A letter to my clients

[rolltide]

Someone told me today (who i 100% trust) that he knows someone who received over 50 and the funds were directly deposited in his account. He saw the deposit with his own eyes. Again, this person I 100% trust and would have NO reason to lie to me about something like that.

However, he is the only 1 that i have heard of who has received either the PPP or the EIDL

that's the only person I have heard about that got any money yet, EIDL or PPP. I was on a conference call 48 hours ago with about 30 business owners in my field and 0/30 have seen $1

and it's obviously not due to lack of applications. BoA and Wells Fargo have stopped accepting applications and the nation's largest SMB loaner, Huntington Bank, stopped on Tuesday night. I spoke to their business banker on Wed morning and he informed me of this....and they were only taking applications from customers who had prior loans with them AND a current business checking account.

this is a total shit show out there. absolute chaos …. expect another 5-7M unemployed to file this week (my estimate) after 10M in the past 2 weeks. And this is just the beginning as companies have been holding off with layoffs waiting for these loans. I won't be shocked if 20M new filing in April alone

 

[Knightrofins]

that's the only person I have heard about that got any money yet, EIDL or PPP. I was on a conference call 48 hours ago with about 30 business owners in my field and 0/30 have seen $1

and it's obviously not due to lack of applications. BoA and Wells Fargo have stopped accepting applications and the nation's largest SMB loaner, Huntington Bank, stopped on Tuesday night. I spoke to their business banker on Wed morning and he informed me of this....and they were only taking applications from customers who had prior loans with them AND a current business checking account.

this is a total shit show out there. absolute chaos …. expect another 5-7M unemployed to file this week (my estimate) after 10M in the past 2 weeks. And this is just the beginning as companies have been holding off with layoffs waiting for these loans. I won't be shocked if 20M new filing in April alone

Wells has been a MAJOR shit show

I am not sure what bank that person uses. I asked my person to find out. He has around 5 employees

 

[rolltide]

Wells has been a MAJOR shit show

I am not sure what bank that person uses. I asked my person to find out. He has around 5 employees

SBA already changed their tune on the EIDL. they now say the 3-day turnaround is from time of approval to hitting your account. and, it's not 10k...it's "up to 10k". goalposts are on the move

 

[Knightrofins]

SBA already changed their tune on the EIDL. they now say the 3-day turnaround is from time of approval to hitting your account. and, it's not 10k...it's "up to 10k". goalposts are on the move

I applied last wednesday for EIDL when the site was www.sba.gov and clicked up top as i can get my 10k within 3 days. I figured i would get $$ no later than monday as it was 3 business days as well. Did the same for my wife.
2 days later the site changed to www.sba.gov/disaster and we learned that its UP to 10k.

So far, no deposit in my account. Cant even find anywhere to "follow up" on my application. No email. Nothing.

I didnt even bother applying for PPP as i felt it was easier just to get the 10k grant and do whatever with it

 

[brendanjack]

Someone told me today (who i 100% trust) that he knows someone who received over 50 and the funds were directly deposited in his account. He saw the deposit with his own eyes. Again, this person I 100% trust and would have NO reason to lie to me about something like that.

However, he is the only 1 that i have heard of who has received either the PPP or the EIDL

I know someone who banks and lives on north fork of Long Island they own a deli. Went to Bridgehampton bank on day 1 which is a sba bank and was approved on arrival . Other then that I know no one. My bank with operating account cap one all there stuff online not processing cocka yet. What a joke
im sure every law firm in the us has already applied

 

[rolltide]

for those applying for PPP and use ADP for your payroll

- before applying for PPP log on to your ADP account and go to "reports" ... you will see a "CARES Loan Report Package" set up for your company. Click on that and there should be some preselected boxes for you to just run the report and download to your computer. If not, select the first 3 boxes and then your 940 - 941 - 944 and run the report. It will be available for you to download within a minute or two.

this has all the info you need to compete the PPP application and you'll include it with the application as the background info they're looking for

 

[brendanjack]

for those applying for PPP and use ADP for your payroll

- before applying for PPP log on to your ADP account and go to "reports" ... you will see a "CARES Loan Report Package" set up for your company. Click on that and there should be some preselected boxes for you to just run the report and download to your computer. If not, select the first 3 boxes and then your 940 - 941 - 944 and run the report. It will be available for you to download within a minute or two.

this has all the info you need to compete the PPP application and you'll include it with the application as the background info they're looking for

Figures I use Paychex they have a seminar tomorrow online wife will be busy watching

 

[Willie99]

Someone told me today (who i 100% trust) that he knows someone who received over 50 and the funds were directly deposited in his account. He saw the deposit with his own eyes. Again, this person I 100% trust and would have NO reason to lie to me about something like that.

However, he is the only 1 that i have heard of who has received either the PPP or the EIDL

That would have to be a PPP loan, since it's over 10K. They said PPP loans would take up to three weeks, but with banks involved I guess it depends on the bank, and they can push it through if the documentation appears "reasonable". They make the loan, the SBA guarantees 100%. Maybe they'll come out faster than the $ 10,000 EIDL, go figure.

Again, private industry >>>>> government

On a sidebar, I'm not sure the SBA can change legislative intent. Does some administrator really get to override Congress and the POTUS?

 

[Willie99]

for those applying for PPP and use ADP for your payroll

- before applying for PPP log on to your ADP account and go to "reports" ... you will see a "CARES Loan Report Package" set up for your company. Click on that and there should be some preselected boxes for you to just run the report and download to your computer. If not, select the first 3 boxes and then your 940 - 941 - 944 and run the report. It will be available for you to download within a minute or two.

this has all the info you need to compete the PPP application and you'll include it with the application as the background info they're looking for

Figures I use Paychex they have a seminar tomorrow online wife will be busy watching

Payroll companies are stepping up to help.

Hell, one smaller local payroll company submitted the applications for one of my clients. I wish a few more would do that

 

[Willie99]

Wells has been a MAJOR shit show

I am not sure what bank that person uses. I asked my person to find out. He has around 5 employees

Wells was capped at a very low limit because of their past transgressions, short sighted regulatory oversight. Y'know, big government at work. Anyhow, I think their cap has been lifted although I'm not certain.

 

[Knightrofins]

That would have to be a PPP loan, since it's over 10K. They said PPP loans would take up to three weeks, but with banks involved I guess it depends on the bank, and they can push it through if the documentation appears "reasonable". They make the loan, the SBA guarantees 100%. Maybe they'll come out faster than the $ 10,000 EIDL, go figure.

Again, private industry >>>>> government

On a sidebar, I'm not sure the SBA can change legislative intent. Does some administrator really get to override Congress and the POTUS?

Yes, PPP

However that is the first person that i have heard of who either recevied a PPP or EIDL.

Again, i dont directly know this person. I would love to ask him 20 questions

 

[Willie99]

Yes, PPP

However that is the first person that i have heard of who either recevied a PPP or EIDL.

Again, i dont directly know this person. I would love to ask him 20 questions

it's his bank, they made the call, they gave him the money, the SBA guarantees it 100%

 

[Knightrofins]

Wells was capped at a very low limit because of their past transgressions, short sighted regulatory oversight. Y'know, big government at work. Anyhow, I think their cap has been lifted although I'm not certain.

I know 2 people who have a Wells account who signed up online last saturday JUST to recieve another email. They got the email this morning and they asked them maybe 3 or 4 questions (nothing to do with financials).

They still havent been asked to submit applications or anything like that.

PURE shitshow!!

 

[Willie99]

Gym with two employees received $ 10,000 today




PS: Sorry for interrupting the doom and gloom talk

You can now resume to your daily freak show programming, promoted by the makers of TDS

 

[Knightrofins]

Gym with two employees received $ 10,000 today




PS: Sorry for interrupting the doom and gloom talk

You can now resume to your daily freak show programming, promoted by the makers of TDS

PPP or EIDL?

oh yeah to stay on topic: orange man good/ orange man bad

 

[Willie99]

Eidl

 

[Willie99]

Dear Applicant,​

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.​

You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:​

Paycheck Protection Program Full EIDL Loan

PURPOSE​ ​	Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable)​	To meet financial obligations and operating expenses that could have been met had the disaster not occurred (amount of any EIDL advance is forgiven)​
TERMS​ ​	Up to $10 million​ 1% interest rate​	Up to $2 million​ 3.75% for businesses​ 2.75% for non-profits​
FORGIVABLE​ ​	YES​	NO – EIDL Loan​ YES – EIDL Advance​
MATURITY​ ​	2 years​	30 years​
FIRST PAYMENT DUE​ ​	Deferred 6 months​	Deferred 1 year​

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To locate a Paycheck Protection Program Lender, please visit: www.SBA.gov/PaycheckProtection<wbr>.​

Information on available resources may be found at www.sba.gov/coronavirus. For more information on these services, please go to www.sba.gov/local-assistance to locate the email address and phone number for the nearest SBA district office and/or SBA's resource partners.​

 

[Willie99]

^^^^^

 

[Knightrofins]

I got the same email this morning.

What about the 10k loan that doesnt have to be repaid???

Damn making the rules up as they go

 

[Willie99]

They changed the terms, wasting days of my time.

If I had known these would be the new terms, I don't submit many of the EIDL applications I submitted

Furthermore, if I had known the PPP applications were being processed quicker (was supposed to be three weeks) than the EIDL applications (was supposed to be three days), then I focus on PPP instead.

I'm fucking pissed, and like most government programs, they simply have no idea what they're doing.

How fucking stupid must they be to act like they had no idea there would be so much demand?

And to my man Trump, I love you, but stop saying money is being paid out because it's not (although it is slowly starting to now, just not the massive and quick payments they were promising)


The SBA is in over it's head