@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.
@Niner wrote:
Do you mystery shop full time?
@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.
I didn’t bother to apply. I have a full time job. I’m not needing or getting a stimulus check either.@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.
@SoCalMama wrote:
I didn’t bother to apply. I have a full time job. I’m not needing or getting a stimulus check either.
@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.
@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.
@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.
@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.
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.@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
@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.
@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?
@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.
@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.
@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.