Anyone from the month of March still not funded EIDL small business |
- Anyone from the month of March still not funded EIDL
- It's May - Still Zero PPP, Zero EIDL, Zero Unemployment
- How greedy is Intuit?
- People now getting multiple approvals meanwhile I can't even get one
- PPP Funds Deposited!!!
- Why the Employee Retention Credit is better for me than the PPP
- 2 PPP loans approved and funded
- Ready to scream! THREE PPP Loans w/3 different SBA Numbers...I wish I was kidding...
- PPP Approved From BofA But Also From Square
- Anyone interested in joining a weekly accountability group?
- How I used PPP
- PPP Sole Prop Schedule C 75/25 Rule (Does it apply?)
- We got flairs now! Thanks mods
- PSA: Please move news and your funding successes to r/smallbusinessnews.
- Best for the morale of employees? PPP question
- Cross River bank slow in funding my PPP loan!!
- Just got approved for a PPP loan for the LLC that my wife and I own and are the only employees of. Any tips on making sure my documentation is good so that we can get the loan forgiveness?
- I have 2 LLC's, submitted 2 applications with Bank of America, only received one PPP
- [Megathread] Post PPP/EIDL fundings or frustrations here! Also, post advice or news on the programs. What have you done that works?
- Why is everyone at the car dealership I work at obsessed with the idea that marketing is our main obstacle, instead of word of mouth/reputation?
- Another Question for Single Member LLC PPP Loans
- How fast can advertising actually grow a small service business?
- PayPal email confirming ppp successfully processed through SBA, no SBA loan number
- Paypal PPP approval email
| Anyone from the month of March still not funded EIDL Posted: 01 May 2020 07:04 PM PDT Has anyone who applied in March still not received EIDL grant or loan. Please share your timeline [link] [comments]  |
| It's May - Still Zero PPP, Zero EIDL, Zero Unemployment Posted: 01 May 2020 07:04 AM PDT My business has been closed for 6 weeks now. I really can't believe it is May and I have yet to see a penny from any of these programs.
What the actual fuck is going on? Today is the first day in my life that I am going to miss paying some bills. I can't believe it. [link] [comments]  |
| Posted: 01 May 2020 02:40 PM PDT On a scale from 1-10 how greedy do feel Intuit is? My answer 10. As a 20 year Quickbooks user my satisfaction has dropped year by year. The software has not changed noticeably over that period yet they demand that we purchase the whole damn package every three years or they will shut off the payroll tax function. And that's not even the expensive part -- They extort a huge annual sum for the privilege of having payroll taxes calculated automatically (using tax tables that are prepared and issued by the IRS -- they don't really do much except upload the new tables into their system). I've had about enough! Now they are pummeling me with reminders to "upgrade or else" while my tourism dependent business sinks into the abyss. What are your feelings? What are the least expensive options to Quickbooks and the related payroll functions? [link] [comments]  |
| People now getting multiple approvals meanwhile I can't even get one Posted: 01 May 2020 07:57 PM PDT I've now applied to 15 different lenders for PPP since April 3, including the EIDL on March 31 and am still in review on every application. Makes no fucking sense. No approvals or decline. Just give me something for fuck sake. Even a denial would be better than being in limbo like this. [link] [comments]  |
| Posted: 02 May 2020 03:35 AM PDT I just wanted to provide a timeline and hope to those who've applied for an SBA PPP forgivable loan. I'm a sole prop of a carpet cleaning company in NC. I tried to claim my 2 1099 contractors, however I was informed they were not eligible for the loan through my application as they can themselves apply. Applied online app. 4/8 through Woodforest National for PPP loan. Uploaded Schedule C from last tax return plus SBA loan app through my bank, 2 weeks later I received an email from a processor for additional documentation to upload, which I immediately did. A week later I received phone calls from 2 higher level nice folks who verified my identity. Tuesday 4/28 2:32 am received loan docs from SBA with SBA loan number to e-sign for nearly $xx,xxx.xx, which I immediately did. I woke up this morning to a deposit from the SBA in to my business account...😲👍😃. I'm so extremely thankful because I have a sense of the pain of so many who are trying to secure funding to protect their small business which they've spent years, sweat, blood, and tears to begin and grow. Please hang in there and keep pressing! I called almost everyday, and sent many emails along the way. I'm praying for every true small business owner who is the backbone of the American economy to get what they need during this unprecedented time. SBA guidelines to my understanding is when loan docs are signed with an SBA loan number which indicates an approval, with the funds then being guaranteed. It also states that the lender(bank) has to make a one time disbursement within 10 calendar days. In closing I wish everyone well, and I thank the Reddit community for all of the helpful posts along the way. God Bless Everyone! [link] [comments]  |
| Why the Employee Retention Credit is better for me than the PPP Posted: 01 May 2020 02:13 PM PDT I've spent countless hours filling out applications at different banks and this morning I asked my accountant if there were any other places he'd recommend to put in a PPP application. A half hour later, and now I'm convinced the PPP isn't good for my business. I own an entertainment business with a lot of part-time employees (all of whom make less than $20K a year). They are now all on unemployment. If I get a PPP loan in the next few days, I'll receive 2.5x last year's monthly payroll. My State will likely have my business closed all of May, but to get forgiveness for the PPP, I'd have to pay my staff (less than what they'd make on unemployment) to sit at home. Assuming we open in June, I'd pay them a month of salary in June for actually working. If I do all that and figure out the forgiveness process, that would leave me with 25% of my PPP left over towards rent. But what if I don't take the PPP? The employees sit at home and make more on unemployment. If I don't take the PPP, I'm eligible for the Employee Retention Credit ( https://www.irs.gov/newsroom/covid-19-related-employee-retention-credits-general-information-faqs ). On my taxes, I'd get to deduct 50% of my employee's wages for the rest of the year. Even if I don't open until July 1st, that would still be 50% of wages refunded to me for 6 months. By my math, 50% of 7 months wages is more than 2.5 months of wages. Why is this better than the PPP for me:
I would encourage everyone who has spent hours deciding EIDL vs PPP to include the Employee Retention Credit in their decision. For me, Employee Retention Credit is far superior to PPP and EIDL. [link] [comments]  |
| 2 PPP loans approved and funded Posted: 02 May 2020 02:15 AM PDT I thought once you got a PPP loan funded any others were supposed to automatically get rejected? So I guess I'm going to take the square one since it was 2 dollars more than chase. That's super weird to me that they got approved for different amounts under the same EIN, 1 person LLC, anybody else having this issue?? [link] [comments]  |
| Ready to scream! THREE PPP Loans w/3 different SBA Numbers...I wish I was kidding... Posted: 01 May 2020 10:41 PM PDT How did this happen? Has anyone else seen this? I thought the first one approved by SBA would win the lottery, I applied with 7 lenders!! Crap...what if they all come back funded? I already have 2 that say they have initiated the ACH, and the third lender in CAFS is unknown to me. I just signed into CAFS for the first time tonight. I knew about Kabbage, but the other two were a complete surprise. Then I found an email from Square that came late this evening. I've checked the other lenders and they all just say in review or submitted...but at least one other got through. Freaking famine, now this!
What a mess....I thought we were encouraged to apply with more than one lender due to the nature of this process and the speed at which funding was disappearing to enhance our chances, now this. Luckily I'm a small fry <10K so I don't think this has diminished anyone else's chances. But still...what a pain this is going to be to get it fixed... [link] [comments]  |
| PPP Approved From BofA But Also From Square Posted: 02 May 2020 01:15 AM PDT I thought this is not supposed to happen.I applied from BofA first but then to have a better shot at securing the funds I also applied with Square and now I have 2 approvals.I signed the attestation and promissory note with BofA and sent it but then when I logged in to Square later it also said your money is on the way .I'm happy that I got approved but now I have to figure out a way to block Square funding from hitting my bank account ,any ideas? [link] [comments]  |
| Anyone interested in joining a weekly accountability group? Posted: 01 May 2020 10:05 PM PDT I'm thinking about putting together weekly accountability group video calls for people who work for themselves. Working for yourself can be lonely and isolating, now more so than ever. I think spending some time with a team of people that support you professionally, even if you don't work with them, would really help. In the short terms, because of the lockdown, but also in the long run. The idea is one focused weekly call with 4-6 other professionals who work in a similar field and have similar goals. You each get 10-15 minutes to explain what you do, what your current goals are, and what your current obstacles are. I'll do my best to only match people with others who have similar levels of experience. The idea is that it will help you stay on track by setting your professional goals and then stay accountable to them through the coming weeks and months. It is also a chance to give and /or receive professional guidance, feedback and support. I can figure out a form so that people are paired with people in the same field, similar goals and similar levels of experience. Anyone interested? Please leave a comment below or DM me so that I can gauge whether or not it is worth putting something like this together. Any other feedback, or ways the idea could be improved, are most welcome. [link] [comments]  |
| Posted: 01 May 2020 06:47 PM PDT I've been able to pay my guys....but when I got PPP this week, I calculated the 75% amount and gave them all checks that covered that amount, listing PPP Backpay on actual check. The 25%, I used to pay off credit cards that purchased materials they needed pre-corona thru now. ....it felt really nice to surprise them with lump some $ and tell them how much I appreciate them. [link] [comments]  |
| PPP Sole Prop Schedule C 75/25 Rule (Does it apply?) Posted: 01 May 2020 09:19 PM PDT If full loan is $15,000 which would be the max forgiven in the following equation. $100,000/52x8 weeks = $15,384 (SBA GUIDELINES) Is the entire loan automatically forgiven as it's considered owners compensation or do you need to still apply the 75/25 rule? Edit: Square lowered amounts regardless of the 2.5 factor. My amount was exactly $15,375 which is the exact number that's forgivable at the Max payroll. Many believe this was done to protect themselves from people defaulting. As the loan is fully forgivable. [link] [comments]  |
| We got flairs now! Thanks mods Posted: 01 May 2020 02:28 PM PDT |
| PSA: Please move news and your funding successes to r/smallbusinessnews. Posted: 01 May 2020 09:19 AM PDT The function of r/smallbusiness is to help small businesses answer questions. The Coronavirus crisis disrupted that and to help everyone we loosened restrictions on posting and approved a lot that we wouldn't have in the past. These are historic times. That said, when we did we began to spiral down toward the end state of all social media that operates with loose rules. Posting started to be about getting internet points and expressing your unsupported opinion or state of being instead of answering questions. That spiral ends in just being an echo chamber, spam targeting service and content marketing venue. Our mission is to help small businesses exist. We do that by letting people ask and answer questions that they wouldn't get answered in many other places. We are continuing that mission. As a mod I regularly override our overactive Admin level spam filters. Together the mods look at everything they trigger on and make sure it isn't a question about small business. Several days ago I stopped broadly overriding the filter to allow posts that seemed to answer broadly popular questions. Today I began gently applying the standards in place before the US shutdown. We do care about your small business. We care about it now and in the future. We'd like you to be able to ask questions about what to do. To do that we need to apply these rules. Do you have a news item, event, advice, success, loss, story or suggestion? It goes in r/smallbusinessnews
Question about small business? That's for r/smallbusiness. Your question might not become popular but if the issue is actually getting an answer you shouldn't care. [link] [comments]  |
| Best for the morale of employees? PPP question Posted: 01 May 2020 09:36 PM PDT Well, just like that PPP Is pending in our bank account. (With Chase) Our staff has been furloughed since mid March and most are making more on the enhanced unemployment than they would typically (call center workers) On top of that we don't have any work at the moment. What is the best thing to do if I want the loan to be forgiven and keep everyone's morale up? Some options: Only bring people back that make more with us than on boosted UE and enhance those salaries? Give them "busy work" that can help us in the future. Hire new people who need the money? Bring everyone back and hope they are happy to have their job back even though they are making less? Then possibly furlough again at the end of the 8 weeks if business isn't back? To summarize my two goals are: Have the loan forgiven Keep everyone as happy as possible One note: we have been and will continue to pay for benefits. [link] [comments]  |
| Cross River bank slow in funding my PPP loan!! Posted: 01 May 2020 11:39 PM PDT I was approved on April15. Signed Document on 20th. And still no fund. [link] [comments]  |
| Posted: 01 May 2020 08:55 PM PDT My wife and I have a photo/video LLC that she works for full time and work for on weekends. We recently got approved and funded for a PPP loan based on our yearly income from 2019. I know the loan can be forgiven if it is used for payroll and a select few other things, but I am new to business loans and want to make sure that me writing checks from that account to our personal account is enough or if I should do anything else? Any advice is welcome, thanks very much! [link] [comments]  |
| I have 2 LLC's, submitted 2 applications with Bank of America, only received one PPP Posted: 01 May 2020 08:54 PM PDT I own 2 restaurants and each has it's own LLC. I applied through Bank of america for a PPP. In the intralinks portal I have 2 separate applications. I just received the " You're one step away from receiving Paycheck Protection Program funds " email and when I went to complete the forms I realized it was only for one LLC. Has anyone been funded for 2 LLC's? [link] [comments]  |
| Posted: 01 May 2020 11:39 AM PDT |
| Posted: 01 May 2020 05:22 AM PDT I'm in charge of some important restructuring during Covid to make things more sustainably profitable. I think marketing is important but it's putting the cart way before the horse if the business you are running isn't actually as great as you tell everyone it is in your marketing. Everyone just assumes marketing sells cars but it doesn't, at least in our small town it's your reputation and word of mouth. The marketing is a good thing after you are a business that stands out in terms of your reputation. All you are doing by marketing and not fixing the deeper problems is trying to yell louder than your competitors amidst a lot of noise and eventually it all boils back down the the value your business provides customers anyways. Like marketing is important but we have to fix our service to be the best first but I always get a lot of push back that marketing is always the real obstacle to our success. Why is this? What is the psychology here? [link] [comments]  |
| Another Question for Single Member LLC PPP Loans Posted: 01 May 2020 03:04 PM PDT TLDR: Single member LLC no employees, "Owner Compensation" rule only comes to 73% of loan below the 75% payroll requirement. No other qualifying business expenses. How do I use this loan correctly to apply for forgiveness. Hey all, I know there's a million PPP posts all with similar themes, but didn't find many specific to my situation and am looking for some clarification. I am a single member LLC with no employees. I earn income by providing contracted services to businesses and am paid via 1099. Due to covid, my work has dropped by about 50-70% depending on the month (april was worse than march) and am still not sure where were headed. I applied and am lucky enough to have received the funds today. As per the interim final rule on LLC with no employees, the loan amount was net income from 2019 schedule C capped at 100k. I was funded 20,800 based on the 100k cap. The forgiveness part is where I get a little confused. If I am reading the documentation correctly, since I have no "payroll" the qualifying uses and forgiveness criteria state that I must spend the loan in the next 8 weeks on "Owner Compensation" or Qualifying business expenses. Lets start with Owner Compensation. It is defined as the same 100k from the loan calucation, divided into 52 weeks. Which is 1923 per week but then capped at 8 weeks with is 15,385. This is only 73.9% of the loan, which is short of the 75% required by the rule to be for "payroll". It seems the rules contradict themselves. Does this mean the loan will not be forgivable? Then the qualifying expenses mention mortgage interest, business rent payments, and business utility payments to the extent they were deductible on the 2019 schedule C. Presumably these refer to lines 16,20, and 25 on the schedule C. For me, I only claimed Rent on my vehicle i use for work (lease payment) on line 20 in the amount of 2798. So following the same calculation as the owners comp, that gets me 430 of forgiveable expenses. However this paragraph sounds like I cannot deduct any expenses at all being a single member llc with no employees " For individuals with self-employment income who file a Schedule C, the Administrator, in consultation with the Secretary, has determined that it is appropriate to limit loan forgiveness to a proportionate eight-week share of 2019 net profit, as reflected in the individual's 2019 Form 1040 Schedule C. " So basically I was given a 20,800 loan that I can only be forgiven for 15,385 no matter what my expenses etc are?? As far as applying for forgiveness when the time comes, the rule makes it sound like that 15,385 will basically automatically be forgiven as long as you apply for it and resubmit the same schedule C you used to apply for the loan in the first place. Does this sound right? How else do you prove "Owner Compensation" or that you paid yourself? I dont use any payroll system, I typically deposit my checks into business account, and then ACH transfer estimated taxes to one account, and the rest to my personnel account. Any advice on how to ensure Im using this loan in good faith as per the guidelines and setting myself up for forgiveness appropriately would be appreciated, everything I find is geared toward businesses with employees. My plan was to basically cut a check from my business account to myself each week for the next 8 weeks for 1,923 bucks. leave the rest in the account, apply for the forgiveness, and then just pay back the balance of 5415 with the money left in the business account after the 8 checks are withdrawn but the 73% thing is worrying it. Good Luck to everyone out there dealing with lost revenue due and working on getting these funds and using them properly. Thanks in advance [link] [comments]  |
| How fast can advertising actually grow a small service business? Posted: 01 May 2020 08:18 PM PDT Story: I've spent about the last 12-18 months or so trying to find a nail salon to buy. Most are widely overpriced, asking for several hundred thousand when they can't even show 100k in profit. The numbers just never add up and they all need something on top of that: a make over, a renovation, a gut, whatever. On top of asking, basically they need a huge/time cash infusion to be viable. Side context: I'm a consultant/sales rep in the cosmo industry, I know what these places CAN do. I want a piece! I see how poorly these places are run on average and know what the exceptional places do. I can get it there. I finally found one. It's a price I'm willing to pay, it doesn't need a huge amount of work and it has enough space and work spaces to be profitable at full capacity. It needs some minor work, maybe a coat a paint and some upgrades, but all stuff that can be financed and doesn't require a massive cash infusion up front. The biggest problem, their current expenses are double their average monthly revenue. It's a newly established business which has an owner who just does not want to be an owner. A Salon built in 2019 functions like it's still 1994. No online appointments, no website, no advertising, cash paid daily to employees, still keeping wax in a crock pot. All easy enough fixes. With their current staff, they are at 15% of their goal revenue. 15%!!!! Doubling that MRR moves them to break even, tripling makes it a very nice salon which. Is it even remotely possible with some facebook ads, IG ads, social media, some SEO to pull this off? Quickly? This salon has a GREAT location in a great town with only one other noteworthy competitor, and it's far enough away I'm not even worried. The reviews it does have put it at a 4.5 on google and yelp. It has a manager that will come with it and the former owner may potentially stay on as an employee. Every other salon I've come across I was so in but we could never agree on price. This one I can get it at a price I want but I'm so hesitant. Is getting to 40% of the maximum revenue for the staff too much of a stretch? What am I missing here? [link] [comments]  |
| PayPal email confirming ppp successfully processed through SBA, no SBA loan number Posted: 01 May 2020 08:09 PM PDT After some rapid correspondence with PayPal to get a PPP application in yesterday (4/30), I received an email in the evening saying.... "Congratulations! We are pleased to let you know that we have successfully processed your Paycheck Protection Program loan application through the SBA and have received your SBA loan number. Your application has moved into the funding stage of our process." I log into my account and I'm still at stage 3 of 5 in the summary. Still "waiting for others" in DocuSign. Seemed like a lot of funding happened today with others today too (congrats to those of you that got it done!). Hoping that email generated wasn't just false hope. Anybody in the same boat? [link] [comments]  |
| Posted: 01 May 2020 06:01 PM PDT I got the paypal ppp email stating that my loan had been approved by SBA and is in the funding stage. As it is Friday evening, when should I expect the loan to hit my account? [link] [comments]  |
| You are subscribed to email updates from smallbusiness: Questions about starting, owning and growing a small business. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment