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SBA Loans

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

  1. Apr 16, 2020 at 8:51 PM
    #61
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

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    Business is a balance, that’s for sure. I love all 125 of our people, and I always wish I could do more than we’re able to. Our industry doesn’t have a huge profit margin, so it’s always been tough.
    This is a great opportunity to thank our employees, and I’ll try to do everything possible to help them during this mess.
    :fingerscrossed:
     
  2. Apr 17, 2020 at 9:10 AM
    #62
    scpete24

    scpete24 Duuuuuuude

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    Yea, we are in the same situation with getting screwed from our current bank. If the smaller bank pulls through they asked us to run our payroll through them as a concession which we have no problem doing. I mistyped, our payroll is around 10MM, revenue is 26-27MM so the loan we applied for is just above 2MM. You made the smart play by applying through multiple banks early :thumbsup:
     
  3. Apr 17, 2020 at 11:01 AM
    #63
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

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    Yeah, I’d love to give this bank that is helping us our entire payroll and all of our business, unfortunately the closest branch is 4hrs away. :( We have almost daily deposits of international checks that need to deposit in person. They can’t be image/scanned in. That’s why we’re kicking them a portion of our savings.
    As of now, I’m still on for picking up our check Monday :fingerscrossed:
     
  4. Apr 17, 2020 at 11:11 AM
    #64
    scpete24

    scpete24 Duuuuuuude

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    Would your bank allow you to set up a PO box and have checks sent there to be deposited? International checks sound like they are being mailed anyways? We have our customers remit to a PO box and the bank takes the checks from there and deposits them for us... Curious, what industry are you in?
     
    Boosted4runner [OP] likes this.
  5. Apr 17, 2020 at 11:54 AM
    #65
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

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    I’m not sure, we meet with the new bank Monday (SBA Bank). I’ll go over some ideas with them. It sounded like they were interested in us locking the $250 up into a 1-2yr CD.

    Logistics industry
     
    scpete24 likes this.
  6. Apr 17, 2020 at 3:08 PM
    #66
    scpete24

    scpete24 Duuuuuuude

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    Nice, let us know once you pick up your check! :fingerscrossed:
     
    Boosted4runner [OP] likes this.
  7. Apr 20, 2020 at 7:21 PM
    #67
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

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    Honestly didn’t think this day would come! Beyond grateful. Cashiers check was in hand for 20 minutes before driving straight to WellsF*cks to deposit it.
    Can’t say I’ve ever held nearly a million dollars before. :D

    55D00F7D-D163-4B51-AD5B-EBBD7B8D5CA2.jpg
     
    aperezsh, Stroke250, scpete24 and 2 others like this.
  8. Apr 20, 2020 at 8:16 PM
    #68
    Hol Milk

    Hol Milk New Member

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    Our PPP funded today. When I originally submitted my application on the 1st day of $131k, I followed the instructions of using 2019 payroll off of our 2019 YTD financials because that’s all it said to use. Only after I received a confirmation from the bank that funds were reserved and they needed documents, did they also say we should have included healthcare with I did not originally.:annoyed:

    So I submitted a new one for $145k to include our healthcare, along with all the required docs.

    Only $131k funded today. I talked with the banker I agreed that it’s better to get that now rather than be pushed back to who knows where and have to wait longer.
    Everyone was furloughed and taking/receiving unemployment, so I will have to tell everyone to not request payment from next week on, as they will be receiving their regular pay going forward (for at least the next 8 weeks).:thumbsup:
     
    Boosted4runner [OP] likes this.
  9. Apr 20, 2020 at 8:31 PM
    #69
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

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    Nice! Yep, locking it up is key! Thankfully we included in our healthcare and perks. I’ve been chatting with our lawyer every other day to make sure I’m doing this right. Our SBA banker told us today that the SBA actually approves nearly everyone as long as all the EIN/Company info match up and is accurate (thankfully ours was). The SBA process is only 20 seconds, and it’s the Banks that are taking forever to “review”. He thinks the bigger banks purposely shit the bed on many of their customers, on purpose.
    Yeah, the day that you are funded (for us it was today) is the day your 8 week clock starts ticking.
    I pulled this from the web today on how to make sure your employee count is good.
    https://bench.co/blog/operations/ppp-loan-forgiveness/
    9EA8F698-6BBF-4AE1-B23B-24229A1E122C.jpg

    1A08CEEC-13ED-43C6-8AD2-2E990C48A80F.jpg
    169C8621-5FAD-44D2-A190-3A932DBC58E3.jpg
     
    Hol Milk likes this.
  10. Apr 20, 2020 at 8:36 PM
    #70
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

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    After calculating, our number was .95%, so almost everything *should* be forgiven. I can’t bonus everyone like I thought I could. We’re just bringing everyone back and making sure they are working all 40hrs every week.
     
    Bob, aperezsh and Stroke250 like this.
  11. Apr 21, 2020 at 7:18 AM
    #71
    knoxville36

    knoxville36 New Member

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    Well, today was a good day. We have 2 companies and saw 2 deposits today for $1.6m and $400k. We got our application in pretty much the first day.
     
    Hol Milk and Boosted4runner [OP] like this.
  12. Apr 21, 2020 at 8:08 AM
    #72
    scpete24

    scpete24 Duuuuuuude

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    Good news for a lot of you, congrats!
     
    Boosted4runner [OP] likes this.
  13. Apr 21, 2020 at 10:16 AM
    #73
    Boosted4runner

    Boosted4runner [OP] Join the NRA please.

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    Very good! I have a handful of friends that applied and still no dice for them.
     
  14. Apr 21, 2020 at 7:40 PM
    #74
    Bob

    Bob Member Staff Member

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    upload_2020-4-21_19-40-41.jpg
     
  15. Apr 22, 2020 at 9:58 AM
    #75
    Shaggie13

    Shaggie13 New Member

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  16. Apr 22, 2020 at 10:02 AM
    #76
    19TurdPro

    19TurdPro New Member

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    It's not going to last long. Now is the time to get the required documentation together and get ready to jump.
     
    Hol Milk likes this.
  17. Aug 1, 2022 at 5:34 PM
    #77
    bayetargeted

    bayetargeted New Member

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    How much taxes did you have to pay for this one? I want to buy one now, and I wonder how much I will have to pay in addition to the sales price.
    My financial paperwork has always been clean and fine because I don’t like to have any problems with the government. I even used tools like ThePayStubs to help me issue beautiful and clear documents that would show all the numbers and names directly. But now I think I will start avoiding some of the taxes to manage somehow. All the new taxes and the inflation are hitting my small business really hard, and I barely have any income now
     
    Last edited: Aug 8, 2022

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