So, since the Federal Government is passing out money like candy, I figured I would apply for some of that sweet government cheese. I don't qualify for basically anything because:
>161k salary, another 38k for expense reimbursement by the company for 2019
>No kids
>No UE because 1099 IC and still technically working because we are considered "essential"
I applied for an EIDL grant/loan, but that apparently went straight into the blackhole at the SBA. I ended up applying for an SBA PPP loan on April 10th, as I am a 1099 independent contractor working as a subcontract PM for a local exterior contractor. I tried to apply with Chase; however, despite banking with them for 15 years, they wouldn't even let me attempt to apply. I finally found an SBA lender aggregator service for new banking customers. I provided my 1099-Misc, 2019 sales report, 2019 payroll report, and copy of DL. Loan amount requested was 20,833. A couple days later, I got an email saying I was tentatively approved. Yesterday, I received two separate emails.
>One had a loan app number from the SBA
>Other had a PLP number that per email is for my funding reservation from the lender
From everything I've read from the SBA and other sources, my loan is approved and will be funded upon signing of closing documents (which by law I should receive within 10 days of approval). I would if this is actually the case. Calling the SBA with any sort of question right now is basically equivalent to asking my dog.
>Pic related definitely has no answer
PPP Loan Processing Question
Other urls found in this thread:
sba.com
twitter.com
That's a nice dog. I think very few people have gotten the PPP loans, so you're definitely going to need to scrounge around for more info. Maybe your accountant has an idea.
>Pic related
OP are you referring to the box of cash money under the table?
Or the box of weed and rolling papers on it?
He says I should be good to go. I guess they only provide an SBA Loan # and PLP # if they definitely intend on funding it. I have had no hard pulls on my credit yet. The documents outlining the program on the SBA website lead me to believe I am good to go. The only other available source of information I can find is fucking Reddit, but sifting through faggots whining about how they got fucked by their bank to find something actually useful is painful. I definitely am well above the revenue threshold to qualify (2.7 million in sales for 2019), and my credit is good (760).
I was referring to the dog. The "box of cash" is actually a bowl and has a whole 14 bucks in it. The weed and papers provides no meaningful answers other than should I play Just Cause or RDR2 after I smoke one.
So what's the fucking question? There isn't a single fucking question mark in your post.
The question is:
>Is my application actually approved?
>Will I get my government cheese within next 10 days?
>Does anyone have any real-world experience with a standard SBA loan or this PPP bullshit to let me know for sure?
The information I've read says yes, but this whole PPP/EIDL deal is a clusterfuck on all fronts
>that picture
MOOOOOOOOOOOOOOOOODDDDDDDDDDSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS
FUCK YOU OP
PPP is literally to cover payroll retard
do you have employees?? wtf
You don't, you poor pathetic zoomer.
how much was your PPP loan dipshit
20 million (in minecraft)
Yes, I know fuck stick. 1099 IC, Sole Proprietors, and single member LLC/S-Corp could apply starting 4/10. It's just me, but I qualify for PPP despite my payroll consisting of just me. Paying myself is exactly what I plan on doing with the money. I also have legitimate office rental expenses. I didn't make the rules.
also
>trying to commit fraud
>posting about it on the internet
AHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAH
On a website the FBI constantly monitors and archives, as evidenced by dozens of court cases lmao.
To further clarify, I am a 1099 subcontractor for an insurance restoration contractor. I am responsible for generating virtually all of my own business. My pay is 100% commission based on a percentage of profit from the jobs I sell, manage, and collect.
It's a stealth PNK shill I think
Ok buddy, sleep tight these next 6 to 36 months kek.
guess you'll find out in 10 days but if you have 0 employees chances are you'll get nothing
Are you willfully retarded?
>The Paycheck Protection Program (PPP) allows lenders to offer low-interest loans that may be 100% forgiven in certain circumstances. Independent contractors and self-employed individuals that have been adversely impacted by the COVID-19 pandemic have been eligible to apply for these loans since April 10, 2020. The requirements are straightforward. You must have been in operation on February 15, 2020, your business must have been harmed by the COVID-19 pandemic and you must submit the required documentation along with your loan application.
>Loan Details and Loan Forgiveness
The maximum loan size is up to 2.5 times your average monthly 1099-MISC or net self-employment income for the past 12 months.
>All amounts spent on the following items during the first 8 weeks of the loan term are 100% forgivable: (a) to replace your 1099-MISC income or your net self-employment income, (b) interest on business mortgages, (c) business rent, and (d) business utilities. Due to high demand, if more than 25% of this amount is used for (b), (c) and (d), some of those expenses may not be forgivable.
You will have to apply for loan forgiveness separately after you have received your loan.
>The interest rate is fixed at 1% and the loan term is 2 years.
>Loan payments will also be deferred for six months.
>No collateral or personal guarantees are required.
>Neither the government nor lenders will charge small businesses any fees for the loans.
Huh, it's almost like they changed the program to include people like me whose business was affected by the corona virus but aren't employees....
didn't read
enjoy your PBJ or
What do I need to apply?
>Once you know what PPP eligible lender you will be applying with, you will need to complete the PPP loan application and submit it to your lender. Applications must be processed by June 30, 2020. If you submit a PPP loan request through SBA.com, our PPP loan agent partner Lendio will act as your loan agent to assist you with putting together your application and then submit it to a lender in their network that make be offering PPP loans at that time.
Please have the following documents ready when you apply:
>1099-MISC
>Income and expense reports for 2019
>ID Verification: color copy of a government-issued ID (front and back) for all owners listed on the application. >Hint – take a picture and email it to yourself so you can easily upload it.
I'm 90% positive I've already been approved, homie. The approval and underwriting decision is made by the lender and submitted to the SBA for review. The SBA/FedGov changed the requirements because my employer literally can't use PPP funds to pay me because I'm not an employee. The EIDL loans are the ones specifically based on the number of employees. The EIDL loan terms are also way different from those outlined for the PPP.
This retard is gonna go bankrupt
I applied through WF the day the site went online. I was one of the people who managed to get an application in before they took it offline 24 hours later. Just this week (2 weeks after applying) they finally started processing it and asking me for more paperwork. Today they sent an email saying PPP is out of money.
I've had my business account with WF for 8 years. Keep 500k in there between my personal and business account. Their delay might cost me 90k in PPP grant. Feels pretty bad.
Hopefully they pass the extra 250bil funding soon. Sucks waiting in ether not knowing.
Your retards are hopeless. The fucking SBA website literally outlines the changes in the program that now specifically address my exact employment situation, eligibility requirements, and requisite documents to be submitted for consideration.
>Hurr durr you make fraud, you go burger prison!
>You make proofs? Haha joke on you cuz I am a can't read tard!
>Durrrrr where I get same flannel as Sergey?
>Chainlink 4 billion end of year!!!!
>goyimg tryna jew the jews
never gonna make it
buy gold and silver you dum dum
I'm not reading this whole thread
I have a friend that's president of a local bank branch doing the SBA loan stuff.
he informs me that
1. the SBA program is out of money
2. the individual bank still decides whether you're creditworthy or not.
so if you've ever applied for a business loan as a small business you should know the paperwork alone usually takes months. So you're pre-approved. Now you have to hand over shitloads of paper to apply. If that goes forward you need to again hand over the same paperwork, updated, to close.
it's this whole big fucking thing, and that's why I just skipped it. I'm also self-employed but getting a business loan is a nightmare.
I used Lendio through the SBA website that shopped my application through new customer/non-bank lenders. For some reason, Chase wouldn't even let me fill out an application, despite having a business account for 15 years that I run a couple hundred grand a year through. Pretty much all traditional bank lenders had a requirement that you had to be a current business client to apply. I ended up with my loan approved and (probably) funded by Ready Capital. They just wanted my 1099, payroll statements for 2019/2020, and DL. I sent them a sales report confirming my sales revenue for 2019 for good measure. I plan on using it exactly as it should be. It's going into my business account, and I'm going to write myself checks for "payroll" for deposit into my personal account. I also have legitimate office rental expenses that I will document for them as well. If I meet the forgiveness criteria, great. If for some reason I don't, 21k at 1% interest for 2 years is okay with me. This stupid shutdown has totally fucked my ability to run and finish my projects. A good chunk of our material suppliers are considered "non-essential", and I can't get the materials I need to finish my jobs.
wife is lawyer has firm with father and mother, her dad looked into this bullshit and he thinks its a scam. No clear rules about how to repay, also its completely out of money. Her sister also applied shes partner at a firm, shits out of money, there are no more loans available.
according to them.