PPP Loan Update

8051 Views 78 Replies 17 Participants Last post by AllenChicago, May 19, 2020

PeAceMaKer769

Discussion Starter · Apr 10, 2020

So April 10th is here and it's the turn for independent contractors to apply.

Unfortunately, almost every bank requires a business relationship or previous loan activity. I have Chase and I cannot apply without a business bank account.

I found a bank that it appears will accept applications without you being a previous customer or having a business account! Best of luck to all of us.

https://www.fountainheadcc.com/ppp

Reactions: 3

21 - 40 of 79 Posts

80sDude

· #21 · Apr 14, 2020

This is not from PPP though. Its from EIDL.

Here we ho again with confusion

Reactions: 2

PeAceMaKer769

Discussion Starter · #22 · Apr 14, 2020

Does this mean they are gonna send out the 1k this week then?

Reactions: 2

New guy65

· #23 · Apr 14, 2020

PeAceMaKer769 said:
Does this mean they are gonna send out the 1k this week then?

1k isn't a kick in the nuts. But is also isnt 10k or really anything close

ChrisFZ

· #24 · Apr 14, 2020 (Edited)

PeAceMaKer769 said:
Does this mean they are gonna send out the 1k this week then?

SBA isn't saying that. They only wrote this because Democratic Senators wrote them a formal note last week to provide an update.

All they saying is we have your application and have done nothing with it for 2 weeks.

It is not submitted. When we start working on it- then you get the advance.

Expect nothing- they could make up even more new rules....there is no oversight in the form of an inspector general- remember Trump terminated the need for that position- Trump himself is overseeing the EIDL grant/loan and PPP loans and making sure there is no wrongdoing and that it is going smoothly. Trump says "going smoothly! great success!!" LOL.

The funds are going out the door so fast the programs need to be replenished with more Billions.
What you didn't get anything yet? You must not be a big corporation, lol.
Get back to work.

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80sDude

· #25 · Apr 14, 2020

PeAceMaKer769 said:
Does this mean they are gonna send out the 1k this week then?

That would be my assessment too. 1k kids

AllenChicago

· #26 · Apr 14, 2020

80sDude said:
This is not from PPP though. Its from EIDL.

Here we ho again with confusion

I think we're seeing in real-time why Lyft and Uber can treat us like crap and get away with it. Too many drivers are, who they think we are. What a shame...

80sDude

· #27 · Apr 14, 2020

Huh

PeAceMaKer769

Discussion Starter · #28 · Apr 14, 2020 (Edited)

Video shows this guy getting an email from SBA for EIDL loan. Second link has Interesting data here....seems like things are better in the south. Good thing is that 98% of people are getting the amount they requested for PPP loan.

https://www.covidloantracker.com/

mrrobj

· #29 · Apr 14, 2020

80sDude said:
That would be my assessment too. 1k kids

Your correct! I recd the same email and then I recd $2000 deposit at 12:01am the following day. I indicated I had 2 employees.

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Reactions: 1

TonyStewart

· #30 · Apr 14, 2020

just got the same thing. Should have said I had three employees, me, myself and I. LOL

Reactions: 1

AllenChicago

· #31 · Apr 15, 2020

The small business administration just announced that the funds in the PPP will be exhausted by the end of business today.

Chuck Schumer is refusing to work with Mitch McConnell to replenish the fund with 250 billion dollars.

AllenChicago

· #32 · Apr 22, 2020

When the paycheck Protection Program is funded and opens again later this week, make sure you apply as soon as possible, if you want this low interest rate business loan.

The nation's farmers and ranchers will be participating this time.

Also:

https://twitter.com/i/web/status/1252950709345148930

Reactions: 1

munlochi

· #33 · Apr 23, 2020

AllenChicago said:
When the paycheck Protection Program is funded and opens again later this week, make sure you apply as soon as possible, if you want this low interest rate business loan.

The nation's farmers and ranchers will be participating this time.

Also:
https://twitter.com/i/web/status/1252950709345148930

Don't apply with a major bank or a community bank. FinTech like Paypal is the best, quickest choice. Bank of america is like Uber support. 15 days after applying and submitting my documents I got an email saying hey we got your documents! Jerks.

ChrisFZ said:
Choose PPP or you choose unemployment.....you better know what the **** you're doing...

https://www.google.com/amp/s/www.fo...ance-and-the-paycheck-protection-program/amp/

You can choose both. You just have to do it right. While you are on PPP for the 8 weeks no unemployment. Gotta document the crap out of that 75% payroll so you can get forgiveness. Most uber drivers if they are doing things right and it's their only gig would be better off going the unemployment route the whole way because their net income on 2019 should be pretty low with deductions thus making the PPP loan pretty low as well

Reactions: 2

ChrisFZ

· #34 · Apr 23, 2020

Product Font Screenshot Rectangle Number

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munlochi

· #35 · Apr 23, 2020

Yeah that makes sense. Lots of place were still taking applications

At this moment there are only 1 nos and 1 marked as present so far. So it passed off to Trumpy

AllenChicago

· #36 · Apr 27, 2020

Notice: PPP (Paycheck Protection Program) Loans Resumes Monday, April 27, 2020

"The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT."

Source page: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

-ac

AllenChicago

· #37 · Apr 28, 2020

Latest news regarding resumption of the PPP.

https://local21news.com/news/local/paycheck-protection-program-resumes-application-process

alan510

· #38 · Apr 28, 2020 (Edited)

munlochi said:
I don't think he's messing with us. What do you mean that you said pay was 700?

They're asking for your yearly gross sales so how much did you earn on uber, pre deductions and fees?

So lets say its 4k a month, that'd be 48k yearly. Formula is yearly/12 and then times it by 2.5 months. So the most you could ask for is 10k. If you use it to pay yourself (75%) and the other 25% for maintenance. It could be forgivable.

Terms are:

2 years, no payments first 6 months, 1% interest rate

By taking PPP you cannot file for UI. It's a loan to pay yourself or your employees if its more than just you.

We can't apply for both PPP & UI????

mrrobj said:
Your correct! I recd the same email and then I recd $2000 deposit at 12:01am the following day. I indicated I had 2 employees.

Is this related to PPP or EIDL?

AllenChicago

· #39 · Apr 28, 2020

alan510 said:
We can't apply for both PPP & UI????

Illinois attorneys advise you to utilize the PPP first. When that money is exhausted, apply for Unemployment compensation.

Source: https://law-arts.org/unemployment-benefits-and-paycheck-protection-program-loans-faq

ChrisFZ

· #40 · Apr 29, 2020 (Edited)

PPP is easy to get approved for, just apply.
^
reality disagrees

PPP = 10.5 weeks of paycheck
PUA = $600 x 16weeks and 39 weeks of 1/2 paycheck. ....and ability to work and make 1/2 your benefit.

This isn't brain surgery unless you don't have one.

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