Attention Small Business Owners and Self Employed workers

If you own a small business are Self Employed – Be sure to check out the Small Business Association Paycheck Protection Program. From my research it sounds like you can apply for a loan to cover your payroll ( Including yourself if you area sole Proprietor ) as well as other expenses ( Rent, Mortgage, Utilities, Ect. ) For 2.5 Months. If after 2.5 months the same employees are still on the payroll – Then the loan is wiped out / Erased at no cost. There are a few details, but for the most part its rather strait forward. You just need to find a bank who is participating in the program and fill out the paperwork required. Hopefully this program does what its designed to do and helps small business’s keep their employees on the payroll through this Virus situation.

It does all seem straight forward but we have been working on it for about a week and it is quite the cluster. Hopefully it delivers in the end

Don’t worryaboutit wrote:

It does all seem straight forward but we have been working on it for about a week and it is quite the cluster. Hopefully it delivers in the end

From what I’m hearing – How smooth it goes has a lot to do with what bank you work with. I know a few that said it was really simple and others who said it was a real Cluster.

Hopefully the funds are not all used up before I can get my application processed.

I think if I end up getting anything I’m going to put mine aside and sit on it if possible till after they totally erase the loan. I guess I’m a bit paranoid and untrusting. Like the saying says – ” if it sounds to good to be true, It probable is ”

Wells Fargo just announced they are tapped out for PPP.

Eelpoutguy wrote:

Wells Fargo just announced they are tapped out for PPP.

Yes, of all the cartels in the world Wells Fargo is the one I would believe.

You can bet your last nickle they got every red cent they could get before they became “tapped” out.

Yes Greig, I certainly believe them.

They are convicted thieves. Hug them if you like.

I’m a business banker so have been on the front end since this started. The biggest issue has been changes in application requirements. The SBA issued applications right away to get owners acclimated with what’s going to be required. That form changed several times before commencement. I can’t speak for other banks but for as little training as anyone in the banking industry had compared to the number of applications coming in, I’d say this is about as smooth a process as one can expect.

As far as Wells goes, that’s a federal mandate.

greig john wrote:

If you don’t need it, why are you applying?
There is a finite amount of money in the program which is designed to allow small businesses to continue to pay their employees and not have to lay them off.
If you take money out of the system that you don’t need, then you’re taking it directly from someone that could have benefited.

I never said I didn’t need it. I said IF Possible I would not use it until I know for sure the loans will be erased at the end like the program states. I can use other resources to cover payroll and expenses for 2 1/2 months if necessary. Doesn’t mean I don’t need it or to payoff or replace other funds used to cover expenses and wages.

So am I to assume you are going to send back any stimulus check that you receive???

C’mon fellas, all in this together.

Thumpman, Greig just asked a question that seemed to make sense by your OP. No biggie, life moves on.

As a single owner/operator I should be good with just the stimulus to float by. Depends how long this thing drags on tho…..

Tom Albrecht wrote:

I’m a business banker so have been on the front end since this started. The biggest issue has been changes in application requirements. The SBA issued applications right away to get owners acclimated with what’s going to be required. That form changed several times before commencement. I can’t speak for other banks but for as little training as anyone in the banking industry had compared to the number of applications coming in, I’d say this is about as smooth a process as one can expect.

As far as Wells goes, that’s a federal mandate.

Tom, do you have a bank you’d suggest going to at this point to make an application?

I’d start with your bank first because they have all the background information so the process will be a lot easier. If you’d like more information feel free to IM me and I’ll help as much as I can.

greig john wrote:

fishthumper – The way you phrased your second post made it difficult to interpret anything other than it wasn’t a dire need.

“I think if I end up getting anything I’m going to put mine aside and sit on it if possible till after they totally erase the loan.”

I should have worded my post differently to be more clear that I was asking for clarification and not rushing to judgment and assumptions. I do not know your situation. You have clarified your position and I appreciate it.

As for your question about the stimulus check, that is not comparable to the payroll protection loan. Those checks are individual tax credits that go to everyone that qualifies…there is no first come, first serve application process, and my receiving one does not prevent someone else from getting theirs.
If you must know, we are leaning towards donating some or all of that money to friends or family who may need help, or to food banks or Meals on Wheels.
My fiancé has had her hours reduced, and her employer (small business) is applying for one of the payroll loans. We are losing a not insignificant portion of our income, but we’re okay and we’re hoping to help if we can.

Slightly unrelated: I’m going to pledge to more carefully respond to all posts going forward. I think we’re all feeling some of the stress of all of this, and I’ve noticed I’ve been a bit more knee-jerk and snarky lately.

greig john

No hard feelings. Like you said the stress is probably aiding in not interpreting things the way they were intended.

Good on you for donating your stimulus money to help those in need.

You have a Great Day !!!

Looks like the program is basically tapped out already, doesn’t look good

Don’t worryaboutit wrote:

<div class=”ido-oembed-wrap”><iframe title=”Small Businesses Wait for Cash as Disaster Loan Program Unravels” src=”https://www.nytimes.com/svc/oembed/html/?url=https%3A%2F%2Fwww.nytimes.com%2F2020%2F04%2F09%2Fbusiness%2Fsmallbusiness%2Fsmall-business-disaster-loans-coronavirus.html&#8221; frameborder=”0″ scrolling=”no” style=”border:none;max-width:500px;min-width:300px;min-height:550px;display:block;width:100%;” allowtransparency=”true”></iframe></div>
Looks like the program is basically tapped out already, doesn’t look good

Don’t need 2,000,000 but it be nice if I could get a low interest loan for .001 of that. When things settle down guess I’ll be working double shifts to pay the retirement account back. Fishing will have to wait.