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Apr 4, 2020
9:52
:15
pm
Acorn
All-American
Not a titan. Just an accountant.
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Acorn
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Acorn
Joined
Nov 25, 2004
Last login
May 18, 2024
Total posts
18,842 (2,203 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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