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SBA COVID-19 Disaster Loan

vharrison

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Update on the PPP loan; We did end up taking it, I have to admit, I was skeptical. We are coming up on what was the 8 week period that you could spend and accumulate your "forgivable' amount. The bank emails me and low and behold, the feds changed the rules, again. Now you have 24 weeks to accumulate that spending making it much easier to get the whole loan forgiven. Whoo, Hoo, I believe by the 11th week, we will hit the mark and owe nothing back. It will be forgiven. Craziest thing I have ever seen. All that said, it is not over until it is over. Ill keep you posted, lol.
 

vharrison

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We turned in our forgiveness paperwork to the bank on July 27th. Very easy paperwork to fill out, like only one page. I think early on I read that banks have 2 months to process it?
I am now in the waiting stage, wondering what notification I will receive letting me know it is forgiven. I have to keep myself from calling my banker and asking "Is it forgiven yet, Is it forgiven yet". LOL
Anyone else in this same state of the game?
 

SkwerI

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Sep 6, 2006
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central Florida
My bank screwed me out of getting the PPP loan, but I did get a $25K SBA loan. 3.25% and 25 years to pay it back, with the first payment not due for 12 months. So starting next year I will pay $133 per month for the rest of my life.
 

vharrison

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Willie, it is so easy, you are not going to believe it. I spoke with my banker yesterday and she said they reviewed it and submitted it to the SBA. So, mine is in the works.
 

vharrison

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Sean, I am fairly certain the loan can be forgiven is finished at this point. It was only available for a short time.
 

vharrison

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I heard from my bank that the PPP loan is completely forgiven. Whoo Hoo!! Good news first, okay news next. The 10,000$ advance has to be given back. What has been explained to me is that you can not have both.

I am a little confused because the 10,000.00 was presented as a given, it would not have to be paid back.. Its okay though, I am going to make the payback payment today and not look back. Don't kick a gift horse in the mouth.
 

Mellow

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Oct 13, 2017
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Sunshine State
Just received my second SBA PPP Loan. The first has been submitted to SBA for forgiveness. I'm happy to receive my 0.00000125% of the covid relief. I've been able to retain my 4 employees at their full salaries.
 

vharrison

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That is a great feeling eh?

We did not qualify for the second one. You had to have a 25% decrease in at least on quarter last year and we did not.
 

BeerGeek

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Sep 13, 2018
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Warren, NJ
Was denied again for PPP, due to minimal payroll last year/first year in biz, and they have been laid off (and I'm replacing them anyway). Another day in paradise.
 

SeanKroll

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Oct 13, 2016
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Olympia, WA
Was denied again for PPP, due to minimal payroll last year/first year in biz, and they have been laid off (and I'm replacing them anyway). Another day in paradise.
Have you a mini? A wonderful, reliable, worker's comp-free replacement. Listens every time. Never once said, "Oh. Sorry. I thought______".
 

BeerGeek

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Sep 13, 2018
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Warren, NJ
Yes Sean, gots me a Dingo last year. The issue is that a lot of the work I get are large deciduous takedowns in tight quarters, meaning I need 2 groundies (one to control the rope at the POW, the other on the tagline to move/maneuver the limbs/pieces into safe space. Being my biz is the new guy on the block, I get the complex jobs that the bigger boys wont touch/price too high to actually make it worth it for them. It's my niche for now, and seeing how I have 3 trucks which need to go to most jobs, it's what I have to live with.
 
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SkwerI

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Sep 6, 2006
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central Florida
I got $25K last June. My world was disintegrating around me so it was gone in days. I think I'm supposed to start paying it back sometime soon. It will be something like $130 per month for 30 years.
 
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