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Apr 5, 2020
11:22
:04
am
Acorn
All-American
Yours is an uninformed post. It doesn't mean anything that you think
You think there are limited funds. The money presses are printing as fast as they can. There will be available funds for anyone that qualifies.
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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
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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