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!!
My H is on hold with the SBA…he is number 1004 in line.
I am still waiting for my small community bank to finish setting up its online portal. I like dealing with a small bank - I know the banker personally so I do think they go to bat for the little guys, but I am worried that the money will run out before I can upload all my stuff!
My town’s business association is really worried that small businesses as we define them (well under 100 employees - we only have 1 FT and 4 PA) will be left out in the cold by bigger small businesses
Yeah, I heard that Congress is trying to approve more money. What were they thinking? Didn’t they realize just about every business in the county would apply? Who’s going to pass up a forgivable loan??
We were contacted by the bank today and uploaded our documents. Now I guess we await developments. No activity with the EIDL.
Our banker just called…our loan has been approved by the SBA. According to our banker, the funds will be transferred into our account by the middle of next week. What a relief.
ETA: We are a small business with less than 25 employees. Our bank is also a small local bank.
I haven’t heard a WORD from TD Bank and it’s been over four business days now. 
So in talking with a friend tonight, I realized that this program does not ask you to demonstrate loss or adverse effects in order to get a loan.
I also talked to a nonprofit group that said it is fine to apply as a nonprofit even if you haven’t had to lay off staff. There is no requirement that you have to show a reduction in capacity or income. This really burns me up. I would not feel right applying for a PPP loan as my nonprofit is actually doing better because we’ve received donations due to the crisis.
Similarly if my business was not shut down I would not apply either (although I guess it’s hard to find a business that hasn’t been affected).
My husband and I were discussing this issue as well. It is ridiculous that a business doesn’t have to demonstrate loss or adverse effects. Our friend’s small business has had its sales increase 150% since the shut down, so there are definitely businesses out there that have not been adversely affected by this mess.
Definitely, there are problems with not having applicants show loss and those who do should definitely get priority over those who are not suffering.
The Dodd Frank bill does require a banking relationship for SBA loans so it’s not just a bank policy. They are trying to fix some of those, but there is a good reason for many of the regulations so they have to be careful. Many of the regulations are to prevent fraud and money laundering.
A friend was laid off on Sunday, but Monday his boss called and said he was approved for the loan so friend, and electrician, is back on the job.
It seems that the restriction on partial foreign ownership changed, so my husband filed yesterday.
This is probably a silly question, but can he also file an unemployment claim? He paid himself, of course. His company only has four employees.
That’s a state specific question. In most states, if he paid the regular rate of unemployment tax/insurance on his earnings he will be eligible for unemployment so should file for it.
The problem with requiring loss or adverse effects for small businesses is that the effects might not show up right away. And those effects could be coming. Many small businesses were affected for a long time after 2008. There is a great deal of uncertainty right now.
Many in the U.S. don’t understand what it’s like to own a business. People who are employed by large employers or government entities or who have retired from government and have nice (in the case of government retirees, taxpayer-funded) pensions and benefits don’t understand. The government is right to recognize that small businesses are indeed the backbone of America and deserve special consideration.
We got a call from the bank we’re working through to tell us they received our PPP application and asking if we were able to upload our documents to the site. Then they said we should hear something next week.
We also heard (from our accountant, not the bank) that if we get the EIDL advance it will be subtracted from the PPP amount. Does anyone else understand that to be the case?
Yes, the original PPP applications published had specific questions about whether you’ve received an EIDL and there were places to enter that amount and subtract it from the loan amount requested.
We just got approved for PPP. I’ve been waiting for the adrenaline to wear off a little before writing a post detailing the experience. I’ll cross my fingers your loan comes through as well.
Has anyone run into an issue like this with Wells Fargo? Here’s the fact pattern:
Small, long-standing nonprofit, ~25 employees. Established relationship with business accounts at WFB. Nonprofit manager was working with bank rep to coordinate application for PPP loan. There was no opportunity at all to apply for the loan – no link on website, no notification from bank rep. First it was: not yet. Then it was too late.
During the time frame when there had been no opportunity to apply, WFB issued a press release saying that it had already exceeded its capacity with applications – and then applied for a release from financial caps that had been previously imposed because of WFB’s past history of fraudulent conduct.
So it LOOKS like WFB either was falsely claiming to have exceeded its capacity before even allowing apps, or that WFB set up some sort of backdoor app process which was not widely disseminated to its customers. Either that, or WFB had opened up the apps on its website for some very brief window of a few hours that was closed down without any particular notation on its site. (That is, there wasn’t a page that said PPP apps and then subsequently indicated apps had been closed – at least not one that was easy to find).
@calmom although I don’t bank with WF, so didn’t see that personally your story is not uncommon and the same sort of BS we’re reading about all over the US and with many different banks. The banks (and anybody with more than 2 brain cells) quickly saw that not only was there not nearly enough $$$ available, but the SBA was going to be overwhelmed with the volume. So many banks made strategic decisions about how they were going to handle this and decided if only x% of the loans was going to be possible, that they’d make sure that x% were to customers that benefit the bank.
Bank of America was one of the most (IMO) cynical. They only offered PPP loans to existing customers who also had a “lending relationship” with BofA. Yes, they would only allow customers who currently owe them money to get one of the PPP loans. Smart, because that increases the chances that BofA’s customers who owe them money will be able to pay back that money to BofA, but really stunk for customers like us who didn’t borrow any money and instead ran our operations without debt.
Well, we do have an existing business line of credit with our bank and I don’t think it’s helping us at all with PPP. ?
Well I also found this about one bank that is writing PPP loans for new customers:
So one way or another, WFB customers are hitting a dead-end at their own bank.