[PINNED] Promote your business, week of May 4, 2020 small business |
- [PINNED] Promote your business, week of May 4, 2020
- Is anyone else addicted to reading through these threads !!!!
- PPP Fraud
- EIDL ADVANCE and PORTAL INVITE for those of us that applied 3/30 & 3/31
- Anyone else anxious every monday?
- FUNDED: Ready Capital Came Through!!!!
- Ready Capital-Customers Bank FUNDED
- App or program to take and track orders.
- What is the name of a job role that reaches out to stores on behalf of your brand?
- Why is Loan Builder doing Hard Pulls on Credit?
- EIDL has only ONE success story on this forum - /u/cue378
- PayPal just emailed this - Re: PPP loan forgiveness for Sole Prop / 1040C
- PayPal Denied - " Loan Secured Through Another Provider"
- Is Ready Capital shuffling applications?
- PPP Loan forgiveness from a Small Business CPA
- Boss said we can get fired for not attending mandatory meetings, even though we’re on unemployment.
- Whos with a suit against Lendio...first objective enjoin them from collecting ANY fees or loan sale proceeds...attorney believes court would grant from outset...pending full disclosure and review...
- Independent contractor Ready Capital
- Any get an EIDL Loan or is it just the Grant ?
- Fast forward 3-5 years - what are some of the best businesses to start post-recession? Especially the kind that don't need you to be there all the time e.g. car salesman, doctor or a lawyer
- Bank not funding PPP 16 days after signed contract
- Small businesses help. COVID-19 help
- PPP - WSJ says Beaver’s Cafe in Minto, N.D. received $10,400 for 7 Employees
- Ready Capital PPP
- Sole Prop PPP + EIDL
- how are you tracking PPP loan expense?
| [PINNED] Promote your business, week of May 4, 2020 Posted: 03 May 2020 06:46 PM PDT Post business promotion messages here including special offers especially if you cater to small business. Note: To prevent your messages from being flagged by the autofilter, don't use shortened URLs. [link] [comments]  |
| Is anyone else addicted to reading through these threads !!!! Posted: 03 May 2020 04:48 PM PDT I spend hours reading through these posts everyday day. Most make me mad and sad 😞 . Some have me cracking up!! Ya'll crazy as hell . But most of all it lets me know that we are all in this crazy mess together . I'm wishing you guys blessings and I hope we can all come out of this stronger than before. Whatever you do don't loose faith. [link] [comments]  |
| Posted: 03 May 2020 10:01 AM PDT Good afternoon, After being furloughed from 6 weeks, my wife's employer called to say he took her off state unemployment because he was approved for a PPP loan. Then he proceeds to inform her that he will be OVER-paying her beginning next week and expects her to write him a check for the difference because the businesses payroll does not meet the minimum requirements. My wife refused because it seemed shady and I am certain this is fraud. What can we do about this situation? Is there somewhere to report her employer that will actually take action? This employer has a long history of pulling shady stunts like this and we've had enough! [link] [comments]  |
| EIDL ADVANCE and PORTAL INVITE for those of us that applied 3/30 & 3/31 Posted: 03 May 2020 08:21 PM PDT I have a feeling that SBA will finally make us justice and pay us our advances and send us our portal invites this week. I have to stay positive for my own well being and the well being of my business and employees. The last thing we should lose is faith... [link] [comments]  |
| Anyone else anxious every monday? Posted: 03 May 2020 08:18 PM PDT Ever since submitting my EIDL and everything else going on, Monday's make so anxious. Hopefully this week brings us some great news and places a lot of hardworking people in better positions. Sending positive vibes to everyone & let's all stay resilient! [link] [comments]  |
| FUNDED: Ready Capital Came Through!!!! Posted: 04 May 2020 02:29 AM PDT I FINALLY received the funds for my PPP loan. I signed that new loan note last Thursday with Customers Bank as the new lender. Then I got that email on Friday that the ACH is in the works, received funds just now. HOLY FUCKING SHIT! I CAN BREEEEEEEEEAAAAAAAAAAATTTHHHHHHHEEEEEE!!! [link] [comments]  |
| Ready Capital-Customers Bank FUNDED Posted: 04 May 2020 02:33 AM PDT Like most I've been on the roller coaster of PPP funding with RC since early April during round 1 of PPP...signing docs, not hearing anything, signing more docs, changing lenders, exceeding the 10-day deadline, deadline reset, etc. To my surprise I was told I'd be funded today, and they really did FUND...based on their history, I certainly expected them to have a new excuse. So if you haven't been funded, perhaps there's hope! [link] [comments]  |
| App or program to take and track orders. Posted: 04 May 2020 02:52 AM PDT Hello everybody. I am the owner of a small bbq trailer/food truck. As of right now we take orders throughout the week over a facebook page where people just comment their orders and pay when they pickup on Saturday. This is terribly hard to track with the combination of pm's and pure volume of people commenting their orders on the facebook posts. I was wondering if anybody had an idea or an app suggestion where people can put in their pre orders and i can track and know the amount of food i sold/will need for the weekend delivery. Any and all suggestions would be appreciated. [link] [comments]  |
| What is the name of a job role that reaches out to stores on behalf of your brand? Posted: 03 May 2020 11:56 PM PDT I have a boutique brand that is doing pretty well, as part of the scaling process I'm looking to outsource the role of reaching out to potential buyers on behalf of the brand, and then selling/building those relationships. What is the specific title of such a person? Account Manager? Sales Representative? Business Development Manager? Category Seller? Every job description I look up seems to be different so is there something i'm missing here? I'm essentially looking for a sales expert in the retail environment but everything related to that comes up with actual physical store sales people, i'm all virtual. Any help? Stupid question I know but if you don't ask you don't know! [link] [comments]  |
| Why is Loan Builder doing Hard Pulls on Credit? Posted: 04 May 2020 01:52 AM PDT They did a hard pull on my TU Credit, thus lowering by 10 points. Why are they doing this when the PPP is provided with zero need for good,bad or ugly credit scores, it's irrelevant. [link] [comments]  |
| EIDL has only ONE success story on this forum - /u/cue378 Posted: 03 May 2020 08:56 AM PDT By sheer will or plain 'ol luck /u/cue378 won against the beast that is SBA and the dragon EIDL. Thankfully he has not rubbed it in our faces. yet. There might be others but he is the man. [link] [comments]  |
| PayPal just emailed this - Re: PPP loan forgiveness for Sole Prop / 1040C Posted: 03 May 2020 05:17 PM PDT (Just came in minutes ago) I guess the key point which I didn't quite pick up on at funding was although the PPP loan gives you 10 weeks of owner's pay / payroll, it needs to be paid out over the next 8 weeks, not 10. -- We're writing to remind you that, if you satisfy all related SBA requirements, your Paycheck Protection Program loan may be fully forgiven – meaning, subject to your satisfying the SBA requirements, up to 100% of your loan amount, including accrued interest, may not have to be repaid. The total amount forgiven will depend on your particular circumstances and how you use the loan funds. The information below is generally applicable to sole proprietors, independent contractors and self-employed individuals who file an IRS Form 1040 Schedule C. Please keep the following key loan forgiveness requirements in mind: 1. The 8 Weeks Immediately Following Loan Funding are Critical to Loan Forgiveness 2. Expenses that are Eligible to Be Forgiven Include the Following: Eligible owner replacement compensation Eligible employee payroll costs Eligible interest on qualifying business mortgages or other qualifying business debt, if entered into before February 15, 2020 Eligible rent, under qualifying business lease agreements entered into before February 15, 2020 Eligible qualifying utilities, for which service began before February 15, 2020 Eligible payroll expenses include: Owner replacement compensation has been limited by the SBA in the case of self-employed borrowers to a proportionate eight weeks' worth of 2019 net profit (Yes, this could be complicated, and the SBA has promised it will issue additional guidance on forgiveness very soon.) Employee payroll costs, including eligible benefits costs (if you have employees) Eligible business expenses during the 8-week period following the disbursement of your loan to the extent they are deductible on IRS Form 1040 Schedule C, include: Business related mortgage or other business debt related interest payments on debt obligations incurred before February 15, 2020 (for example, the interest on your mortgage for the warehouse you purchased to store business equipment or the interest on an auto loan for a vehicle you use to perform your business) Business related rent payments on leases entered into before February 15, 2020 (for example, rent on the storage space where you store business equipment or inventory) Business related utility payments for utility service established before February 15, 2020 (for example, the cost of electricity in the warehouse you rent) 3. At Least 75% of Loan Proceeds Must Be Used for Eligible Payroll Costs 4. Request for Forgiveness and Documentation Will Be Required We will provide you with more details on the forgiveness process in future emails once we receive additional guidance from the SBA. In the meantime, our customer service agents do not have additional information, and we hope this email will help answer some questions. We will email you with more information over the upcoming weeks. [link] [comments]  |
| PayPal Denied - " Loan Secured Through Another Provider" Posted: 03 May 2020 08:24 PM PDT Anyone recieve an email like this from PayPal after signing DocuSign? Any suggestions? Applied a few weeks ago through BoA and nothing back since. Applied Bluevine last week and under review according to portal. Also started Lendistey but never uploaded docs. Thank you for applying for the Paycheck Protection Program Loan through PayPal. We submitted your completed application to the SBA and have received a response from the SBA indicating another provider has already secured a PPP loan for your business/organization. Each business entity can only receive one PPP loan. Therefore, we will not be able to continue the processing of your loan application. If you do not have an approved Paycheck Protection Program Loan through another provider, please click here to provide your feedback so that we can follow-up as appropriate [link] [comments]  |
| Is Ready Capital shuffling applications? Posted: 03 May 2020 11:24 PM PDT After searching various forms, I'm seeing people say they've receive docs to sign, some even said funded. However the amount aren't small (20k-50k small.) Has anyone been funded, signed docs, or had any type of contact with Ready Capital? The very little contact I've had, they were rude, and kept pushing the (applications are processed in the order they are received)— one guy even told me "you applied 4/14, we were processing a week before that". It's didn't hit me until now that bc they don't have the full resources to fund all the loans, they wanted to fund the large ones first, to make sure they didn't back out. As of today 5/3 I have not been assigned to a loan officer by Ready Capital. My SBA number was issued on 4/14. I haven't signed docs, haven't sent info, nothing. Ready Capital is probably worst than the big banks, bc not only are the prioritizing while maintaining this attitude like they are here to help the little guys, they've also SELFISHLY withheld us from receiving funds from anywhere else due to having a SBA number. [link] [comments]  |
| PPP Loan forgiveness from a Small Business CPA Posted: 03 May 2020 07:08 AM PDT I own a 15 person CPA firm that provides outsourced CFO services for 150 or so small businesses. We prepared PPP Loan applications for all of them, plus some 200 non clients. All but one was approved (he filed bankruptcy on SBA in 2019). Obviously now we are bombarded with questions about loan forgiveness. My team and I have spent over 100 hours in webinars and other online education courses in the last 6 weeks. It's mind numbing. Here is what we are living with, this program was pushed out with out thought of what the endgame looks like. In business, we can be good, fast, or cheap, pick two. We got fast and cheap. Now SBA is rolling out regulations, and their claws are out. Right now they are staring down big business, with access to capital markets. Those folks are paying back loans and running for the hills over the bad press. Next will be small businesses who try and "game the system". I have heard DOZENS of people talk about how they planned to game the system, pay it all to themselves, yada, yada, yada. Final regulations have not been written yet. We don't know what the SBA will eventually require, but to think a $660 BILLION potential give away will not be heavily scrutinized is a fool's error. The SBA may be evil (In my opinion they are), but they are not stupid. They can change what the law means. They did so with EIDL being $1K/employee when they got around to it instead of $10K in 3 days. WE are not governed by laws, we are governed by regulations which are written by gooberment bureaucrats with a bad comb over who never work a second more than their 37.5 hour week as mandated by their federal goobermentn union contract, will never face an election, hate small business owners, and now are working from home on their staycation as they type regulation while wearing their pajamas. They know how people will try and game the system. The requirements contain the 75% to payroll we all know about, they also control the 75% "headcount" or staffing requirement. Headcount can end up being "bodies" on payroll, or full time equivalent employees (FTEE's). There is language being battered around about using the FTEE formula used in Obama Care. We don't know for sure what the "final interim guidance" will look like. Of the 100's of hours of professional CE we have taken, about 1/2 say the requirement will be headcount, 1/2 say it will be FTEE. So plan on both being required. If you play this straight down the middle, use the money for payroll, keep the # of employees as before, you will be fine. Anything less, and it could go bad, very bad. Some people, a very small percentage, will be criminally charged for fraud. Obviously if you do not pay employees with the PPP money, you took the loan out fraudulently. I believe that is what the SBA will say. I get it, many of you have employees at home, they can not come to work, they want unemployment because it's more than their wages. I have spoken to no less than 100 employers in this situation. I am advising pay your employees. If you have direct deposit for them, use that and pay them their average wages pre-china virus. If not, print and mail checks. That is what you said would happen when you took out the loan, so do that. Yes, if you have a spouse/child who helps in your business, hire them. There is nothing that prohibits the hiring of new employees. But it needs to be legit. Is your spouse/child helping with bookkeeping, deliveries, estimating, cleaning the office, filing, making phone calls, whatever? Can they start doing so? If you hire your spouse/child during the 8 week test period it's not a problem, if you document what they did to help your business. No documentation might mean a problem. I don't think banks will question names and SS# of employees if you play this just like you said you would when taking out the loan. But if you do not, they will have to dig around in your employment underwear drawer and dig out details so they can figure out how much is forgivable, and how much is not. The "method" to calculate how much will be forgiven in questionable situations is an unknown at this point. That sucks, we are living in the test period, and we don't know the details of the "test" we will have to pass. So be very careful, do nothing funny, don't try and game the system. If you are a Sole Proprietor, with no employees, you may have to pay some of the loan back. No one knows for sure, the guidance is not fully written or developed. I suggest in that situation, put at least 50% of the loan in a saving account and just wait until we know more. That is being overly cautious, but you will not get in a financial bind if you do so. We are told mortgage interest and utilities for a HOME are NOT eligible expenses for loan forgiveness. That is why some think SP's with no employees who work from home may have to pay some of the loan back. My advice is DO NOT try and game the system. Play this straight down the middle, do exactly what the letter, AND spirit of the law requires., and you will be fine. I have 100% confidence my loan will be repaid. I'm playing this right, I'm increasing staffing and will pay out more in wages than the test period. I'm giving bonuses to employees to make sure that happens. I got a windfall, so should they. Even though I won't get a stimulus check, and they did. I suggest doing the same. Some employees will be upset you paid them, and then when you get that form to explain why they are not working, explain you have been paying them. Let them deal with the fallout of fraudulently applying for unemployment. Either you or they will pay that back. they got the money, they should pay it back. Just be careful and do exactly what you said you would do with the loan proceeds and it won't be a problem, anything less, I think it will be a problem. Now to the Chinese Communist Party lovers, I am not one of you. This is a China virus, and a Chinese Communist Party Virus. That country is fucking evil. Some of you hate Trump so much you want to blame him for the virus. Just go ahead and spew your vile and hate, no one takes you seriously. The Chinese government is FUCKING EVIL. They ARE as bad as Hitler. You siding with them because you hate Trump exposes much. Quite being a liberal sheep. I'm not asking you to agree with me, just agree who our true enemy is. I'm also no fan of gooberment, and I have probably had a LOT more experience with stupid, hate filled, anti-small business gooberment regulators than you will in 50 years. Yal, I hate most of these people, and most of them hate you, but for the haters, the democrats have you so brainwashed you would rather side with the people who hate you than some trying to help you. So go with your gut, ignore my advice, and get fucked over. We can tally score when the war is over. It's entirely possible I love your children more than you do. [link] [comments]  |
| Boss said we can get fired for not attending mandatory meetings, even though we’re on unemployment. Posted: 03 May 2020 11:24 AM PDT Is this legal? I own a business myself but this one stumped me and I'm trying to find the answer. I work in a small salon part time, and we've of course, been laid off due to covid-19. My boss is having mandatory meetings via zoom, "team games", product knowledge classes via zoom etc. she said that if we don't attend then since their mandatory, we can get fired, OR she will out is last on the list to come back when we open up. Is this even legal??? Can she make us even attend a mandatory meeting if we're unemployed?? I'm going crazy lol! Any help would be great! [link] [comments]  |
| Posted: 04 May 2020 12:42 AM PDT As it turns out they insist we'll have to mail the arbitration opt out and prepared a from letter...dm me if interested joining/contributing...says easy for him to be confident in outcome, says ignore the plants and shills that would suggest not suing yesterday [link] [comments]  |
| Independent contractor Ready Capital Posted: 04 May 2020 01:46 AM PDT I applied for ppp with RC on April 9th and many others. I was under the assumption that the loan was calculated from the 2019 1099 misc and applied for 20k and was approved (still waiting for funds should he deposited today). I don't recall giving them a 2019 sched c, as I haven't filed taxes yet and my net income is going to be much less then my gross earnings. Can I return this loan or atleast the amount that won't be forgiven? [link] [comments]  |
| Any get an EIDL Loan or is it just the Grant ? Posted: 04 May 2020 01:35 AM PDT I received the Grant Portion of the EIDL loan. Checking is anyone got the actual loan for the EIDL program. Sure would help a lot to get any of that.. I hope some were able to get it.. I did get the PPP loan and I am thankful.. just a little nervous this can work the way it is set up.. I will do my best to make it work if possible...and our Governor reopens Wisconsin! I applied for the EIDL Back in Mid March, a day or 2 after after it launched. I did not hear anything.. then on April 11th, I called the SBA to see if they had my application, after hearing of all the crashes. The guy said I needed to reapply. So I filled out a new application on 4-11-2020. On 4-17-2020, a hard bureau was pulled the Experian for the SBA.. On 4-20-2020 I received a grant payment. The deposit receipt show 330029xxxx for the application number. The 2nd number i got was 330363xxx... Best of luck to all of your biz owners! [link] [comments]  |
| Posted: 03 May 2020 11:02 PM PDT Fast forward 3-5 years - what are some of the best businesses to start post-recession? Especially the kind that don't need you to be there all the time e.g. car salesman, doctor or a lawyer [link] [comments]  |
| Bank not funding PPP 16 days after signed contract Posted: 04 May 2020 04:57 AM PDT Is it possible for a bank not to fund the PPP loan after a signed contract? Received etran on April 13 and signed contract on the 17th or April. (First round of ppp) Banking info is correct on contract. Cross river tells me ach is initiated as of last week. Still not funds. Is there a chance I will not get the funds? Legal action I can take if I do not? [link] [comments]  |
| Small businesses help. COVID-19 help Posted: 04 May 2020 04:56 AM PDT I hope this post doesn't violate any of the rules but if it does please feel free to remove it or let me know so I can edit it. Hi everyone - I'm a software engineer with a few years of experience out of Boston, Ma and this is what I have been thinking and hopefully someone here can help me out. Prof, My tweeter account: https://twitter.com/Ljenya I was fortunate enough not to only keep my job and work wearing my PJ's but also save a bunch of money. I still got my $1200 from the government and since my expanses are next to nothing I ended up saving a whole bunch of money that don't I really need. After paying off for some bills I ended up donating the rest. I also realize that there are so many people who are by far not as fortunate as I am, therefore I want to volunteer my skills for something good and provide free consultations and possible solutions/ connections for any small businesses and non-profits in the area. Here is my area of of expertise: - Full stack web application development, a broad range of skills from html to react, angular and .net/ node.js for the backend. Highly skilled in creating consistent css architecture using SAAS & BEM - Data visualization, React an other javaScript libraries, - Content creating management systems and logistics, - SEO - Advertising and analytics While I realize that I won't be able to help everyone - I'm willing to at lease consult people and give them the right connections to get passed this difficult times. Please spread the word around in Boston area if you know anyone who could benefit from this. Let's all help change the world for better. [link] [comments]  |
| PPP - WSJ says Beaver’s Cafe in Minto, N.D. received $10,400 for 7 Employees Posted: 04 May 2020 04:50 AM PDT I am just wondering how much does each FTE make per month? Does that number sound right to anyone. [link] [comments]  |
| Posted: 04 May 2020 04:35 AM PDT This week is make or break for the people approved. What are the chance we get funded? What is next step I'd we don't? I'm at wits end. [link] [comments]  |
| Posted: 04 May 2020 04:07 AM PDT Hi everyone! I'm trying to wrap my brain around the PPP + EIDL forgiveness terms. I am a sole prop and it's just me. I should be getting the max $20,800 PPP loan deposited into a newly created "only for PPP" business account. I plan to write myself one check for $15,384 and write "PPP Payroll" in the notes. That would leave a balance of $5,416 that I plan to immediately pay back to my lender (or maybe at the end of 8 weeks). This morning I got a $1,000 EIDL advance in my normal checking account. (Because my "only for PPP" account wasn't open when I applied.) I believe this means I only have $14,384 of forgiveness for the PPP. My question is: Can I reduce the amount I'm writing myself a check for to $14,384 and then pay back the $6,416 balance or would that put me at risk of not being able to have the full amount forgiven since I'm dipping below the 75%-ish payroll requirement? To ensure I hit that 75%-ish requirement, should I still write the $15,384 payroll check, and then when it's time to pay back the loan portion write my PPP account a check for $1,000 to pay the $6,416 I will owe? Just trying to save myself from having to move money back and forth twice! [link] [comments]  |
| how are you tracking PPP loan expense? Posted: 03 May 2020 07:05 PM PDT Finally got the PPP loan! Applied through Bank of america and after radio silence for several weeks, applied through Live Oak Bank and got the approval letter in 3 days. Now, I am hoping that the loan shows up in a few days. How are you tracking expenses against the loan to prove back? What documents do we need to save? [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