SBA PPP loan thread

[DocL]

Originally Posted by MooreBoost

With IntraLink, you drag the PDF documents that you want to send them from your desktop to the IntraLink webpage, and click "Upload" in the bottom right.

I don't see where to drag and drop anywhere. This is too fucking difficult.

[MooreBoost]

Originally Posted by DocL

I don't see where to drag and drop anywhere. This is too fucking difficult.

When you're logged into IntraLink, on the left side of the screen, do you see the following folders and subfolders?

All Folders
Documents Library
XXXXXXXXX (Unique loan app number to you)

[DocL]

Originally Posted by MooreBoost

When you're logged into IntraLink, on the left side of the screen, do you see the following folders and subfolders?

All Folders
Documents Library
XXXXXXXXX (Unique loan app number to you)

Now I see it. Thanks. I didn’t notice the upload button. It’s not obvious to older guys like me who aren’t used to submitting and uploading documents online.

I appreciate the help.

[MooreBoost]

Originally Posted by DocL

Now I see it. Thanks. I didn’t notice the upload button. It’s not obvious to older guys like me who aren’t used to submitting and uploading documents online.

I appreciate the help.

You're welcome.

[spazzyfry123]

I’m going to be awfully disappointed if they aren’t doing a RONA analysis to determine eligibility

[hubbahubba]

Just checking in. Anybody else been able to secure the loan? We have not. We did, however get a few more emails from Wells Fargo suggesting that we look around, and on Thursday we received one that basically no way we would get one through them. If you did get it done, please note bank used. Thanks!

[dsad1]

Originally Posted by hubbahubba

Just checking in. Anybody else been able to secure the loan? We have not. We did, however get a few more emails from Wells Fargo suggesting that we look around, and on Thursday we received one that basically no way we would get one through them. If you did get it done, please note bank used. Thanks!

We got the cash into our account yesterday. Wells Fargo screwed us over, we ended doing it with a local bank. We applied with the local bank Monday /Tuesday, after we got the notice from Wells Fargo that they wouldn't let anymore applications in.

[TrevorM3]

how long will it take for the 10k EIDL grant to kick in you guys think?

[hubbahubba]

Originally Posted by dsad1

We got the cash into our account yesterday. Wells Fargo screwed us over, we ended doing it with a local bank. We applied with the local bank Monday /Tuesday, after we got the notice from Wells Fargo that they wouldn't let anymore applications in.

Fantastic, that is great news! Thank you.

[hubbahubba]

Originally Posted by TrevorM3

how long will it take for the 10k EIDL grant to kick in you guys think?

Good question....

[RickFLM4]

Originally Posted by TrevorM3

how long will it take for the 10k EIDL grant to kick in you guys think?

I submitted information a week ago but haven’t heard anything. Would be good to hear how long it took for anyone else.

[dreamingat30fps]

Originally Posted by RickFLM4

I submitted information a week ago but haven’t heard anything. Would be good to hear how long it took for anyone else.

I've heard nothing from EIDL submitted probably like 2 weeks and nothing from PPP through Chase submitted last week.

[hubbahubba]

I looked back, and it was 2 weeks ago today that I submitted EIDL. Not a peep back from SBA.

[MisterF80M3]

Kind of confused with the PPP loan. 75% of the loan must be used for payroll if you want the loan to be forgiven.

The question is 50% of my company's employees decided they did not want to come into work when the shelter in place was enforced. Since we are basing the average monthly payroll from 2019 W3. The amount is significantly more than what my monthly payroll is now.

What happens if we cannot use all the $ given to us for the PPP loan?

What happens if we have workers that want unemployment even though we have work for them? $1000 per week is appealing to a lot of people for doing nothing.

[RickFLM4]

Originally Posted by MisterF80M3

Kind of confused with the PPP loan. 75% of the loan must be used for payroll if you want the loan to be forgiven.

The question is 50% of my company's employees decided they did not want to come into work when the shelter in place was enforced. Since we are basing the average monthly payroll from 2019 W3. The amount is significantly more than what my monthly payroll is now.

What happens if we cannot use all the $ given to us for the PPP loan?

What happens if we have workers that want unemployment even though we have work for them? $1000 per week is appealing to a lot of people for doing nothing.

Then I think a portion won’t be forgiven and becomes a low interest loan.

[TrevorM3]

Originally Posted by RickFLM4

I submitted information a week ago but haven’t heard anything. Would be good to hear how long it took for anyone else.

well at least we have this thread, i'll likely submit next week. we can keep eachother posted on status. On one hand 10k within the next month (wishful thinking, imo) could prove to be a great help, or it might not get to us for another 3-4 which is likely the scenario i fear.

[Spgm5]

Originally Posted by MisterF80M3

Kind of confused with the PPP loan. 75% of the loan must be used for payroll if you want the loan to be forgiven.

The question is 50% of my company's employees decided they did not want to come into work when the shelter in place was enforced. Since we are basing the average monthly payroll from 2019 W3. The amount is significantly more than what my monthly payroll is now.

What happens if we cannot use all the $ given to us for the PPP loan?

What happens if we have workers that want unemployment even though we have work for them? $1000 per week is appealing to a lot of people for doing nothing.

If 75%is not used for payroll than it becomes a 10 year loan at 4% interest

[Spgm5]

Originally Posted by hubbahubba

Just checking in. Anybody else been able to secure the loan? We have not. We did, however get a few more emails from Wells Fargo suggesting that we look around, and on Thursday we received one that basically no way we would get one through them. If you did get it done, please note bank used. Thanks!

Should be approved by Monday. I filed with a smaller local bank. Been hearing quick turn around with the smaller banks with them having few applications compared to the larger national banks.

[RickFLM4]

Originally Posted by TrevorM3

well at least we have this thread, i'll likely submit next week. we can keep eachother posted on status. On one hand 10k within the next month (wishful thinking, imo) could prove to be a great help, or it might not get to us for another 3-4 which is likely the scenario i fear.

Since there have been some apps out there for 2 weeks without hearing from anyone, I’d agree a month is most likely optimistic. Maybe it will be one of those things we stop thinking about and shows up when we least expect it (also wishful thinking). I’m guessing they are overwhelmed with applications and have nowhere near the resources necessary to respond.

[OnlyGerman]

Has anyone even got their PPP funds yet??

[saeyedoc]

Originally Posted by Spgm5

If 75%is not used for payroll than it becomes a 10 year loan at 4% interest

I was told it's only two years at 1%. I think EIDL is higher interest, longer term.

[RickFLM4]

Originally Posted by saeyedoc

I was told it's only two years at 1%. I think EIDL is higher interest, longer term.

What said is also what is indicated on the SBA website:

Loan Details and Forgiveness
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

This loan has a maturity of 2 years and an interest rate of 1%.

If you wish to begin preparing your application, you can download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender.