Moderators Travis In Austin Posted April 10, 2020 Moderators Share Posted April 10, 2020 On 4/3/2020 at 5:04 PM, DizRotus said: Today was supposed to be the day for my small business to apply for funds under the Payroll Protection Package (PPP), part of CARES Act, to continue to pay our three employees so they would not be unemployed and not need to claim unemployment compensation. Despite my diligent efforts and those of our accountant and business banker, we were unable to submit an application. Our accountant has heard from her colleagues that financially sophisticated clients, doctors, lawyers, hedge fund managers, etc. are abusing the spirit of PPP. Rather than needing funds to prevent employee layoffs, PPP is seen as a low interest loan. Fire your banker. It's not a loan, if you keep the employees employed it converts to a grant (within limits). Don't forget to apply for the EDIL also, there is a 3 day turn around on that, $10,000, that also converts to a grant if you meet the standards. Direct deposit into your bank. Later on you can apply for a loan up to 2 million at 2.75 percent. My banker was the one who notified me, he is on the SBA Regional committee. Were you notified about this by a business organization you belong to? If not, join one that has it's act together. I applied for one for a client (5 emergency rooms) and they were approved for a PPP loan in excess of $750,000 (which isn't enough, but will keep most employees on staff and not laid off). The Museum belongs to the American Alliance of Museums, they notified us of all the programs that nonprofits are eligible for, outlined, and broken out by eligibility, links to all of the typical programs that were available for small museums. I don't know if this is a state by state thing, or regional, but the feed back I'm getting is not the same as what you have experienced. Very sorry to hear that it has gone that way for you. Travis Quote Link to comment Share on other sites More sharing options...
OO1 Posted April 10, 2020 Share Posted April 10, 2020 - Quote Link to comment Share on other sites More sharing options...
DizRotus Posted April 10, 2020 Author Share Posted April 10, 2020 4 hours ago, dwilawyer said: I don’t know if this is a state by state thing, or regional, but the feed back I'm getting is not the same as what you have experienced. Very sorry to hear that it has gone that way for you. I applied for EIDL on March 30. Don’t you believe the 3 day turnaround tales. We’ve yet to see a dime, nor have others I know who applied earlier than I did. As to firing the banker, that wasn’t an option for two reasons. The first being the need to have an ongoing relationship with the bank to even attempt to apply, and the second being that he was diligently working to make it happen. The ones who should be fired are in Washington. If I don’t see some $$$ before next Friday, I’ll be forced to choose whether to make payroll without incoming revenue or layoff my employees. 2 1 Quote Link to comment Share on other sites More sharing options...
jwc Posted April 10, 2020 Share Posted April 10, 2020 No mula yet. We applied to EIDL, the 10K grants and PPP. Quote Link to comment Share on other sites More sharing options...
DizRotus Posted April 10, 2020 Author Share Posted April 10, 2020 1 minute ago, jwc said: No mula yet. We applied to EIDL, the 10K grants and PPP. Likewise. I’ll report when, if, results are obtained. Please keep us apprised of your success JC. 1 Quote Link to comment Share on other sites More sharing options...
DizRotus Posted April 10, 2020 Author Share Posted April 10, 2020 At the risk of sounding pompous, I am distressed at the implementation of the PPP and EIDL. Having a law degree did not make the process easy for yours truly. How difficult must it be for the owners of nail salons, food trucks, and the like, many for whom English is their second language? Quote Link to comment Share on other sites More sharing options...
Jeff Matthews Posted April 10, 2020 Share Posted April 10, 2020 24 minutes ago, DizRotus said: At the risk of sounding pompous, I am distressed at the implementation of the PPP and EIDL. Having a law degree did not make the process easy for yours truly. How difficult must it be for the owners of nail salons, food trucks, and the like, many for whom English is their second language? Confused on what to do? Call Diz at 1-800-GET-YOURS. Quote Link to comment Share on other sites More sharing options...
Moderators Travis In Austin Posted April 11, 2020 Moderators Share Posted April 11, 2020 7 hours ago, jwc said: No mula yet. We applied to EIDL, the 10K grants and PPP. We fund next week for the ER Facilities and that's about $750,000 per facility, but the caps per employee are hurting. Lots of snags on some others, it looks like we just got lucky. Quote Link to comment Share on other sites More sharing options...
jwc Posted April 11, 2020 Share Posted April 11, 2020 14 hours ago, DizRotus said: At the risk of sounding pompous, I am distressed at the implementation of the PPP and EIDL. Having a law degree did not make the process easy for yours truly. How difficult must it be for the owners of nail salons, food trucks, and the like, many for whom English is their second language? It is confusing. What it took from us was an enormous # of calls to Banks, other small business owners, and accountants. We also got on a couple of webinars that were "specialists" of the SBO. Quote Link to comment Share on other sites More sharing options...
jwc Posted April 11, 2020 Share Posted April 11, 2020 Good news for me this AM. Funds came into my business based on our history of seeing Medicare patients. Cares Act Provider Relief Fund. 1 Quote Link to comment Share on other sites More sharing options...
DizRotus Posted April 11, 2020 Author Share Posted April 11, 2020 That's great news. Still nothing new here. I'm sure that some of our clients are medicare patients, so we should be seeing funding any day. 😉 At the risk of insulting anyone, before you attack your keyboard, OF COURSE I'M KIDDING about our clients coincidentally being Medicare patients; JC medically treats them, whereas we just sell them stuff. JC's practice deserves preferential treatment. Quote Link to comment Share on other sites More sharing options...
MookieStl Posted April 11, 2020 Share Posted April 11, 2020 I'm doing the waiting game as well, just haven't been waiting as long. First time I sent the bank my PPP paperwork, the file was so big, it did not go through. I had to break it down into smaller batches. We are still partially operational in our shop and front office/sales are able to work from home. (not overly productive but getting better) I will let you know how I do. In theory, we have a leg up as we already have an SBA loan from when we bought the business (employee owned) 1 Quote Link to comment Share on other sites More sharing options...
DizRotus Posted April 11, 2020 Author Share Posted April 11, 2020 I’m reminded of my own experience with urologists. Since I’m the OP, I feel authorized to allow thread drift in the spirit of some needed levity. Years ago I had a kidney stone. If you’ve experienced one you know how bad it can be. If you haven’t had one, you want to keep it that way. The hospital “assigned” me to a urology practice, saying that my internist usually referred his patients to the urology practice of Peters & Gonzales. When Dr. Gonzales introduced himself to me, I facetiously said there must be a mistake, as there was nothing wrong with my gonzales. Fortunately, Dr Gonzales had a sense of humor. The treatment I received was excellent. 2 Quote Link to comment Share on other sites More sharing options...
Moderators Travis In Austin Posted April 11, 2020 Moderators Share Posted April 11, 2020 19 hours ago, DizRotus said: At the risk of sounding pompous, I am distressed at the implementation of the PPP and EIDL. Having a law degree did not make the process easy for yours truly. How difficult must it be for the owners of nail salons, food trucks, and the like, many for whom English is their second language? It took 5 of us, lawyer, CPA, an MD, a PhD and a banker who was on the regional committee with an intimate knowledge of of SBA programs. It wasn't easy by any means, but it's doable. The banker was vital, he wanted client to get loan, he must have made 100 calls, all the way back to Washington. Without the contacts I think we would still be sitting here. In doing the applications for the Museum another struggle, the forms don't align with a non-profit very well. There is a box at the top you check at top that you are a non- profit because they are specifically included in both programs but the questions later in application like on ownership had no relation to non-profits. Half of our answers were "other." We shall see. 2 Quote Link to comment Share on other sites More sharing options...
jwc Posted April 12, 2020 Share Posted April 12, 2020 21 hours ago, DizRotus said: as there was nothing wrong with my gonzales Settin the tone with the Doc. Good start always. 1 Quote Link to comment Share on other sites More sharing options...
DizRotus Posted April 12, 2020 Author Share Posted April 12, 2020 NOTHING yet! Almost two weeks since receiving confirmation of EIDL application. Instead of $10,000 advance within 3 days as promised by SBA, I’ve received nothing. It’s been more than one week since receiving confirmation of PPP application, but nothing. Next Friday is a payday for our 3 employees. Making payroll without EIDL or PPP will be difficult with no incoming revenue. Quote Link to comment Share on other sites More sharing options...
JJkizak Posted April 12, 2020 Share Posted April 12, 2020 1 hour ago, DizRotus said: NOTHING yet! Almost two weeks since receiving confirmation of EIDL application. Instead of $10,000 advance within 3 days as promised by SBA, I’ve received nothing. It’s been more than one week since receiving confirmation of PPP application, but nothing. Next Friday is a payday for our 3 employees. Making payroll without EIDL or PPP will be difficult with no incoming revenue. Just saw a news brief that said the banks were not prepared and had to print up all kinds of forms that took a week or more and other stuff like the SBA normally handles 30 billion per year and suddenly it's 350 billion and they are mired in a swamp weeks behind schedule. JJK Quote Link to comment Share on other sites More sharing options...
MookieStl Posted April 12, 2020 Share Posted April 12, 2020 21 minutes ago, JJkizak said: Just saw a news brief that said the banks were not prepared and had to print up all kinds of forms that took a week or more and other stuff like the SBA normally handles 30 billion per year and suddenly it's 350 billion and they are mired in a swamp weeks behind schedule. JJK I have been dealing with the SBA for over five years now. They were (or at least seemed) to be overwhelmed before this massive challenge was put on them. I do not know what changes have been made, personnel additions or process improvements, but without improvements, this will be a slow process. Quote Link to comment Share on other sites More sharing options...
DizRotus Posted April 15, 2020 Author Share Posted April 15, 2020 Received two emails recently. Monday evening the bank acknowledged PPP application, but requested additional documentation to prove that we had employees on or about Feb. 15, 2020. Hopefully, recently filed Q1 941 return will suffice. Yesterday SBA acknowledged EIDL application, but advised that the “$10,000 advance” is now $1,000 per employee, up to maximum of $10,000. With three employees, perhaps we’ll get $3,000 advance, perhaps not. 1 Quote Link to comment Share on other sites More sharing options...
Moderators Travis In Austin Posted April 16, 2020 Moderators Share Posted April 16, 2020 On 4/15/2020 at 10:44 AM, DizRotus said: Received two emails recently. Monday evening the bank acknowledged PPP application, but requested additional documentation to prove that we had employees on or about Feb. 15, 2020. Hopefully, recently filed Q1 941 return will suffice. Yesterday SBA acknowledged EIDL application, but advised that the “$10,000 advance” is now $1,000 per employee, up to maximum of $10,000. With three employees, perhaps we’ll get $3,000 advance, perhaps not. The ER's funded yesterday, the accounting is going to be a nightmare in order to avoid converting to loan. In essence, a tracking system seperate and apart from already robust payroll accounting systems. This just is in from banker, no more funds for PPP, not sure if that is regionally or nationally. This bank isn't accepting any new applications. Quote Link to comment Share on other sites More sharing options...
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