How can I contact you?

Unless something has changed. His company is not taking on ppp loans for non-existing customers unless the loan amount is for more than $100k. That was the response I got before the ppp money ran out.

Thanks for the feedback.

We have two entities, one will for sure be more than $100k.

Any suggestions on contacting him would be appreciated.

I PM'd him.

Just got funded via PayPal. WellsFargo can go ahead and **** off. They're losing a customer of over 25yrs

What was your timeline if you don't mind me asking? Application to fund.

Applied on 4/14
Funded on 4/23

I have had one banker say that the expenses have to be "incurred and paid" during the 8 week period - with your example none of the p/r would be "incurred" during the 8 week period so the answer would be no - we are thinking of having our clients go to a weekly p/r to make sure to max the p/r included in the 8 week period and not risk the semi-monthly or bi-weekly push/pull matching

if this banker is correct and sticks to that interpretation it is going to be a nightmare -

fund on 4/18/2020 : - will have to accrue in/out for april's bills and then again for june's bills - hope we get some guidance soon on these questions - real soon

https://sites-vedderprice.vuturevx.com/56/2573/uploads/vedder-price---guide-to-loan-forgiveness-under-the-paycheck-protection-program.pdf

If I may ask a related question from a small business standpoint.

Can you apply for UE before being furloughed/laid off, or do you have to wait till that actual calendar day or the day after?

The reason is, does it make sense for a boss to agree to furlough an employee before the actual "last minute has no choice" takes place, if they are practically sure it will occur?

agdad4x said:

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I have had one banker say that the expenses have to be "incurred and paid" during the 8 week period - with your example none of the p/r would be "incurred" during the 8 week period so the answer would be no - we are thinking of having our clients go to a weekly p/r to make sure to max the p/r included in the 8 week period and not risk the semi-monthly or bi-weekly push/pull matching

if this banker is correct and sticks to that interpretation it is going to be a nightmare -

fund on 4/18/2020 : - will have to accrue in/out for april's bills and then again for june's bills - hope we get some guidance soon on these questions - real soon

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That's an interesting take and I agree on that being a nightmare. Without going to weekly PR like you mentioned I don't see how that would even be possible for most to meet. Hopefully that's not the widespread interpretation.

johnson2012 said:

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agdad4x said:

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I have had one banker say that the expenses have to be "incurred and paid" during the 8 week period - with your example none of the p/r would be "incurred" during the 8 week period so the answer would be no - we are thinking of having our clients go to a weekly p/r to make sure to max the p/r included in the 8 week period and not risk the semi-monthly or bi-weekly push/pull matching

if this banker is correct and sticks to that interpretation it is going to be a nightmare -

fund on 4/18/2020 : - will have to accrue in/out for april's bills and then again for june's bills - hope we get some guidance soon on these questions - real soon

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That's an interesting take and I agree on that being a nightmare. Without going to weekly PR like you mentioned I don't see how that would even be possible for most to meet. Hopefully that's not the widespread interpretation.

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I don't see how it could be. The entire point of this was to supplement 2 months of payroll. It's not feasible to just switch how you do payroll for two months out of a year. Commission, insurance premiums, etc doesn't magically change.

If I read the closing documents on our loan correctly, the 8 weeks starts from the date on the closing documents (official closing of loan). That's 4/14/20 for us even though the funds hit 4/15/20.. Our mid month payroll payroll pulled from our account 4/14/20, so it should count. If it doesn't, we won't be able to get 2 months of payroll because 8 weeks is 6/9/20. A week before our next mid month payroll.

Give me suggestions on who to go to for this loan. I applied with my local bank on April 6th. I've been a customer of theirs for over 20 years. Everyone I know who applied with this bank didn't get funded. I missed the first money and was told by the loan officer that I'm in line for the second round of money which I know just started yesterday. I went ahead and applied with Paypal last week but got an email yesterday saying the SBA is only allowing them a few hundred applications an hour so it might be a few days before mine gets processed. I hope the money doesn't run out by then. Is there anywhere else I should try? I realize they are all probably swamped but it seems like some banks have a lot more pull than others.

It is too late to start over on the process with a traditional bank unfortunately. My wife is at a regional bank, all of their apps are prepped for submission, and they don't expect they'll get to submit everything that is prepped. It is really crappy your bank mishandled the situation for you. Someone here might have a non-traditional route like PayPal (clearly they are being limited).

Try Square?

Or the smallest bank you can find...

https://www.cnbc.com/2020/04/29/large-lenders-temporarily-shut-out-of-small-business-relief-lending-treasury-and-sba-announce.html

LostInLA07 said:

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Or the smallest bank you can find...

https://www.cnbc.com/2020/04/29/large-lenders-temporarily-shut-out-of-small-business-relief-lending-treasury-and-sba-announce.html

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