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News You should be applying for the Paycheck Protection Program TODAY! Get started...

Discussion in 'Business Management' started by FireSprint.com, Apr 7, 2020.

  1. FireSprint.com

    FireSprint.com Merchant Member

    ************ NOT AN ATTORNEY or FINANCIAL ADVISOR OF ANY KIND **************

    Just a fellow small business owner and an advocate for our industry.

    Step 1: EIDL: - https://covid19relief.sba.gov/#/
    Get the $10k from the EIDL (It might only be $1k per employee). The application for the EIDL is simple.
    EIDL Application Here: https://covid19relief.sba.gov/#/

    Step 2: PPP: - Contact your FDIC insured Bank
    As for the big one, the Paycheck Protection Program (PPP), you need to contact your local FDIC insured bank. This is most well known banks.

    DON'T talk to anyone who isn't FDIC insured as they are not eligible to make SBA loans and are likely a scam or a middleman.

    You will get 2.5x your average monthly payroll from 2019 and if you spend 75% of that on payroll within 8 weeks of getting approved for the loan, and don't lay anyone off, the whole loan will be forgiven. (There are a few more details, but it's pretty simple.

    Here's more info: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

    ************ NOT AN ATTORNEY or FINANCIAL ADVISOR OF ANY KIND **************


    FireSprint is a wholesale supplier of signs to the trade. Join our nationwide network of resellers today!
     
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  2. Texas_Signmaker

    Texas_Signmaker Very Active Signmaker

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    If you're going to do one or the other, do the PPP. There are probably MILLIONS of applications sitting at the SBA for the EIDL and they have to go though and vet each one of those. There are probably hundreds of thousands that are scammers trying to get $$, and more that are working from home making pottery on the weekend earning $200/mo. They have to go though every one of those and find the legit business that need the $$.

    You're probably better off going to PPP because at least it will be YOUR BANK that is processing it and they naturally are only handling their customers and not the entire nation.
     
    • Agree Agree x 1
  3. FireSprint.com

    FireSprint.com Merchant Member

    Do them both. The EIDL application will take you 20 minutes.
     
    • Like Like x 1
  4. Zakk

    Zakk Member

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    Wells Fargo ran out of money for PPP in less than a day. I did this as soon as they had their form live on 4/4 and just got a notice yesterday from them saying they hit their limit and are not doing anymore loans. They are our commercial bank and you are only supposed to apply at your own bank.
     
  5. FireSprint.com

    FireSprint.com Merchant Member

    You will have the best luck applying at your own bank most likely, but I don't think it's a requirement.
     
  6. zspace

    zspace Merchant Member

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    Has anyone received the $10k or the PPP? I haven’t heard anyone received the $10k and that was supposed to happen within 3 days of application.
     
  7. Christian @ 2CT Media

    Christian @ 2CT Media Major Contributor

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    The 10k is for the EIDL advance. The PPP is a faster process and can fund as fast as 72hrs, but that program ran out of money Friday.
     
  8. FireSprint.com

    FireSprint.com Merchant Member

    They will likely be adding another 250b to it. Keep going guys! We'll get through this!
     
  9. netsol

    netsol Member

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    do you remember the haitian relief efforts? millions and millions collected and almost nothing actually reaching the people who need help?

    hopefully, we won't end up any worse thsn they did.
    the people administering these programs have very sticky fingers, and we never learn from past experience
     
  10. netsol

    netsol Member

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  11. JJM7288

    JJM7288 Member

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    We applied for PPP on 4-April, approved on 11-April, funding available on 15-April. We need to sign electronic document today for funds transfer.

    Our accounting/payroll firm provided the complete document package and our local bank did a great job. I admit to being skeptical about the program and if our small local bank had the "juice", they do!
     
  12. eahicks

    eahicks Magna Cum Laude - School of Hard Knocks

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    Just saw, PPP is maxed out. No mo money.
     
  13. WYLDGFI

    WYLDGFI Merchant Member

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    We received the EIDL yesterday at $1k per employee basically. I also got word that the PPP was approved by my bank and paperwork is being sent soon. THOUGH since it has run out of funds, not sure where that's going as of right now.:(
     
  14. Christian @ 2CT Media

    Christian @ 2CT Media Major Contributor

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    Be careful if you go with both, the EIDL advance is not forgivable if you get the PPP. Did you get approved for a large EIDL loan or only the $10K advance? We are still waiting on our loan approval for the EIDL.
     
  15. WYLDGFI

    WYLDGFI Merchant Member

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    Only got the advance. I wasnt applying for a larger EIDL. The PPP is on the way hopefully.
     
  16. Notarealsignguy

    Notarealsignguy Member

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    I think they take the 10k out of the PPP funds if you get it.
     
  17. Texas_Signmaker

    Texas_Signmaker Very Active Signmaker

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    Do they also take the shaft out of the ones that got squat?
     
    • Hilarious! Hilarious! x 3
  18. WYLDGFI

    WYLDGFI Merchant Member

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    Just filed all the disbursement paperwork with my bank for PPP. Should be funded soon they said.
     
  19. zspace

    zspace Merchant Member

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    The 10k is subtracted from the forgivable part of the PPP so the 10k has to be repaid within 24 months at 1% interest.
     
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