1. Welcome to Tundras.com!

    You are currently viewing as a guest! To get full-access, you need to register for a FREE account.

    As a registered member, you’ll be able to:
    • Participate in all Tundra discussion topics
    • Transfer over your build thread from a different forum to this one
    • Communicate privately with other Tundra owners from around the world
    • Post your own photos in our Members Gallery
    • Access all special features of the site

SBA Loans

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

  1. Apr 3, 2020 at 9:16 PM
    #31
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

    Joined:
    Mar 18, 2018
    Member:
    #13672
    Messages:
    2,480
    Gender:
    Male
    WA
    Vehicle:
    2015 DC MGM TRD Tundra, Kings, 5.7, 2018 front end
    Resi Kings, 35” Trail Grapplers on 18” Methods, ICON Delta Upper Arms, Front-Runner bed rack, Yakima SkyBox16, 2018 honeycomb grill, 2018 LED headlights, plastidipped bumper covers
    That’s exactly what I understood. I took my entire 2019 payroll (4 million xxx) and divided by 12 for an average monthly figure, then X by 2.5 for the loan amount.
    I’m hoping the WellsFargo application has specific instructions, that I’m assuming is much more complicated (I.e. healthcare, 401K, etc).
     
    ColoradoTJ likes this.
  2. Apr 3, 2020 at 10:22 PM
    #32
    ColoradoTJ

    ColoradoTJ I drink…and I know things. Staff Member

    Joined:
    Feb 24, 2016
    Member:
    #2766
    Messages:
    27,311
    Colorado
    Vehicle:
    LML 3500HD
    A metric buttload
    I hope everything is ok. This has hit many good businessmen in ways nobody could ever imagine.

    My earlier post was to put a smile on your face like no other group on the net can.
     
  3. Apr 4, 2020 at 6:11 AM
    #33
    knoxville36

    knoxville36 New Member

    Joined:
    Dec 16, 2018
    Member:
    #23098
    Messages:
    1,364
    Gender:
    Male
    First Name:
    Mike
    Knoxville, TN
    Vehicle:
    2019 Toyota Tundra Platinum
    you got the just of it. Run your payroll and come up with only your gross pay/salaries. Then also add in your Healy care costs, state and local taxes, and retirement costs. Now your eligible payroll is $6 million let's say. Divide that by 12 and times by 2.5. In this case, your eligible loan amount is $1.25 mil.
     
  4. Apr 4, 2020 at 6:22 AM
    #34
    cmack

    cmack New Member

    Joined:
    Jan 6, 2014
    Member:
    #9
    Messages:
    227
    Gender:
    Male
    AZ
    Vehicle:
    2018 Burrito
    the SBA didn’t give the banks guidance until about 3pm Thursday afternoon. Yes the program became available at 12:01am Friday morning, but most lenders weren’t setup to handle/process yet and are trying to streamline so they don’t cause issues mid-process and screw things up for customers.All banks who are preferred SBA lenders have access to this, so if yours is dragging their feet than you can use someone else. BUT most banks are focusing on existing customers first.

    Feel free to PM me if you have any specific questions, my employer is suppose to go live this morning with the program. We were trying to last night but wanted to test the process with a small pool of customers first to ensure everything flows smoothly before opening up the flood gates. And I’ve spent more time on conference calls working out the details on this in the past week than I can count.
     
  5. Apr 4, 2020 at 8:23 AM
    #35
    tech1208

    tech1208 Old Salt, New truck

    Joined:
    Dec 15, 2019
    Member:
    #39920
    Messages:
    219
    Gender:
    Male
    Orlando, FL
    Vehicle:
    2020 Tundra Platinum 4X4 Super White
    Guys, you are the best!!!! Spoke to my Credit Union just now, and they are an approved SBA 7a lender. They will be processing existing customers first on Monday and already have a go by page for the forms they will need. Thanks very much!!!!

    and @ColoradoTJ, I've sent that screen shot out twenty times already. I appreciate the levity.

    Randy
     
  6. Apr 4, 2020 at 9:33 AM
    #36
    Shaggie13

    Shaggie13 New Member

    Joined:
    Dec 29, 2016
    Member:
    #5730
    Messages:
    55
    Gender:
    Male
    First Name:
    Mitch
    Central CA
    Vehicle:
    2017 TRD Pro Tundra Superwhite
    Fifteen52 wheels, rolling on tires.
    I think there is some confusion with federal taxes and federal withholdings. Gross Payroll already has that figure in there, since employees deduct federal withholding from their gross payroll. What you are losing it the employer portion of FICA paid. Which I'm not sure why they are not allowing this payroll expense, since you can't claim the payroll tax credit and the PPP loan? Maybe it is because you can now defer these federal employer portion of FICA till December 31, 2021 and 2022 if you want.??
     
  7. Apr 4, 2020 at 9:46 AM
    #37
    knoxville36

    knoxville36 New Member

    Joined:
    Dec 16, 2018
    Member:
    #23098
    Messages:
    1,364
    Gender:
    Male
    First Name:
    Mike
    Knoxville, TN
    Vehicle:
    2019 Toyota Tundra Platinum
    yeah I know. This is where my confusion lies also. Our bank is not even sure to be honest and trying to get answers but said to go ahead and submit.

    I am sure that the employer portion of FICA can be deferred until end of 2021 and 2022.
     
  8. Apr 4, 2020 at 9:57 AM
    #38
    Shaggie13

    Shaggie13 New Member

    Joined:
    Dec 29, 2016
    Member:
    #5730
    Messages:
    55
    Gender:
    Male
    First Name:
    Mitch
    Central CA
    Vehicle:
    2017 TRD Pro Tundra Superwhite
    Fifteen52 wheels, rolling on tires.
    I heard JPMorgan Chase is not doing the SBA loans until Monday due to all the confusion with changing terminologies with qualified expenses. Also, do you know if banks are getting compensated by the gov't since they can't charge any fees to their clients? I saw places that they were based off of loan size, etc.?
     
    Boosted4runner [OP] likes this.
  9. Apr 4, 2020 at 3:12 PM
    #39
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

    Joined:
    Mar 18, 2018
    Member:
    #13672
    Messages:
    2,480
    Gender:
    Male
    WA
    Vehicle:
    2015 DC MGM TRD Tundra, Kings, 5.7, 2018 front end
    Resi Kings, 35” Trail Grapplers on 18” Methods, ICON Delta Upper Arms, Front-Runner bed rack, Yakima SkyBox16, 2018 honeycomb grill, 2018 LED headlights, plastidipped bumper covers
    LOL!! It did for sure! Thanks Chris! :D
    I’m sure I’ll be okay. Stressful, for sure, but taking things one week at a time. Our P&L was negative $275K this week, but that was to *almost* be expected.
    2 weeks from now will tell a much better story. :fingerscrossed:
     
    ColoradoTJ likes this.
  10. Apr 4, 2020 at 3:42 PM
    #40
    ColoradoTJ

    ColoradoTJ I drink…and I know things. Staff Member

    Joined:
    Feb 24, 2016
    Member:
    #2766
    Messages:
    27,311
    Colorado
    Vehicle:
    LML 3500HD
    A metric buttload
    Business today has totally changed.

    The last two days I have gone out, I’ve done things like never before.

    1) Kubota sanitized, boxed up my 50 hour maintenance items, waited for me to arrive, came out and dropped my parts in the bed of my truck...drove off.
    2) Today I went to get 8k lbs of recycled concrete for my driveway. Pulled up, called them, told them what I wanted, weighed in, re-weighed, payed over the phone.

    social distancing score of 80.
     
    aperezsh and Boosted4runner [OP] like this.
  11. Apr 4, 2020 at 4:20 PM
    #41
    MR TRD PRO

    MR TRD PRO New Member

    Joined:
    Apr 16, 2019
    Member:
    #29216
    Messages:
    143
    Gender:
    Male
    Queens, NYC
    Vehicle:
    2019 VooDoo Blue Tundra TRD Pro
    HP Tuned
    You and I both!
     
    Boosted4runner [OP] likes this.
  12. Apr 4, 2020 at 4:22 PM
    #42
    MR TRD PRO

    MR TRD PRO New Member

    Joined:
    Apr 16, 2019
    Member:
    #29216
    Messages:
    143
    Gender:
    Male
    Queens, NYC
    Vehicle:
    2019 VooDoo Blue Tundra TRD Pro
    HP Tuned
    Banks can charge 50 bps as compensation for doing the loan. It's nothing really. Although my bank has a license to be SBA lenders we never really did it because the returns were so little for the work that goes into it.
     
  13. Apr 4, 2020 at 5:35 PM
    #43
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

    Joined:
    Mar 18, 2018
    Member:
    #13672
    Messages:
    2,480
    Gender:
    Male
    WA
    Vehicle:
    2015 DC MGM TRD Tundra, Kings, 5.7, 2018 front end
    Resi Kings, 35” Trail Grapplers on 18” Methods, ICON Delta Upper Arms, Front-Runner bed rack, Yakima SkyBox16, 2018 honeycomb grill, 2018 LED headlights, plastidipped bumper covers
    Thank you cmack! Appreciate the knowledge!
     
    cmack likes this.
  14. Apr 5, 2020 at 5:55 AM
    #44
    Tileguy

    Tileguy New Member

    Joined:
    Oct 6, 2019
    Member:
    #37065
    Messages:
    107
    Gender:
    Male
    Birmingham, Alabama
    Vehicle:
    2011 Toyota Tundra
    We have a very small business just myself and 5 employees. I have filed a application thru our local bank which is a SBA lender. Sent application and requested documents Friday around noon. Received a new application form Saturday apparently the SBA revised overnight Friday night. Sent that back along with additional documentation. My contact at the bank says he thinks I have completed the paperwork as of 10:00 last night. Lots of confusion but with the government involvement I’m not surprised. I recall that when the program was first announced the politicians where proclaiming there would be a simple application and businesses may get their loan money the same day. So far I have sent approximately 30 pages of documentation.
     
    MR TRD PRO and Shaggie13 like this.
  15. Apr 6, 2020 at 11:15 AM
    #45
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

    Joined:
    Mar 18, 2018
    Member:
    #13672
    Messages:
    2,480
    Gender:
    Male
    WA
    Vehicle:
    2015 DC MGM TRD Tundra, Kings, 5.7, 2018 front end
    Resi Kings, 35” Trail Grapplers on 18” Methods, ICON Delta Upper Arms, Front-Runner bed rack, Yakima SkyBox16, 2018 honeycomb grill, 2018 LED headlights, plastidipped bumper covers
    WHAT THE FUCK!!!
    Our Wellsfargo Rep just called, and apparently WF ran out of money and won’t let us apply for the SBA PPP!!!
    Had something to do with the Feds punishing WF for their past bad practices, and WF gave the money to non-profits and companies less than 50 employees first (we’re 150 employees).

    I reached out to a US Bank rep that had been wanting our business, but I don’t know where to turn now.
     
  16. Apr 6, 2020 at 3:41 PM
    #46
    Shaggie13

    Shaggie13 New Member

    Joined:
    Dec 29, 2016
    Member:
    #5730
    Messages:
    55
    Gender:
    Male
    First Name:
    Mitch
    Central CA
    Vehicle:
    2017 TRD Pro Tundra Superwhite
    Fifteen52 wheels, rolling on tires.
    Yes. I heard the same with Chase Bank, too. I'm a CPA and was doing a webinar, and someone posted this. Also, one of our bookkeepers sent paperwork for a client to another local bank and they had an automatic replay saying they stopped taking applications for PPP loans.
    I think there is still the Economic Injury Disaster Loans available, (EIDF).
     
    Boosted4runner [OP] likes this.
  17. Apr 6, 2020 at 5:25 PM
    #47
    knoxville36

    knoxville36 New Member

    Joined:
    Dec 16, 2018
    Member:
    #23098
    Messages:
    1,364
    Gender:
    Male
    First Name:
    Mike
    Knoxville, TN
    Vehicle:
    2019 Toyota Tundra Platinum
    Man all this is interesting.... Have not heard anything from our bank. Ours is one of the larger banks in TN, but only in TN. Where I worked before we banked with Wells Fargo and switched to JPMorgan. I wouldn't wish that in my worst enemies.

    Local banks and smaller regional banks are so much easier to deal with and you can actually get stuff done when you need it.

    I worked at a CPA firm for a handful of years and all we did was audit credit unions. For the past 10 years I have never thought about or would I ever put any of my money in the bank. Credit Unions are so much better for consumers. So much easier to get a loan.

    I submitted everything on Friday and have not heard a single thing.
     
  18. Apr 6, 2020 at 10:21 PM
    #48
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

    Joined:
    Mar 18, 2018
    Member:
    #13672
    Messages:
    2,480
    Gender:
    Male
    WA
    Vehicle:
    2015 DC MGM TRD Tundra, Kings, 5.7, 2018 front end
    Resi Kings, 35” Trail Grapplers on 18” Methods, ICON Delta Upper Arms, Front-Runner bed rack, Yakima SkyBox16, 2018 honeycomb grill, 2018 LED headlights, plastidipped bumper covers
    Yeah, we don’t need a loan, we just want to take advantage of the forgivable if we can bring all our people back and pay them, via Gov.
    I’m waiting on US, and have BOA lined up if US backs out.
    What a shit show.
    Our CPA (3rd party not in house) is a pile of garbage and gives zero fucks.....our CEO hired him 20 years ago, and as the President I can’t fire the fucker.......yet.
    Hopefully soon. :fingerscrossed:
     
  19. Apr 16, 2020 at 9:14 AM
    #49
    BigSkyTaco

    BigSkyTaco Successfully Social Distancing since 1998

    Joined:
    Oct 13, 2019
    Member:
    #37343
    Messages:
    573
    Gender:
    Male
    First Name:
    Aaron
    W. Glacier, MT
    Vehicle:
    2011 White DC Tundra TRD
    Anyone seeing any approvals lately?

    Submitted the first round to our credit union...then got the revised application and need paperwork sent in as well. Hoping these loans actually start hitting SB accounts. I have cery little faith in the program at this point...
     
  20. Apr 16, 2020 at 10:28 AM
    #50
    19TurdPro

    19TurdPro New Member

    Joined:
    Jul 27, 2019
    Member:
    #33771
    Messages:
    864
    Gender:
    Male
    Vehicle:
    2019 Tundra TRD Pro

    SBA ran out of money. We're waiting for CARE Act II to create another funding source for SBA.
     
  21. Apr 16, 2020 at 10:52 AM
    #51
    BigSkyTaco

    BigSkyTaco Successfully Social Distancing since 1998

    Joined:
    Oct 13, 2019
    Member:
    #37343
    Messages:
    573
    Gender:
    Male
    First Name:
    Aaron
    W. Glacier, MT
    Vehicle:
    2011 White DC Tundra TRD
    Yeah i just read that...Our credit union stated yesterday that there was still funds available. Getting any actual answers is frustrating.
     
  22. Apr 16, 2020 at 10:57 AM
    #52
    19TurdPro

    19TurdPro New Member

    Joined:
    Jul 27, 2019
    Member:
    #33771
    Messages:
    864
    Gender:
    Male
    Vehicle:
    2019 Tundra TRD Pro
    Yup. It's a mess. It was released with no real direction or plan. We had to scramble to figure out what to do. Hopefully round 2 goes better.
     
  23. Apr 16, 2020 at 11:22 AM
    #53
    BigSkyTaco

    BigSkyTaco Successfully Social Distancing since 1998

    Joined:
    Oct 13, 2019
    Member:
    #37343
    Messages:
    573
    Gender:
    Male
    First Name:
    Aaron
    W. Glacier, MT
    Vehicle:
    2011 White DC Tundra TRD
    Same... We had everything ready to go the first day, but between waiting on the bank to respond to questions and resubmitted correct paperwork. It took longer then we had hoped.
     
  24. Apr 16, 2020 at 12:11 PM
    #54
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

    Joined:
    Mar 18, 2018
    Member:
    #13672
    Messages:
    2,480
    Gender:
    Male
    WA
    Vehicle:
    2015 DC MGM TRD Tundra, Kings, 5.7, 2018 front end
    Resi Kings, 35” Trail Grapplers on 18” Methods, ICON Delta Upper Arms, Front-Runner bed rack, Yakima SkyBox16, 2018 honeycomb grill, 2018 LED headlights, plastidipped bumper covers
    Welp, we applied at a smaller bank - and were approved by the SBA. *Supposed* to be picking up a $944K check Monday. :bananadance:
    Our P&L is going to look like complete dogshit, but our cash will look excellent.
    I have a 1pm today with our lawyer and will be asking a gazillion questions on how I can pay our people to the max.
     
    Last edited: Apr 16, 2020
  25. Apr 16, 2020 at 3:18 PM
    #55
    MR TRD PRO

    MR TRD PRO New Member

    Joined:
    Apr 16, 2019
    Member:
    #29216
    Messages:
    143
    Gender:
    Male
    Queens, NYC
    Vehicle:
    2019 VooDoo Blue Tundra TRD Pro
    HP Tuned
    Yes the bank I work for has taken in over 10,000 applications in the past week with 8000 of them completed and pretty much approved. I've gotten many emails today from clients thanking us for our hard work!
     
  26. Apr 16, 2020 at 3:19 PM
    #56
    MR TRD PRO

    MR TRD PRO New Member

    Joined:
    Apr 16, 2019
    Member:
    #29216
    Messages:
    143
    Gender:
    Male
    Queens, NYC
    Vehicle:
    2019 VooDoo Blue Tundra TRD Pro
    HP Tuned
    I've seen some of our clients get more than they had hoped for and some got less. But in the end they got something!
     
    Boosted4runner [OP] likes this.
  27. Apr 16, 2020 at 4:42 PM
    #57
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

    Joined:
    Mar 18, 2018
    Member:
    #13672
    Messages:
    2,480
    Gender:
    Male
    WA
    Vehicle:
    2015 DC MGM TRD Tundra, Kings, 5.7, 2018 front end
    Resi Kings, 35” Trail Grapplers on 18” Methods, ICON Delta Upper Arms, Front-Runner bed rack, Yakima SkyBox16, 2018 honeycomb grill, 2018 LED headlights, plastidipped bumper covers
    Yeah, we actually don’t need that much right now because payroll is below average in April. When we did our 2019 average (which I confirmed was correct with our law firm) we had to average over the entire 2019 pay period. Since April is a slower month, we’ll have about $125-$175K that won’t be able to be used. Hopefully another business is able to benefit from those funds we don’t use.
    We can’t bonus all of our employees which I had hoped to do, only bring up their past few months pay to what it was the prior year.
    I still plan on taking care of the employees (out of pocket, above and beyond) that have taken care of us, to the best of the ability I’m able to during this mess.
     
    Hol Milk, JH5370 and MR TRD PRO like this.
  28. Apr 16, 2020 at 4:54 PM
    #58
    scpete24

    scpete24 Duuuuuuude

    Joined:
    Feb 15, 2017
    Member:
    #6387
    Messages:
    692
    Gender:
    Male
    Orange County, CA
    Vehicle:
    2016 TRD Pro Super White
    Which bank you go through? Sounds like we have a similar situation. Citizens bank took so fucking long figuring their own shit out we likely didn't even make it through their process to get in the SBA line when we started trying to apply 10 days ago. Last night call up Sun Trust bank and they processed and submitted in one night and apparently we are in, but I'll believe it once we get our e-tran # for reserved funds. We are about 10MM in revenue last 12 months... Times like this it pays to be with a bank who has experience and can ramp up quickly. Citizens said they processed 1000 all of last year and now had to process 3000 in a week, talk about drinking out of a fire hose!
     
    Boosted4runner [OP] likes this.
  29. Apr 16, 2020 at 5:55 PM
    #59
    MR TRD PRO

    MR TRD PRO New Member

    Joined:
    Apr 16, 2019
    Member:
    #29216
    Messages:
    143
    Gender:
    Male
    Queens, NYC
    Vehicle:
    2019 VooDoo Blue Tundra TRD Pro
    HP Tuned

    You sound like a great employer.... I tell you my company has gone above and beyond in taking care of us employees as well. I wouldn't know where to begin, but based on what I have shared with friends and family I'm grateful for my job, and job security!
     
    Boosted4runner [OP] likes this.
  30. Apr 16, 2020 at 8:45 PM
    #60
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

    Joined:
    Mar 18, 2018
    Member:
    #13672
    Messages:
    2,480
    Gender:
    Male
    WA
    Vehicle:
    2015 DC MGM TRD Tundra, Kings, 5.7, 2018 front end
    Resi Kings, 35” Trail Grapplers on 18” Methods, ICON Delta Upper Arms, Front-Runner bed rack, Yakima SkyBox16, 2018 honeycomb grill, 2018 LED headlights, plastidipped bumper covers
    Our bank for the past 20 years has been WellsFargo, which screwed us. We had an amazing CR lady for 10 years, then a few years ago after the WF scandal she bailed and went to a really small local bank out of our area. We got stuck with some random WF CR guy that didn’t really know us, and after this mess, didn’t really care to keep us - apparently. He hasn’t kept me updated like he said he would, or followed through with any promises.
    I have a good friend at BOA that’s in the up and ups, and also a guy at USB that’s been promising us quite a bit for the past year. I applied at both. Then we also had a relationship with a guy at a smaller bank out in Tri-Cities (I’ll keep that one confidential due to the size) and he seemed to think he could help. After all of our applications were submitted, and lots of back and forth, the smaller bank pulled through (hopefully! Picking up check Monday lol).
    We plan on kicking them a chunk of our savings (max $$ FDIC insured) as a gesture of thanks for helping us out with the SBA loan.

    We’re 11.5-12MIL a year.
     
    aperezsh, Sunnier and JH5370 like this.

Products Discussed in

To Top