My world: Everyone at the software companies are working remotely. The chocolate factory shut down yesterday due to not be considered an essential business. The chocolate elve had already left due to health concerns. I handle all the commercial rentals myself so no impact:
I don't intend to lay-off anybody...if this stretches into June or July...then we may look at cutting salaries by 25 to 50%. With the $1,200 everyone is getting already from the gov, and the 4 month unemployment (+$600/week additional), if we have to do layoffs, then the Team will not be totally without funds.
This thread has been mostly focused on how to get PPP and EIDL funds.
Now the question is: What is the process once you are approved? Is it a traditional closing with loan docs?
Thanks
I'm getting this from my consultant working with this client:
1. PPP App turned in
2. Bank came back, sign some underwriting docs
3. Bank submits to SBA
4. SBA came back with a revised document through the bank that client signed
5. Client signed, returned to bank, who then sent back to SBA
6. SBA confirmed approval via an email to bank, bank to client
7. There was some type of final loan doc the SBA had client sign. I don't know if that was through docu-sign or hard copy
8. Once that final loan doc was sign, SBA approves loan, bank funded....client said they received a check, which surprised me. [Reply]
Originally Posted by mililo4cpa:
I'm getting this from my consultant working with this client:
1. PPP App turned in
2. Bank came back, sign some underwriting docs
3. Bank submits to SBA
4. SBA came back with a revised document through the bank that client signed
5. Client signed, returned to bank, who then sent back to SBA
6. SBA confirmed approval via an email to bank, bank to client
7. There was some type of final loan doc the SBA had client sign. I don't know if that was through docu-sign or hard copy
8. Once that final loan doc was sign, SBA approves loan, bank funded....client said they received a check, which surprised me.
Originally Posted by mililo4cpa:
that's fantastic!
Update on my client: they are now being told the 13th, but still, that is a very good results....10 days from application to funding.....that's good work!
How did they get a PPP app turned in 10 days ago? I thought banks didn't start taking applications until 4/3, last Friday? [Reply]
Originally Posted by Dallas Chief:
How did they get a PPP app turned in 10 days ago? I thought banks didn't start taking applications until 4/3, last Friday?
As I understand it, the loan must be closed within ten days from the approved application. [Reply]
Tomorrow, gonna make ten more Sculpey clay starfish for my hanging Mason jars around my lanai's eat-in area by my pool to use up time. The real ones, that are dried disintegrate here in the humidity. They're organic matter. So gonna make fake ones, then bake hard. Fake n' Bake. [Reply]
Originally Posted by Camaro:
I’m not really sure what to do. I started an electrical company 1st of the year and had a bunch of work lined up but so far have just done 15k worth of Work to date and invested about 40k into tools, truck, material.. I haven’t paid myself a dime but if this keeps up I’m gonna run out of money. Will I qualify for anything even though I didn’t exist before 2020?
Congrats on taking the plunge and building your own company.
Originally Posted by BucEyedPea:
Tomorrow, gonna make ten more Sculpey clay starfish for my hanging Mason jars around my lanai's eat-in area by my pool to use up time. The real ones, that are dried disintegrate here in the humidity. They're organic matter. So gonna make fake ones, then bake hard. Fake n' Bake.
Originally Posted by mililo4cpa:
I'm getting this from my consultant working with this client:
1. PPP App turned in
2. Bank came back, sign some underwriting docs
3. Bank submits to SBA
4. SBA came back with a revised document through the bank that client signed
5. Client signed, returned to bank, who then sent back to SBA
6. SBA confirmed approval via an email to bank, bank to client
7. There was some type of final loan doc the SBA had client sign. I don't know if that was through docu-sign or hard copy
8. Once that final loan doc was sign, SBA approves loan, bank funded....client said they received a check, which surprised me.
We completed step 7 yesterday.
We also asked the bank to set up a new account for us to deposit those funds into. Our hope is that it will keep things cleaner for later accounting when we look to have the loan forgiven. If we can spend out of that account for anything presently earmarked as 'forgiveable' and ONLY for those things earmarked, we may have an easier time of it on the back end.
Originally Posted by DJ's left nut:
We completed step 7 yesterday.
We also asked the bank to set up a new account for us to deposit those funds into. Our hope is that it will keep things cleaner for later accounting when we look to have the loan forgiven. If we can spend out of that account for anything presently earmarked as 'forgiveable' and ONLY for those things earmarked, we may have an easier time of it on the back end.
Or so is our theory.
Yep, we already did that. Makes it much easier. And paying via papercheck whenever possible instead of electronic payment such as utilities, etc. [Reply]
Originally Posted by Camaro:
I’m not really sure what to do. I started an electrical company 1st of the year and had a bunch of work lined up but so far have just done 15k worth of Work to date and invested about 40k into tools, truck, material.. I haven’t paid myself a dime but if this keeps up I’m gonna run out of money. Will I qualify for anything even though I didn’t exist before 2020?
Electrical work not considered essential or is business just down because of covid-19? [Reply]
