UPDATE 05-05-2020 PAGE 14::::::::SBA APPROVAL:::::::IF YOU OWN A BIZ OR ARE SELF EMPLOYED!!!!

Have you gone to the SBA site and read the little paragraph?

From the press meeting today (or yesterday) they skimmed over the wording really quick and said 'grant'. I swear they did.

Maybe they did that so people don't take advantage of it???

No. I applied Monday, they said 5-7 days then I should get an email. I also understand I likely won’t see the $1200 til Sept.

Sole proprietor can’t even apply til the 10th.

Here's the thing. I bet there's a catch to this "loan". Just like student loan debt, you will probably be stuck with this debt for life until it is paid off and unable to file bankruptcy on the debt. I will turn my equipment in to the bank before I become a lifelong debt slave to the federal government.

I applied. Thanks man. Not paying it back either. Unless it's one penny a day.

I did mine right when they announced. Been 3 days so will see how long it takes. Thanks Wyatt

You gotta be brain dead to take Uncle Sam money , They'll audit you for 10 years to come , one after another

I heard they are falling behind 2 weeks, I thought I heard it from a reporter asking President Trump about it during the virus update today, President Trump replied with a short "I heard that" then went on to the next question.
We'll soon know if there is any truth to it soon.
I'm betting its true, & Trump will deal with it behind closed doors.

Anyone know of anyone who’s received any money yet??? This is going to turn into a massive crisis. We’re a month in and no one has seen any money and they’re not likely to for some time. I was able to switch modalities and can start generating some income this week but I really feel for everyone out there that’s got nothing coming in and was living paycheck to paycheck. Most have some savings but not enough to cover multiple months.

Isis One, I haven't heard of anyone getting anything yet. I came here this morning hoping one of you had heard. I guess we wait. And wait.

It’s surreal.

I'm floating on old receivables, some savings, and credit cards. I think we'll be fine eventually, but it's a mess right now.

OP wake up! This is UP to 10k. Not 10k and for qualifying business only. And the ppp loan is full of conditions that will fuck you if you don’t follow it perfectly requiring you to pay it all back in 2 years and bankrupt you.

The biggest scam and money maker for banks ever!

Oh and after reading the actual ppp law they don’t have all the information on the forgiveness out yet...... fucking banks are lending dumb fucking business owners money without all the terms!!!!!!

This is an attack on your business be very careful.

It literally says at the bottom, it will not have to be repaid lol. People dont bother reading here anymore. Good post OP.

Last Edited by Mist Walker on 04/06/2020 08:40 AM

Nothing out yet as far as i know. We been on what, 3 weeks now no work? We havent been to work in a solid 3 weeks now.

Again be careful the EIDL loan (this UP to 10k “grant”) is refinanced in the ppp application and is forgiven but the full terms are not out yet. And the EIDL grant cannot be used to fund the same items required in the ppp or it is explained in the law it is FRAUD and will be punishable!

They will get all your recipes and checks as required in the ppp.

You people have a lot more to read

Well shit..

I run a small farm, so I am ineligible.

Any company that takes out a ppp is going to screw and endanger employees when they sit home and get an EXTRA $600/ WEEK on unemployment under the cares act!

Stay unemployed as long as possible for the best free money. Business owners as share holders can now get it.

This means shut down and take the free money

I wish the states would get their acts together and get the UI applications up for self-employed. It's been saying "info to be provided in the coming days" for well over a week now. They just keep saying that they are waiting on guidance from the Feds but that should have been provided day 1.

You are correct that the 10k is "up to 10k". The business must enter gross sales minus COG from Feb 2019-Feb 2020 on the simplified application. I guess they have some kind of percentage to determine how much of the 10k you get based on the number you enter, but I haven't seen anywhere what that percentage is.

I think you are incorrect about it applying toward the PPP loan. I think it applies to the third loan category listed on the SBA site, and someone will contact you "within 2 weeks" to set up the full loan, from which the up-to-10k will be subtracted. That loan, I read somewhere, can be financed up to 30 years (!) at 3.75%, and repayment doesn't start for 6 months. I guess you could just apply for the exact amount of your up-to-10k amount, and not end up with a loan at all. Just a guess.

The PPP, if you don't follow all the rules and get it all forgiven, must be paid back at 1% within 2 years. I can live with that, as it is much better than a credit card to get through the next couple of months.

It could be that Trump got rid of the Fed and by doing so, it also got rid of the national debt. The Fed was the national debt. Now there's money in the treasury and Trump is always one to share. Just my opinion.

I have a meeting with FDIC this morning and my business banker. I will post results of that meeting at the conclusion.

We are scheduled for 11:00am CST.


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Thank you, Wyatte. You are an excellent resource, much appreciated.

Last Edited by Renaissance Woman on 04/06/2020 11:18 AM

Lots of rumors and speculation, for sure. I hope some of it is true. Trump has said some vague things like people will be "very happy," and it will "great," etc. What could that be?

I'm just planning for the worst and hoping for the best.

Just got off the phone.

There was mass confusion. The rules from the FDIC read that any employee or self employed making more than $100k per year did not qualify.

This was incorrect. Rules were rewritten Friday night, and now are interpreted to read hat any PORTION OVER $100k / year cannot be qualified.

So you are maxed out at $8,333 / mo per employee or self employed.

New forms were also introduced (3).

Paycheck Protection Program Certification.docx
new application (pdf)
and a PPP Worksheet.xlsx

My banker worked all weekend updating everyone who applied to the new forms and sent them out to us just now.

No new information regarding the EIDL program.

Hope this helps!

I should clarify.

You are maxed out at $8,333 x 2.5 or $20832.50 per employee making over $100k / Year.




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Wyatte, thanks for the update. You mentioned three new forms; where are those? Are they specifically from your bank? I was just on the SBA website and didn't see them.