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SBA Loans

Discussion in 'Off-Topic Discussion' started by Boosted4runner, Apr 3, 2020.

  1. Apr 3, 2020 at 1:46 PM
    #1
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

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    Today was supposed to be the day SBA Loan applications were available to complete and apply.
    Wells Fargo hasn’t released the on-line link for us, and are stating Monday will be the day.

    Anyone else waiting or completed one?

    Also, do you understand it as 75% needs to go back to payroll within an 8 week period post receiving funds?

    We qualify for almost $900K, but our payroll will only be about 65% of that the next few months (business is slow this time of the year). 25% can go to “other/rent” but from what I understand I can’t use 65% payroll and 35% rent.

    Am I on track?
    Just sat through the hour-long Paychex webinar and of course, half the shit didn’t pertain to us.
     
    Last edited: Apr 3, 2020
  2. Apr 3, 2020 at 2:02 PM
    #2
    Burdturger

    Burdturger New Member

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    I'm looking into too. I'm self employed, only employee. As of this morning, only BofA was accepting applications online. I bank with Suntrust, BofA and Wells but most of my business accounts are with Suntrust. As such I could not qualify to do with BofA.

    I didn't take a webinar. The SBA website has all the qualifications for the loan online.
     
    Boosted4runner [OP] likes this.
  3. Apr 3, 2020 at 2:06 PM
    #3
    PermaFrostTRD

    PermaFrostTRD Tumescent Member

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    Utilities, lease agreements.

    Payroll calculations can include vacation and sick days.
     
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  4. Apr 3, 2020 at 2:09 PM
    #4
    smslavin

    smslavin Behind a lens...

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    Some stuff
    i don't qualify since i'm running my business alongside a second full time job. i'm tired...
     
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  5. Apr 3, 2020 at 2:25 PM
    #5
    Sas

    Sas Humor is everywhere

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    Lost track after #1.
    Apparently BoA has been prioritizing applications and only processing those that currently carry BoA cards.
     
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  6. Apr 3, 2020 at 2:27 PM
    #6
    tech1208

    tech1208 Old Salt, New truck

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    I can't find who the lenders are in my area.
     
  7. Apr 3, 2020 at 2:30 PM
    #7
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

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    Thanks for the info. I’m really hoping most banks haven’t been able to post the applications, in fear of funds depleting before we apply because WellsF is late to the game.
     
  8. Apr 3, 2020 at 2:32 PM
    #8
    MR TRD PRO

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    I work for a bank and have been dealing with calls and emails all day long about SBA/PPP.

    My bank isn't ready to accept or process applications yet as of this evening. I feel the media has been hyping this up so much and causing the public to panic unnecesarily

    The US treasury website has a link listing the process and criteria for applying.

    Most banks as of now are not up and running yet but by next week we should have more banks on board and ready to go, and yes, in order to apply and qualify you must apply with the bank that you have your business accounts with

    Applications need to be completed correctly in order to qualify for any loan forgiveness you are entitled to. Any incorrect entries on the application can come back and haunt you later

    And I also have been telling clients that you must be able to document and demonstrate a legitimate need for this loan relief... (I have multi-millionaires asking for handouts which boggles my mind)
     
    Bob and Boosted4runner [OP] like this.
  9. Apr 3, 2020 at 2:36 PM
    #9
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

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    Thank you! Very good to hear!
    I’ve already pulled our payroll reports for 2019, obtained the monthly average, and X by the 2.5 factor - which equals our loan amount (minus the salaries above $100K).
    We qualify and have everything in place, it’s just a matter of being able to complete the Bank application and submit.

    Our banker is slammed too and working from home, delayed responses.
    Am I correct on the 75% payroll in 8 weeks and 25% to rent?
    Can I do 65% payroll and 35% rent or no?
    We do everything by the book so I won’t be fudging payroll reports or anything.
    From what I understand the forgiveness application will be down the road after the 8 weeks are up.
     
  10. Apr 3, 2020 at 2:40 PM
    #10
    EAK

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    The forgiveness amount cannot include more than 25% used for non-payroll costs. In other words, any loan amounts above the 25% non payroll usage is not forgivable. Still not a bad deal at 1% IR.

    Not me. https://www.youtube.com/watch?v=1Y_eUNCuKII
     
  11. Apr 3, 2020 at 2:40 PM
    #11
    MR TRD PRO

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    I'm not sure about these numbers as I have not even read up on the nitty gritty details. We're leaving those up to our business lenders to answer. I'm mentally exhausted in answering emails and phone calls all week, mainly just asking our clients to be patient with us.
    I've been on calls all day speaking to nervous and frantic customers and did my best to calm everyone down.
     
    Boosted4runner [OP] likes this.
  12. Apr 3, 2020 at 2:45 PM
    #12
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

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    I’m almost positive you need to go through your normal banker. I don’t think banks that didn’t have good relationships prior will be lending.
     
  13. Apr 3, 2020 at 2:48 PM
    #13
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

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    LOL! Guessing that’s why my banker keeps sending blanket emails stating “please be patient, we are working on it”.

    I knew we should’ve switched to BOA when they came in 4 months ago! :D
    They have their shit together.
    WF has treated us very well though.
     
    Last edited: Apr 3, 2020
  14. Apr 3, 2020 at 2:49 PM
    #14
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

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    Damn! That’s what I figured. Thanks for the Vid!!! I’m watching it now.
    Thankfully we learned from the 2008-2009 burst, and are okay without any loans. No reason to pay interest. So I don’t want to use 100% of the available funds, if we can’t be relieved 100%. Maybe we can come up with some type of plan to give our employees an extra weeks vacation and bonus it out or something. I don’t know.
     
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  15. Apr 3, 2020 at 2:53 PM
    #15
    Aggieddad02

    Aggieddad02 New Member

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    I sent all of the loan documentation to our local bank on Tuesday. Most of what has been said above is correct. I may suggest that you use your personal bank if at all possible as the loan approval should be much quicker. Good luck everyone. Also, heard that they were working out the details for those individuals that are self-employed
     
    Boosted4runner [OP] likes this.
  16. Apr 3, 2020 at 3:03 PM
    #16
    MR TRD PRO

    MR TRD PRO New Member

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    Yeah the big 3 banks (Wells, B of A, Chase/Citi) have better manpower, presence and technical support to get up and running quickly.
    They also probably have way more experience with SBA/PPP lending whereas mine doesn't, and not to bad mouth my employer, we are licensed SBA lenders, but the payoff for doing the loan doesn't make sense for us. We are only going to do it to help our clients
     
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  17. Apr 3, 2020 at 3:15 PM
    #17
    Burdturger

    Burdturger New Member

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  18. Apr 3, 2020 at 3:18 PM
    #18
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

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    HOLY SHIT!!!!!!!


    Topline: Bank of America said that 58,000 customers have applied for some $6 billion in loans since it opened its online portal at 9:00 a.m. this morning, CNBC reports; this morning, Bank of America was the first major bank to begin accepting applications for the federal government’s $349 billion relief program during its chaotic rollout period.
     
  19. Apr 3, 2020 at 3:37 PM
    #19
    tech1208

    tech1208 Old Salt, New truck

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    I use a credit union for our businesses. I have two that I would like to apply for Paychex with. I doubt they will SBA lenders. I gotta believe people in my position will be accepted somewhere?
     
  20. Apr 3, 2020 at 4:13 PM
    #20
    knoxville36

    knoxville36 New Member

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    Okay, some misinformation already. Where I work we have 2 businesses that I submitted today. One for $1.1m and the other for $270k.

    1. Payroll is for the 12 months preceding the loan submitted date. Being it is 4/3/20, run your reports 4/1/19 - 3/31/20. We were told to not submit last fiscal year as in 1/1/19 to 12/31/19.

    2. The loan amount is based strictly off of your payroll. Take your gross payroll (salaries). Do not include any federal taxes as there is a completely separate program to defer those until 2022. You can include local and state taxes in payroll calculations. These should be state income taxes, unemployment, etc.... Add up your healthcare benefits for the 12 months. We simply printed off the insurance bills and added them up is what we were told to do. Also add in your retirement plans. We simply logged in to our retirement account and downloaded the transactions or deposits over the 12 months. It should look something like this:

    Gross Payroll. $1,000,000 (No Federal Taxes)
    Healthcare $250,000
    State taxes $100,000
    Retirement Plans $150,000

    Eligible loan Amount = $1,500,000

    divide by 12 and times by 2.5.

    Your loan with your local bank/SBA should be $312,500.

    While the loan is based off of payroll you can use it for other things to pay

    Mortgage Interest (Interest Only!)
    Rent/lease payments
    Utilities

    Of the loan amount granted, $312,500, up to 25% may be used for the above qualifications other than payroll. So in other words, you have $78,125 over the 10 week period to use for rent, mortgage interest, utilities, etc.... You can not go over that.

    Now, you submit all this to your local bank who has to be an approved SBA 7a lender in order to submit. They have a portal where they will log on and submit the loan to the SBA. They have general questions they need to answer and can only submit 1 PDF file with the loan docs upload. So you need to make sure your loan application, payroll reports, Federal 941 and 940's, tax returns, and company financials are all one PDF file.

    You can submit to your local bank, but from 3 banks told me today, the portal to actually submit to SBA is not up yet. They were still tweaking information requirements and sending it out this afternoon.

    We do business with a company and their owner literally helped write the bill with the senators and committees. I had the compete 880 page senate bill and the 43 pages in it pertaining to the Payroll Protection Program (PPP) last week before it was passed. If you want to go to sleep, try reading that 880 pages....

    Make sure your salaries, wages you are claiming ties out to your quarterly 941's for the time frame! If your wages on your quarterly 941's are $1,200,000 and you submit it for $1,800,000 it will get kicked back and will be starting over!

    I am not a master at this and learning as I go also. There is a real lack of clarity in a lot of this out there. Banks are not even sure how to handle this and carry it out.

    Hope this helps!!!
     
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  21. Apr 3, 2020 at 4:21 PM
    #21
    MR TRD PRO

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    I leave the number crunching to someone else where I work lol
     
  22. Apr 3, 2020 at 4:36 PM
    #22
    Aggieddad02

    Aggieddad02 New Member

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    The payroll is for the average of the last 12 months X 2.5 for the maximum amount that can be borrowed. Previous information lead you to believe it was for the total payroll of the last 12 months. The thing about using a local bank that you have worked with in the past is that you have a history with that bank and their loan approval process is much easier. Good luck everyone
     
    Boosted4runner [OP] likes this.
  23. Apr 3, 2020 at 4:42 PM
    #23
    Roflo5

    Roflo5 Roflo5

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    Most banks that do SBA loan are only working with their clients first. From what my bank told me is that they are flooded with applications. I was able to send my application to my bank today. My CPA had all my paperwork ready from me yesterday. Good Luck everyone.
     
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  24. Apr 3, 2020 at 4:46 PM
    #24
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

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    OMG I did it completely wrong!!! Nobody can give us solid info! We were just going off of the Fed Application (instructions are nothing like what you posted). Paychex couldn’t tell us, our banker couldn’t, it’s been a shit show. I knew nothing about Healthcare, or removing Fed Tax. I’m guessing they will offset each other. Damnit.
    Thank you a ton for posting this!!!!
     
  25. Apr 3, 2020 at 5:22 PM
    #25
    knoxville36

    knoxville36 New Member

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    Honestly, there is still a lot of confusion and I am still confused. There is a chance I am wrong, haha. However, after being on 4 conference calls for this I believe I am mostly correct.
     
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  26. Apr 3, 2020 at 5:29 PM
    #26
    knoxville36

    knoxville36 New Member

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  27. Apr 3, 2020 at 5:48 PM
    #27
    ColoradoTJ

    ColoradoTJ I drink…and I know things. Staff Member

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    A metric buttload
    I checked Wells Fargo this morning, got my stimulus check, but nothing else.
     
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  28. Apr 3, 2020 at 6:14 PM
    #28
    knoxville36

    knoxville36 New Member

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    You got your personal one as in $1,200 or $2,400 for husband and wife?
     
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  29. Apr 3, 2020 at 6:59 PM
    #29
    ColoradoTJ

    ColoradoTJ I drink…and I know things. Staff Member

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    Just me.

    1F27C113-FD93-4226-85BC-A068E7D93E2D.jpg
     
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  30. Apr 3, 2020 at 7:22 PM
    #30
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

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    LMFAO!!!!!!
    Dork! :p
     
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