My wife and I are sitting here working the problem right now


Of my 22 employees, I just laid off 15 of them, including me

I applied for the EIDL on 3/21...still haven’t heard back from them

We spent most of the day arranging forebearance from our various creditors (both private and business)

We had gone to shift work to try and protect my providers in case someone got corona virus (we are a doctor’s office. So that’s a pretty real danger). After tonight I will go down to 1 provider (my wife) and a half (I have one provider that is immunocompromised so had been handling our telehealth from home...she will continue to do that). From 4 (and a half). Working the numbers right now, if no one gets corona virus, we not only will tread water, but may even make progress.

It just fucking blows to lay some of these people off. Prior to our practice my wife was a partner in a practice roughly 40 miles from home. When we opened a lot of the staff I just laid off followed my wife to our new office. It feels like I just betrayed my family. But I need to worry about my actual family.

I will be leaving PNC the second I can figure out how to move my business loan. It might not happen for a year. But I’m done with these fuckers. They had my loan for 12 days. I got an email on Easter that my loan had moved to underwriting. And it was never submitted.

My SBA loan number was four digits. I was one of the first 7000 people in the country to get an SBAXXXX number for my loan, and it was never even submitted to them


Fuck them. If I do have to go into bankruptcy one of the things I will absolutely tell the trustee and argue to the judge is that PNC’s loan should be for shit because they had a chance to stop this and fucked me.

Got a call from my local Bank yesterday morning at 8:00 telling me that new rules came down the pipeline for independent contractors (wife and I are)and we needed to revise immediately.
Resent documents right away and received approval shortly before 9:00 and that must have been just before out of funding.

Since 4/2 We've been battling the beuracratic tyrany of this PPP process with BBT/Truist.

Wasn't until April 4/14 that we got an application from them and submitted. I don't expect to revieve anything based on what I've experienced even though we are well qualified on paper.

Being our commercial business bank we stuck with them but think being depository only we're out of luck.

Read where BofA if being sued for bias towards small business lending vs depository customers in who gets PPP money. Makes sense for bank in short term since the extra PPP $ in right hands improves principal payback

Expect a lot of class action law suits against Banks from this PPP circus.

We are with Chase (unfortunately). Put in our application on the 1st day that Chase system was working. Yesterday we were told that everyone would know if they received approvals or not by Noon today. Chase has told me that they will not approval expanding our line of credit. Frankly they are a confused bunch of of folks that don't really seem to care about their small business customers. If we survive, I will be changing banks. It looks fairly beak for our future, even if we manage to survive. I have 30 employees that we are attempting to keep employed, but by the end of today that will probably be a lot less.

SunTrust/Truist screwed me too. Never even had a chance. Was beyond angry yesterday.

Today is a new day with a new plan.

quote:

Originally posted by ewills:
SunTrust/Truist screwed me too. Never even had a chance. Was beyond angry yesterday.

Today is a new day with a new plan.

I'm right there with you.

Kev, I share many of your feelings. Hang in there man.

We started the process with a local bank on 4/6. Got an email from our rep on 4/7 that we had an SBA loan number. Didn't hear anything for a week, sent an email on 4/14, got a reply back on 4/15 that things were nearly done. Gave them a little more info yesterday, and received forms to e-sign.
30 minutes after we signed the money was in our account for the full amount applied for.

I was quite frankly shocked that it worked out but extremely grateful that it did!!

I hope and pray for everyone on the forum that tried and was denied can have better luck if a second one is offered.

quote:

Originally posted by SummersAtTheLake:
Got a call from my local Bank yesterday morning at 8:00 telling me that new rules came down the pipeline for independent contractors (wife and I are)and we needed to revise immediately.
Resent documents right away and received approval shortly before 9:00 and that must have been just before out of funding.

He is talking about an EIDL, which is a different program. Those have been a total clusterfuck. I am not sure I know anyone who has gotten one yet.

quote:

Originally posted by r2mach1:
We started the process with a local bank on 4/6. Got an email from our rep on 4/7 that we had an SBA loan number. Didn't hear anything for a week, sent an email on 4/14, got a reply back on 4/15 that things were nearly done. Gave them a little more info yesterday, and received forms to e-sign.
30 minutes after we signed the money was in our account for the full amount applied for.

I was quite frankly shocked that it worked out but extremely grateful that it did!!

I hope and pray for everyone on the forum that tried and was denied can have better luck if a second one is offered.

Was that an EIDL or a PPP loan?

quote:

Was that an EIDL or a PPP loan?

PPP

I just applied for unemployment for the first time in my life


Was surprisingly easy. The biggest hang up was the fact that I never registered for selective service. Because I joined the army when I was 17 and then was medically discharged with a fairly high disability rating I never qualified for selective service.

My state has even waived the requirement that you look for work.

Not as easy was beginning the lay-off process. Fortunately my office manager (who we are retaining) stepped up to the plate on that one.

Yes/no

quote:

Originally posted by mrmn50:
Yes/no

Was the app kicked up to SBA in time?

quote:

Originally posted by Kevbo:
I just applied for unemployment for the first time in my life


Was surprisingly easy. The biggest hang up was the fact that I never registered for selective service. Because I joined the army when I was 17 and then was medically discharged with a fairly high disability rating I never qualified for selective service.

My state has even waived the requirement that you look for work.

Not as easy was beginning the lay-off process. Fortunately my office manager (who we are retaining) stepped up to the plate on that one.

Same here. My company didn't get the loan before the money ran out. Hopefully they will resupply the funds and they will get it, if not hopefully I will have a new job next week.

I had no idea how to fill out the forms, since I am still an employee and still have health insurance with them, just not working. I'll probably get declined anyways for some reason or another.

I sat with the mouse over the submit button for so long it timed out and I had to reenter everything again.

Feels weird applying for unemployment, never been without a job for more than 24 hours since I was fifteen years old.

Hopefully the fund the plan again, if not maybe the unemployment stuff will come through, if not hopefully I land the new job, if not I have savings.

Qualified for the loan! Supposed to sign some loan documents, then they'll deposit the funds.

Got the full amount (though it wasn't that large).

quote:

Originally posted by jhe888:

quote:

Originally posted by SummersAtTheLake:
Got a call from my local Bank yesterday morning at 8:00 telling me that new rules came down the pipeline for independent contractors (wife and I are)and we needed to revise immediately.
Resent documents right away and received approval shortly before 9:00 and that must have been just before out of funding.

He is talking about an EIDL, which is a different program. Those have been a total clusterfuck. I am not sure I know anyone who has gotten one yet.

I received approval for a PPP Loan. I originally applied for a PPP Loan and had to submit 1099's and amount of loan was based on my net earnings...SBA changed/clarified this rule on Tuesday morning and loan was based off of gross earnings which cut my loan in half but it certainly helps and should be funded next week.

https://bankingjournal.aba.com...pendent-contractors/

I was on a first-ever Zoom "cocktail party" last night with employees, former employees and the owners of the running store for whom I worked eight years. Halfway through the festivities, the owner left for a bit, and when he returned he announced that he had been talking with his banker and had been approved for the PPP.

This is a true mom-and-pop success story. From one local store to eight in the area, and voted in the top 50 running stores in the nation for 16 years, I am happy for them. Most of the employees are part-timers, and their full-time staff is probably a dozen or so. But this could have been the ruination of their business.

It's not over, by a long shot. This is a business that almost entirely depends on human contact, so the down side is that rent still has to be met, inventory has to be replenished, and bills have to be paid. At least they can keep their employees. For now.

Took forever to log onto their over-loaded servers, but finally got the online documents digitally signed. Funds to deposit in the next 5 to 10 business days.

4/21 UPDATE: the funds deposited just now. So only 2 bus. days. Way to go, Mr. Trump.

This message has been edited. Last edited by: kkina,

Signed on our loan today, got the requested (full) amount. So it's starting to move, others should be getting theirs soon too!

A New Hope: phase 3.5 appears imminent. This would mean a second round of funding in the amount of $310 billion (the first funding was $350 billion but depleted last Thursday). We should know by the end of tomorrow.

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