Lots of porn streaming on every device to keep morale up.
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This is what the PPP is for....
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So with the ppp, I just closed on my second practice March 6. It has been in operation for 30 plus years and I haven’t changed anything. We actually contractually closed January 1 but with loan issues had to do addendums to March 6.

I hope that isn’t a problem?
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https://files.constantcontact.com/4f...5e7421297e.pdf

Creates a Small Business “Paycheck Protection Program”
This new $349 billion lending program would be modeled after the Small Business Administration (SBA) existing 7(a) loan program, but
would have a 100% federal government loan guarantee (as opposed to 75% currently). The loan eligibility criteria is as follows:
• Must be a small business as defined by the SBA (typically less than 500 employees, but various by business sector)
• Businesses in the Accommodation and Food Services Sector (NAICS Code 72) are eligible with up to 500 employees at each location.
• Non-profits with a 501 (c)(3) with fewer than 500 employees are eligible.
• Sole proprietors, the self-employed, and independent contractors are also eligible.
The requirement that a borrower cannot find credit elsewhere is waived, and all lenders can provide loans. Not personal guarantee or
collateral is required. Lender would defer fees, principal and interest for at least 6 months, and up to 1 year.
Loan Terms: The loans could be made for an amount equal to 2.5 months of payroll costs, up to a maximum of $10 million. Payroll costs
exclude compensation paid to individuals above $100,000 a year.
Loan Use: An employer must certify that the loan will be used to retain workers, maintain payroll, make mortgage or lease payments, or
pay utilities.
Loan Forgiveness: Borrowers are entitled to loan forgiveness for the portion of their loan that is used for payroll costs for employees
earning less than $100,000 per year, interest payments on mortgages, rent payments, and utility payments made between February 15,
2020 and June 30, 2020. Loan forgiveness will be reduced if the borrower reduces employment by a ratio similar to their reduction in
employment or if borrower reduces salaries and wages by more than 25%.
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Called three banks and this was my experience at all of them. None of them really had a clue what to do although they all knew something was coming.
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Same experience.

Two I currently bank with. Last one was the largest SBA loan lender in the state.
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Welcome to the wonderful world of .gov. Years of doing business with the USDA, FSC, NRCS, and even the corp and fema have made it clear that it's standard operating procedure with most gov programs. You often walk in their door with more knowledge of the program than they have.

Frustrating as hell to say the least.
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Yeah, again, I'm not planning to lay anyone off. And financially I don't need to and can float things for awhile (although it's technically MY money in the company account).

What I was saying is, THEY (employees) might be better off if u did cut them bc their take home would increase. I think state unemployment is like $350 in MO. Tack on another $600/week from the Fed and they would be making more on unemployment than on my payroll. Just seems a little backwards is all I was saying, but I very well could be misunderstanding how those numbers work.
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I imagine the banks are getting inundated with calls on this thing, and quite honestly, I (again) don't think all the fine details have been worked out. I've personally spent time reading the bill, and it's not an easy read by any stretch, and I'm sure as hell not an attorney or in congress to where this type of stuff is second nature.

I'm still concerned with how the PPP and the EIDL are going to work in tandem with each other as well....amongst other details. The language states that you can add the EIDL on top of the loan, but this would imply that the EIDL is already funded. What about the millions of applications that haven't been processed yet?

My original estimate to fund through the PPP was 2 months, mainly on the assumption that until these details are worked out, it was going to delay the process. I now think that funding in general will come sooner, but I'm not worried about when funding occurs....I'm worried about when funding will occur for my clients. While 2 months may be a stretch, I'm starting to think that, with all the logistical problems on top of the details, 2 months on average may not be too far off....
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i thought i read on a pdf somewhere that to apply for the PPP you had to declare that you havent applied for any other SBA loan at this time.


but i could be totally wrong.
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Whats sad is that people need this money NOW. Bills and shit are due.
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got an e mail from sba this morning stating that they are giving out up to 10k advance on a loan and if you are denied it could be forgiven BUT you have to fill out another EIDL apllication. it said to do it and it wouldnt slow down the process any but you couldnt get the up to 10k unless you filled out another one...
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This is a bridge loan advance while they process the EIDL....but yeah, there is apparently a new "application" process to go through...ugh!
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From my banker this afternoon (PNC bank):

This is as close of an answer to what we discussed early, from an official source(US Senate), that is out there. It seems as though an EIDL can be refi’d under the PPP provisions as long as the EIDL was used for an approved cost and you aren’t “double dipping”.

What are allowable uses of loan proceeds?
• Payroll costs (as noted above)
• Costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums
• Employee salaries, commissions, or similar compensations (see exclusions above)
• Payments of interest on any mortgage obligation (which shall not include any prepayment of or payment of principal on a mortgage obligation)
• Rent (including rent under a lease agreement)
• Utilities
• Interest on any other debt obligations that were incurred before the covered period

QUESTION: If I get an EIDL and/or an Emergency Economic Injury Grant, can I get a PPP loan?
Answer: Whether you’ve already received an EIDL unrelated to COVID-19 or you receive a COVID19 related EIDL and/or Emergency Grant between January 31, 2020 and June 30, 2020, you may also apply for a PPP loan. If you ultimately receive a PPP loan or refinance an EIDL into a PPP loan, any advance amount received under the Emergency Economic Injury Grant Program would be subtracted from the amount forgiven in the PPP. However, you cannot use your EIDL for the same purpose as your PPP loan. For example, if you use your EIDL to cover payroll for certain workers in April, you cannot use PPP for payroll for those same workers in April, although you could use it for payroll in March or for different workers in April.

QUESTION: If I get an EIDL and/or an Emergency Economic Injury Grant, can I get a PPP loan?
Answer: Whether you’ve already received an EIDL unrelated to COVID-19 or you receive a COVID19 related EIDL and/or Emergency Grant between January 31, 2020 and June 30, 2020, you may also apply for a PPP loan. If you ultimately receive a PPP loan or refinance an EIDL into a PPP loan, any advance amount received under the Emergency Economic Injury Grant Program would be subtracted from the amount forgiven in the PPP. However, you cannot use your EIDL for the same purpose as your PPP loan. For example, if you use your EIDL to cover payroll for certain workers in April, you cannot use PPP for payroll for those same workers in April, although you could use it for payroll in March or for different workers in April.
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Just got these from my banker. Says that they can submit as early as Friday, April 3rd.
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