Small business loan for IC shoppers?

@Tarantado wrote:

Yeah, it’s criteria defined by the SBA as recent as 4/10 when they started taking applications for sole proprietors and IC’s. My sister, who works for one for the banks processing the PPP loans agrees with me that lots of the terms and details of the loan don’t make sense, such as defining an IC’s salary and especially getting it forgiven too, which I think leaves lots of room for either fraud or lots of these loans WON’T be forgiven because of how wild, conflicting and loose the definitions are. But, it is only a 1% interest loan, so low risk for me.

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@Niner wrote:

Do you mystery shop full time?

No.

Shopping the Greater Denver Area, Colorado Springs and in-between in Colorado. 33 year old male and willing to travel!

@Tarantado wrote:

As an update and reading more into it, I decided to apply for the SBA’s PPP loan. I heard that there’s a backlog of hundreds of thousands for it, but it doesn’t hurt to get myself in the queue.

Long story short, SBA has a WEIRD way on defining a sole proprietor’s / IC’s “salary,” which is basically the net income listed on our Schedule C Line 31. Because of that, I applied for it and if it’s forgivable, GREAT! If not? Well, it’s a 1% loan I’ll just pay back in full.

Sooooo...... The PPP loan funding officially ran out this morning. Basically all IC's and sole proprietors didn't have a chance, as applications only opened up on 4/10. If you didn't get an E-Tran number assigned by SBA, you're SOL. The main banks that processed the loans were the Big 3: Bank of America, Chase and Wells Fargo.

Wtf. No stimulus check. No opportunity for the PPP.

Shopping the Greater Denver Area, Colorado Springs and in-between in Colorado. 33 year old male and willing to travel!

@Tarantado wrote:

@Tarantado wrote:

As an update and reading more into it, I decided to apply for the SBA’s PPP loan. I heard that there’s a backlog of hundreds of thousands for it, but it doesn’t hurt to get myself in the queue.

Long story short, SBA has a WEIRD way on defining a sole proprietor’s / IC’s “salary,” which is basically the net income listed on our Schedule C Line 31. Because of that, I applied for it and if it’s forgivable, GREAT! If not? Well, it’s a 1% loan I’ll just pay back in full.

Sooooo...... The PPP loan funding officially ran out this morning. Basically all IC's and sole proprietors didn't have a chance, as applications only opened up on 4/10. If you didn't get an E-Tran number assigned by SBA, you're SOL. The main banks that processed the loans were the Big 3: Bank of America, Chase and Wells Fargo.

Wtf. No stimulus check. No opportunity for the PPP.

I didn’t bother to apply. I have a full time job. I’m not needing or getting a stimulus check either.

@SoCalMama wrote:

I didn’t bother to apply. I have a full time job. I’m not needing or getting a stimulus check either.

As do I, BUT, if a portion of income, which for many of us is a side business and make a decent amount, any help from the stimulus to cover the lost income for these next couple months from mystery shopping can help.

Sad news, as SBA is finally sending out official emails to everyone:

"As of today, April 16, 2020, the Small Business Administration has announced that all of the $349 billion allocated by Congress for PPP Loans has been used up. We, along with others closely monitoring this situation, are hopeful that Congress will provide additional funding for PPP Loans in the near future. However, at this point, if you have not received a loan approval yet through our partner Lendio, you will probably not be able to have your loan application approved until after Congress provides more funds for PPP Loans. Lendio has done everything possible to submit every completed PPP application. Some approvals may still happen in the next few days, but this will be the exception and not the rule."

Didn't get the stimulus check, didn't get the PPP and on my end, my real estate business fortunately isn't affected so no EIDL. So nothing comes out of this for my end, except a massive pay cut due to the oil and gas crash last month.

Shopping the Greater Denver Area, Colorado Springs and in-between in Colorado. 33 year old male and willing to travel!

@Tarantado wrote:

Didn't get the stimulus check, didn't get the PPP and on my end, my real estate business fortunately isn't affected so no EIDL. So nothing comes out of this for my end, except a massive pay cut due to the oil and gas crash last month.

No stimulus check, no EIDL, no PPP, no UI, looks like I'm only gonna get half of my $5k in receivables, no work available, and real estate income is dropping by the day. Consider yourself lucky.

There are reasons that a body stays in motion
At the moment only demons come to mind

@bgriffin wrote:

@Tarantado wrote:

Didn't get the stimulus check, didn't get the PPP and on my end, my real estate business fortunately isn't affected so no EIDL. So nothing comes out of this for my end, except a massive pay cut due to the oil and gas crash last month.

No stimulus check, no EIDL, no PPP, no UI, looks like I'm only gonna get half of my $5k in receivables, no work available, and real estate income is dropping by the day. Consider yourself lucky.

I’m sorry that you’re not getting paid for work done. It’s a terrible time to be a landlord too.

I know you’re addressing T, but I do consider myself lucky (and well prepared.) I managed to support two kids in college through my husbands 2 1/2 years of unemployment, from 2017-2019. After paying COBRA for 9 months @$1350/month to insure the family, I went back to a regular full time job in 2017. I now have lots of extra time on my hands. Nothing has changed at my full time job other than we wash our hands 30x a day instead of 20x, plus we wear masks during the full 9-10 hours we work.
I’m caught up on every project around the house that I’ve been putting off, and I’m more focused on eBay since I’m not doing reports 7 days a week now.

@bgriffin wrote:

No stimulus check, no EIDL, no PPP, no UI, looks like I'm only gonna get half of my $5k in receivables, no work available, and real estate income is dropping by the day. Consider yourself lucky.

Understood. All-around I sympathize everyone affected and am fully aware that I'm in a fortunate position where I'm at, regardless of all the complaining I've been venting about on the forum.

@SoCalMama wrote:

I’m sorry that you’re not getting paid for work done. It’s a terrible time to be a landlord too.

I know you’re addressing T, but I do consider myself lucky (and well prepared.) I managed to support two kids in college through my husbands 2 1/2 years of unemployment, from 2017-2019. After paying COBRA for 9 months @$1350/month to insure the family, I went back to a regular full time job in 2017. I now have lots of extra time on my hands. Nothing has changed at my full time job other than we wash our hands 30x a day instead of 20x, plus we wear masks during the full 9-10 hours we work.
I’m caught up on every project around the house that I’ve been putting off, and I’m more focused on eBay since I’m not doing reports 7 days a week now.

2.5 years is tough, especially if you have more than just yourself to take care of. Congrats on making it through that; COBRA is a nightmare, btw! In the end, I'm pulling for all people to weather through the storm, especially for those that have been struggling check to check. That's tough on so many levels to stay ahead and follow what all these analysts is the "proper" way to save and invest your money, when major road blocks like this get in the way. Especially when you're young trying your absolute best to stay ahead.

Shopping the Greater Denver Area, Colorado Springs and in-between in Colorado. 33 year old male and willing to travel!

From what I have read (whether it is true or not - I don't know) The huge corporations found ways to divide themselves into "Small" businesses, applied for the loans early and got them. So that's where all the money went. Joe average small business guy never stood a chance. Again, Don't know if it's true but makes sense to me.

Yes. Potbelly got $10,000,000 and Ruth's Chris got $20,000,000 among others. It was an intentional loophole, not a "found a way." The rich people always take care of their own

There are reasons that a body stays in motion
At the moment only demons come to mind

Edited 1 time(s). Last edit at 04/19/2020 04:33PM by bgriffin.

@bgriffin wrote:

Yes. Potbelly got $10,000,000 and Ruth's Chris got $20,000,000 among others. It was an intentional loophole, not a "found a way." The rich people always take care of their own

And now that we know how they screwed us, the only way to get back at those companies is to not give them any money (never go there) once they re-open.

@SoCalMama wrote:

And now that we know how they screwed us, the only way to get back at those companies is to not give them any money (never go there) once they re-open.

Same with Chase for knowingly allowing it, because it's highly probably that they had existing relationships with Ruth's Chris's and Potbelly too..... So of course, banks are going to help out their big corporate accounts first, because that's common sense business right?

Shopping the Greater Denver Area, Colorado Springs and in-between in Colorado. 33 year old male and willing to travel!

@Tarantado wrote:

@SoCalMama wrote:

And now that we know how they screwed us, the only way to get back at those companies is to not give them any money (never go there) once they re-open.

Same with Chase for knowingly allowing it, because it's highly probably that they had existing relationships with Ruth's Chris's and Potbelly too..... So of course, banks are going to help out their big corporate accounts first, because that's common sense business right?

This is what I've been saying about the MSC's as well.

This is not your grandparent's pandemic, where it will all be swept under the rug and people in 100 years won't see evidence of what transpired. We live in a social media shaming era, so corporations, politicians and celebrities...some being one and the same, will be held to the carpet (hopefully) for what they say and do!

Remember all of this. Specifically in a certain month of the year that's not the last month, but just before it. Something may be happening around that time where your ire for how things were handled might be able to make a difference.

1984 gets closer every day. Funny (odd funny, not haha funny) how it predicted so many things that are currently common in our lives today.

Also Farenheit 451, those interactive TVs, living only for pleasure, driving with the intent of running something over? Too darn real.

Edited 1 time(s). Last edit at 04/19/2020 08:17PM by sestrahelena.

Shake Shack is returning their $10 mil Loan
[www.yahoo.com]

@SoCalMama wrote:

Shake Shack is returning their $10 mil Loan
[www.yahoo.com]

Classy and respectable move.

Plus, that’s EXACTLY what I understood on how these large chains applied for the PPP loans... classifying each location it’s own entity.

Shopping the Greater Denver Area, Colorado Springs and in-between in Colorado. 33 year old male and willing to travel!

Nice!

@Tarantado wrote:

Plus, that’s EXACTLY what I understood on how these large chains applied for the PPP loans... classifying each location it’s own entity.

Yes, it was an intentional loophole added specifically for the restaurant industry.

There are reasons that a body stays in motion
At the moment only demons come to mind

As of this morning, The Washington Post is raising hell and so are several Senators, including at least on Republican.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.

We have helped several clients do the loan apps. Before SBA ran out of money three already got financing. All were under 50,000. The bill should have been structured differently with an income limit. Some of those companies are not small business owners.

@cjbstar wrote:

We have helped several clients do the loan apps. Before SBA ran out of money three already got financing. All were under 50,000. The bill should have been structured differently with an income limit. Some of those companies are not small business owners.

There were guidelines to qualify you for the loan.... The work-around was that the wording allowed companies to consider individual locations in the restaurant industry its own "small business," regardless if it genuinely can be as a franchise, or not. Companies that are typically franchised such as Potbelly had the people "at the top" make sure the franchises got theirs, cause you know, without it, the chances their franchise fees and them maintaining good status with them will spike...

Shopping the Greater Denver Area, Colorado Springs and in-between in Colorado. 33 year old male and willing to travel!

Did anyone else apply for the EIDL Loan? I applied the day the application opened I think (3/30). They pulled my Experian credit late Friday night and I had the $1000 advance in my checking account this morning. No other loan details yet, but depending on when you applied you might get something soon.

There are reasons that a body stays in motion
At the moment only demons come to mind

@bgriffin wrote:

Did anyone else apply for the EIDL Loan? I applied the day the application opened I think (3/30). They pulled my Experian credit late Friday night and I had the $1000 advance in my checking account this morning. No other loan details yet, but depending on when you applied you might get something soon.

I was able to convince a relative to apply around the 14th. He is a self-employed truck driver. While business hasn’t stopped, it has been slower due to the lack of shipments from Asia coming into the ports. I wonder if he applied too late to get anything.

Looks like it's official! More funding's been approved for the PPP loans:

"Hi TARANTADO,

This email provides a very important update on the Paycheck Protection Program (PPP) that may impact your request for a PPP Loan through SBA.com®.

If you already received notification from a lender that your application was accepted, you can ignore this email and please communicate with them or Lendio for support. Everyone else should keep reading.

As of today, April 24, 2020, President Trump has signed a bill providing an additional $310 billion in funding for PPP loans.

Our referral partner Lendio has been working very hard to prepare for this moment. If you have not yet obtained an approval it likely means your file is incomplete or you may not have qualified.

Your request will be sent by Lendio to a participating lender based on the completeness of your request with supporting documents."

Shopping the Greater Denver Area, Colorado Springs and in-between in Colorado. 33 year old male and willing to travel!

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