PPP, the American Dream

[Willie99]

i was approved by TD last nite and my buddy was approved by wells last nite.

Another buddy was approved by wells a few weeks ago (BIG $$) and received his $$ this week

That's great, and I hope that trend continues. But I'm speaking from first hand experience and based on that they get the worst grades

I quickly perused a story in the last 48 hours that said BOA had 256,000 application and processed 15,000. I understand that 256,000 applications is a shitload, maybe sheer volume is their problem.

 

[Cheddar]

My money landed in my account today. :money8:

 

[Cheddar]

I was totally forgiven for the first round. I just applied for round 2 and more free money. I lost my biggest supplier last year so I just happened to lose over 25% of my profits in 1 quarter so I qualify again. This is fun

 

[Willie99]

Health Insurance and retirement benefits could absorb a bunch. But to use it all he'll need a cash balance or defined benefit plan, they can enable you to pound retirement benefits


FWIW, my best guess us that they're going to expand and / or extend forgiveness and repayment terms

Damn, I called this very early in the game

 

[Knightrofins]

I still need to apply for my forgiveness. They just redid the forgiveness forms.

it’s weird as different banks are asking for different things.

I don’t think my bank has ever sent me an application?

 

[Willie99]

Forgiveness laws in a nutshell

Up to 100% can be used on payroll and payroll related expenses, which includes benefits

Up to 25% can be used on rent & utilities

If staffing is reduced, then the amount of debt forgiven is reduced using a given formula, but companies have until June 30 to fix the staffing issue

--------------------------------------------
Lots of problems already exposed, I expect everything to change

1) If a business is ordered closed, how can they maintain payroll levels? This would cause businesses to lose more money than they already are. I believe they'll push back the starting date(s)

2) I believe they'll expand the testing period from 8 weeks to at least 10 or 12, since they lent based on 10.8 weeks of payroll

3) I believe they extend the rehire date beyond June 30

4) I believe they make the repayment period for any unforgiven funds > the current 2 year requirement


They will make changes, they've been making changes every day, but none of us are certain what those changes will be

Damn, four for four

You'd think I worked for the government or something

 

[Albatross]

So I paid a shitload of tax last year. One of my bankers called me today and told me I was on his list to call. To be honest I didn't even think about it......long story short.....after I had a couple phone calls with him he said I wasn't eligible due to the 25% down from any Q19 to Q20..... my worst Q was 18%.

I then called my CPA and told them to find any way possible to not pay tax this upcoming year (21)......that 150k that was paid to a shitty government will be no more.

 

[JackStraw77]

Was a dream for this Las Vegas guy who scammed the government out of almost $2 million before he got caught. Probably not smart posting pics of your Bentley on social media that you paid for from government loans from non-existent companies.

https://www.dailymail.co.uk/news/ar...n-COVID-loans-used-money-lavish-lifestyle.htm

 

[Willie99]

So I paid a shitload of tax last year. One of my bankers called me today and told me I was on his list to call. To be honest I didn't even think about it......long story short.....after I had a couple phone calls with him he said I wasn't eligible due to the 25% down from any Q19 to Q20..... my worst Q was 18%.

I then called my CPA and told them to find any way possible to not pay tax this upcoming year (21)......that 150k that was paid to a shitty government will be no more.

You can still apply for and obtain PPP 2 if you like. Based on current law, it can't be discharged / forgiven, but it becomes a 1% loan for 5 years which isn't a bad deal. Especially if you have other higher interest debt or a need for working capital.

Furthermore, they've been changing these laws frequently, always to the benefit of the borrower. Maybe something will change that makes you qualify for forgiveness and / or they extend the 5 year repayment term to 8, 10 or more years

They're trying to give away money, and I think they'll be even more aggressive in that endeavor under Biden





PS: You only have to prove a reduction in sales when you apply for forgiveness according to the SBA, And I wish more bankers would try to help more of my clients, I could use a fucking break

 

[Willie99]

Was a dream for this Las Vegas guy who scammed the government out of almost $2 million before he got caught. Probably not smart posting pics of your Bentley on social media that you paid for from government loans from non-existent companies.

https://www.dailymail.co.uk/news/ar...n-COVID-loans-used-money-lavish-lifestyle.htm

This asswipe got fucked, not because he bought a car, but because he obtained the loans by setting up fictitious companies. While fraud is usually a difficult concept to prove, it involves a "state of mind", it's rather easy in this case.

I can't even comprehend what he was thinking. Maybe he can use insanity in his own defense. Try to gain some leverage, because he has none.

 

[Albatross]

You can still apply for and obtain PPP 2 if you like. Based on current law, it can't be discharged / forgiven, but it becomes a 1% loan for 5 years which isn't a bad deal. Especially if you have other higher interest debt or a need for working capital.

Furthermore, they've been changing these laws frequently, always to the benefit of the borrower. Maybe something will change that makes you qualify for forgiveness and / or they extend the 5 year repayment term to 8, 10 or more years

They're trying to give away money, and I think they'll be even more aggressive in that endeavor under Biden





PS: You only have to prove a reduction in sales when you apply for forgiveness according to the SBA, And I wish more bankers would try to help more of my clients, I could use a fucking break

Lol.....thanks for the always good advice my man......always good to get another opinion on the matter from someone on the opposite side than the banks.....in which I deal with extremely conservative banks