Has anyone tried to get a bank loan lately?

**Booya711** · 04-05-20, 01:14 PM

I am a loan shark.....35% interest is my going rate now

**Sam Odom** · 04-05-20, 01:15 PM

Got OFFERED a $5k credit line at an online store just a week ago - High ass Interest

Spent about $2,700 there on stereo equipment then 2 days later got the offer

Declined their offer

**SBR_Guest_Pro** · 04-05-20, 01:19 PM

how would we know if its valuable to you??

**Bcatswin** · 04-05-20, 01:20 PM

jj this is bad for business, STOP

**zam77** · 04-05-20, 01:21 PM

In process of getting the paycheck protection loan... 30k forgivable so long as I use it for payroll rent and utilities. I might just get it and throw I all down on trump to win again.

**Sam Odom** · 04-05-20, 01:21 PM

JJ has Jewish Banking connections

**Sam Odom** · 04-05-20, 01:23 PM

Originally posted by zam77

In process of getting the paycheck protection loan... 30k forgivable so long as I use it for payroll rent and utilities. I might just get it and throw I all down on trump to win again.

Have several friends doing that... They said it is easy. Takes about 20mins online

**pimike** · 04-05-20, 01:24 PM

Originally posted by zam77

In process of getting the paycheck protection loan... 30k forgivable so long as I use it for payroll rent and utilities. I might just get it and throw I all down on trump to win again.

Me too
Like it

**zam77** · 04-05-20, 01:29 PM

Originally posted by Sam Odom

Have several friends doing that... They said it is easy. Takes about 20mins online

Very easy. Was on phone with my bank yesterday for about 20 minutes. Next step should happen some time this week then they’ll deposit it direct in my biz account by end of week most likely. If you own a small biz stupid not to get this: even if I don’t use it al for payroll rent utilities it’s still only like 1% interest on loan

**bonzaii** · 04-05-20, 01:39 PM

I guess that stimulus check isn't coming in the mail. JJ makes too much $$$$$

**SBR_Guest_Pro** · 04-05-20, 01:49 PM

saloon

**jjgold** · 04-05-20, 03:49 PM

A lot of these banks don’t have regular hours right now and short and staffs that’s what I’ve been told so it’s tough to get an appointment for a loan application

**funnyb25** · 04-05-20, 03:53 PM

SBA loans are great right now. Use it for what it is intended for and you may not have to pay most of it back. Key point, is keep your employees hired.

**pimike** · 04-05-20, 03:54 PM

Originally posted by zam77

Very easy. Was on phone with my bank yesterday for about 20 minutes. Next step should happen some time this week then they’ll deposit it direct in my biz account by end of week most likely. If you own a small biz stupid not to get this: even if I don’t use it al for payroll rent utilities it’s still only like 1% interest on loan

So this is not online?
You need to talk to your bank?

**big joe 1212** · 04-05-20, 03:55 PM

Free money for businesses

My tax dollars will be paying for this

**pimike** · 04-05-20, 03:55 PM

Originally posted by jjgold

A lot of these banks don’t have regular hours right now and short and staffs that’s what I’ve been told so it’s tough to get an appointment for a loan application

It’s impossible to talk to anybody

**jjgold** · 04-05-20, 04:19 PM

I’m gonna have to wait I guess for baseball season trying to make a move Mike

**pimike** · 04-05-20, 04:30 PM

Originally posted by jjgold

I’m gonna have to wait I guess for baseball season trying to make a move Mike

I’m not sure we will have baseball.

So depressed right now.

**funnyb25** · 04-05-20, 04:36 PM

We won't have any of the major sports until 2021. Accept it and move on

**clockwise1965** · 04-05-20, 04:43 PM

Originally posted by funnyb25

We won't have any of the major sports until 2021. Accept it and move on

Yep.. sorry to say.

**Demonata** · 04-05-20, 04:43 PM

Originally posted by pimike

I’m not sure we will have baseball.

So depressed right now.

No way in hell will any sports be back this year.

**jose21_us** · 04-05-20, 04:48 PM

Originally posted by pimike

I’m not sure we will have baseball.

So depressed right now.

Just fill out the application at SBA.Gov

also go to YouTube and search meet Kevin for more info

**pimike** · 04-05-20, 04:52 PM

Originally posted by jose21_us

Just fill out the application at SBA.Gov

also go to YouTube and search meet Kevin for more info

Thank you!!

**zam77** · 04-05-20, 05:45 PM

Originally posted by pimike

So this is not online?
You need to talk to your bank?

Yes. The one you do the sba website is different then the ppp loan. Even though sba is part of it all the ppp loan has to be through your bank. The eidl loan can be done online at sba.gov but no the same thing

**pimike** · 04-05-20, 05:47 PM

Originally posted by zam77

Yes. The one you do the sba website is different then the ppp loan. Even though sba is part of it all the ppp loan has to be through your bank. The eidl loan can be done online at sba.gov but no the same thing

What’s the difference
And
Which is easier to qualify with ?

Thanks

**zam77** · 04-05-20, 05:57 PM

The PPP loan is 100% forgivable... they take your avg monthly payroll (including 1099 and yourself) and multiply that number by 2.5 and that is your total loan amount. Pretty cut and dry. So avg payroll was around 12k a month last year so my loan amount came in at 30k.

there is also 10k eidl loan that’s streamlined thru sba.gov website. This is a 10k advance from sba and you apply for it online. This also does not have to be repaid and the point is to get it in your hands quickly as an advance to an actual sba loan if you desire more money

check out this page of their site it details the difference of things and what’s available and how to apply

COVID-19 relief options | U.S. Small Business Administration

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

**zam77** · 04-05-20, 05:58 PM

As far as qualify it seems they are not using credit at all. If you have under 500 employees and a valid business you can get these

**funnyb25** · 04-05-20, 06:00 PM

Originally posted by zam77

As far as qualify it seems they are not using credit at all. If you have under 500 employees and a valid business you can get these

Yup

**pimike** · 04-05-20, 06:00 PM

Originally posted by zam77

As far as qualify it seems they are not using credit at all. If you have under 500 employees and a valid business you can get these

Very helpful thanks!

**zam77** · 04-05-20, 06:03 PM

Originally posted by pimike

Very helpful thanks!

Sure any other questions lmk. This week should be a little more telling as to the finalization of all these things for me so I’ll update with anything else I find out when it happens

**funnyb25** · 04-05-20, 06:12 PM

Being in the insurance industry I can tell you what the problem will be for most. The loans are great for allowing a business to survive during this period, but the main problem will be that these small businesses will be nowhere near back to what the loan offers in its entirety. So even if they keep their employees, most will be nowhere near in the capacity to to keep them, therefore, the loan will be required to be paid back in nearly full. This is a great option for those who truly believe they can recover short term, but for those who just want a "business loan" they will end up getting buried by this.

**unusialsusp5** · 04-05-20, 06:48 PM

Originally posted by funnyb25

Being in the insurance industry I can tell you what the problem will be for most. The loans are great for allowing a business to survive during this period, but the main problem will be that these small businesses will be nowhere near back to what the loan offers in its entirety. So even if they keep their employees, most will be nowhere near in the capacity to to keep them, therefore, the loan will be required to be paid back in nearly full. This is a great option for those who truly believe they can recover short term, but for those who just want a "business loan" they will end up getting buried by this.

no you have to grab all you can get while the grabbing is good. worry about any ramifications later if ever. there will so many violations of companies not paying out the loans entirely to employees that they will never be able to keep up with it.

**jjgold** · 04-05-20, 06:54 PM

Would love to get a business loan even though I don’t have a business officially maybe 10 grand

**funnyb25** · 04-05-20, 06:56 PM

Originally posted by unusialsusp5

no you have to grab all you can get while the grabbing is good. worry about any ramifications later if ever. there will so many violations of companies not paying out the loans entirely to employees that they will never be able to keep up with it.

This is why most small business owners will get buried. I hope not, as it effects me, but this logic will not go very far.