right arrow
Make sure to check out our July Checklists for HS Juniors and HS Seniors. Consult these quick resources to get you started on the process this month.
GUEST STUDENT OF THE WEEK: ehales3 is a rising sophomore at Cornell University. As a high school student, she always thought that she wanted to study in a more urban environment, but has grown to love Ithaca and all that it offers. ASK HER ANYTHING!
As we work to adjust to the current reality, make sure to check out these dedicated COVID-19 resources: our directory of virtual campus tours, our directory of extended deadlines, as well as the list of schools going test optional this fall.

COVID19 Resources for small businesses - wading through all the info!

2456

Replies to: COVID19 Resources for small businesses - wading through all the info!

  • Snowball CitySnowball City 1862 replies53 threads Senior Member
    My husband was up all night finishing the PPP application. He started being in touch with a local rural bank a few days ago. Banker was returning emails at 3 a.m.

    My husband has a little under 30 employees. The PPP is going to be a godsend.
    · Reply · Share
  • politepersonpoliteperson 615 replies4 threads Member
    @milee30 I don’t think you need a lending history with the bank in order for them to process the PPP app, just a banking relationship. (And I think this is a condition imposed by some banks, not part of the program rules, asa way of prioritizing existing customers). Anyway, good luck!
    · Reply · Share
  • milee30milee30 2916 replies18 threads Senior Member
    @milee30 I don’t think you need a lending history with the bank in order for them to process the PPP app, just a banking relationship. (And I think this is a condition imposed by some banks, not part of the program rules, asa way of prioritizing existing customers). Anyway, good luck!

    Yes, it could be a bank-imposed condition, but unfortunately since both the banks I have checking relationships with have imposed it, I may be SOL. Hoping the small bank I found comes though, but it seems like a shot in the dark.
    · Reply · Share
  • showmom858showmom858 3137 replies16 threads Senior Member
    I spent yesterday working with our CFO to pulling together the information needed for the PPP application.
    · Reply · Share
  • surfcitysurfcity 2735 replies61 threads Senior Member
    I am very pessimistic that we will get any PPP money. I have my app ready to go when the bank is equipped to accept them. The SBA changed things again just last night so banks are scrambling.

    I was on a conference call with 100 business owners and SBA reps and you could hear the desperation in everyone’s voices.

    There’s an article in the paper today saying smaller businesses may lose out on the money because of bigger “small businesses” or national companies that can take advantage of loopholes.
    · Reply · Share
  • SingswimsewSingswimsew 100 replies1 threads Junior Member
    I'm a part time bookkeeper for a small retail store. I got the EIDL application in on Thursday and was able to do the PPP today. They were both pretty straightforward but all I got after I submitted the PPP was an acknowledgement and a promise that the bank would be in touch. No confirmation number, no opportunity to print out a copy. And it said not to call, email, chat, write or visit the bank with questions. So I'm not feeling confident.

    The store has been closed for two weeks. It's a sewing store so people can call in orders for fabric or notions (mask kits are popular) and the owner will put them in a box outside the front door when the customer calls to say she's on her way. We also repair sewing machines. So it's just been me, the owner and the woman who repairs the machines. We have been keeping physical distance from each other but starting Monday we will begin staggered hours so only one of us at a time will be there.

    The county has deemed the store essential because of the masks.
    · Reply · Share
  • shuttlebusshuttlebus 720 replies1 threads Member
    Our business has been totally shut down for three weeks now - which seems like an eternity. My H has been on conference calls with our congressman, local head of SBA, and other business owners this past week. There has been some confusion over the language in the stimulus package, and my H has not been able to get definitive answers to some of his questions. He submitted the PPP application last night. He has a relationship with a small bank. The bank told him that he will get priority and that the bank will not be accepting applications from business owners that do not have a relationship with them until sometime next week.

    I hope that in the end, every small business is able to participate in the PPP.
    · Reply · Share
  • MaineLonghornMaineLonghorn 41933 replies2267 threads Super Moderator
    Still waiting for my TD Bank Branch to notify me that they’re ready to accept my PPP application. We happened to increase our business line of credit recently so we do have a relationship with them.
    · Reply · Share
  • milee30milee30 2916 replies18 threads Senior Member
    There's a small, family owned restaurant that we're now ordering from once a week to try to help them stay afloat. We don't normally eat out that often, but this place is fantastic, the family is nice and it would be terrible if they went BK. Anyway, we were there tonight to pick up our order and ended up talking for a long time about how they could apply for the PPP funds. I think she was getting on her bank's website as we were leaving, so crossing my fingers she gets one of the loans.
    · Reply · Share
  • MaineLonghornMaineLonghorn 41933 replies2267 threads Super Moderator
    I'm a little annoyed, to put it mildly. I haven't heard back from the TD Bank employee who promised to contact me as soon as we could apply.

    This morning, I woke up to a radio report that 1,000 Maine businesses have already been approved for the PPP loans! WTH? The branch doesn't open for another hour. I emailed the guy and left him a voice message. Grr.
    · Reply · Share
  • saillakeeriesaillakeerie 2516 replies0 threads Senior Member
    There has been a lot of confusion with the process. Banks initially were chomping at the bit to make the PPP loans. Everyone expected applications would be up last Friday. But the Treasury/SBA regs came out late Thursday. And they were not a model of clarity (in large part because of the incredible short time frame involved). Still a lot of questions in terms of how the loan amount is determined. And FWIW, its not limited to payroll. Up to 25% of the loan can cover rent, utilities and mortgage interest. Regs on forgiveness of the loans was very thin so more will need to follow for clarity.

    Some banks went online with the apps. Others did not citing concerns about potential liability for the bank if the borrower wasn't entitled to the loan. Several banks say they will go live with apps today or tomorrow. We shall see. They are also expecting 50-100k applications which will take some time to process. Talk is there will be more funds made available if the $349 billion is gone. Will see on that as well.

    From what I heard, smaller community banks were more likely to be taking apps. They usually do not have in-house counsel staffs who may be closely looking at risk issues. Almost all banks I have heard are giving priority to existing customers.

    All very confusing.
    · Reply · Share
  • shuttlebusshuttlebus 720 replies1 threads Member
    Our banker has been extremely responsive thoughout this process -he was even emailing and answering my husband's questions Sunday morning. Our bank is a small community bank. Our final application was submitted yesterday. Hopefully we will hear something soon...
    · Reply · Share
  • surfcitysurfcity 2735 replies61 threads Senior Member
    @shuttlebus how did you submit your application? My small community bank says it is going to open up a portal today and do not send anything sensitive thru email. (They are not a very tech-forward bank). I have my docs ready to go but am just waiting for their portal to be live.
    · Reply · Share
  • MaineLonghornMaineLonghorn 41933 replies2267 threads Super Moderator
    I filled out the application online with TD Bank. They wanted 15 monthly payroll statements backed up by 15 monthly bank statements! There was a separate “Upload” button to click for each one. 30 uploads! Plus other documentation. I didn’t realize you could include health insurance premiums before talking to my CPA halfway through the application. It was too late to change the loan request box (there was no way to go back!), but I uploaded an extra document with the request plus a few clarifying statements.

    My CPA said he’s already been approved but doesn’t know when he’ll get the money.

    He said you have to spend the money in eight weeks for it to be forgiven. He said you can increase payroll in order to do that since it will be tough otherwise to spend the 2.5 x monthly payroll in that period of time. I guess I could pay ahead on health insurance, too.


    I don’t know, I’m sure I did something wrong and won’t see any money.
    · Reply · Share
  • politepersonpoliteperson 615 replies4 threads Member
    @MaineLonghorn Funds spent on rent, utilities, and mortgage interest in those subsequent 8 weeks will also be forgiven. So you can get 2.5x monthly payroll and spend it on 2 months payroll, rent, utilities. I don’t know if prepaying anything will be eligible for forgiveness. But the amount not spent on eligible items just becomes a low interest loan (which technically is what the entire amount is until forgiven).
    · Reply · Share
  • MaineLonghornMaineLonghorn 41933 replies2267 threads Super Moderator
    We have a home office so we don’t have many expenses that count.
    · Reply · Share
  • shuttlebusshuttlebus 720 replies1 threads Member
    @surfcity The bank sent a form for us to complete. Once we completed it, my H sent it back to our banker for him to review. Yesterday, our banker sent a secure link where my H uploaded the completed application.

    We just received a text message from our banker 5 minutes ago...the packet has been received and is currently under review. The text message made it sound like the SBA was reviewing the packet, but we are not totally clear on what entity is reviewing it.

    Has anyone here received funding yet?
    · Reply · Share
  • snowballsnowball 3043 replies256 threads Senior Member
    My husband is working on getting his paperwork ready to upload, but had a question which he left to me to figure out as he left for work!

    Our bank is ask for the following as well as other forms which he has:

    Include a business ownership schedule that specifies for each owner:

    First Name and Last Name
    Ownership %
    Social Security Number
    Address
    Citizenship
    Ethnicity (Hispanic Latino or Not Hispanic Latino)

    Does anyone know if this is a form to fill out, or just a typed letter stating the above? I wasn't able to get anyone on the phone at the bank, so thought I would check here!
    · Reply · Share
  • MaineLonghornMaineLonghorn 41933 replies2267 threads Super Moderator
    I think it's just a letter, unless they're talking about the official PPP application.

    I'm kind of annoyed that I didn't get a receipt or confirmation number or anything when I clicked on "Submit."
    · Reply · Share
  • snowballsnowball 3043 replies256 threads Senior Member
    To add to my above post, I was able to speak to someone at the bank, although they weren't sure :neutral: The woman I spoke to thought it was either Schedule C, G or K for the previous tax return. As I don't touch our tax returns except to sign them, I will pass the information on to my husband, and he or our CPA can figure it out.

    I need to go back to work where I can do tasks I know how to do! This being a housewife is hard work!!
    · Reply · Share
Sign In or Register to comment.

Recent Activity