EIDL / PPP - Anyone here get anything?
#2767414
04/23/20 12:48 PM
04/23/20 12:48 PM
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Joined: Jan 2003
Posts: 12,798 East Bay, N. Cal.
calmopar
OP
I Live Here
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OP
I Live Here
Joined: Jan 2003
Posts: 12,798
East Bay, N. Cal.
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I know we have a lot of business owners here - has anyone seen $0.05 from an EIDL "advance" ($1K/employee) or a PPP (2.5x monthly payroll costs)?
I applied for both within minutes of availability and have seen nothing.
Trying to enjoy life!
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Re: EIDL / PPP - Anyone here get anything?
[Re: calmopar]
#2767431
04/23/20 01:26 PM
04/23/20 01:26 PM
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Joined: Apr 2006
Posts: 1,497 North East USA
BIGGERED
Reasonable Title
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Reasonable Title
Joined: Apr 2006
Posts: 1,497
North East USA
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I know we have a lot of business owners here - has anyone seen $0.05 from an EIDL "advance" ($1K/employee) or a PPP (2.5x monthly payroll costs)?
I applied for both within minutes of availability and have seen nothing. I have a neighbor who applied the Monday after it opened on Friday and he received 90k in PPP last Friday. His bank was M&T. Right after he applied someone from the bank contacted him to confirm receipt and that M&T had received 7,000 applications in the first two hours. A friend received notice he was approved early this week but wasn't using his normal bank so he was setting up a bank account for the cash to go into. TY K
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Re: EIDL / PPP - Anyone here get anything?
[Re: nuthinbutmopar]
#2767595
04/23/20 07:58 PM
04/23/20 07:58 PM
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Joined: Dec 2003
Posts: 22,696 Bitopia
jcc
If you can't dazzle em with diamonds..
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If you can't dazzle em with diamonds..
Joined: Dec 2003
Posts: 22,696
Bitopia
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Spoke with a Concert audio production company owner today. They got, if I heard the numbers correctly, $1.2 million, that is forgivable, and includes 8 weeks of payroll. That's $150K? a week, and he said his payroll was $30K. Something doesn't add up. But regardless, he says unless he obtains other funding, it only delays his business closing 8? weeks, because he fore sees not a single dollar income in the concert industry for at least a year.
Reality check, that half the population is smarter then 50% of the people and it's a constantly contested fact.
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Re: EIDL / PPP - Anyone here get anything?
[Re: topside]
#2767699
04/24/20 12:02 AM
04/24/20 12:02 AM
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Joined: Jan 2003
Posts: 12,798 East Bay, N. Cal.
calmopar
OP
I Live Here
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OP
I Live Here
Joined: Jan 2003
Posts: 12,798
East Bay, N. Cal.
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I got screwed by trusting Wells Fargo. They sat on my application while they funded large businesses and businesses that had loans with them (protecting their investments).
Trying to enjoy life!
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Re: EIDL / PPP - Anyone here get anything?
[Re: Sniper]
#2768475
04/26/20 05:20 PM
04/26/20 05:20 PM
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Joined: Jan 2003
Posts: 12,798 East Bay, N. Cal.
calmopar
OP
I Live Here
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OP
I Live Here
Joined: Jan 2003
Posts: 12,798
East Bay, N. Cal.
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Update: The EIDL came in - $2K ($1K/employee).
Waiting to hear if my bank even put in my application.
Trying to enjoy life!
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Re: EIDL / PPP - Anyone here get anything?
[Re: calmopar]
#2768654
04/27/20 07:53 AM
04/27/20 07:53 AM
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Joined: Jan 2003
Posts: 8,021 Tulsa OK
Bad340fish
master
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master
Joined: Jan 2003
Posts: 8,021
Tulsa OK
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My employer got the PPP at the last minute despite having the application turned in within a few hours of opening. It was so close his bank told him he didn't make it in, then a few hours later called with a "oops we were wrong you got it" call lol.
68 Barracuda Formula S 340
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Re: EIDL / PPP - Anyone here get anything?
[Re: Bad340fish]
#2768792
04/27/20 05:34 PM
04/27/20 05:34 PM
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Joined: Jan 2003
Posts: 12,798 East Bay, N. Cal.
calmopar
OP
I Live Here
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OP
I Live Here
Joined: Jan 2003
Posts: 12,798
East Bay, N. Cal.
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My employer got the PPP at the last minute despite having the application turned in within a few hours of opening. It was so close his bank told him he didn't make it in, then a few hours later called with a "oops we were wrong you got it" call lol.
Whew! I am hoping WFB submitted mine on this second round and that I get it. The question then is what do I do with the $$$? I will clearly spend it on salary for 2.5 months as is required to forgive the loan. But that's kind of curious - I would have used retained earnings to pay salaries, so I keep that money and pay with the PPP money? All moot if I don't get it, but if I do? Things have slowed down, so it will help... There are only 2 of us and the lion's share of salary goes to me - my part timer makes about $8K/year as she doesn't put in many hours at all. I'm thinking of throwing her a bonus. On the other hand, if sales keep dropping, I will need to $$$ to keep her around longer. So...hard to figure out what to do. Then again, no money here yet so not a problem yet.
Trying to enjoy life!
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Re: EIDL / PPP - Anyone here get anything?
[Re: calmopar]
#2771359
05/05/20 10:51 AM
05/05/20 10:51 AM
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Joined: Jan 2003
Posts: 28,067 Irving, TX
feets
Senior Management
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Senior Management
Joined: Jan 2003
Posts: 28,067
Irving, TX
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I got an email stating my request through the SBA site was received. That came over a week after I submitted the forms.
It's a bit more difficult for me since I have a single partner LLC with no other employees. As such, I don't earn a salary. I get an owner's draw.
I doubt seriously I'll ever see anything from it.
We are brothers and sisters doing time on the planet for better or worse. I'll take the better, if you don't mind. - Stu Harmon
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Re: EIDL / PPP - Anyone here get anything?
[Re: nuthinbutmopar]
#2771559
05/05/20 07:31 PM
05/05/20 07:31 PM
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Joined: Jan 2003
Posts: 12,798 East Bay, N. Cal.
calmopar
OP
I Live Here
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OP
I Live Here
Joined: Jan 2003
Posts: 12,798
East Bay, N. Cal.
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From Wells Fargo a couple of days ago:
You're almost through the PPP application process We're pleased to inform you that the U.S. Small Business Administration (SBA) has provided a loan guaranty authorization for your application for xxxx INC, Application ID Number xxxx, one of the final steps in the loan disbursement process. We understand how important this funding is to you and are working urgently to complete the application process.
Important next steps for you If we have questions about your application, we will email you within the next week. We ask that you be ready to respond as quickly as reasonably possible. When all your information is accurately captured, you will receive an email from Wells Fargo Paycheck Protection Program via DocuSign, to review and sign the promissory note. (***GOT IT, SIGNED IT WITHIN 1 HOUR OF RECEIPT***) Importantly, if you're unable to do so promptly, your ability to receive funds under the Paycheck Protection Program could be impacted.
After you've signed the promissory note, your loan funds will be deposited into the account provided on your application shortly thereafter (WAITING...).
Trying to enjoy life!
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