We are doing the same. Timing will be tricky.

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Mar 30, 2020
12:45:42pm

BYUCLA Truly Addicted User

We are doing the same. Timing will be tricky.

Assuming you are closed, you want your employees to be on unemployment as long as possible before beginning the loan, ideally the day you reopen and need them to work again. The problem is that there is a finite $350 billion available and once it runs out there is no guarantee Congress will pass another bill to add More. So every day we wait to apply for the loan is an additional day we don’t have to pay payroll, but if we wait too long there is a chance it will be too late.

We spoke with our bank and they said it will be at least a week before things go live.

This message has been modified

Originally posted on Mar 30, 2020 at 12:45:42pm

Message modified by BYUCLA on Mar 30, 2020 at 12:46:09pm

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BYUCLA

Previous username: jco77
Bio page: BYUCLA
Joined: Jul 23, 2012
Last login: Jun 16, 2024
Total posts: 5,128 (4 FO)

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Messages

Author

Time

Banks will be going live with SBA 7a Paycheck Protection Program loans sometime in the next week. If you're a small

Pimpin4Paradise Intervention Needed

3/30/20 12:18pm

When you say “going live” does that mean

Bar7h

3/30/20 12:24pm

How have you submitted the application for it when there isn’t one?

Superman21

3/30/20 12:37pm

You can submit for EIDL now, but I wouldn't, PPP is a much better program

g$

3/30/20 12:53pm

RE: You can submit for EIDL now, but I wouldn't, PPP is a much better program

heber79

3/31/20 10:30am

I don't know, our CEO submitted some application throught the SBA website

Bar7h

3/30/20 1:03pm

In all fairness, it has changed 3-4 times in the last 2 weeks, but the SBA is

g$

3/30/20 1:12pm

They have not yet begun accepting applications

BYUCLA

3/30/20 12:37pm

Correct. I don't believe you can use both the EIDL and the PPP. Just one or the other from what we've been told.

Pimpin4Paradise

3/30/20 12:47pm

I’ve been told by 2 different advisers that you can refinance EIDL into PPP loan

BYUCLA

3/30/20 12:53pm

That’s my understanding as well.

Pimpin4Paradise

3/30/20 1:13pm

I have had conference calls with my rep every couple of days, on Friday

g$

3/30/20 12:29pm

We are doing the same. Timing will be tricky.

BYUCLA

3/30/20 12:45pm

We'll have all of SBA's requirements by Friday and will be going live with applications starting Monday morning.

Pimpin4Paradise

3/30/20 12:48pm

Would the forgiveness period begin when we receive the funding or when we apply?

BYUCLA

3/30/20 12:54pm

8 weeks begin on Loan Origination

g$

3/30/20 12:58pm

Forgive me for my ignorance, but is loan origination when you receive the funds?

BYUCLA

3/30/20 1:58pm

Just got an email from my Relationship Manager at the Bank

g$

3/30/20 1:24pm

I hope this goes quick...our poor employees are sucking wind.

ordinary tri guy

3/30/20 1:53pm

What does this mean regarding loan forgiveness?

3/30/20 12:30pm

There is a stipulation that the forgiveness amount goes down if you have less

g$

3/30/20 12:46pm

My business has been mostly uninterrupted--should I get the loan?

3/30/20 12:57pm

You only get 8 weeks worth of payroll forgiven

g$

3/30/20 1:08pm

Basically if you are paying wages to employees you will get it forgiven.

kotacoug

3/30/20 1:50pm

The more people you let go or reduce their wages by >= 25%, the less that can be forgiven.

Pimpin4Paradise

3/30/20 12:49pm

But if you re hire previously laid off workers the amount you are paying

kotacoug

3/30/20 1:42pm

It would be awesome if the 2 banks I called had any idea about it...

ordinary tri guy

3/30/20 12:31pm

In fairness to them, we're just receiving info on this as we receive it from SBA. They'll probably know more by the end

Pimpin4Paradise

3/30/20 12:52pm

I agree but no reason Wells Fargo shouldn't have their ducks in a row...

ordinary tri guy

3/30/20 1:51pm

I use WF as well. I’ll bet they just playing dumb right now

kotacoug

3/30/20 1:57pm

They're trying to figure out how to make more fake accounts to get extra loans..

ordinary tri guy

3/30/20 7:46pm

I work for a bank. We will have talking points soon but it won’t

chitownboy

3/30/20 12:35pm

Just called Chase, my banker said she hasnt heard much, I knew more than she did

BYUfan92

3/30/20 12:47pm

I have talking points already and our apps are going live on 04/06.

Pimpin4Paradise

3/30/20 12:52pm

Guidance isn't even expected until Friday. Probably 1 to 2 weeks after that

rommeliv

3/30/20 12:44pm

looks like P4P is way ahead of everyone else.

kolob32

3/30/20 12:52pm

What's the current literature that you are referencing? What about EIDLs?

BlackBart

3/30/20 1:15pm

I’m talking about the ppp program that’s part of the new stimulus bill. You can have it

Pimpin4Paradise

3/30/20 2:01pm

RE: I’m talking about the ppp program that’s part of the new

heber79

3/31/20 10:33am

Thanks for keeping folks apprised of the progress on this. It's frustrating to not know exactly what to prepare

CLCougar

3/30/20 1:23pm

Do you have a link to a general overview of this somewhere I can read about it?

RdF3

3/30/20 4:19pm

This is a decent synopsis of it

Pimpin4Paradise

3/31/20 9:25am

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