Notarealsignguy
Arial - it's almost helvetica
How did they get 75k and only 18k was forgivable? I thought they were only giving an amount based on 2.5x of payroll and you had to maintain 75% of your average or nothing was forgivable?
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Did you file for PPP?
- Thread starter Texas_Signmaker
- Start date
Stacey K
I like making signs
Maybe I mixed that up...I will check
That sounds more like the EIDL. On the PPP I could only apply for 2.5 times my average monthly payroll, and 75% of it has to be used for payroll within 8 weeks. The EIDL allowed you to borrow more, with the payroll and rent and mortgage forgivable up to the first $10,000 emergency grant.
Last edited:
GAC05
Quit buggin' me
This is good to hear.
We applied the day the bank posted the application forms and got the 'no more money' reply about a week later. Then this week they asked if we could send our articles of incorporation and by-laws, so I figure by the time the second wave of C-19 hits in the fall or winter we should be good to go.
Loan Timing and (2) free webinars:
Our business is located in Northern NJ.
PPP Loan
We had opened a business checking account with TD Bank in September 2019 and have a balance of less than $500 in the account....we are their top account
4/6/20 - Applied online for PPP Loan with TD Bank
4/14/20: contacted via email by regional TD Bank bank representative requesting more payroll information.
4/15/20: submitted more info via email.
4/21/20 - received email to electronically sign loan docs
4/22/20 - signed loan docs in morning and funds were deposited into account by late afternoon
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Economic Injury Distaster Loan (EIDL) from SBA
3/30/20: applied for EIDL via SBA website.
4/14/20: called SBA customer service number (I was number 941 in holding queue). They picked up my call after about 45 minutes. They said they have my application, and it is in the processing stage.
4/23/20: Still have not received any correspondence from SBA.
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Good video tutorials for loan info in addition to what is publicly available from SBA. These are webinars by Aprio - a CPA consulting firm. I created tiny urls for easy clicking, but if you want the full ones they are at the bottom of this thread.
SBA loan options: https://tinyurl.com/y7xvkq8y
PPP Loan forgiveness: https://tinyurl.com/yap9huhh
Good luck and stay healthy!
SBA loan options: https://www.aprio.com/whatsnext/web...24140f6b|78720b91-27f5-4f63-bf1a-3a215071aa64
PPP Loan forgiveness: https://www.aprio.com/whatsnext/how...356b5149|0c46a6d5-3c86-411b-8d8c-029162ff58d1
Our business is located in Northern NJ.
PPP Loan
We had opened a business checking account with TD Bank in September 2019 and have a balance of less than $500 in the account....we are their top account
4/6/20 - Applied online for PPP Loan with TD Bank
4/14/20: contacted via email by regional TD Bank bank representative requesting more payroll information.
4/15/20: submitted more info via email.
4/21/20 - received email to electronically sign loan docs
4/22/20 - signed loan docs in morning and funds were deposited into account by late afternoon
-------
Economic Injury Distaster Loan (EIDL) from SBA
3/30/20: applied for EIDL via SBA website.
4/14/20: called SBA customer service number (I was number 941 in holding queue). They picked up my call after about 45 minutes. They said they have my application, and it is in the processing stage.
4/23/20: Still have not received any correspondence from SBA.
-------
Good video tutorials for loan info in addition to what is publicly available from SBA. These are webinars by Aprio - a CPA consulting firm. I created tiny urls for easy clicking, but if you want the full ones they are at the bottom of this thread.
SBA loan options: https://tinyurl.com/y7xvkq8y
PPP Loan forgiveness: https://tinyurl.com/yap9huhh
Good luck and stay healthy!
SBA loan options: https://www.aprio.com/whatsnext/web...24140f6b|78720b91-27f5-4f63-bf1a-3a215071aa64
PPP Loan forgiveness: https://www.aprio.com/whatsnext/how...356b5149|0c46a6d5-3c86-411b-8d8c-029162ff58d1
dypinc
New Member
I applied for the Economic Injury Disaster Loan as soon as it was available. Since they haven't come through with the Economic Injury Disaster Loan it forced my hand and I had to completely lay off my employees. Makes no sense now to apply for the PPP. Looking out what was best for my employee, it was much better economically for them to draw unemployment +$600.
I have utilities and leases to pay. Where was I going to come up with that and still pay my employees for doing nothing that brought in no sales receipts.
A prime example of politicians and bureaucrats with no running a business experience screwing everything up.
I have utilities and leases to pay. Where was I going to come up with that and still pay my employees for doing nothing that brought in no sales receipts.
A prime example of politicians and bureaucrats with no running a business experience screwing everything up.
A case study of something primarily implemented by the private sector (PPP) and something implemented by big government (EIDL). I'm not complaining about PPL - a few delays but remarkably efficient all things considered. I think it moved so fast the bureaucrats and politicians didnt have time to screw it up too bad. My fear is what they will do in terms of after-the-fact rules regarding loan forgiveness.
If you have 4 employees, then the emergency amount would be capped at $4000
dypinc
New Member
rjssigns
Active Member
Gravy train for those laid off ain't gonna last forever. Plus lots of folks are anxious and want to get back to work.
Notarealsignguy
Arial - it's almost helvetica
A lot of already weak businesses arent going to make it past the 8 weeks that the PPP bought them either. Its 1 gravy train vs another
rjssigns
Active Member
Glad you brought that up. Makes me wonder what kind of a contingency plan these folks had in place. Seems they were all living from hand to mouth with no "cushion" to speak of.
I was brought up in a different time by parents that were kids during the depression. They passed on great wisdom learned through a hard life. It's probably why I can't wrap my head around "modern" business practices. Leveraged to the hilt and the slightest issue brings down the house of cards.
dypinc
New Member
My parents were young adults just starting family during the depression and what they pasted on has made me work my ass off all these years so I could have a bunch in saving and not spend money on things I don't need. Kids and young people now days don't even have a concept of that. In Ohio we have a program called WorkShare which I put myself on. After working 45 years this will be the first time I have ever drawn unemployment benefits, and it feels really strange to be doing that. Less I have to draw on that saving that way though.
Notarealsignguy
Arial - it's almost helvetica
Gonna see a lot of cases of too big too fast. Been many smaller shops that bought $100k cutters and $200k flatbeds, thats a big nut to crack. It’s easy to make a payment. The hard part is doing it 60 times.
Texas_Signmaker
Very Active Signmaker
I applied for PPP last Thursday, thru Paypal.
Filed the online paperwork at around 10am. Got an email at 3:45pm from them that my documents were ready. Signed them and the money was in my account the next day.
It took less than an hour to go thru the application process...its very simple.
If you havent done it yet, you still can!
Filed the online paperwork at around 10am. Got an email at 3:45pm from them that my documents were ready. Signed them and the money was in my account the next day.
It took less than an hour to go thru the application process...its very simple.
If you havent done it yet, you still can!
Peachtree Signs
New Member
we did, still haven't seen a dime
I don't think you've been in business long enough to qualify. We had to provide a year's worth of 940/941's to qualify.