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Apr 5, 2020
9:55
:15
am
Idahofallsblue
All-American
Reading this makes me happy for you but sick to my stomach at the same time.
Without assistance I may have to start layoffs. There isn’t enough money to go around.
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Idahofallsblue
New username
Don Carlton
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Idahofallsblue
Joined
Apr 10, 2011
Last login
Jun 8, 2021
Total posts
0 (0 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
El Paso Coug
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.
Idahofallsblue
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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