It is also a terrible Ruling for anybody who

Apr 8, 2020
4:33:17pm

BLT-Coug Playmaker

Has a business that is under a mandatory closure. Because the funds have to used on payroll to be forgiven and if your business is closed you don't have payroll. The package is really only useful once your business is up and running again.

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BLT-Coug

Bio page: BLT-Coug
Joined: Dec 13, 2008
Last login: May 2, 2024
Total posts: 2,575 (192 FO)

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Messages

Author

Time

Need help - note from my bank on SBA PPP funding timing. Note Form issued.

Acorn

4/8/20 3:44pm

I sumitted an app Sunday and am waiting to hear back. I understood about 30% of

mcnasty

4/8/20 3:51pm

SBA is not allowing Delayed funding as previously reported

whatchamacallit

4/8/20 3:53pm

Where are you getting that information? Just wondering.

kotacoug

4/8/20 4:02pm

Never mind. Just got an update form a acct firm that that is

kotacoug

4/8/20 4:10pm

That is what my bank said, too. No delayed funding/origination.

orangepitbull

4/8/20 5:35pm

Watch the following...

kotacoug

4/8/20 5:51pm

Your Bank controls production of the loan documents, and funding timeline

4/8/20 4:15pm

SBA changed their minds today. New ruling is that

BLT-Coug

4/8/20 4:19pm

makes sense, that being said, seems ironic that the SBA is giving banks

4/8/20 4:27pm

Yeah I don't know how they expect the banks to find that quickly.

BLT-Coug

4/8/20 4:30pm

It is also a terrible Ruling for anybody who

BLT-Coug

4/8/20 4:33pm

Well you can use it to pay employees for being in the office

kotacoug

4/8/20 5:53pm

Here is the problem. The way the forgiveness formula works is they forgive

Acorn

4/8/20 6:33pm

Just watched a quick webinar from accountant. Apparently it is up to the Bank

kotacoug

4/8/20 4:32pm

The whole thing is a cluster. What you just posted

BLT-Coug

4/8/20 4:36pm

It looks to be semi official at 10 days funding requirement after approval

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