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.
I know you are asking yourself the same questions - but how the fuck does your name get on the deed for properties in FL, TX, & AL.
And my “wife’s “ Is on at least one also. we have different last names of course. Been together almost 20 years but no papers lmao.
Waiting on an email from a title company in Houston. Waiting on calls back from 2 in Florida and one in Alabama.
couldn’t even leave a message on the 2 30 miles from me. Might just go drive by :-). Hell if it’s mine I can just go sit down in the living room, right? [Reply]
Originally Posted by SAUTO:
And my “wife’s “ Is on at least one also. we have different last names of course. Been together almost 20 years but no papers lmao.
Waiting on an email from a title company in Houston. Waiting on calls back from 2 in Florida and one in Alabama.
couldn’t even leave a message on the 2 30 miles from me. Might just go drive by :-). Hell if it’s mine I can just go sit down in the living room, right?
You now have vacation homes in multiple locations. Better get on collecting all that past due rent. :-) [Reply]
This really pisses me off with the loan funds. Independent contractors and the self employed got royally fucked on this deal having to wait a whole god damn week longer than everyone else. I applied on Monday with Paypal, but it's been pending since then, so I guess im shit out of luck. [Reply]
Originally Posted by DJ's left nut:
What I don't know (and what I don't think anyone knows right now) is if the taps are dry altogether or if they 'approved' funds have been earmarked already and as such, pulled from the pool even if they haven't been distributed yet.
So the question remains - if you're approved, is there still money earmarked for you that will get sent your way shortly? Or is approval largely an administrative measure and they now have to wait for the treasury to replenish the till before they can submit it?
I really couldn't tell ya.
My understanding is the money that gets funded is the banks. The "approvals" mean the bank will get paid that in like 60 days or something (my banker said 60 days. I laughed. Not my business). So IF you're approved and IF your bank allocated enough money you should get the money.
If you're wondering about forgiveness, I posted a blog post from Paul Neifer earlier that outlines it as best as I've seen.
Originally Posted by SAUTO:
Well in other “sauto’s crazy fucking life” news the argument at the bank also brought up that I supposedly own property in at least 4 other states.
So now I’m trying to figure out what the fuck is going on.
Originally Posted by SAUTO:
Well I assumed that also. First phone call to Houston seems like I might be wrong. My name and my significant other’s name is on the deed supposedly. Supposed to be e mailing me a copy of all the transfer papers.
I already work from home so my job hasn't changed at all other than the rest of the staff in the office now also works from home. I work for Humana, so my job isn't going to go away anytime soon, so I am lucky there.
As for spare time, I have started making my own fishing lures. I don't know if I am going to try to sell them on the side yet, but for now, I am making wooden crankbaits. I may get into soft plastics later, but for now, I am only doing handmade and hand painted lures.
I have been watching a bunch of youtube videos (Marling Baits) and that kind inspired me to try it myself. Looks fun. [Reply]
Originally Posted by DJ's left nut:
What I don't know (and what I don't think anyone knows right now) is if the taps are dry altogether or if they 'approved' funds have been earmarked already and as such, pulled from the pool even if they haven't been distributed yet.
So the question remains - if you're approved, is there still money earmarked for you that will get sent your way shortly? Or is approval largely an administrative measure and they now have to wait for the treasury to replenish the till before they can submit it?
I really couldn't tell ya.
The way I understand it, and it's speculative at best, is that anyone who had an SBA app number will still get funded. so, in that regards it would be earmarked funds, not dispersed funds....
Have at least one clear-cut case of this yesterday with a client, and after much pushing, found out they will be getting funding.
One other separate but related note: many smaller banks have been taking longer to actually fund. Not sure the exact reasoning, but I've had instances where the small bank was waiting up to 10 days. Best guess is that it's internal bank dealings, maybe having to do with liquidity limitations, but again, that's a guess. I say this because I do think funds are ear-market rather than disbursed, so (while I never like to give false hope) their may still be possibility if your app was in early. I'm going back to every client and making certain that, if they had an SBA app approved, that they are communicating with their bank.
My company received our funding yesterday morning, but it wasn't easy. We go through PNC, and it took non-stop calls several times each day to get answers. But we signed the loan docs Wed, money there Thursday.....so, it was like two weeks of pure hell, then bang....there's the money. Small banks are seemingly the opposite: was relatively quick to get applications in, but many are slower to fund.....
P.S. next step would be a second go-round on PPP, which I thought would be the case a while back....but it's government, so who knows when something will actually happen. [Reply]
Originally Posted by mililo4cpa:
The way I understand it, and it's speculative at best, is that anyone who had an SBA app number will still get funded. so, in that regards it would be earmarked funds, not dispersed funds....
Have at least one clear-cut case of this yesterday with a client, and after much pushing, found out they will be getting funding.
One other separate but related note: many smaller banks have been taking longer to actually fund. Not sure the exact reasoning, but I've had instances where the small bank was waiting up to 10 days. Best guess is that it's internal bank dealings, maybe having to do with liquidity limitations, but again, that's a guess. I say this because I do think funds are ear-market rather than disbursed, so (while I never like to give false hope) their may still be possibility if your app was in early. I'm going back to every client and making certain that, if they had an SBA app approved, that they are communicating with their bank.
My company received our funding yesterday morning, but it wasn't easy. We go through PNC, and it took non-stop calls several times each day to get answers. But we signed the loan docs Wed, money there Thursday.....so, it was like two weeks of pure hell, then bang....there's the money. Small banks are seemingly the opposite: was relatively quick to get applications in, but many are slower to fund.....
P.S. next step would be a second go-round on PPP, which I thought would be the case a while back....but it's government, so who knows when something will actually happen.
Congrats!!
We are getting funded on Monday....10 days to the day for small CU [Reply]
