Page 1 of 4 123 ... LastLast
Results 1 to 20 of 79
  1. #1
    Member
    Join Date
    Feb 2019
    Location
    Ohio
    Posts
    78

    Question PAYROLL PERTECTION PLAN NOT READY TO GO

    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!!!!

  2. Banned
    Join Date
    May 2019
    Posts
    499
    #2
    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.

  3. Member
    Join Date
    Mar 2006
    Location
    Wilmington, MA
    Posts
    1,338
    #3
    You can do the $10k loan app online , that is in addition to ppp.
    ​BULLET 21XRS 250 SHO
    Hydro Tech flash / 27 Razor 87.2 MPH

  4. Member
    Join Date
    Mar 2017
    Location
    Ohio
    Posts
    4,989
    Most problems aren't rocket science but when they are listen to the rocket scientists.
    - - Scott Kelly, Astronaut

  5. Tired of muddy water Texas Rigs N Jigs's Avatar
    Join Date
    Jan 2016
    Location
    Houston, TX
    Posts
    1,660
    #5
    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.
    -----------------------------------
    Thanks,
    Stephen

    2014 Bass Tracker 175TF w/ 75 Mercury

    Facebook: https://www.facebook.com/Texas-Rigs-...11968965774371
    YouTube: https://www.youtube.com/channel/UC_7...7y0GgICAVeTZww

  6. Derek McCullough
    Join Date
    Nov 2010
    Location
    Dalton GA
    Posts
    2,214
    #6
    Our banker and cpa both said there is a lot of gray area but had plenty of helpful info about it.

  7. Member
    Join Date
    Aug 2012
    Location
    Clarksville TN
    Posts
    22,045
    #7
    Quote Originally Posted by derek81 View Post
    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.

  8. Member
    Join Date
    Jul 2018
    Location
    Alabama
    Posts
    1,242
    #8
    Quote Originally Posted by av View Post
    You can do the $10k loan app online , that is in addition to ppp.
    You sure about this? I havent found enough to verify.
    Loctite

  9. Member
    Join Date
    Mar 2006
    Location
    Wilmington, MA
    Posts
    1,338
    #9
    Quote Originally Posted by Phoenix Dreaming View Post
    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/#/
    ​BULLET 21XRS 250 SHO
    Hydro Tech flash / 27 Razor 87.2 MPH

  10. Member
    Join Date
    Feb 2006
    Location
    Wheeling, WV
    Posts
    1,497
    #10
    Quote Originally Posted by Phoenix Dreaming View Post
    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.
    2006 Ranger Z20 / 225HP Merc Pro XS

  11. Member
    Join Date
    Mar 2013
    Location
    Arkansas
    Posts
    1,479
    #11
    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.

  12. Member
    Join Date
    Feb 2006
    Location
    Wheeling, WV
    Posts
    1,497
    #12
    Quote Originally Posted by WPS456 View Post
    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.
    2006 Ranger Z20 / 225HP Merc Pro XS

  13. Member
    Join Date
    Jul 2018
    Location
    Alabama
    Posts
    1,242
    #13
    Quote Originally Posted by ericm View Post
    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.
    Loctite

  14. Member
    Join Date
    Feb 2006
    Location
    Prairieville, LA
    Posts
    5,010
    #14
    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.

  15. Member
    Join Date
    Mar 2018
    Location
    Oklahoma
    Posts
    9,985
    #15
    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.
    Isaiah 10:1

  16. Member
    Join Date
    Oct 2016
    Location
    Guntersville, AL
    Posts
    1,056
    #16
    Quote Originally Posted by ericm View Post
    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.

  17. Member jbassman87's Avatar
    Join Date
    Dec 2006
    Location
    Yates Center, KS
    Posts
    17,811
    #17
    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.

  18. Member
    Join Date
    Mar 2009
    Location
    Tucker
    Posts
    138
    #18
    Quote Originally Posted by bassohio71 View Post
    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?
    2018 Nitro Z18
    175 HP Merc ProXs

    16ft Monark - all Electric

  19. Member
    Join Date
    Mar 2018
    Location
    Oklahoma
    Posts
    9,985
    #19
    Quote Originally Posted by Booster View Post
    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.
    Isaiah 10:1

  20. Member
    Join Date
    May 2019
    Location
    Plymouth MA
    Posts
    552
    #20
    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.
    2020 Ranger 521L, Merc 250 Pro XS

Page 1 of 4 123 ... LastLast