PPP - Have you applied? If so, where?

[missouridawg]

Just read an article on Forbes that says the CARES Act funding is going to run out today. I'm still waiting on Capital One to set up a system so we can apply... which means if Congress doesn't approve more funds, I'm 17ed.

Has anyone applied for this? If so, which bank? I need to throw a hail mary on short order.

 

[SteelCurtain74]

I applied through Trustmark and have already been approved and received my money today. From what I can tell though is if you are not a current customer of the financial institution you are applying to then you are SOL. They are taking care of their customers first.

I've heard Kabbage is accepting applications for PPP.

 

[fishwater99]

Applied with US Bank and tried with Wells Fargo.

With US Bank we have sent in all our information and are waiting next step. With Wells Fargo, they are not even taking applications right now.

 

[missouridawg]

Thanks. Will check out Kabbage. Applied through Paypal just now.

 

[dawgdr]

Renasant. Got approval last week. Waiting on paperwork. Morally opposed. But my hypocrisy doesn’t run to deep not to take it.

 

[57stratdawg]

Ours has been a nightmare. Wells is our primary bank which originally allowed very limited applications. Then, we ran into a ton of confusion over how we’re structured. We don’t take wages, so no 940 or 941s. Our K1s weren’t sufficient, so the best thing I have is my 1040ES.

Well, that resulted in us having to apply separately as individuals rather than a consolidated company. That made things even more challenging because suddenly smaller banks which may have allowed us to apply weren’t going to allow an out of state application. All of that was further complicated by SBA guidelines issued yesterday basically saying “don’t apply separately”.

Long story short - I applied, but my partner might be screwed. Nothing I can do about it.

 

[missouridawg]

Ours has been a nightmare. Wells is our primary bank which originally allowed very limited applications. Then, we ran into a ton of confusion over how we’re structured. We don’t take wages, so no 940 or 941s. Our K1s weren’t sufficient, so the best thing I have is my 1040ES.

Well, that resulted in us having to apply separately as individuals rather than a consolidated company. That made things even more challenging because suddenly smaller banks which may have allowed us to apply weren’t going to allow an out of state application. All of that was further complicated by SBA guidelines issued yesterday basically saying “don’t apply separately”.

Long story short - I applied, but my partner might be screwed. Nothing I can do about it.

I’m pretty pissed with Capital One. They’ve been “almost ready” for two weeks now on accepting applications. I just signed loan docs with PayPal after applying on their site an hour ago.

 

[RivaDawg]

Ours has been a nightmare. Wells is our primary bank which originally allowed very limited applications. Then, we ran into a ton of confusion over how we’re structured. We don’t take wages, so no 940 or 941s. Our K1s weren’t sufficient, so the best thing I have is my 1040ES.

Well, that resulted in us having to apply separately as individuals rather than a consolidated company. That made things even more challenging because suddenly smaller banks which may have allowed us to apply weren’t going to allow an out of state application. All of that was further complicated by SBA guidelines issued yesterday basically saying “don’t apply separately”.

Long story short - I applied, but my partner might be screwed. Nothing I can do about it.

How are you structured; partnership or LLC?

 

[57stratdawg]

LLC

 

[57stratdawg]

Interesting. I didn’t know they were in this game.

 

[RivaDawg]

LLC

As I understand it (am a banker) a single member LLC would file as an individual using schedule C income; otherwise you would file as a partnership. The guidance says that a partnership would file for PPP loan using income to the partners as the payroll amount with $100,000 max for each partner.

 

[Shmuley]

^^^ Accurate.

 

[57stratdawg]

Thanks, but what documentation would be sufficient to prove out income to the partners? I don’t see K1s mentioned on anyone’s request list.

 

[msudawg12]

If you have yet to apply, you will not get money. Apply now!

 

[Jwsjr]

I sent K-1s and they requested 1099s and W-2s.

 

[RivaDawg]

Thanks, but what documentation would be sufficient to prove out income to the partners? I don’t see K1s mentioned on anyone’s request list.

It doesn’t spell it out, but LLC tax return, including K-1’s would show the “income to the partners” referenced above. Some of the wording makes it look like on the loan forgiveness side they limit it to 8 weeks for partnership income instead of 10 for employees, but can still claim the mortgage interest, rent, utilities.

Some of it is vague.

 

[57stratdawg]

Yeah, it is rather vague. Thanks again for the insight.

 

[missouridawg]

Interesting. I didn’t know they were in this game.

Not only are they in it... they took my online application around 2:30 PM today. At 3:31 PM I got an email with loan documents to sign.

 

[ababyatemydingo]

Thanks, but what documentation would be sufficient to prove out income to the partners? I don’t see K1s mentioned on anyone’s request list.

single member LLC here. My CPA handled it for me. He gave my 2018 schedule C and Jan and Feb 2020 income statement (income and expense report), along with a copy of my driver's license to BankPlus. Supposedly they are a "preferred originator", whatever that means. Hindsite is 20/20, but Trustmark apps seem to be coming back WAY faster than anyone else's. I haven't heard back yet, but BankPlus guy text me yesterday and said all should be good. As an LLC or sole prop, you can use 100% of the funds to pay draws to yourself. As long as you do it within eight weeks of getting the funds. You don't have to do the 75% 25% thing. Just have to do it from a separate account.

 

[RivaDawg]

single member LLC here. My CPA handled it for me. He gave my 2018 schedule C and Jan and Feb 2020 income statement (income and expense report), along with a copy of my driver's license to BankPlus. Supposedly they are a "preferred originator", whatever that means. Hindsite is 20/20, but Trustmark apps seem to be coming back WAY faster than anyone else's. I haven't heard back yet, but BankPlus guy text me yesterday and said all should be good. As an LLC or sole prop, you can use 100% of the funds to pay draws to yourself. As long as you do it within eight weeks of getting the funds. You don't have to do the 75% 25% thing. Just have to do it from a separate account.

You would need to provide the bank 2019 Schedule C even if you have not filed you tax return. According to what Treasury sent out late Monday.

 

[PapaDawg]

My company applied the first day the program was opened. Bank approved us last week. Still waiting on funds.

 

[ababyatemydingo]

You would need to provide the bank 2019 Schedule C even if you have not filed you tax return. According to what Treasury sent out late Monday.

Like I said. I had to provide income statement for January and February of 2020. I’ve already talked to the banker and he said my app was good to go. And has sent it to SBA

 

[DreadNought.sixpack]

Local banks are doing a good job but they need to be an SBA lender. BanCorpSouth and Renasant are two that I am working with. The SBA is backlogged but you need to go ahead and get the paperwork in now and get it processing.

 

[RivaDawg]

If someone can tell me how to post a link to a webpage from iPhone (in VERY easy to understand terms) I’ll be glad to link the Treasury Dept guidance.

 

[RivaDawg]

Like I said. I had to provide income statement for January and February of 2020. I’ve already talked to the banker and he said my app was good to go. And has sent it to SBA

If 2018 and 2019 were comparable, you are probably good. If 2019 was much better than 2018, you are leaving money on the table. If 2018 was much better than 2109, some of it may not be forgiven. Just food for thought. They can “amend” your application if it hasn’t been disbursed.

 

[ababyatemydingo]

If someone can tell me how to post a link to a webpage from iPhone (in VERY easy to understand terms) I’ll be glad to link the Treasury Dept guidance.

Dude I dgaf what u post. I had my CPA handle it for me and the BANKER told me I’m good to go. If it’ll satisfy ur anal retentive notions to post a link to the treasury, be my guest.

 

[RivaDawg]

Dude I dgaf what u post. I had my CPA handle it for me and the BANKER told me I’m good to go. If it’ll satisfy ur anal retentive notions to post a link to the treasury, be my guest.

Dude! That was not directed at you. That was for the people that had questions, but weren’t getting answers. Just trying to help.

But, since you want to make it about you, your CPA and Banker are wrong. While the guidance is vague in a lot of areas it specifically states that if you haven’t filed 2019 tax returns you need to complete schedule c for 2019 and provide it as documentation.

Also, I dgaf what YOU do! Just trying to help small business people during a very trying time. It’s something I’ve dedicated a life time to doing.

 

[BreakerDog]

I was the first one submitted where I live through Regions. I was at the bank Friday morning two weeks ago. At that time they still weren’t completely ready to take applications. I still haven’t received anything yet, but I did get an email today with guidelines of depositing funds so I’m hopeful this week.

 

[Villagedawg]

Yes. On day one, and it has been a complete cluster!

Just read an article on Forbes that says the CARES Act funding is going to run out today. I'm still waiting on Capital One to set up a system so we can apply... which means if Congress doesn't approve more funds, I'm 17ed.

Has anyone applied for this? If so, which bank? I need to throw a hail mary on short order.

Cadence used a third party, SmartBiz to process applications. Started on the first hour it was available. Application locked up. Was told that my amount I was requesting was not authorized to be requested. Called my banker. He said change the amount and submit. I did. Application showed 100% complete. An hour later I logged in, and it said 59% complete. Called again. They said, "Oh yeah, we added some questions." Answered those. Back to 100% complete. Assigned to a reviewer. She emailed me to ask a question about the amount. I answered honestly that my banker told me to submit that amount. She then deleted my application. This is about 4 days in now. Banker says we will have another application portal up today or tomorrow. No portal today or tomorrow. Finally a new portal comes up. I have to completely re do the entire application including all the documents. We are about a week in now. Get word from him today that the application is showing approved just before USA today reports that funds are now depleted.

Rage inducing.

 

[Moe Cabelle]

Trustmark was slow for us, but all’s well that ends well. I applied day one and just got approval number today. I’ll be curious to see how soon we get the funds. Customer receipts have trickled as everyone seems to be wait & see and sits on cash.

 

[seshomoru]

We’ve got money out the door already at (pm me if you need to) bank. We already had an established SBA dept (do a lot of poultry) and they trained an all hands on deck staff to go from customer & lender, to review, to etran, to processing. If we have a pinch point it’s in processing, which is understandable. They are trying to close what amounts to the entire year’s loan growth budget in two weeks.

 

[garddog]

Wells Fargo is trash. They will figure out how to screw you and the government so they are the only ones who end up with the money.

 

[thatsbaseball]

They were absolutely the most vicious, awful S.O.B.'s to deal with after 2008 of ANYONE and we dealt with many. I wouldn't want to owe those mofo's a dime !

 

[jdbulldog]

Apply ply through your regular financial institution. Additional funding will come and you need to be ready for it.

Just read an article on Forbes that says the CARES Act funding is going to run out today. I'm still waiting on Capital One to set up a system so we can apply... which means if Congress doesn't approve more funds, I'm 17ed.

Has anyone applied for this? If so, which bank? I need to throw a hail mary on short order.

 

[1msucub]

Guaranty Bank and Trust in Senatobia. They have the best customer service of any bank I've ever used. Local banks are ALWAYS the way to go.

 

[Big Sheep81]

Local Bank Applied 3 April. Got a call 4 April to complete a revised app. Submitted it with supporting documents. Did not hear a word until 13 April, Monday. Set appointment for Tuesday PM. Signed paperwork and had money deposited before I left the bank. Will see if I have to pay anything back.