PAYROLL PERTECTION PLAN NOT READY TO GO

[bassohio71]

I just received an email from my bank that was composed by someone who was not happy. He said that the loan process was not ready and the bank would NOT be excepting applications today (Friday) as was announced by the Feds. I've never seen a business letter written like this. He was really mad. His advice was to be careful of the so called free money until all the details are worked out. Just another brick in the wall!!!!

[Bassbuster95]

Skip it.....I'm not trusting anykind of gov bail out.I'll deal with it and pull on my line of credit if needed.

[av]

You can do the $10k loan app online , that is in addition to ppp.

[JHelms]

https://www.ksbw.com/article/small-b...ogram/32012082

[Texas Rigs N Jigs]

that was a question asked yesterday at the White House. The banks said it was not ready and the White House said it will be today.

[derek81]

Our banker and cpa both said there is a lot of gray area but had plenty of helpful info about it.

[n2ratfishin]

Our banker and cpa both said there is a lot of gray area but had plenty of helpful info about it.

That is what I heard form a corporate tax attorney yesterday. The gray area is what worries bankers and CPAs. I'm hearing little oversight could cause backlash later.

[Phoenix Dreaming]

You can do the $10k loan app online , that is in addition to ppp.

You sure about this? I havent found enough to verify.

[av]

You sure about this? I havent found enough to verify.

Ya I did two days ago , I will find the link,
try it see if it works
https://covid19relief.sba.gov/#/

[ericm]

You sure about this? I havent found enough to verify.

Yes, ours was submitted yesterday. Our accountant sent it in. The $10,000.00 will be deducted from your payroll protection plan sum if you apply for that loan whenever they actually get everything figured out. Right now as of this morning that loan application process has come off the rails.

[WPS456]

From what I've seen as well, the loans will not be very beneficial to the banks and many banks may chose not to offer them or to only offer them to already existing customers.

[ericm]

From what I've seen as well, the loans will not be very beneficial to the banks and many banks may chose not to offer them or to only offer them to already existing customers.

This plus the banks are not receiving the information they need regarding regarding who is actually holding the risk. Our lender put the payroll protection loan on hold this morning until they receive some type of clarification from the feds.

[Phoenix Dreaming]

This plus the banks are not receiving the information they need regarding regarding who is actually holding the risk. Our lender put the payroll protection loan on hold this morning until they receive some type of clarification from the feds.

It is a huge program implemented in a limited time so there will be issues. Hopefully they get it worked out.

[jcdogfish]

I just got the new application this morning along with a couple of different guidelines. Banks are not ready, probably gonna be a mess. However, worse case you can just pay it back in a couple of months if not needed and not forgiven. That's if you see any $$$ in the next 60 days. If they can't get the PPP cash out real soon lots of small restaurants and businesses will be gone.

[grandbassslayer]

My hope is it goes to those in need. The way it is designed its gonna be the wild west, free money for anyone, and that is gonna leave some folks out that desperately need the help.

[phoenix5252]

This plus the banks are not receiving the information they need regarding regarding who is actually holding the risk. Our lender put the payroll protection loan on hold this morning until they receive some type of clarification from the feds.

This is correct. I work at at bank and am at work right now. There are many unknowns and the roll out has been mass chaos of unknowns.
Also, about the other loan, you can go to SBA.GOV and apply for disaster assistance. The payroll loan will be rolled out by banks and lending institutions and we are all waiting on some clarification on several key factors.

[jbassman87]

With my work, I talk to loan officers all the time. Tried two this morning and they are in meetings about this. Might be available this afternoon to call me back.

[Booster]

I just received an email from my bank that was composed by someone who was not happy. He said that the loan process was not ready and the bank would NOT be excepting applications today (Friday) as was announced by the Feds. I've never seen a business letter written like this. He was really mad. His advice was to be careful of the so called free money until all the details are worked out. Just another brick in the wall!!!!

How did you get a letter from your bank today about the program wasn't announce as a go until last night?

[grandbassslayer]

How did you get a letter from your bank today about the program wasn't announce as a go until last night?

The info has been out a week now.

[trashmanssd]

My wife is a CPA and has been spending most of her time this week trying to understand how all these bail outs and loans and what not will work so she can properly advise her clients (my business being one of them). It is a bold move promising all this money and trying to get it to most every one. It will be interesting to see what the final tally is for this whole package at the end. They keep saying 2 trillion but my bet would be closer to 5 trillion. If it works it will be pure genius and will help the whole world if it doesn't then we have just racked up a whole bunch more debt or inflation to deal with during a recession or depression.