Ours was funded on 4/16 after application on 4/4 at full amount.

Also a heads up on the Interim rule they published regarding computing the amount of forgiveness. Benefits were part of the application in addition to any cash compensation up to an annualized rate of $100,000. Those benefits appear to be excluded from the forgiveness computation to the extent they were paid for owners. No minimum amount of ownership stated or any other clarification at this time. For a lot of professional service groups that’s going to make a huge difference.

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

Ours got funded last night after being approved the day before the money ran out.

I still haven't heard anything from Sun Trust/Truist. I've emailed and called repeatedly since I submitted...crickets

Someone I know was approved yesterday with ST/Truist. I assume he's telling the truth.

My buddy applied on 04/06 ... and was told last night to send in the docs again, that his application would definitely be "on the pile" when morre funding came through.

I got a dog in this because some of that trickles down to me but whatever.

Key business clients probably had an inside track. But "small businesses" should have meant the stationary shop, dry cleaners, book store, clothes shop, taco joint, etc. Not chain restaurants submitting one group claim.

Senate just approved $484 billion addition to the plan, so hopefully funds will be available soon

Ours got funded to the full amount.

Will help keep us going about 60 - 75 days at most.

My wife and I decided last night that anything we might get in 'stimulus' funds will be re-distributed to the Trump campaign. We want to add to his $98 million war chest to defeat the damn democrats.

I hope people suffering in liberal states realize it's their governors that put them out of work, on unemployment and locked up in their homes. If only there was a way to de-fund the main stream media whores. And finally, tell China to pound sand, we don't need their crap, we'll make our own again.

Wells Fargo kicked their feet for 2 weeks on my application. It was too late. Ticks me off.

Allegedly PNC has my loan ready to submit when the second amount goes live. Here’s me holding my breath

We actually applied with quick books and PayPal as well. They seem way, way more together than PNC.


I’ll of course take the money if w4 get it this time. But in a lot of ways the damage has been done.

We’ll see what happens

Got Funded on PPP loan Wednesday of this week

quote:

Originally posted by GrumpyMCO:
Bank: NFCU
Filed: 7 Apr ~1PM
Status: Received
awaiting contact from bank - they stated within 48 hrs - but I bet they were swamped. They were a bit late to to gate with a program and would not return any of my calls. Even told me to go and find another local bank!

As an update - got asked for more documentation last week, received loan documents on the 29th to execute.

Spoke to the Business Banking manager and thanked her - I realize NFCU isn't necessarily geared toward business clients and this much be overwhelming & crazy.

She told me she has about 100 customer facing employees and 10's of thousands of business clients. They had to put the program/process together in 2 days and have been working 7 days a week, 12-18 hrs a day. She was grateful for my appreciation and says they've been getting yelled at a lot by clients.

When I asked about the process for forgiveness (which is mentioned no where in the NFCU documents I signed, just in the SBA application) she said to go the Treasury and SBA sites for details.

Unfortunately there are no details on how that process is going to work - guess they'll figure that out next.

If anyone has heard what the process is to apply for forgiveness of the loan if you meet the criteria - please pass it along.

Oh - still not funded, but at least I know it's been approved.

Received text message from bank to come in Monday and sign to receive check. This small local bank has been most remarkable thru this process. They contacted all of the small businesses in the town to make them aware of the program when it first passed, even those (like us) who bank with a different bank than them.

When the funds were exhausted from the first round, they followed up with us to assure that our application had been processed and should be one of the first in-line whenever new funding was approved. During all of this time, all I heard from the bank where we do business - crickets..... I guess it is time to reassess who might appreciate future business!

quote:

If anyone has heard what the process is to apply for forgiveness of the loan if you meet the criteria - please pass it along.

https://www.sba.gov/funding-pr...ram#section-header-7

This link is from the sba.gov site. The process basically involves submitting proof to the bank that you have met the government's rules on how you spent the loan money. The bank will then determine if you meet the guidelines for loan forgiveness.

Note: It isn't a complicated process, but it does involve Full-Time-Equivalent employee count before and after the loan, and how much was applied to salary/wages and how much to other areas eligible for fund use.

As in all government paperwork, the devil is indeed in the detail and a full understanding of that level of detail might require you to spend some significant time researching the internet articles on PPP loan forgiveness.

Fair warning: My accountant advises that we need to read, understand, and then plan before we spend the money. Have fun!

Oregon demoKKKrats are back to screwing over businesses again, the oregon Pravda blames Republicans in the last paragraph.

quote:

The forgivable Paycheck Protection Program loans the Small Business Administration is handing out to protect jobs may be taxable under Oregon’s controversial new business tax that supports education.

The Legislature approved the corporate activity tax in 2019 to fund the Student Success Act, to bring in $1 billion a year for schools. The tax kicked in Jan. 1 and the first payments were due Thursday.

Businesses had asked Gov. Kate Brown to suspend the tax for six months, to no avail. She said schools are counting on the revenue, however diminished receipts may be due to the deepening economic downturn.

Businesses have also been pleading with the governor to suspend any late payment penalties on businesses that don’t make the first-quarter estimated payments by Thursday. They have argued that the rules governing underlying tax calculations are still being written and the operational chaos due to the coronavirus makes it difficult to businesses of all sizes to calculate and afford the first quarter payment.

Brown met the business community partway on that request, doubling the threshold of businesses that are required to file in the first quarter to those with $10,000 in estimated liabilities. Businesses above that threshold have to make or document a good-faith effort to make their quarterly payments or still face a late-filing penalty.

Now, the Department of Revenue is examining whether forgiven loans are “commercial activity” in law for the purposes of the tax. If so, the forgiven portion of any loan might be subject to the tax’s 0.57% levy for any business that has in-state revenues of more than $1 million.

“The department is in the process of making that legal determination,” said Robin Maxey, a spokesman for the Department of Revenue. “Once that determination is made, we’ll notify taxpayers and stakeholders, including the Oregon Legislature, as quickly as possible.”

The Paycheck Protection Program loans were designed to give business with fewer than 500 employees eight weeks of payroll support. If employers maintain pre-COVID levels of employment after eight weeks, the loan is forgiven. Lesser levels of employment translate to lesser forgiveness, with unforgiven balances converting to a two-year loan bearing an interest rate of 1%.

When the first round of PPP funding was exhausted on April 16, 18,732 Oregon businesses had received some $3.8 billion in funding. Congress replenished the program with another $310 billion last week and lending resumed Monday, so more dollars will be flowing in across the state.

The prospect of a forgiven loan being taxed by the state, particularly as part of a new tax that’s is already controversial, would be an abomination to many in the business community.

“It defeats the whole purpose of the PPP,” said David Chown, owner of Chown Hardware in Northwest Portland. “It’s not revenue to the company. It’s to support the employment of our workers. Congress passed this to keep people from being laid off.”

Chown says his company received funding under the program last week. It had laid off 25 of its 100 employees in late March because business had plummeted.

Though Gov. Kate Brown’s stay-home ordered allowed hardware stores and many other businesses to continue operating, Chown has only opened its stores for virtual appointments thus far. Both consumer and commercial business is off considerably.

“The big question now is, How does the governor re-launch the economy?’” he said. “So much of this is psychological. We’re trying to predict consumer behavior in the middle of a pandemic and no one has ever done that before. We’ve succeeded in scaring the hell out of the population, so shopping is not really at the top of anyone’s list.”

Still, Chown says he’s been able to retain his remaining 75 employees and will use the federal funding to bring back some of those laid off.

“To now count that as taxable income is a totally different way of looking at it,” he said. “It doesn’t line up with the intention of the law.”

At first blush, Sen, Mark Hass, D-Beaverton, one of the principal architects of the new tax, agrees.

“I don’t think the state of Oregon should benefit from a federal loan that was made to a business to support their workforce,” he said. “That doesn’t feel right.”

If the Department of Revenue makes the determination that’s it’s taxable, Hass said, it would probably be added to a list of technical fixes the Legislature needs to look at.

The House Finance committee passed a bill during February’s short legislative session to make a number of fixes to the tax, but the bill died when Republicans walked out of the Legislature to prevent passage of a carbon-tax bill.

https://www.oregonlive.com/cor...us-relief-loans.html

We were approved last night. This is very helpful.

Recap and update from us:


As I said above, we applied through our business lender, PNC, on 4/4. As of 4/16 when the money ran out PNC never submitted our application, even though they bragged about submitting 20,000 loans (my number with PNC was 6,169). All this in spite of our healthcare banking representative assuring us repeatedly that PNC had our backs


The conventional wisdom after PPP 1 was that you needed to apply with multiple institutions to hope to get approved.

PPP2 started last Monday, 4/27. Ahead of this we submitted applications through PayPal, Quikbooks, and one other lender I can’t remember. And, of course, PNC. Our personal healthcare banker called us on Monday when it opened to assure us again PNC had our back.

By Thursday, 4/30, we still had heard nothing from PNC. Only PayPal had sent us an email with an update saying our application was headed to the SBA


On Thursday I attended a virtual town hall with my congressman, Whitman, and the head of the SBA for Virginia out of Richmond

One of the things the SBA guy said was to keep applying until you had a loan number from the SBA. Until you had that you had nothing

After the town hall I had to talk to my accountant and I asked him if he had any other ideas. He suggested Bluevine as he had other customers have luck with them since PPP2 went live

We submitted our application to bluevine at 1623 on 4/30.

At 2029 on 4/30 we were informed by bluevine that our loan had been approved by the SBA through Celtic Bank and gave us our essential and precious SBA loan number. We returned our signed closing documents at 2119 on 4/30 and promptly received confirmation that our loan was final and funded. We awoke yesterday, 5/1, to notification that the money would be in our account within 3 business days.

In a little over 5 hours, on Thursday, bluevine did what PNC still has not done now 28 days later.

I honestly had held off posting this because it still doesn’t seem real to us and I don’t want to jinx it.

Jeff, I am so happy you guys got approved too

Jesse, any word about you guys? I know you’re having a shit time with unemployment too. I finally got my unemployment Thursday as well. I’ll certify this final week tomorrow and be officially back employed on Monday. I hope you are also having some better times.

IMPORTANT FOR EIDL APPLICANTS:

The SBA guy in the town hall on Thursday said that EIDL loans are still being funded but that its taking a slow time. He said if your application number started with 3300 you were in the queue to get money but it was taking, on average, a little over 5 weeks for people to get money. The grant of up to 10,000 is still being funded, with the same time line. We applied for the EIDL originally on 3/21 and then again on 3/30 when the SBA informed us their system had crashed and we needed to apply again because they lost our application. Our application number DOES start with 3300. It has been basically 4 weeks for us. Fingers crossed what he said is actually true and we might get some relief through the EIDL as well. If you’re out there with a 3300 application number have faith, help may still be coming


April really sucked. It was, without a doubt, the hardest month in my 22 years of marriage. It looks like May could be better....knock on wood



And finally, for those that care.

My question for the town hall was about medical practices. Part 3 of relief from the CARES act was a grant directly to medical practices. This was based upon Medicare participation rates. It’s complicated and boring. What is relevant to me is this: children, with the exception of some very specific, severe disabilities, do not get Medicare. They received Medicaid. So most pediatric practices have a Medicare participation rate of zero. Or damn close to it. Congress, in basing the $50 billion grant on Medicare participation rates, excluded pretty much every pediatrician in the country from access to the grant. My question to the congressman was if they intended to address this problem. I got to talk to the call screener, but didn’t make it on the air for the town hall. I was told to hold at the end of the call. At that time my information was taken. I was called within half an hour by a representative from the Congressman’s office and given the contact information for his “legislative team” and asked to contact them and explain my question. I did, and was asked to submit it also in writing, which I did. I suspect that nothing will come of it but I admit I am pleased with the level of access I have to my Congressman. I was going to vote for Whittman again anyway, but it’s still nice to think they are actually working for me



I know this is a long update. Thanks if you read it all...hopefully we are all still well and hanging in there

We got our approval on the EIDL the same day. Fortunately our banker is also the area's SBA banker.

Don't give up, it's worth the effort.

quote:

Originally posted by Jeff Yarchin:
We were approved last night. This is very helpful.

Yeah dawg!

quote:

Originally posted by dave7378:

Yeah dawg!

And kitties, and fishies, and employees!