Has anyone tried to get a bank loan lately?

[reallyhardtowin]

you would have to do more than lie. llc must provide formation documents and partnership agreements. you have to include 941's, 940 and monthly payroll registers. anyone dumb enough to do this will get a lot of free stuff including room and board and free meals ! Most banks would only help existing relationsips.

[mjsuax13]

you would have to do more than lie. llc must provide formation documents and partnership agreements. you have to include 941's, 940 and monthly payroll registers. anyone dumb enough to do this will get a lot of free stuff including room and board and free meals ! Most banks would only help existing relationsips.

LOL. I know. Rudy, you might be stuck.

[JIBBBY]

Loans are for losers.. Work and save.

No debt is freedom for the people!!!!

Nothing better in life then owing nothing to anyone!! TRUST ME!!

Very few achieve this status in life..

[pimike]

Being a sole proprietor is the problem why it didn’t work for me.

Looks like April 10th

https://www.google.com/amp/s/www.cnbc.com/amp/2020/04/03/delays-in-sba-loans-for-independent-contractors-self-employed-workers.html

[jjgold]

Mike ways around it

[pimike]

Mike ways around it

Call me

I’m all ears

[pimike]

I was funded this morning. My bank is BBVA. My understanding is the portion of the loan that is used for payroll will be forgiven with up to 25% of the loan can be used for rent, utilities, interest on certain debt. My first payment starts 7 months from today with 17 equal payments at 1% if none of it were forgiven. I did not have to put up any collateral or make any personal guaranties.

Did you have to provide anything? Payroll taxes?

[jjgold]

Mike set up a dummy corporation

[Sam Odom]

Mike set up a dummy corporation

Mike , put JJ in charge

[jjgold]

Brock already said he is applying for a 25K loan, has all the papers that he owns construction business

He does not even know how to use a hammer

Mike your behind the times

[manny24]

free money

[d2bets]

you would have to do more than lie. llc must provide formation documents and partnership agreements. you have to include 941's, 940 and monthly payroll registers. anyone dumb enough to do this will get a lot of free stuff including room and board and free meals ! Most banks would only help existing relationsips.

Yep. I submitted my ppp app over the weekend. Did they fund immediately upon approval or were there further docs after approval?

What I still don't understand is the forgiveness calc. The loan is 2.5 months payroll but the forgiveness is just 8 weeks, but includes rent and utilities. What exactly is the 8 week period? Do I choose? Is 8 weeks just 2 months if rent and utilities or do I prorate? I didn't include any taxes in the calc, but I did include retirement plan.

[zam77]

Yep. I submitted my ppp app over the weekend. Did they fund immediately upon approval or were there further docs after approval?

What I still don't understand is the forgiveness calc. The loan is 2.5 months payroll but the forgiveness is just 8 weeks, but includes rent and utilities. What exactly is the 8 week period? Do I choose? Is 8 weeks just 2 months if rent and utilities or do I prorate? I didn't include any taxes in the calc, but I did include retirement plan.

Whatever the amount you receive, if you can prove you used it for payroll, rent and utilities just assume it will be forgiven... that's the way I'm looking at it. Rules are changing daily on this damn thing, but bottom line is if you're actually deemed a legit business in need and get the loan and use it for actual operating expenses they are going to forgive it.

Also just got an email from my bank this morning that they paused accepting new applications so they can focus on completing the overwhelming amount they have already received.

[d2bets]

Whatever the amount you receive, if you can prove you used it for payroll, rent and utilities just assume it will be forgiven... that's the way I'm looking at it. Rules are changing daily on this damn thing, but bottom line is if you're actually deemed a legit business in need and get the loan and use it for actual operating expenses they are going to forgive it.

Also just got an email from my bank this morning that they paused accepting new applications so they can focus on completing the overwhelming amount they have already received.

In that vein, I assume all you have to do is show the amounts of payroll, rent and utilities that you paid during that period. I mean, when I get the loan it will go into my operating account. My payroll, rent and utilities are paid from that account, but so are other things of course. I don't see any way of specifically earmarking dollars from the account and I can'tr see why that would be necessary.

When we talk about "in need", that is beyond wishy washy. The only thing the application says is "current economic uncertainty makes this loan request necessary to support the ongoing operations." Necessary to support. Well, sure. I don't interpret this to mean that the biz would run out of cash but for the loan and I also don't interpret this to mean that the business is not operating during the time period. I don't even see a requirement that revenue be less during this period. Frankly, I don't see how each and every business doesn't qualify, as long as they keep paying their payroll as per before.

[pimike]

Mike , put JJ in charge

Good Idea

[pimike]

In that vein, I assume all you have to do is show the amounts of payroll, rent and utilities that you paid during that period. I mean, when I get the loan it will go into my operating account. My payroll, rent and utilities are paid from that account, but so are other things of course. I don't see any way of specifically earmarking dollars from the account and I can'tr see why that would be necessary.

When we talk about "in need", that is beyond wishy washy. The only thing the application says is "current economic uncertainty makes this loan request necessary to support the ongoing operations." Necessary to support. Well, sure. I don't interpret this to mean that the biz would run out of cash but for the loan and I also don't interpret this to mean that the business is not operating during the time period. I don't even see a requirement that revenue be less during this period. Frankly, I don't see how each and every business doesn't qualify, as long as they keep paying their payroll as per before.

Got email today saying they are working on it but be ready to provide 2019 payroll

[pimike]

Just heard on fox, they haven’t heard of 1 person who applied for the loan receive it yet.

Ugh not good

[jjgold]

I know a guy that got approved for 75,000 he doesn’t even own a business

[d2bets]

Got email today saying they are working on it but be ready to provide 2019 payroll

I already provided payroll. Quarterly 941's do that plus W3 and W2's. I had to provide that before they would start processing. I'm hoping to hear by the end of the week.

[d2bets]

I know a guy that got approved for 75,000 he doesn’t even own a business

What kind of loan?

PPP isn't even so much a loan, but a grant. Infinitely better. Free money to keep business open.

[jjgold]

I don’t know exactly what it was but this thing is got to be paid back it’s really not free money

[pimike]

I already provided payroll. Quarterly 941's do that plus W3 and W2's. I had to provide that before they would start processing. I'm hoping to hear by the end of the week.

They told me not to send it till Contacted. I’m going through my BkofAma Buisnes account.

[pimike]

I don’t know exactly what it was but this thing is got to be paid back it’s really not free money

Not

You pay rent utilities with it and payroll it’s forgiven

[pimike]

just player's talk or the whole site?

[zam77]

Received an email today from SBA in regards to the EIDL loan (Not the PPP). I had to create a new account via a link in the email to view. Once I got into the new account they showed me amount I qualify for around $130k. I had to decide on amount I wanted, as low as 1k and up to 130k. I verified my personal information... submitted amount and now wait for them to process it. I don't think I will be talking to anyone by phone for this as it shows a link for signing closing documents within the email. They pulled all of my information from IRS I assume. 30 years at 3.75% are the terms.

The PPP loan is forgivable and I assume I'll get that too but still haven't heard. Called my bank and they said expect to hear this week

[jjgold]

30 years at 3.75% are the terms that is tremendous

[zam77]

30 years at 3.75% are the terms that is tremendous

Yes and it's deferrable for the first 12 months. Getting a traditional loan like this thru SBA is not easy and takes long. They normally require a very extensive business plan with all sorts of numbers and shit, as well as some sort of financial backing... and 30 years on it is unreal at 3.75% to boot... Usually they are 5 to 7 years. It's basically a mortgage.

[jjgold]

It has to help people that know how to run a Business

[SBR_Guest_Pro]

i got a new student loan this week to refinance my previous one. was super easy through navy federal and approved instantly

[d2bets]

Received an email today from SBA in regards to the EIDL loan (Not the PPP). I had to create a new account via a link in the email to view. Once I got into the new account they showed me amount I qualify for around $130k. I had to decide on amount I wanted, as low as 1k and up to 130k. I verified my personal information... submitted amount and now wait for them to process it. I don't think I will be talking to anyone by phone for this as it shows a link for signing closing documents within the email. They pulled all of my information from IRS I assume. 30 years at 3.75% are the terms.

The PPP loan is forgivable and I assume I'll get that too but still haven't heard. Called my bank and they said expect to hear this week

PPP and EIDL are mutually exclusive, I don't think you can do both at the same time.

Did you get PPP? I had my application approved and docusigned the loan on Monday. I think it's a done deal. I hope. But now I'm told the e-signature is being sent to SBA to verify and then the loan is funded - within 10 business days. Sheesh.

[jjgold]

keep pounding loans men

Then default later claiming bankrupt

[clockwise1965]

If you need a loan and have a credit score above 700. No issues.

[zam77]

PPP and EIDL are mutually exclusive, I don't think you can do both at the same time.

Did you get PPP? I had my application approved and docusigned the loan on Monday. I think it's a done deal. I hope. But now I'm told the e-signature is being sent to SBA to verify and then the loan is funded - within 10 business days. Sheesh.

I am still waiting for my bank to call me. Received email yesterday from them saying that they have now obtained a dedicated sba loan number and someone will contact me soon to get documents needed and closing underway. This is for the PPP.

The EIDL I applied directly through SBA website and am still waiting as well. I'm not sure but I think you can get both and actually have them combined. I am making phone calls tomorrow morning if I don't hear from someone.

[d2bets]

I am still waiting for my bank to call me. Received email yesterday from them saying that they have now obtained a dedicated sba loan number and someone will contact me soon to get documents needed and closing underway. This is for the PPP.

The EIDL I applied directly through SBA website and am still waiting as well. I'm not sure but I think you can get both and actually have them combined. I am making phone calls tomorrow morning if I don't hear from someone.

I think technically you can get both, but can't use it for the same purpose (i.e payroll). So I guess it's OK as long as you use EIDL for something other than payroll.

I only did PPP. I assume it's a done deal, that's what I was gold Monday, but until I see the funds in the account I ain't assuming anything.

[zam77]

I think technically you can get both, but can't use it for the same purpose (i.e payroll). So I guess it's OK as long as you use EIDL for something other than payroll.

I only did PPP. I assume it's a done deal, that's what I was gold Monday, but until I see the funds in the account I ain't assuming anything.

If you have employees, you should consider doing the streamlined EIDL as well because "they say" you will get $1000 per employee that won't have to be paid back.