SBA PPP loan thread

[KenB925]

I watched a video update from Bank Of The West, no real news here, but they are pushing applications through in case more funding comes. If your application is dated after the 8th you are most likely out of luck.

[RickFLM4]

Additional $310 billion approved by Senate, with $60 billion in PPP funding earmarked for small lenders and community-based financial institutions "to serve the needs of unbanked and underserved small businesses and nonprofits" such as rural and minority-owned businesses.

https://news.yahoo.com/schumer-says-...135919443.html

[hubbahubba]

I have been emailing and speaking on the phoone with our new, local banker. She thinks we will get it done this time, but that is what she said last time... Hoping she bats .500.

[flipmeraz]

Originally Posted by hubbahubba

Awesome, congrats! What bank did you use?

CDC Small business finance. They had done my original loan when I purchased my business

[hubbahubba]

Originally Posted by flipmeraz

CDC Small business finance. They had done my original loan when I purchased NY business

Thank you for that info.

[Jordan's World]

Originally Posted by saeyedoc

I see that Shake Shack decided to return the $10M they got so more money can go to small struggling restaurants, nice move!
It makes no sense to have an earning cutoff for the personal stimulus money, do you really think someone who makes $100k has that much more savings than someone who makes $99k? Higher earners also tend to have higher expenses, it's not like they can just move somewhere cheaper that quickly.

Originally Posted by hubbahubba

It was a nice move by Shake Shack, if they truly didn't need it and actually did it out of the goodness of their hearts, not to assuage a little heat in the kitchen. Pardon the pun.

Maybe it's just me, but I find it incredibly hard to believe Shake Shack advisors returned this $10M out of the goodness of their hearts, especially during a time when the company is under pressure. What seems to be forgotten is they went on to lay off 1,000’s of employees shortly after the 10M was returned and then sold off $75M in shares.

They had 8,000 employees and are now down to 6,000. It’s probably more cost effective in the long run to lay off a few thousand now than retain with the PPP. Sort of defeats the purpose of the entire program if you ask me.

All speculation, either way, it makes for some good PR.

https://www.forbes.com/sites/lisette.../#285533a22c28

[TrevorM3]

who has taken a general sba loan before? i have two mortgages on rental properties, both with commerical loans. wanted to somehow get a cheaper loan and pay those off. don't think this will work.

[dsad1]

Originally Posted by DocL

Dentist and Sleep Apnea.

Off topic, but quick question. As a dentist do you see your costs of cleaning/protection going up drastically because of Corona?

I had a dentist tell me this today and was a little confused because I figured there already was a pretty good regiment for cleaning. Didn't know what the extra costs would go to.

[DocL]

Originally Posted by dsad1

Off topic, but quick question. As a dentist do you see your costs of cleaning/protection going up drastically because of Corona?

I had a dentist tell me this today and was a little confused because I figured there already was a pretty good regiment for cleaning. Didn't know what the extra costs would go to.

Do you mean the cost to disinfect the the treatment room and my protective gear? If so, yes. Only because my cost now to purchase the same materials has gone up by about 40% due to the shortage and price gouging.

And just to go back to the topic of PPP. I was approved and will be getting my PPP funding this week. I signed my promissory note yesterday. Finally, no more worrying and I can hire new staff.

[Kolyan2k]

So whats going on with EIDL? When will it that be available?

[KenB925]

I just got news that my PPP loan has been approved.

Bank Of The West, application was accepted on the 6th.

[RickFLM4]

Originally Posted by Kolyan2k

So whats going on with EIDL? When will it that be available?

Pretty sure those funds are long gone.

Originally Posted by KenB925

I just got news that my PPP loan has been approved.

Bank Of The West, application was accepted on the 6th.

Good for you. Congrats.

[dreamingat30fps]

Well chase finally added the ability to see your application status online when you login to your account. Mine has been in pending SBA approval for a while now (after the second round was approved) and yesterday I got a credit alert about an inquire into my credit from the SBA. Didn't know they were running credit checks but whatever. Hopefully will hear one way or another soon.

[stevenc]

IRS released IRS Notice 2020-32 yesterday which states that the payroll, rent and utilities used for PPP loan forgiveness are NOT deductible on the federal tax return.
This effectively makes the PPP loan forgiveness taxable.

https://www.irs.gov/pub/irs-drop/n-20-32.pdf

[RickFLM4]

Originally Posted by stevenc

IRS released IRS Notice 2020-32 yesterday which states that the payroll, rent and utilities used for PPP loan forgiveness are NOT deductible on the federal tax return.
This effectively makes the PPP loan forgiveness taxable.

https://www.irs.gov/pub/irs-drop/n-20-32.pdf

Why would you expect to be able to deduct expenses that you didn’t pay? Same as if your landlord gives you rent abatement for a month. You can’t deduct rent you don’t pay either. That would be outrageous. I think of that as common sense rather than “forgiveness being taxable.”

[dreamingat30fps]

Originally Posted by RickFLM4

Why would you expect to be able to deduct expenses that you didn’t pay? Same as if your landlord gives you rent abatement for a month. You can’t deduct rent you don’t pay either. That would be outrageous. I think of that as common sense rather than “forgiveness being taxable.”

Makes sense to me.

BTW finally got an email from Chase stating my PPP was approved by the SBA and that the money would be in my account within 3 days. I was actually expecting a call or something, but no, it was all done through automated emails.

[dsad1]

Originally Posted by dreamingat30fps

Makes sense to me.

BTW finally got an email from Chase stating my PPP was approved by the SBA and that the money would be in my account within 3 days. I was actually expecting a call or something, but no, it was all done through automated emails.

Congrats, did you get the email today?

[dreamingat30fps]

Originally Posted by dsad1

Congrats, did you get the email today?

Yup came through in the middle of the night like 4am or something.

[saeyedoc]

Originally Posted by Kolyan2k

So whats going on with EIDL? When will it that be available?

We just got our initial grant from the EIDL, so we assume we've been approved for the loan program, but haven't been told how much we can borrow.

[jlstyle]

Man....filed PPP through BoA on 4/5 but still not received any money from them..
No EIDL, Stimulus either.....

[RickFLM4]

Originally Posted by saeyedoc

We just got our initial grant from the EIDL, so we assume we've been approved for the loan program, but haven't been told how much we can borrow.

Congrats. When did you submit the EIDL application?

[KenB925]

Originally Posted by jlstyle

Man....filed PPP through BoA on 4/5 but still not received any money from them..
No EIDL, Stimulus either.....

So far I have only received emails, not sure when funding may happen.

For a lot of people/businesses help may come too late.