1% financing is essentially risk free

Apr 4, 2020
6:32:35pm

Acorn All-American

Not personally guaranteed either. Good to have the funds on reserve so if opportunities arise after we come out of this you would be locked and loaded to recover.

Spending it on a failing business would be dumb. Just close now.

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Acorn

Bio page: Acorn
Joined: Nov 25, 2004
Last login: Jun 11, 2024
Total posts: 19,034 (2,237 FO)

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Messages

Author

Time

Can anyone offer some insight into SBA PPP program?

kolob32

4/4/20 4:30pm

My bank required a short digital app just to get the ball rolling.

Cougfourlife

4/4/20 4:32pm

Which bank?

kolob32

4/4/20 4:33pm

Chase. They have been surprisingly great.

Cougfourlife

4/4/20 4:36pm

PPP is not administered through SBA, the banks have to provide the form

NOCAL_YFAN

4/4/20 4:35pm

The SBA hard application form is still required.

Cougfourlife

4/4/20 4:37pm

Yes that’s to get the “wet signature” for all you’re certifying

NOCAL_YFAN

4/4/20 4:39pm

Ya. My point is it’s an SBA form. Not a bank application.

Cougfourlife

4/4/20 4:41pm

I should clarify that BofA is calling this a “reservation” not an application

NOCAL_YFAN

4/4/20 4:37pm

Lots of banks are struggling. We contacted 3 banks last week to line them up

Acorn

4/4/20 4:40pm

What calculation are you using to come up with average monthly gross?

Cougfourlife

4/4/20 5:12pm

This is changing daily, but here is what we used:

Acorn

4/4/20 5:59pm

The only risk is paying people to do nothing and the. Not getting

kotacoug

4/4/20 5:41pm

That is independent of the loan. We are going to run our business as we should

Acorn

4/4/20 5:55pm

I guess if you are able to continue to produce that works.

kotacoug

4/4/20 6:09pm

1% financing is essentially risk free

Acorn

4/4/20 6:32pm

Not as easy as just saying close now. The forgiveness part is essentially

kotacoug

4/4/20 6:51pm

Disagree. It’s a loan, not free money.

Acorn

4/4/20 7:09pm

Dang acorn, i though you were just some mom and pop investor type, i didnt

kolob32

4/4/20 9:44pm

Not a titan. Just an accountant.

Acorn

4/4/20 9:52pm

Smaller banks are a little gun shy because the rules got rolled out late and in fragments,

Dynomite

4/4/20 5:02pm

RE: Can anyone offer some insight into SBA PPP program?

5thpriority

4/4/20 5:30pm

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