Our business(CPA Practice) banks with WFB but personally we bank with a local community bank - the business bank contact person retired in December and when we tried to contact someone with WFB regarding the PPP we got nowhere -

Thru the business we have a great relationship with the community bank where our personal account is because a large number of our clients bank there and we have know the banker in charge of the local branch and have worked directly on clients accounts with her for years and actually worked on the PPP applications for a number of our mutual clients with her.

When we gave up on Wells Fargo, she helped us open a business account with her bank, "guided" our PPP application thru her bank and the SBA system and we got funded right as funds were running out. I really believe had we waited on WFB we would have been left out. Needless to say we probably will start banking with her 100% for business.

Question:

We have our final paperwork in place for the PPP. It walks us through the loan but does not mention anything about loan forgiveness with certain stipulations (keeping our staff on board).

Is anyone else seeing this, or am I missing something.?

Bag said:

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Question:

We have our final paperwork in place for the PPP. It walks us through the loan but does not mention anything about loan forgiveness with certain stipulations (keeping our staff on board).

Is anyone else seeing this, or am I missing something.?

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Not sure what your loan paperwork looks like. Regardless, there are rules on the loan (payroll being at least 75% and FTE counts) that do affect the forgiveness. I'd suggest before you spend the $$ to lookup the rules. I'm in the process of understanding the rules myself!

Here is one link with a lot of detail. Not sure if there are other sites that have a better summary.
https://www.withum.com/resources/ppp-and-the-enigma-of-loan-forgiveness/#1usesvsexp

so, is the PPP no longer covering distributions from an S-corp? That is what my bank just told me.

bangobango said:

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so, is the PPP no longer covering distributions from an S-corp? That is what my bank just told me.

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it never was. Regular, withholding payroll only plus eligible payroll expenses.

jeffdjohnson said:

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Hincemm said:

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bad news if you haven't received confirmation from SBA of acceptance...

https://www.cnn.com/2020/04/16/politics/small-business-loan-fight-congress-negotiations/index.html

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Yep, I pretty much expected this. Looks like we missed out on round 1. I feel pretty confident there will be a round 2. As of now I'm not going to furlough or cut any employees. I will probably give it two more weeks on that end.

Speaking of round 2, anyone want to recommend a different (non BOA) bank to work with? May as well start the process now.

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Got an email from BOA today saying that our application is complete. "We'll send your request for a loan to the small Business Administration as soon as they begin accepting new applications." I may as well stick with BOA at this point even though I don't really trust them (all they have to do is turn it in... guess we'll see).

Am I crazy to think that round 2 might go pretty quick? I am guessing there will be a lot of loans like mine that are ready to be pushed to the SBA as soon as they flip the switch. Still, $310B...

I am in the same boat with my bank, Regions. Got notified on Saturday that 2 out of 3 of my apps were complete and ready to go to SBA. Even though 310 billion is a lot, I bet this goes faster than the initial round. Probably not a bad idea to submit with as many places as we can hoping one of them gets it done.

https://www.politico.com/news/2020/04/20/bank-small-business-funding-coronavirus-197372

Quote:

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"This is going to go within, at most, 72 hours," said Consumer Bankers Association President Richard Hunt, who represents large banks. "But the odds are more like 48 hours."

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Yikes.

That article is single handedly giving me an ulcer

Senate vote today. House vote tomorrow (?). Next round of the PPP lottery should be coming at the end of this week. We'll see how long round 2 lasts. If the funds really go within 72 hours then I would speculate there will be a round 3. The bigger question will be how long Congress keeps pushing this.

Pignorant on Texags got this done for us. Contacted off of a thread on another board and got our company submitted/accepted/funded quickly! My original bank is still stuck in neutral on these loans.

Highly recommend contacting Pignorant if you need to submit for Round 2!

Curious how far the 60 billion for the EIDL will go.

Do you have contact info?

Email me at ag97dds@yahoo.com

Also would like contact info?

Ok. I am in underwriting at paypal, and should be through underwriting at my new local bank for round 2 by tomorrow.

If given the choice, i want to go with the local bank.

If paypal gets me across the finish line first, can i wait on the final approval submission to give my local bank a chance to get me there? Or will the submitted paypal application be automatically submitted to the SBA, thereby precluding additional loans under my EIN?

Anyone know the answer here?

Cant Think of a Name said:

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Ok. I am in underwriting at paypal, and should be through underwriting at my new local bank for round 2 by tomorrow.

If given the choice, i want to go with the local bank.

If paypal gets me across the finish line first, can i wait on the final approval submission to give my local bank a chance to get me there? Or will the submitted paypal application be automatically submitted to the SBA, thereby precluding additional loans under my EIN?

Anyone know the answer here?

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Whoever gets the SBA loan number first, wins. Might be PayPal, might be your bank. Sorry bud.

I've been on the losing end of that one two weeks ago.

Thanks for the insight.

More cheery news:

https://www.cnbc.com/2020/04/23/new-310-billion-in-aid-for-small-businesses-is-likely-already-used-up-banks-say.html

Quote:

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The more than $300 billion set aside to replenish the emergency loan program for small businesses impacted by the coronavirus pandemic is likely already all spoken for, banking industry groups said.
Banks say the volume of applications already sent to the Small Business Administration makes it likely that much, if not all, the new money will go to those already in the queue.
Any new applicants would likely miss out on this funding round, industry groups said.

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Cant Think of a Name said:

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Thanks for the insight.

More cheery news:

https://www.cnbc.com/2020/04/23/new-310-billion-in-aid-for-small-businesses-is-likely-already-used-up-banks-say.html

Quote:

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The more than $300 billion set aside to replenish the emergency loan program for small businesses impacted by the coronavirus pandemic is likely already all spoken for, banking industry groups said.
Banks say the volume of applications already sent to the Small Business Administration makes it likely that much, if not all, the new money will go to those already in the queue.
Any new applicants would likely miss out on this funding round, industry groups said.

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This is just speculation but I think there will be one more round of this type of funding. However it will be fought much harder in the Senate according to Mitch McConnell. I'm thinking my already processed application will make it through this round, but who really knows. Probably a small business like Starbucks or some **** will grab 25% of the allocated funds. One thing is for certain, this weekend will be a royal **** show.

What is considered a new applicant vs. pending? Our bank had us apply through kabbage and quickbooks earlier this week to get in the que. But nothing has been submitted to SBA if I understand it correctly.

katlong said:

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What is considered a new applicant vs. pending? Our bank had us apply through kabbage and quickbooks earlier this week to get in the que. But nothing has been submitted to SBA if I understand it correctly.

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nothing has been submitted to SBA. The ability to select "PPP" has been removed in the Etran portal.

We have 30 apps ready to submit tomorrow morning if/when they flip the switch.

EIDL grant funded today. What happens next as far as getting the rest of the loan? I've heard it's capped at 15k now but that's just internet rumors. SBA isn't being responsive .

Our family business was approved yesterday.

Bonfire1996 said:

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katlong said:

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What is considered a new applicant vs. pending? Our bank had us apply through kabbage and quickbooks earlier this week to get in the que. But nothing has been submitted to SBA if I understand it correctly.

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nothing has been submitted to SBA. The ability to select "PPP" has been removed in the Etran portal.

We have 30 apps ready to submit tomorrow morning if/when they flip the switch.

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We've been working round the clock to get every app received in position to be submitted.

Rumor has it that Chase has 200,000+ teed up. Going to be a massive traffic jam at e-Tran station.

itsyourboypookie said:

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EIDL grant funded today. What happens next as far as getting the rest of the loan? I've heard it's capped at 15k now but that's just internet rumors. SBA isn't being responsive .

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for a loan that is supposed to be up to 2 million dollars 15k is disheartening.

Got funded today. Small regional bank.

Looks like Monday will be PPP roulette day.

Thanks for posting this. Was just looking for this info.

Ok. We have more clarity on our EIDL.

We are paying a company 2k to hold our hand through the rest of the process.

Looks like we will qualify for a minimum of 250k, which would require no collateral.

If we go higher, we could collateralize some of our which would essentially drop our interest rate from 6.5% 20 year am to 3.75% 30 year am.

Still not sure how the process works, which is why we hired a guy to help us through it.

He said it will take 4 weeks.

As for the PPP, it looks as if we are somewhere in the que with PayPal. Even though we can't get in contact with them lol.

Both my own and a business i share space with both got notice from BoA that our loans are fully processed and awaiting submission to the SBA when they reopen the spigot.

Who wants to bet the SBA site crashes at 9:31 cst on Monday? Our bank is one of hundreds (likely thousands) using a specific software provider for processing these loans. We have a ton of loans all in a queue ready to go when we hit send. Rumor has it that Chase has 200,000+ in a similar queue.

cgh1999 said:

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Who wants to bet the SBA site crashes at 9:31 cst on Monday? Our bank is one of hundreds (likely thousands) using a specific software provider for processing these loans. We have a ton of loans all in a queue ready to go when we hit send. Rumor has it that Chase has 200,000+ in a similar queue.

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I don't see how all $320B+ is not already accounted for. What a ****ed up system in which the fortunes of some business may be decided by a lenders WiFi speed.