My company got funded yesterday.

Takes some of the heat off for sure.

How are you doing?

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Originally posted by Skins2881:

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Originally posted by dave7378:

Yeah dawg!

And kitties, and fishies, and employees!

We got funded today. Not sure whether to get drunk or barf or both I'm so relieved. To all waiting, hang tough and all the positive feels!

Getting closer. Received word from Champion Bank (a small regional bank) that we had an SBA loan number. Woo-frickin-hoo! Maybe we'll close next week, then get the money soon after. Salaried and hourly employees went from 40 to 32 hours per week a couple of weeks ago. The Executive Committee still wants to furlough/layoff 15 of our 41 employees.

The SBA emailed that they received my EIDL application, but so far that's it.

I originally applied for PPP via Wells Fargo, our company's primary bank. A cluster ensued on the first day, as their system accepted applications only via their lower-tiered Wells Fargo Online system -- designed for individuals and really small businesses. We use WF's CEO web system -- which has way more business systems features, but CEO wasn't linked to the PPP application. It took WF two days to grant me access to WF Online. By then WF ran out of allowed credit facility, per the Fed's balance sheet guidelines.

I then applied at Merrill Lynch. We got the application in before the first round of money ran out, but didn't hear anything. I tried at USBank, but their website only allowed "we're interested, please contact us". Bank of the West had "paused applications". Life wasn't fun with the Committees up the chain of command.

Right before the second round of PPP funding opened, my boss tried his contact at Champion Bank as a lark. We didn't have much hope, but gave them a run. And they came through.

USBank notified me Sunday night that they are OK to move forward with PPP, so I sent them the a boatload of files and the requested loan amount. They asked for more info late last night. I will continue the process as a backup.

Wells Fargo contacted my boss late yesterday, stating that they are willing to move to the next phase to finalize a PPP loan/grant. He said yes, again as a backup

We're told that since Champion Bank gave us an SBA loan number, the other banks will be locked out once they try to obtain an SBA loan number. But we're hedging our bets across multiple sources until the cash is actually in hand.

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Originally posted by Kevbo:
How are you doing?

quote:

Originally posted by Skins2881:

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Originally posted by dave7378:

Yeah dawg!

And kitties, and fishies, and employees!

The company I work for hasn't got the PPP, at this point I am going to assume he's not. Got declined for unemployment, they are 17 days behind on appeals and will let me know what additional information they need after they actually look at my W-2's that show I did infact have income in 2019, probably looking at June/July to determine if I qualify for it. Still no stimulus check. So I'm 0-3 on programs.

My girlfriend FINALLY after 6 weeks, got approved...... for 1600.00 dollars in a loan...

Gee, thanks for that. She declined.

We received our PPP money at the first of this week. Woohoo! All staff is back to 5-day work weeks, for the 8 weeks the PPP covers. In theory....

A committee within the Board of Directors believes COVID challenges require permanent staff downsizing, which is likely true. I spent most of Friday analyzing the financial results, the business effects, and the potential SBA-related consequences of downsizing during the PPP support period.

It's unfortunate that being a Board member doesn't necessarily mean the person understands the Company's business. [sigh]

Window to use funds and be forgiven expanded to 24 weeks, ratio that has to be payroll down to 60%.

That’s awesome.

We burned it on payroll and will be applying for debt forgiveness ASAP.

We were approved for the EIDL loan overnight. Not sure what we are going to do. We've always run our business without debt.

Our store is fully reopened with pre-lockdown days and hours.

Best wishes for fellow business owners fighting this out.

I applied a while ago and had given up on ever hearing back about it. But then last weekend I got an email from SBA, asking me to confirm the amount and my bank info. Then two days ago I got an email from an SBA employee asking for my 2019 tax returns. So I think we're on the home stretch. I predict a lot of this will be forgiven, and they're not going to be able to enforce how it's spent. My CPA said don't buy anything to expand the business or pay personal bills with the money. But that's what I would have done with the money I would have otherwise earned during the shutdown. I think it will be fine.

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I predict a lot of this will be forgiven, and they're not going to be able to enforce how it's spent.

Agree with the first, strongly disagree with the latter. Look back at the eventual audits of post-Katrina money, New Horizon, etc. There is a high liklihood of audit of some or more likely a document/substantiation request across the board with spot audits. Not having material to submit won't move you back below the tallest mole in the game.

Jovita Carranzaand and Steven Mnuchin indicated this is virtually a given for loans over $2MM. I expect once they get the process rolling it will expand to loans under that amount.

We've been tracking every dollar of PPP money spent in a separate GL account and, once done, will be wrapping up that, payroll and other supporting documents in a nice neat package both paper and scanned into pdf and having it at the ready for the inevitable request. I believe the window for audit on this is 6-years as well, so I don't want anything getting lost in the ensuing time whether it's a month or 5 years.

YMMV, but I don't want to have to explain to my owners how shitty documentation lead to them having to repay something they earlier thought was forgiven.

I got a little bit of the PPP funds. I'm semi retired with my son as only employee. Application was processed through my bank and funds deposited in less than a week.