There is no way 350,000,000,000 can cover all of this

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Apr 1, 2020
10:54:46pm

Idahofallsblue All-American

There is no way 350,000,000,000 can cover all of this

I’m concerned about how forgiveness is doled out and whether or not it’s given at the end

This message has been modified

Originally posted on Apr 1, 2020 at 10:54:46pm

Message modified by Idahofallsblue on Apr 1, 2020 at 10:55:10pm

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Idahofallsblue

New username: Don Carlton
Bio page: Idahofallsblue
Joined: Apr 10, 2011
Last login: Jun 8, 2021
Total posts: 0 (0 FO)

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Messages

Author

Time

Help me understand my Paycheck Protection Program options

heber79

4/1/20 9:59pm

Yes. You can claim up to $100,000 of your salary.

brazilcoug

4/1/20 10:01pm

This is correct. For calculating loan and forgiveness, 100,000/12 for monthly

Plato

4/1/20 10:04pm

But it's only 2.5x the monthly average payroll though right?

nephicoug

4/1/20 10:17pm

I think you’re mixing up the payment protection loans with the mandatory sick

oohYeah

4/1/20 10:24pm

Yes, that is the max amount that you can borrow. The max amount that

brazilcoug

4/1/20 10:38pm

Talk with your banker. I'm in the same boat. I submitted p&ls to show my draws.

ebv

4/1/20 10:01pm

Thanks for the info

heber79

4/1/20 10:30pm

Here’s a great video on the PPP. It’s a little long, but the first 15-20 minutes

brazilcoug

4/1/20 10:40pm

One more thing

heber79

4/1/20 10:34pm

Gross.

brazilcoug

4/1/20 10:39pm

RE: Gross.

heber79

4/1/20 10:41pm

There is no way 350,000,000,000 can cover all of this

4/1/20 10:54pm

That money is gonna be gone in the first couple days

volleyjiver

4/1/20 11:37pm

Agreed. I know of many that have already processed applications

BlackBart

4/2/20 12:10am

I don’t believe lenders can process applications yet. I think they have to wait

vegasnative

4/2/20 12:49am

That is correct. The SBA is still making changes to the application

TheLoanArranger

4/2/20 6:56am

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