Small Business Stimulus Question

26,827 Views | 260 Replies | Last: 5 yr ago by HarleySpoon
johnson2012
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ORAggieFan said:

03ki11erAG said:


What type of forms if you don't mind me asking. Just trying to get ready.

2019 Form 941 for each quarter
Payroll ledger from Jan 2019 through Feb 2020


We've also had requests for 940 & 944. Out of state (VA & MD) folks have been asked for state income tax report as well, but they were going through smaller banks so not sure if that's a PPP thing or something special to the smaller regional bank they were using up there.


30Wedge - For COGS that's exactly what we've been doing. No OH/G&A/etc included. As far as right or wrong who knows. We couldn't find much info so we just went by the letter of the question.
30wedge
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johnson2012 said:

ORAggieFan said:

03ki11erAG said:


What type of forms if you don't mind me asking. Just trying to get ready.

2019 Form 941 for each quarter
Payroll ledger from Jan 2019 through Feb 2020


We've also had requests for 940 & 944. Out of state (VA & MD) folks have been asked for state income tax report as well, but they were going through smaller banks so not sure if that's a PPP thing or something special to the smaller regional bank they were using up there.


30Wedge - For COGS that's exactly what we've been doing. No OH/G&A/etc included. As far as right or wrong who knows. We couldn't find much info so we just went by the letter of the question.
Thanks for the reply. I was just going to put operating expenses and depreciation, but hated to include something I wasn't supposed to, particularly if doing so hurt the chances of getting any assistance.
drill4oil78
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Sad the governement is making it a point not to include the sex industry in this bill. They have to eat and pay rent too. Las Vegas escorts must be taking a big hit these days.
AgLA06
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Don't screw up a really helpful thread.
HarleySpoon
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Chase really seems to be dragging their feet. Keep getting emails saying they are going to contact me and be ready with all the information.....but they never call or email asking for the application and the supporting doc's. Anyone else gotten further with Chase?
Premium
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Did anyone apply to more than one bank to see which one would move the quickest?
Yesterday
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Premium said:

Did anyone apply to more than one bank to see which one would move the quickest?


Yes. We'll sort of. My first option was my lending bank which is a small first National who contracted with a 3rd party broker who takes our applications and sends them to other banks to process. As you can imagine that isn't going to work because those banks are struggling to service their own customers. So I waited 24 hours with nothing from anyone before I went to the bank that holds our business checking account. They were on the ball and have submitted my application to the SBA.
Gramercy Riffs
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My office (Bank) finally put a cap on our PPP processing yesterday. More of a "slow down" order, really. In 48 hours, we processed over 550 SBA approvals for around $140 million.

It sucks that so many banks couldn't figure this out or are still trying to get up and running. Our status as preferred SBA lender may have helped a little, but I've heard from others who still couldn't get in. Not really sure what those issues were though. Things have run smoothly for us since Friday at midnight.
IrishTxAggie
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So Wells Fargo has completely capped and shutoff their application process. Really helpful to those of us that have our freaking business accounts with them. Absolute bull*****
AgLA06
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Are you only taking application from existing customers? If not, I'm tired of waiting on Amegy.
kingj3
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IrishTxAggie said:

So Wells Fargo has completely capped and shutoff their application process. Really helpful to those of us that have our freaking business accounts with them. Absolute bull*****
I got screwed by Wells also...
kingj3
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Gramercy Riffs said:

My office (Bank) finally put a cap on our PPP processing yesterday. More of a "slow down" order, really. In 48 hours, we processed over 550 SBA approvals for around $140 million.

It sucks that so many banks couldn't figure this out or are still trying to get up and running. Our status as preferred SBA lender may have helped a little, but I've heard from others who still couldn't get in. Not really sure what those issues were though. Things have run smoothly for us since Friday at midnight.
I'll second the question of if we (non banking customers) can apply with you
IrishTxAggie
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kingj3 said:

IrishTxAggie said:

So Wells Fargo has completely capped and shutoff their application process. Really helpful to those of us that have our freaking business accounts with them. Absolute bull*****
I got screwed by Wells also...
4th largest bank in the country and they pull this ***** What ab absolute ***** move. I hope Trump and Mnuchin fry their asses in the presser today.

The banks are giving priority (as well they should) to existing customers. WTF are we supposed to do?
RGRAg1/75
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IrishTxAggie said:

kingj3 said:

IrishTxAggie said:

So Wells Fargo has completely capped and shutoff their application process. Really helpful to those of us that have our freaking business accounts with them. Absolute bull*****
I got screwed by Wells also...
4th largest bank in the country and they pull this ***** What ab absolute ***** move. I hope Trump and Mnuchin fry their asses in the presser today.

The banks are giving priority (as well they should) to existing customers. WTF are we supposed to do?

I'm not sure if I'm in or not. On Saturday there was a link Inside my business account profile to a brief application that basically said "I'm interested in PPP." Upon completing that, a message popped up and said "thank you for your interest. Someone will be in contact with you in the next few business days..." or something like that.

No word from them so far. Not sure if I made the cut line or not. Very poor approach by WF.
IrishTxAggie
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I didn't bother checking over the weekend because my banker at my home branch told me everything would be ready to go Monday (4/6). So dumb, gullible customer of 25 years doesn't worry about it only to wake up and see that they shutdown the application process. Now they don't know what the **** happened and can't help me due to this *****
confucius_ag
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My small local commercial bank can't even get in the SBA system. Total CF coming.
"Me not know, me not tell, me push button and run like hell."
Gramercy Riffs
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Yes, we're helping non-customers as well, but we're in a holding pattern today to sort of come up for air and see where we are.

I've been working for 26 days straight, often until 8-9pm, on 120-day deferment modifications for our existing borrowers. First for those impacted by the O&G situation, then a few days later for the hospitality businesses affected by the cancelling of SXSW, then eventually for the rest of the virus shutdown. It's been nonstop. The entire 35 story building is shut down except for the few floors that we occupy, but we're still here every day.

When my own small business was told by Bank of America (15 year banking relationship) that they couldn't help us, I applied for PPP as a non-customer at the bank where I work. No problem at all. Plenty of other non-customers have done the same.

If we strike up the process again for Round 2 this week, I'll be sure to post here and let you guys know. If you still haven't been helped, I'll gladly push your applications through.
AgLA06
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That would be greatly appreciated!
schwack schwack
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We have some rental units but we don't pay ourselves salary. Money just goes into our personal account.

So far we've only had to make concessions with 2 of our tenants & another one said he could not make payments & moved out. No mortgages on any of the rental properties.

Not that I'm even sure that we would apply, but, I'm guessing we wouldn't qualify for anything even though rent is our sole source of income?
IrishTxAggie
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Article on WF
https://www.nytimes.com/2020/04/06/business/coronavirus-wells-fargo-ppp.html#click=https://t.co/6wT47KRYQM
Gramercy Riffs
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Honestly, I'm not entirely sure why people still do business with Wells.
FattyDelights
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Yes, I use Chase banking for business and have gotten the email as well that states somebody will either reach out by phone or email.

I wasn't quite sure if my application was going through as I started Friday when the site opened up. I basically submitted the initial inquiry three times and then I received a note yesterday. I have not heard from Chase yet so far. I'm not expecting to get any sort of notification or a chance at the monies.

The more time goes on, the more I am convinced this whole thing was a brilliant money grab for 'selected' companies to get cheap loans (or free if it's forgiven) off the taxpayer backs.
aggiederelict
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I am having the same issue with Chase. Sent me an email yesterday and I haven't heard anything else since. You can't get a hold of anyone.
IrishTxAggie
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Gramercy Riffs said:

Honestly, I'm not entirely sure why people still do business with Wells.
My hometown isn't a big town and Wells is there. Known the people that were there since I was five years old. Their corporate sucks, but the locals are good. This is the first time that a Wells issue has been a giant PITA.
jtraggie99
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IrishTxAggie said:

kingj3 said:

IrishTxAggie said:

So Wells Fargo has completely capped and shutoff their application process. Really helpful to those of us that have our freaking business accounts with them. Absolute bull*****
I got screwed by Wells also...
4th largest bank in the country and they pull this ***** What ab absolute ***** move. I hope Trump and Mnuchin fry their asses in the presser today.

The banks are giving priority (as well they should) to existing customers. WTF are we supposed to do?

In the daily presser right now, a reporter just asked this very question about Wells Fargo no longer taking application. Trump's response...."no they aren't....that's not true"....

His words man...
IrishTxAggie
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Orange man needs to get his ducks in a row. I bet Mnuchin is about to get his ass ripped
Gramercy Riffs
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IrishTxAggie said:

Gramercy Riffs said:

Honestly, I'm not entirely sure why people still do business with Wells.
My hometown isn't a big town and Wells is there. Known the people that were there since I was five years old. Their corporate sucks, but the locals are good. This is the first time that a Wells issue has been a giant PITA.

Fair enough. I hope this particular situation gets cleared up for you quickly. It goes without saying, but they've got policies in place and scandals under their belts that the local guys can't do much about. But it's still beneficial to know someone, so you've got that.

I've actively recruited against large banks for 20 years, and they just keep making that job easier and easier. With the wide range of products and features offered by community banks these days, including merchant services, courier pickup, refunded atm fees, etc... those advantages the national guys used to have with their hundreds of locations are simply gone. Add to that the superior customer service and the sense of community that causes us to quite literally work around the clock during times like these, and it's a no brainer.

No matter where you all bank, however, I hope the PPP stuff gets sorted out soon. It's going to help a lot of people, assuming your applications actually get processed.
IrishTxAggie
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Might be shooting a PM to you later. This may be the straw that broke the camels back for me. Going to see how they correct, hopefully get in on the PPP, then close my stuff out of there and move after it's over
Gramercy Riffs
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TruffleButter said:

The more time goes on, the more I am convinced this whole thing was a brilliant money grab for 'selected' companies to get cheap loans (or free if it's forgiven) off the taxpayer backs.

That's not the feeling we're getting at all from this side of the desk.
Gramercy Riffs
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Always happy to help however I can. I don't have PM though (not sure why I still have stars - they never went away).
KALALL
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My bank was able to navigate the SBA lender portal and get ours submitted today, so don't give up hope. This was through a small community bank.
Ducks4brkfast
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AgLA06 said:

Ducks4brkfast said:

AgLA06 said:

So Amegy just called and then emailed a document with the information they say you will need. They say you will need it because they are creating an application different than the treasury department/ sba PPP application. Of course they're requesting info different than the treasury guidance.

Of course it's still not ready because they're freaking making their own instead of using what the government provided while other companies are applying.

This entire process has SUCKED! I'm beyond frustrated.
We bank with Amegy and had our application completed and submitted by about 9:45am this morning.


How? Our banker said Amegy will only be accepting their own application (still not released) through an online portal (still not open). We were specifically told anything emailed wasn't an application (because we sent the SBA application and supporting docs). Everything else I've seen seems to jive with that.

So if you actually submitted I'd really like to know how and specifically who to talk to.
Amegy just went live
AgLA06
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And nothing happens when I hit finish.


Beyond frustrating.
Hanrahan
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comerica hasn't yet even opened up their application site yet... and they gave up saying tomorrow then tomorrow then tomorrow, and now it's just "soon"...... im sure once they get it opened it will only take 30 days for the SBA to process. lol. you just kinda have to laugh at some point. meanwhile I have no idea if I should keep paying my employees to do nothing while holding out for this loan or lay them all off... and still have no clarity on how much ill get paid back given we pay hourly and commission and aren't selling anything now and had someone leave voluntarily for another job on march 8 completely unrelated to covid, but apparently that is going to reduce my loan forgiveness amount because no one has any answers of guidance for any situation other than the black and white full time salaried employee situation...
Yesterday
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Hanrahan said:

comerica hasn't yet even opened up their application site yet... and they gave up saying tomorrow then tomorrow then tomorrow, and now it's just "soon"...... im sure once they get it opened it will only take 30 days for the SBA to process. lol. you just kinda have to laugh at some point. meanwhile I have no idea if I should keep paying my employees to do nothing while holding out for this loan or lay them all off... and still have no clarity on how much ill get paid back given we pay hourly and commission and aren't selling anything now and had someone leave voluntarily for another job on march 8 completely unrelated to covid, but apparently that is going to reduce my loan forgiveness amount because no one has any answers of guidance for any situation other than the black and white full time salaried employee situation...
.

I think if you hire them back within the time frame then you're good.
 
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