- EIDL Grant - Some interesting inside information for anyone curious on exactly how the process works. It seems it was outsourced to a private company called RER Solutions, along with other interesting facts. If you didn't get the grant this might be useful information as to why.
- Approval for EIDL - now what?
- EIDL 3300108xxx portal today
- offering free video editing work
- Should In expect a denial for EIDL?
- Travel stop
- Has anyone had success filing PPP with PayPal?
- What if there was some large government agency that regularly monitored the number of employees you have, the amount of money you made, and the cost of goods that the SBA could communicate with to help determine some type of business stimulus?
- First Come First Serve Is Fake News
- EIDL Approved- My Timeline
- Capital one PPP - anyone get funding? Timeline?
- Fully funded EIDL with zero human interaction - any idea who I'd contact about a conflicting lien?
- Eidl portal times
- What does the SBA exactly “Administer”?
- Thinking of closing our relatively successful small business. Is this just not for us?
- PayPal ppp loan
- Business Nexus question
- Finally received the infamous EIDL email
- PPP loan. 100% forgiveness on wages only?
- Bluevine
| Posted: 08 May 2020 03:05 PM PDT I see a lot of messages about confusion surrounding this process. Recently, in a lawsuit the SBA was forced to disclose information about exactly how the process works including the fact they outsourced it to a private company. I suppose this explains why they don't seem to have much control over it. Some highlights from the documents: -RER Solutions contracted by SBA for decision logic and processing of EIDL Grant -Full capacity processing of grants is 109,789 per day, starting on 4/16 minus two days for technical issues. -RER sends approval recommendations to SBA, which then transmits to treasury for disbursement 5 days a week. Logic for approval is as follows: Verification: https://i.imgur.com/3fdKUIz.png Fraud Checks: https://i.imgur.com/PKDumDz.png Payment Logic: https://i.imgur.com/8enXGHI.png Source materials: [link] [comments]  |
| Posted: 09 May 2020 02:14 AM PDT I received my invitation to create a portal yesterday at 6:30 PM EST. Applied on March 30th at 9 am EST 330010XXXX. At 2;15 am this morning I got the approval email. Was faster than I expected. Now the decision as to what to do. I am not young. 63. I planned on keeping my business until I could draw full Social Security. I do have employees and if things were normal I would have offered it to them. My business is creating custom products for non-profits that they sell/auction at events for fundraising. I usually ship to about 1500 events a year. As you can imagine those sales stopped mid March. I am contracted every year for those organizations for the following year and that usually happens in April. All those commitments were put on hold and I am not confident they will come through for 2021. I can last with what I currently have until the end of July. I feel like I am in Vegas and placing a bet on the winner of the 2021 Superbowl when the season hasn't started. Take the loan? See if I have commitments by the end of July and if not immediately pay it back? Any thoughts? First the anxiety of waiting for the portal and now the anxiety of signing. [link] [comments]  |
| Posted: 08 May 2020 05:41 PM PDT Just an FYI for those watching numbers. Applied 3/30 early morning. Grant on 4/16. Portal today. Got 6 months 2019 reported opex [link] [comments]  |
| offering free video editing work Posted: 08 May 2020 03:48 PM PDT LOOKING TO WORK FOR FREE!!!!! I want to build up a portfolio in the video editing field. I am an experinced and enthusiastic video editor with extensive knowledge based around adobe after effects and premiere. I've worked with a few youtubers before in post-production and video editing/enhancement. Look forward to hearing from people soon [link] [comments]  |
| Should In expect a denial for EIDL? Posted: 09 May 2020 12:16 AM PDT I'm reading so many success stories and semi success stories that I'm starting to think I will be getting denied. I didn't hear anything once I applied in late March and only a few days ago did I recieve an email confirming that the SBA had received my application and was processing it. After checking my credit, I saw that the SBA pulled credit on 4/19 but I'm seeing other posts where people got their credit pulled and quickly received an advance in their account. Has anyone received an outright denial? Or had credit pulled without any further action? I have average credit and am wondering how that's affecting all of this. [link] [comments]  |
| Posted: 09 May 2020 03:44 AM PDT So I have the opurtunity to take over a travel center that also has another store/Resturant connected. Does anyone have expertise in travel center/convenience stores? DM please [link] [comments]  |
| Has anyone had success filing PPP with PayPal? Posted: 09 May 2020 03:40 AM PDT Haven't heard anything after submission in early April. If this is common or there has already been a thread please redirect me, as I am new to this forum. TIA. [link] [comments]  |
| Posted: 08 May 2020 03:43 PM PDT 🤔🤔🤔🤔🤔 I can't imagine where such an agency could exist... I know, let's set up a "first come first serve" lottery type of system instead and watch the poor Americans struggle 😡 Even better let's set up other strategies like double unemployment, waiting until they are sick, and inefficient application forms that haven't been updated since the Netscape era... 👍🏿 Is America great yet??🤦🏾♀️ [link] [comments]  |
| First Come First Serve Is Fake News Posted: 08 May 2020 06:28 PM PDT Seriously though, why would the sba send an email telling us they are processing loans in the order they were received when that is clearly not true. [link] [comments]  |
| Posted: 08 May 2020 07:14 PM PDT Application # 3300025xxx. Applied on 3/29. Grant: 4/13 Credit pull: 4/13 (once only) Portal received: 5/6 Accepted reduced offer of 150k: 5/6 Approval received: 5/8 Docs signed: 5/8 Now just waiting on funding. What's the average time frame people are seeing funding in their bank after docs are signed? [link] [comments]  |
| Capital one PPP - anyone get funding? Timeline? Posted: 09 May 2020 01:34 AM PDT Hi all. I applied the moment the application was released to me (Friday - the day after program ran out of money), and had a "conditional approval" 4/22. I received an "approval" email on 4/29 and then, weirdly, another "approval" email about 16 hours later but with a slightly lower loan amount and a different application number. Both emails said "we will contact you in the coming days..." I've since heard nothing. I have emailed my rep several times over the last two weeks and he has been as unhelpful as possible. He did tell me that the SBA has "secured my funding" but I don't necessarily believe it. Any thoughts / advice? Anyone get funding from Capital One? [link] [comments]  |
| Fully funded EIDL with zero human interaction - any idea who I'd contact about a conflicting lien? Posted: 09 May 2020 01:30 AM PDT EIDL short form under under 30k was fully funded Friday morning with zero human contact - received grant three weeks ago, portal in an e-mail Wednesday morning, signed and funded. In the depths of the EIDL looking hopeless my city partnered with PeopleFund to do a microloan program - got the final okay email on that loan for ~12% of our EIDL but they want a UCC-1 lien. The SBA doesn't use that exact terminology (and I can't find a lien registered with the Sec. of State yet) but my understanding is that that's what they got. The PeopleFund loan is an extra cushion (of which I'm a big fan these days) and an opportunity to explore purchasing a quality 3D printer to print custom miniatures (we're partially a game store) but it's a luxury so I'm trying to figure out how to proceed. I don't have a loan officer at the SBA or anything, so far as I can tell. [link] [comments]  |
| Posted: 08 May 2020 09:32 PM PDT Do they send them out all hours of the day or just certan times of the day or night? I see people getting theirs (I'm jealous) sometimes after midnight. [link] [comments]  |
| What does the SBA exactly “Administer”? Posted: 08 May 2020 08:59 PM PDT Please let me know...it's not loans in times of crisis... [link] [comments]  |
| Thinking of closing our relatively successful small business. Is this just not for us? Posted: 08 May 2020 04:57 PM PDT Sorry if this isn't the place to ask these kinds of questions. My wife and I started a plumbing company (in California) in January and bought out a family member's plumbing company (we use our name, but have their number, customers, equipment, employees). Overall, it's pretty successful for a team of <10, at least until COVID-19, but we're still hanging in there. It was sort of out of nowhere, because I had a degree in computer science and her in speech pathology, but the opportunity arose and I was able to get my contractor's license because of my experience, so we figured why not at least try it. The main issue we're running into is stress. We just fired one of our field techs for giving out our customer's information to his brother (who has an unlicensed plumbing company). The customer reached out to me, said another plumber contacted her (and gave me his name, I happened to know who it was) and that she didn't give her information to anyone else but us regarding her plumbing, so she was concerned we had a "leak" on our side. I thanked her, gave her a discount on the repair, and fired him the next day, seeing it as the only logical explanation (it still is). He was already on probation for, let's just say poor judgement in the past, so we didn't trust him anyway. Our HR advisor suggested firing him for "bad fit", since we didn't have hard evidence and not to risk a labor claim (the word defamation was used). We did so. It's been nothing but stress since then. He's been demanding money that, we don't legally need to pay out (unused sick pay with a bonus that we often give other employees), but our HR advisor and the labor board (we reach out to them for advice sometimes), suggest paying him everything he demands to avoid facing his wrath in the form of a labor claim which could cost us tens of thousands if we don't have everything done perfectly, regardless of how hard we tried to do so. He immediately threw out labor board threats, even though we've been nothing but honest and transparent with our employees from the beginning, and quickly correct any mistakes. So we sent him another final check with more money today. He's refusing to return company uniforms, we're advised to accept the loss and move on. We were told we can take it to a claims court, but do we really want to risk him retaliating with a labor claim? We've done our best to setup guidelines and expectations of our employees, with continuous conversations and warnings when employees didn't meet expectations. The results weren't very impressive, and with the quality of candidates in this field (at least in our area), we can't just fire and replace anyone we are unhappy with. Anyway, we're just sort of done. We've paid our employees well above normal for this profession in our area, and it feels like they can walk all over us and we have no support. Some of our employees are great and appreciate the opportunity, but the ones that aren't, well, it doesn't feel like we have much we can do about that without risking significant fees. The employee we fired is part of it, but we're wondering if it's really worth all the stress and liability of running a company, or if we should go back to our original plans of software engineering and teaching. It's hard to say how much money we're making, because we aren't really paying ourselves anything until the company grows, which it's sort of stagnated since COVID-19. But we are staying relatively busy and we have a pretty strong customer base. If we did drop the business, we have an informal agreement to give back anything that was owned by original company at no loss other than our payments made already. We love being able to work together, but neither of us enjoys running a business, aside from some perks like being able to set our own hours. Anyone have any experience dealing with similar issues? Any advice? [link] [comments]  |
| Posted: 09 May 2020 12:16 AM PDT I applied pop through paypal 2 weeks ago, now my status showing( recepient funding) and waiting for others. What's that mean????? [link] [comments]  |
| Posted: 08 May 2020 08:23 PM PDT Firstly, I am in the military stationed in Texas. My legal state of Residence is Kentucky and is the state where I have my company registered. My company focuses on consulting services and online development. I recently acquired new clients in Texas through the internet. I have never had business meetings or anything like that. My dealings and all work is done through the internet. I do not claim a home office in Texas nor have any property, employees, or anything other than living in a rental here in Texas due to my orders. I am wondering if I fall under what would be considered a nexus and need to register as a foreign company in Texas. It is a gray area, since Texas doesn't define the term of doing business in the state, but does tax my line of work. If I am required to register in this state, is it possible to register a second LLC to do business in this state rather than elect to be a foreign company? The difference in price seems to be substantial and I will be stationed here for at least 4 more years. My company is really small, netting a few thousand dollars a year after costs and is more of a side gig. Keeping costs down is a huge benefit, so whatever will keep me legal and cost the least is a great outcome. Thank you in advance for any insight you can give me! [link] [comments]  |
| Finally received the infamous EIDL email Posted: 08 May 2020 04:31 PM PDT I just got the email. I never reciveved the advance. Them jive a** turkies offered me $1,000. payments 5.00 per month. They could have at least loaned me 4000, and the payments would have been 20.00 per month. Jive a** micky ficky talking about my company is small, and they are trying to help larger companies. Just January alone I made more than 1000k. I was projected to bid and work on 4 projects at 50,000 each. I didn't even get the advance. I can go take nude pics on and make more than that on onlyfans . BOOO BOOOO SBA. I was 2 steps from sounding like Eddie Kane on the 5 heartbeats, when the man telling me about the big picture. He was like the big picture they are only going to loan you 1000, and the larger companies has employees need money. So I was about to say man fucc a big picture. Yall want to tax us small businesses like we are large, want us to have millions of dollars insurances, but want to give us pennies. app number 33000's Applied April 1, credit check April 14th, got kicked in the nuts may 8th. business paydex 90 . ~~Drops mic I cant take this s*** anymore. Im going take my 1,000 accepted a** and going to watch reruns~~~ [link] [comments]  |
| PPP loan. 100% forgiveness on wages only? Posted: 08 May 2020 11:53 PM PDT I have only payroll expenses. Let's use $10,000 loan amount for example. If i pay the entire amount on payroll, would i be able to get the whole amount (100%) forgiven. I am confused by the 75% rule. [link] [comments]  |
| Posted: 08 May 2020 05:52 PM PDT Seen posts about people getting the PPP in a day or a few hours. Seen people say if SP or small LLC etc it's fast. I applied 3 days ago and still says in review. SP here. Anyone wait this long for it. [link] [comments]  |
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