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Apr 8, 2020
4:33
:17
pm
BLT-Coug
Playmaker
It is also a terrible Ruling for anybody who
Has a business that is under a mandatory closure. Because the funds have to used on payroll to be forgiven and if your business is closed you don't have payroll. The package is really only useful once your business is up and running again.
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BLT-Coug
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BLT-Coug
Joined
Dec 13, 2008
Last login
Jun 7, 2024
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2,580 (192 FO)
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Messages
Author
Time
Need help - note from my bank on SBA PPP funding timing. Note Form issued.
Acorn
4/8/20 3:44pm
I sumitted an app Sunday and am waiting to hear back. I understood about 30% of
mcnasty
4/8/20 3:51pm
SBA is not allowing Delayed funding as previously reported
whatchamacallit
4/8/20 3:53pm
Where are you getting that information? Just wondering.
kotacoug
4/8/20 4:02pm
Never mind. Just got an update form a acct firm that that is
kotacoug
4/8/20 4:10pm
That is what my bank said, too. No delayed funding/origination.
orangepitbull
4/8/20 5:35pm
Watch the following...
kotacoug
4/8/20 5:51pm
Your Bank controls production of the loan documents, and funding timeline
g$
4/8/20 4:15pm
SBA changed their minds today. New ruling is that
BLT-Coug
4/8/20 4:19pm
makes sense, that being said, seems ironic that the SBA is giving banks
g$
4/8/20 4:27pm
Yeah I don't know how they expect the banks to find that quickly.
BLT-Coug
4/8/20 4:30pm
It is also a terrible Ruling for anybody who
BLT-Coug
4/8/20 4:33pm
Well you can use it to pay employees for being in the office
kotacoug
4/8/20 5:53pm
Here is the problem. The way the forgiveness formula works is they forgive
Acorn
4/8/20 6:33pm
Just watched a quick webinar from accountant. Apparently it is up to the Bank
kotacoug
4/8/20 4:32pm
The whole thing is a cluster. What you just posted
BLT-Coug
4/8/20 4:36pm
It looks to be semi official at 10 days funding requirement after approval
Acorn
4/8/20 6:26pm
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