Representative's office. She had forwarded my letter to the SBA. This was as expected. However, she wrote in her email that given the nature of my letter, she would be requesting that the SBA expedite my loan application. I'm not sure if this is standard or not. Today, April 8, I received a call from a Senior Loan Officer at the SBA. He said that he had received my letter and was forwarding my application to the "processing center". After the application is processed, they will determine how much of the loan advance my business qualifies for. He also said that I should hear back from the SBA in a day or two and that he would also follow on Friday. He has since followed-up with an email that summarizes our conversation and provides his contact details. Conclusion The EIDL is a mess, the CARES Act is a mess, and we are all trying to survive. However, things are slowly moving regarding the EIDL. I believe my letter coming from a Congressman's office may have expedited my review. But, it's progress and I'm hoping that a lot more people start to see progress too. Note I'm a non-practicing lawyer working in legal technology. I have 4 years experience working in litigation, which includes writing demand letters. Furthermore, my company's name sounds a little lawyerly (I've been meaning to change it). These factors may have impacted my application experience. Update 1 Draft Letter I can't post images in here (if I can, please let me know how), so I've uploaded the letter and posted links to these images directly above. [link] [comments]  |
| Posted: 09 Apr 2020 05:59 AM PDT |
| Is 499 employees really a small business? Posted: 08 Apr 2020 08:42 AM PDT 70% of all business have 4 or less employees. 80% of all businesses have 9 or less employees 85% of all businesses have 19 or less employees. Data from: https://www.naics.com/business-lists/counts-by-company-size/ My main thought is that the needs of companies are going to be different. Does it even matter? [link] [comments]  |
| Best way to get customers for a local service business? Posted: 09 Apr 2020 04:16 AM PDT Hey guys just wondering what your thoughts are as I am starting my own service business! Will local free advertising like Google My Business, yelp, etc be enough to get some leads or is adwords a necessity? Thanks! [link] [comments]  |
| How to start subcontracting jobs that im not legally qualified to do? Posted: 09 Apr 2020 04:15 AM PDT I have a handyman service and with being an electrician or plumber or hvac tech i have legal limitations. How to go about subcontracting these jobs when i have little experience doing some of these jobs. Im not asking how to bid, but more how to advertise these jobs and also find subs? Does this even seem smart? [link] [comments]  |
| If I havent applied for the EIDL yet is there any hope..? Posted: 08 Apr 2020 07:40 PM PDT |
| Contingency plans, on the spot changes, yearly changes? Posted: 09 Apr 2020 06:02 AM PDT A few questions. How does a person set up contingency plans aka plan b and plan c (emergency 'shit hit the fan' plans)? How does a company go back to the drawing board (when things aren't working well) to make a quick immediate to 1 week on the spot change? Last but not least how can a business create a yearly change to add in new marketing activities and make tweaks from feedback that was discovered during the year? [link] [comments]  |
| Wasn't sure if anyone saw this Posted: 09 Apr 2020 05:59 AM PDT |
| Posted: 09 Apr 2020 05:52 AM PDT I have a small company (about 1M in revenue last year) we do business with a fortune 500 company that is just not paying right now. They have paid on time in the past and we can survive without the money indefinitely and I think I still want to do business with them in the future. They account for about 1/3 of our revenue last year. I wonder what others might recommend doing to apply some pressure without damaging the relationship. I am going to call the AP problem resolution line today, but I know we are not the only ones not getting paid, so I don't anticipate that being a fruitful conversation. We deal with another company of the same size and in the same industry and they are still paying their bills. Both companies are travel related and are basically at a standstill. We are not doing any work for them right now due to a lack of need. I would love any advice on dealing with this. [link] [comments]  |
| Posted: 09 Apr 2020 05:39 AM PDT So I'm hoping to get some answers from you lovely people but I doubt anyone knows . So my boss applied for an sba and didn't sign up for a fema account . He just applied for the loan . He has an application number but there is no where to enter that to track the status of the application . Any recommendations? Thank you in advanced :) [link] [comments]  |
| EIDL / PPP - new hires and “raises” Posted: 09 Apr 2020 05:16 AM PDT Hi guys, For the PPP I know it's forgiven if you maintain wages ... but what about increasing them either by giving "raise" or hiring new employee? Let's assume as person qualifies for both the EIDL and the PPP; it's my understanding for the PPP to be forgiven it has to be used to pay different wages/expenses than the EIDL. In theory could I give myself a "raise" to meet this requirement or hire a new employee? *Sole Prop - just me no other employees and a single member LLC [link] [comments]  |
| Sole-prop PPP Help. Banks claiming not eligible. Posted: 08 Apr 2020 11:02 PM PDT My partner is a self-employed massage therapist whose work has totally evaporated. No employees, just rent, utilities, and her own living wage to pay for. She's applied for EIDL but that looks like a disaster that might net her 1k if anything. Is there any information about the April 10 signup for PPP for sole-proprietors? Like many Sole Props, she doesn't use a business checking account. She has checking/savings with WF (personal) and she has business credit cards (2) with Chase, but according to both bank's websites, neither consider her eligible. It seems like if there is any chance of her getting help we have to apply quick, so does anyone know a reputable bank that will accept apps from non-clients? She hasn't filed 2019 taxes yet, but we have her gross revenue calculated. I have no idea what type of documentation they will ask for for Sole-Props. Any information will be helpful so I can prepare to see if she will survive this. [link] [comments]  |
| Non COVID 19 Post. What I'd the best business advice you've received? Posted: 08 Apr 2020 07:14 PM PDT Mine.
[link] [comments]  |
| Question about unemployment and PPP loan. Posted: 09 Apr 2020 04:55 AM PDT Hi - I have a question. Background story first. Wife was working as a therapist in town. Didn't like it that much, so gave notice and took a job providing social work in the jail for inmates with addiction issues. Signed an offer letter, etc. Her last day was a Friday. She got an email on the following Sunday stating she couldn't start her new job because of the jail quarantine, and would be delayed until those things were lifted. She applied for Unemployment but was denied, appealed, and was denied again because she quite her previous job and never started the new job. So that leaves our income short by 45k per year. I've had her doing work here at our machine shop the past month, doing deliveries, paperwork, tax stuff, organizing, etc to help do alot of the things I don't have time for. That's been great. Unfortunately our work load here has dropped by 75%. I have enough work for the next couple of weeks, but after I don't know. I will work on trying to increase that some, but its a tricky proposition at the moment. I got approved for my PPP loan through Huntington. I will have paperwork in the next few days to close on the loan. PPP will be forgiven for the most part if it is used to pay wages and I retain the same number of employees. I dont 100% know all of the fine details yet. So my question is, can I lay off one of my machinists to help deal with the reduction in work load and have them draw unemployment. UE will be as much or slightly more then they currently make working full time. Can I then hire wife full time to offset the head count and use the PPP to pay her wages? [link] [comments]  |
| How does SumUp Compare to everyone else, like Square or Stripe Posted: 09 Apr 2020 04:53 AM PDT After a little bit of digging I have come across SumUp and looking at the fees it looks like a godsend. Does anyone have some kind of experience with these guys? From what I have seen, payments are sent directly into the businesses bank' account after a couple days(no extra fees?) Taxes and whatnot are handled by the business themselves. How easily can it be set up? Like a couple hours, days or weeks? And is bank validation enough? If not, what other requirements are there to get started? How do they handle international transactions? Just a couple of the questions I would like to know. Customers will have options to pay online or at the store, at least that is what I want to use it for. [link] [comments]  |
| PPP with PNC, anyone have good feedback? Posted: 09 Apr 2020 04:32 AM PDT Haven't heard back from BofA, applied over the weekend. They haven't even asked for a document upload. I have another account with PNC and they seem more streamlined, they ask for documents right at the first application. I'm thinking to hedge my bets with them, anyone have any experience with them so far? [link] [comments]  |
| Posted: 09 Apr 2020 04:29 AM PDT I have a several Merchant Cash Advance deals and have used them in the past with zero problems. Since we are shut down now due to the coronavirus, I asked them if the could halt the daily payments at least until we could go back to work on April 30. One had no problem with it and the other threatened me with a $5000 default if we did not continue to pay our.daily payments of over $200. my bad for signing that crap from Everest business funding. Every dog has his day. [link] [comments]  |
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