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

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Apr 2, 2020
12:49:23am

vegasnative All-American

until Friday. They may have sent the application to the bank, but I don’t think the bank has done anything with it.

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vegasnative

Bio page: vegasnative
Joined: Oct 17, 2012
Last login: Apr 29, 2024
Total posts: 7,668 (723 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

Idahofallsblue

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

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