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Started By
Message
1
Posted on 4/7/20 at 4:59 pm to Jerrysworld
Not yet but I did get an application number for the $10k advance and havent received it yet...
and just uploaded my documents to my bank for the PPP about 20 minutes ago.
and just uploaded my documents to my bank for the PPP about 20 minutes ago.
Posted on 4/7/20 at 5:09 pm to cgrand
I get the amount of payroll. But forgiveness also goes by employee head count. If someone quits, you are then short one head at the end of the eight weeks.
Posted on 4/7/20 at 5:11 pm to ykevin25
then don’t let anybody quit or immediately hire someone else.
hire your sister or your son or your cousin or whatever
it’s eight weeks, you can figure it out
hire your sister or your son or your cousin or whatever
it’s eight weeks, you can figure it out
This post was edited on 4/7/20 at 5:13 pm
Posted on 4/7/20 at 5:13 pm to ykevin25
quote:
I get the amount of payroll. But forgiveness also goes by employee head count. If someone quits, you are then short one head at the end of the eight weeks.
in the fast food industry people get fired all the time...almost on a daily basis.....they have to have factored this into this program.
Posted on 4/7/20 at 5:14 pm to ykevin25
quote:
I get the amount of payroll. But forgiveness also goes by employee head count. If someone quits, you are then short one head at the end of the eight weeks.
Its a 1% loan. I think you'll be ok. Its prorated. So if 10% of your workforce quits, 10% of the grant will turn into a loan.
This is honestly the last of your worries right now.
Posted on 4/7/20 at 5:15 pm to baldona
Exactly
Posted on 4/7/20 at 6:19 pm to cgrand
quote:
no
I signed the loan papers and the money was immediately xferred to my account. This is going to vary bank to bank I assure you
Was the paperwork on bank paper or SBA?
Posted on 4/7/20 at 7:26 pm to Ag Zwin
bank
Posted on 4/7/20 at 7:42 pm to cgrand
quote:
bank
Obrigado.
Posted on 4/7/20 at 7:47 pm to cgrand
On my PPP application I provided my current headcount as of the date of the application. This is with the intent to maintain this headcount or higher once the loan funds. However, I based my average monthly payroll costs including health insurance premiums and the 401k company match component from Jan '19 - Dec '19.
Posted on 4/7/20 at 7:52 pm to Jerrysworld
I will never believe the federal government is going to give me a couple hundred thousand dollars for free (I will be spending the full loan on required stuff no problem)
There is going to be something that happens down the line
I will take it now but there is going to be SOMETHING that fricks me by doing so
There is going to be something that happens down the line
I will take it now but there is going to be SOMETHING that fricks me by doing so
This post was edited on 4/7/20 at 7:53 pm
Posted on 4/7/20 at 8:21 pm to slinger1317
quote:
Yes I am the CFO for 3 related companies and we bank with Iberia.
But why?
Posted on 4/7/20 at 9:48 pm to cgrand
quote:
then don’t let anybody quit or immediately hire someone else.
hire your sister or your son or your cousin or whatever
Is there gonna be any cross reference of SSN for employees or just how many you had?
Posted on 4/7/20 at 10:13 pm to Sprung
No where were you asked for employee info other than number of employees on application.
Posted on 4/7/20 at 11:36 pm to YF12
quote:
I will take it now but there is going to be SOMETHING that fricks me by doing so
Well, yeah, it’s the government.
Posted on 4/7/20 at 11:56 pm to Jerrysworld
A few of our companies’ applications have been approved. No funding yet. Told 1-2 weeks.
Posted on 4/8/20 at 7:39 am to YF12
quote:
I will take it now but there is going to be SOMETHING that fricks me by doing so
how?
the worst case scenario is that you have a two-year 1% loan payment-deferred for 6 months, with no collateral and no personal guarantees. thats the worst that could happen, and that aint bad
Posted on 4/8/20 at 7:46 am to cgrand
From the poli board he appears to be a conspiracy theorist.
Posted on 4/8/20 at 8:12 am to VABuckeye
My regional credit union that we have our personal and business accounts through told me 10 days ago they weren’t an SBA lender and wouldn’t be participating in the PPP.
They sent an email out last night indicating how to apply.
Fack.
They sent an email out last night indicating how to apply.
Fack.
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