Jason86 said:

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WF has opened up the next steps for it's PPP loan. Login to your account services and there is a banner on top that says "Get Access to the Payroll Protection Program."

It's a general info form and they'll follow up for more information.

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Thanks. Submitted.

What is everyone using for the payroll calculation? Are you subtracting out the employer's and employees' federal taxes?

What about for employees that haven't worked a full year - do we get less for them when their salaries are averaged out over 12 months?

jg07 said:

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What is everyone using for the payroll calculation? Are you subtracting out the employer's and employees' federal taxes?

What about for employees that haven't worked a full year - do we get less for them when their salaries are averaged out over 12 months?

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It's gross payroll for the year divided by 12 and then multiplied by 2.5. Very simple.

BBVA has halted PPP apps. I guess I'll try in person on Monday.

Has anybody had any luck applying with Chase? Sent in the info yesterday and still awaiting a phone call.

Since you have to use an average of 2019 payroll how do you include new employees added in 2020? We hired 14 new employees Jan 1, 2020

you can choose to use the period from 4/1/2019 thru 3/31/2020 which would include the new hires

Frost just put out a statement on Facebook regarding the PPP program. I believe it was asked above regarding how banks are accepting and prioritizing. Seems they must have some flexibility here as the below was part of their statement:

"Progress - For now, due to the high demand and the amount of processing involved, we're offering PPP loans only to customers who had a business checking account as of April 1, 2020. We're working through the high volume of applications as quickly as possible and in the order they were received, so we appreciate your patience and understanding."

flown-the-coop said:

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Frost just put out a statement on Facebook regarding the PPP program. I believe it was asked above regarding how banks are accepting and prioritizing. Seems they must have some flexibility here as the below was part of their statement:

"Progress - For now, due to the high demand and the amount of processing involved, we're offering PPP loans only to customers who had a business checking account as of April 1, 2020. We're working through the high volume of applications as quickly as possible and in the order they were received, so we appreciate your patience and understanding."

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I just spoke with my banker at Frost and she said they've seen quite a lot of approvals come through so far. When I asked about funding she said they haven't heard at her level anything yet about how quickly these will be funded

my company has two different banks that we could use for the PPP...we don't know which will be first to get funding and both can get us "in line." curious to hear any bankers' (or others') opinion on having both banks submit the application. then, when one of the banks funds it, we could then pull back the other.

not trying to be deceitful, but also don't want to risk one of the banks (i.e. the one we choose) not getting any funding.

Wells Fargo no longer accepting applications.

https://www.cbsnews.com/amp/news/paycheck-protection-program-wells-fargo-small-business/

Has anyone found a bank willing to work with them for a PPP loan without a pre-existing relationship?

The banks I am using aren't a part of the SBA program.

Thanks

HowdyTXAggie said:

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Has anyone found a bank willing to work with them for a PPP loan without a pre-existing relationship?

The banks I am using aren't a part of the SBA program.

Thanks

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Try frost.

Or if you have you do payroll through a payroll company, they may have connections

I'm working with prosperity, but I will say the application has been reviewed and modified 5 times with a resubmission on each revision. The understanding of the structure and what they are asking for documentation is at the root of the moving goal posts... I hope I've submitted for the final time.

HowdyTXAggie said:

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Has anyone found a bank willing to work with them for a PPP loan without a pre-existing relationship?

The banks I am using aren't a part of the SBA program.

Thanks

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where are you located?

BS about Wells Fargo not accepting anymore applications. Granted, I did wait till yesterday to try to apply, but you'd figure they'd work with clients that had been with them, both personally and business wise for 15+ years. Guess it's time to look for a "local bank" to start developing a relationship with.

The Shank Ag said:

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HowdyTXAggie said:

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Has anyone found a bank willing to work with them for a PPP loan without a pre-existing relationship?

The banks I am using aren't a part of the SBA program.

Thanks

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Try frost.

Or if you have you do payroll through a payroll company, they may have connections

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Frost you have to have an account before April 1

Chris98 said:

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BS about Wells Fargo not accepting anymore applications. Granted, I did wait till yesterday to try to apply, but you'd figure they'd work with clients that had been with them, both personally and business wise for 15+ years. Guess it's time to look for a "local bank" to start developing a relationship with.

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Wells Fargo was only able to loan out I believe 10 million in SBA funds due to the penalties they still face.

I'm screwed by WF as well. All other banks require preexisting relationship. Sole proprietors were supposed to wait until April 10. If anyone following this issue has any ideas, I'm all ears.

Aggie_3 said:

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Chris98 said:

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BS about Wells Fargo not accepting anymore applications. Granted, I did wait till yesterday to try to apply, but you'd figure they'd work with clients that had been with them, both personally and business wise for 15+ years. Guess it's time to look for a "local bank" to start developing a relationship with.

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Wells Fargo was only able to loan out I believe 10 million in SBA funds due to the penalties they still face.

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Story says they're going to loan $10 billion.

Hincemm said:

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HowdyTXAggie said:

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Has anyone found a bank willing to work with them for a PPP loan without a pre-existing relationship?

The banks I am using aren't a part of the SBA program.

Thanks

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where are you located?

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DFW

try eecu.

as of this morning, a colleague of mine stated that they had asked him to apply.

as someone posted above, there may be some pre-existing requirements they have...but it never hurts to ask.

HowdyTXAggie said:

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Hincemm said:

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HowdyTXAggie said:

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Has anyone found a bank willing to work with them for a PPP loan without a pre-existing relationship?

The banks I am using aren't a part of the SBA program.

Thanks

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where are you located?

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DFW

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Hey HowdyTXAggie, my firm applied for a PPP Loan with Dominion Bank in Dallas. They are a fairly new bank (made up of folks with lots of experience at major banks though, so they don't have growing pains), but have been really great thus far, I highly recommend checking with them.

BQAg84 said:

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I'm screwed by WF as well. All other banks require preexisting relationship. Sole proprietors were supposed to wait until April 10. If anyone following this issue has any ideas, I'm all ears.

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sole props were always April 3rd. Self employed and independent contractors were April 10th.

Call first united open a business checking and they'll let you submit

Does anyone know how this works for independent contractors. How is their forgiveness calculated?

FYI for those waiting on Chase--they are now up and running with a more robust application rather than just a form. You do have to be a current Chase client that can sign-in to your account online:

https://recovery.chase.com/cares1

Heard through the network a company here in DFW through a local bank was approved and funded with a $5MM-$10MM PPP loan today.

AgAttack said:

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FYI for those waiting on Chase--they are now up and running with a more robust application rather than just a form. You do have to be a current Chase client that can sign-in to your account online:

https://recovery.chase.com/cares1

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Thanks! I was coming on here to post this. It also looks like they are reviewing applications in the order that the original inquiries were received. At least that's my understanding.

Chase site is being slammed right now. I was in earlier, but had to leave and restart.

PJYoung said:

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jg07 said:

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What is everyone using for the payroll calculation? Are you subtracting out the employer's and employees' federal taxes?

What about for employees that haven't worked a full year - do we get less for them when their salaries are averaged out over 12 months?

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It's gross payroll for the year divided by 12 and then multiplied by 2.5. Very simple.

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For anyone who may be catching up on the thread, please note that there are a few more steps and/or things to be aware of in the final calculation.

Wells Fargo in discussions to lift cap.

https://seekingalpha.com/news/3558791-well-fargo-asset-cap-may-be-eased-to-allow-for-ppp-loans-ny-times

TAMC11 said:

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Let me know if you ever do hear anything. I did it around 1:15 and not really expecting to hear back before the money runs out.

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I filled out one with Chase and another with Nav.com. I have heard the most with Nav.com but still haven't really progressed.

AgAttack said:

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FYI for those waiting on Chase--they are now up and running with a more robust application rather than just a form. You do have to be a current Chase client that can sign-in to your account online:

https://recovery.chase.com/cares1

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Thanks so much.....that worked....got the application submitted without having to wait for Chase to contact me back from the earlier "getting in line" process.

Anyone seeing funding yet?

For the experts. Are there limitations on the companies taking the money as far as layoffs? If they cut people at the end of February first of March and take the money are they in violation of any restrictions?