Just got funded for our SBA PPP. $5,378,800. It pays to nurture bank

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Apr 5, 2020
9:37:07am

Acorn Truly Addicted User

Just got funded for our SBA PPP. $5,378,800. It pays to nurture bank

relationships. I am so pleased that the SBA nightmare process is over. Both us and the bank have been going around the clock since Wednesday night. I can now enjoy the rest of conference!! It has been a long 72 hours or so...

For those working through the process. Be patient. It is an unmitigated disaster when congress authorizes something and doesn't think through the consequences.

This message has been modified

Originally posted on Apr 5, 2020 at 9:37:07am

Message modified by Acorn on Apr 5, 2020 at 12:48:41pm

Message modified by Acorn on Apr 5, 2020 at 12:51:21pm

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Acorn

Bio page: Acorn
Joined: Nov 25, 2004
Last login: Apr 26, 2024
Total posts: 18,636 (2,180 FO)

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Messages

Author

Time

Just got funded for our SBA PPP. $5,378,800. It pays to nurture bank

Acorn

4/5/20 9:37am

The first $350 billion is going to go so fast. May already be gone.

RdF3

4/5/20 9:40am

Of which real small companies (sub 20 employees) will receive none.

Heath Squashwell

4/5/20 9:41am

US Bank is processing single-owner businesses first

4/5/20 9:55am

They will increase funding

Acorn

4/5/20 10:16am

So is the stipulation simply that you can’t lay people off?

macdizzle

4/5/20 9:41am

And use at least 75% of it for payroll.

RdF3

4/5/20 9:42am

I don’t think that is the stipulation. You just have to rehire or employee

kotacoug

4/5/20 9:59am

No. It is a loan. You get 2.5 months of payroll except for anything

Acorn

4/5/20 11:20am

Holy wowza. Congrats to you, that’s awesome. Have you laid off people that

BYUfan92

4/5/20 9:42am

So acorn, is this for clients you advise as an accountant or is this for your

kolob32

4/5/20 9:44am

Iirc he works as the CFO for a decent size business.

RexIdaCoug

4/5/20 9:51am

Yes. Where I work.

Acorn

4/5/20 10:17am

What bank do you use? I though my company was toward the front of the line.

Cougfourlife

4/5/20 9:46am

The SBA has been changing things almost daily. We took the chance on Wednesday

Acorn

4/5/20 11:53am

I’m so confused. You have to go through a bank for the PPP.

Cougfourlife

4/5/20 11:58am

Yes. The Banks underwrite and fund the loan. The Government guarantees it

Acorn

4/5/20 11:59am

Got it. You were advanced funds from the bank before approval by the SBA. Makes

Cougfourlife

4/5/20 12:02pm

No funds yet. Don't know when we will get the funds. We bank received

Acorn

4/5/20 12:40pm

Oh, I guess your OP confused me.

Cougfourlife

4/5/20 12:44pm

Your original post said you got funded. So really yiur bank

kotacoug

4/5/20 12:48pm

Can you share the bank you used?

kolob32

4/5/20 9:55am

Local Bank where we have been banking for like 50 years.

Acorn

4/5/20 12:02pm

Reading this makes me happy for you but sick to my stomach at the same time.

4/5/20 9:55am

Agreed. I also find interesting that it is forgivable, yet a biz doesn’t have to

BYUfan92

4/5/20 10:01am

That’s what I’m not too happy about. Companies using it as a 1% loan

kotacoug

4/5/20 10:05am

And ironically they all seem to be the ones getting it first.

ordinary tri guy

4/5/20 10:15am

It is really about bank relationships

Acorn

4/5/20 10:27am

We do have a relationship with a community bank and they were helpful but said

ordinary tri guy

4/5/20 10:49am

That's because they can process existing accounts faster. At least that's what

Kerbouchard

4/5/20 11:15am

Not our case. I doubt even

Acorn

4/5/20 10:21am

That’s how I’m feeling.

Heath Squashwell

4/5/20 10:04am

This is a great learning example both for business

Acorn

4/5/20 10:30am

Yeah, people told me to get a LOC even if i didn’t need it

Heath Squashwell

4/5/20 10:45am

It is a good reminder for me. My personal LOC expired last summer.

Acorn

4/5/20 12:46pm

I was told banks were given allotments based on historical SBA loans

ordinary tri guy

4/5/20 9:56am

I agree. The country is spending money like a drunk sailor.

Acorn

4/5/20 10:31am

I was worried we couldn’t get the response we wanted.

Acorn

4/5/20 10:39am

Your victory lap is awesome and all but why not share which bank you used? Not

kolob32

4/5/20 9:58am

Your current bank is the best bank

Acorn

4/5/20 10:37am

Thanks for your reply, not trying call you out, just been stressful over the

kolob32

4/5/20 10:46am

I get the stress. I have hardly been sleeping.

Acorn

4/5/20 11:00am

I disagree. Not everyone is going to get funded. 1) Not enough $, and Congress

SafetyFirst

4/5/20 11:22am

We agree to disagree. They will be processing these things for a while and

Acorn

4/5/20 11:58am

RE: We agree to disagree. They will be processing these things for a while and

SafetyFirst

4/5/20 12:37pm

Who said we are going to call your bank? Mine require a relationship prior to

Cougfourlife

4/5/20 12:01pm

Meanwhile I’m still waiting on the EIDL loan I did mid week

1984coug

4/5/20 10:11am

Same

kotacoug

4/5/20 10:13am

I’m waiting in the application I submitted 2 weeks ago.

Cougfourlife

4/5/20 12:03pm

Tone-deaf post. This is a zero sum process. For all of the money that you got,

SafetyFirst

4/5/20 11:16am

Yours is an uninformed post. It doesn't mean anything that you think

Acorn

4/5/20 11:22am

If you don’t think there are limited funds, my guess is that you are the

Cougfourlife

4/5/20 12:05pm

Sorry man. People are coming at you hard. We are all stressed.

Cougfourlife

4/5/20 12:21pm

Too late. They just printed $2 trillion

Acorn

4/5/20 12:45pm

In defense of defeceit spending, john maynard Keynes said "in the long run we

kolob32

4/5/20 12:56pm

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