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The following page was printed from RemoteCentral.com:
| Topic: | $10,000 Covad-19 Relief Forgivable Loan This thread has 46 replies. Displaying posts 16 through 30. |
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| Post 16 made on Sunday April 12, 2020 at 12:26 |
Stryker Long Time Member |
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Posts: | November 2010
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So the ppp is a loan at 1% that maybe could be forgiven. Even if it’s not when has anyone borrowed money at 1%. Why would I use my cash and reserves? Seems like a no brainer.
Btw I’m so glad to have a relationship with my local bank. I screwed up and didn’t initial lines 5and 6. On the PPP app. They called me and I swung by and fixed in the drive though. They even followed up to say I was good to go (as far as paperwork). Not sure how long it will take and maybee I won’t get it but having a relationship with my bank was some of the best advice I was ever given when I started over in a new business
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"If they give you ruled paper, write the other way" |
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| OP | Post 17 made on Sunday April 12, 2020 at 15:16 |
crosen Senior Member |
Joined:
Posts: | April 2009
1,262 |
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On April 12, 2020 at 11:19, 3PedalMINI said...
I just applied, was suspiciously straight forward, especially for anything government related. It was so straightforward that I checked 10 times to make sure the URL was legit and I wasn't being fished for sensitive info.
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If it's not simple, it's not sufficiently advanced. |
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| Post 18 made on Sunday April 12, 2020 at 18:04 |
Proggieus Long Time Member |
Joined:
Posts: | October 2005
434 |
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On April 12, 2020 at 00:49, Brad Humphrey said...
I'm still waiting for someone to 'actually' get approved and get a check.
A lot of talk on the internet about people applying, yet to see anyone actually get approved and a check.
I have my suspicions on this. And even if some businesses get approved, I want to actually see the money 'forgiven' in the future and not have the IRS come back at them and say "No, you owe that money back". Again, I have my suspicions.
I'm not applying for ANY of it. I'm not about to put my nuts in the government vise and have them end up getting crushed.
I'll struggle thru. Luckily I don't have any employees, so PPP isn't even a worry or option for me. we have been approved and should be closing on Monday, as for the IRS the bill that created both programs explicitly states that the forgiven loan amount can not and will not count as taxable income, as for the payback rules it would have nothing to do with the IRS as its administered by the SBA
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| Post 19 made on Sunday April 12, 2020 at 19:47 |
3PedalMINI Loyal Member |
Joined:
Posts: | July 2009
7,860 |
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On April 12, 2020 at 15:16, crosen said...
It was so straightforward that I checked 10 times to make sure the URL was legit and I wasn't being fished for sensitive info. Hah. So true. I kept looking to make sure it had .gov....
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The Bitterness of Poor Quality is Remembered Long after the Sweetness of Price is Forgotten! - Benjamin Franklin |
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| Post 20 made on Sunday April 12, 2020 at 19:57 |
edizzle Loyal Member |
Joined:
Posts: | March 2005
5,916 |
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it has been 3 weeks!
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I love supporting product that supports me! |
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| Post 21 made on Monday April 13, 2020 at 11:45 |
GotGame Super Member |
Joined:
Posts: | February 2002
4,022 |
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I dumped Chase a couple of years ago. I only used them because of the ease of banking out of country.
Huntington bank called me and we did the PPP over the phone in about 15 minutes. YMMV
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I may be schizophrenic, but at least I have each other. |
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| Post 22 made on Monday April 13, 2020 at 12:52 |
goldenzrule Loyal Member |
Joined:
Posts: | July 2007
8,474 |
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This "loan" will only pay up to $1000 per employee up to $10,000 from what I read.
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| Post 23 made on Monday April 13, 2020 at 14:57 |
3PedalMINI Loyal Member |
Joined:
Posts: | July 2009
7,860 |
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On April 13, 2020 at 12:52, goldenzrule said...
This "loan" will only pay up to $1000 per employee up to $10,000 from what I read. no, its $1000 per employee advance regardless of if you get approved for the other 9k or not. More or less, its a guaranteed $1000 as long as you're a legitimate business. the other 9k is up in the air.
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The Bitterness of Poor Quality is Remembered Long after the Sweetness of Price is Forgotten! - Benjamin Franklin |
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| Post 24 made on Monday April 13, 2020 at 15:15 |
Proggieus Long Time Member |
Joined:
Posts: | October 2005
434 |
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that is the EIDL Grant.
The PPP loab can be 2.5 time avergae monthly payroll upto 10,000,000
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| Post 25 made on Monday April 13, 2020 at 15:40 |
internetraver Advanced Member |
Joined:
Posts: | April 2003
798 |
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On April 12, 2020 at 19:57, edizzle said...
it has been 3 weeks! LOL! My thoughts exactly. I get every situation is different but people gotta be better with the money they make in the times they're making it.
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| Post 26 made on Tuesday April 14, 2020 at 08:44 |
gpaul_snapav Snap AV |
Joined:
Posts: | March 2011
172 |
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FWIW dealers are already receiving funding through the PPP program. For resources on this topic please check what we have curated: [Link: remotecentral.com]
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G. Paul Hess SnapAV Chief Product Officer [email protected] |
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| Post 27 made on Tuesday April 14, 2020 at 10:08 |
3PedalMINI Loyal Member |
Joined:
Posts: | July 2009
7,860 |
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On April 12, 2020 at 19:57, edizzle said...
it has been 3 weeks! it just feels so much longer then it really is. No matter what side of the aisle you are on, to think a GOVERNMENT program is already funding in roughly 3 weeks is pretty amazing.
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The Bitterness of Poor Quality is Remembered Long after the Sweetness of Price is Forgotten! - Benjamin Franklin |
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| Post 28 made on Thursday June 18, 2020 at 08:41 |
3PedalMINI Loyal Member |
Joined:
Posts: | July 2009
7,860 |
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I Just wanted to give an update to this. Last month my credit reporting agencies alerted me that the SBA did a hard pull on my credit. After 2 months of nothing from them I was shocked to actually see that. Then last weekend on Sunday evening it said I was approved, I had to log in and accept the loan amount, and then do a simple verification. From there they said they would be in contact, Yesterday evening I got an email saying its been accepted and I just needed to sign the closing documents.
I set aside all morning this morning to do it, turns out, it was 2 signatures. Its supposed to fund in the next few weeks.
I once again had to keep checking to make sure this was legit, its shockingly simple!
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The Bitterness of Poor Quality is Remembered Long after the Sweetness of Price is Forgotten! - Benjamin Franklin |
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| Post 29 made on Thursday June 18, 2020 at 11:10 |
internetraver Advanced Member |
Joined:
Posts: | April 2003
798 |
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I though I heard a while back that they came out and said that all recipients of this program would be made public. This may or may not affect your business and/or decision to go this route.
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| Post 30 made on Friday June 19, 2020 at 09:12 |
GotGame Super Member |
Joined:
Posts: | February 2002
4,022 |
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I would be curious if the PPP loan would show details. I know the federal disaster loan does, except for your SS#.
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I may be schizophrenic, but at least I have each other. |
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