/biz/ - Business & Finance

>>18530113
That's a nice dog. I think very few people have gotten the PPP loans, so you're definitely going to need to scrounge around for more info. Maybe your accountant has an idea.

>>18530113
>Pic related
OP are you referring to the box of cash money under the table?
Or the box of weed and rolling papers on it?

>>18530154
He says I should be good to go. I guess they only provide an SBA Loan # and PLP # if they definitely intend on funding it. I have had no hard pulls on my credit yet. The documents outlining the program on the SBA website lead me to believe I am good to go. The only other available source of information I can find is fucking Reddit, but sifting through faggots whining about how they got fucked by their bank to find something actually useful is painful. I definitely am well above the revenue threshold to qualify (2.7 million in sales for 2019), and my credit is good (760).

>>18530207
I was referring to the dog. The "box of cash" is actually a bowl and has a whole 14 bucks in it. The weed and papers provides no meaningful answers other than should I play Just Cause or RDR2 after I smoke one.

>>18530113

So what's the fucking question? There isn't a single fucking question mark in your post.

>>18530300
The question is:
>Is my application actually approved?
>Will I get my government cheese within next 10 days?
>Does anyone have any real-world experience with a standard SBA loan or this PPP bullshit to let me know for sure?
The information I've read says yes, but this whole PPP/EIDL deal is a clusterfuck on all fronts

>>18530113
>that picture
MOOOOOOOOOOOOOOOOODDDDDDDDDDSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS
FUCK YOU OP

PPP is literally to cover payroll retard

do you have employees?? wtf

>>18530431
You don't, you poor pathetic zoomer.

>>18530477
how much was your PPP loan dipshit

>>18530484
20 million (in minecraft)

>>18530431
Yes, I know fuck stick. 1099 IC, Sole Proprietors, and single member LLC/S-Corp could apply starting 4/10. It's just me, but I qualify for PPP despite my payroll consisting of just me. Paying myself is exactly what I plan on doing with the money. I also have legitimate office rental expenses. I didn't make the rules.

>>18530113
also
>trying to commit fraud
>posting about it on the internet
AHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAH

>>18530542
On a website the FBI constantly monitors and archives, as evidenced by dozens of court cases lmao.

>>18530431
To further clarify, I am a 1099 subcontractor for an insurance restoration contractor. I am responsible for generating virtually all of my own business. My pay is 100% commission based on a percentage of profit from the jobs I sell, manage, and collect.

>>18530542
Read the link, retard.
https://www.sba.com/funding-a-business/government-small-business-loans/ppp/1099-independent-contractors/

>>18530300
It's a stealth PNK shill I think

>>18530566
Ok buddy, sleep tight these next 6 to 36 months kek.

>>18530389
guess you'll find out in 10 days but if you have 0 employees chances are you'll get nothing

>>18531050
Are you willfully retarded?
>The Paycheck Protection Program (PPP) allows lenders to offer low-interest loans that may be 100% forgiven in certain circumstances. Independent contractors and self-employed individuals that have been adversely impacted by the COVID-19 pandemic have been eligible to apply for these loans since April 10, 2020. The requirements are straightforward. You must have been in operation on February 15, 2020, your business must have been harmed by the COVID-19 pandemic and you must submit the required documentation along with your loan application.
>Loan Details and Loan Forgiveness
The maximum loan size is up to 2.5 times your average monthly 1099-MISC or net self-employment income for the past 12 months.
>All amounts spent on the following items during the first 8 weeks of the loan term are 100% forgivable: (a) to replace your 1099-MISC income or your net self-employment income, (b) interest on business mortgages, (c) business rent, and (d) business utilities. Due to high demand, if more than 25% of this amount is used for (b), (c) and (d), some of those expenses may not be forgivable.
You will have to apply for loan forgiveness separately after you have received your loan.
>The interest rate is fixed at 1% and the loan term is 2 years.
>Loan payments will also be deferred for six months.
>No collateral or personal guarantees are required.
>Neither the government nor lenders will charge small businesses any fees for the loans.
Huh, it's almost like they changed the program to include people like me whose business was affected by the corona virus but aren't employees....

>>18531234
didn't read
enjoy your PBJ or <1yr jail time tho kek

>>18531050
What do I need to apply?
>Once you know what PPP eligible lender you will be applying with, you will need to complete the PPP loan application and submit it to your lender. Applications must be processed by June 30, 2020. If you submit a PPP loan request through SBA.com, our PPP loan agent partner Lendio will act as your loan agent to assist you with putting together your application and then submit it to a lender in their network that make be offering PPP loans at that time.

Please have the following documents ready when you apply:
>1099-MISC
>Income and expense reports for 2019
>ID Verification: color copy of a government-issued ID (front and back) for all owners listed on the application. >Hint – take a picture and email it to yourself so you can easily upload it.

>>18531195
I'm 90% positive I've already been approved, homie. The approval and underwriting decision is made by the lender and submitted to the SBA for review. The SBA/FedGov changed the requirements because my employer literally can't use PPP funds to pay me because I'm not an employee. The EIDL loans are the ones specifically based on the number of employees. The EIDL loan terms are also way different from those outlined for the PPP.

>>18531319
This retard is gonna go bankrupt

>>18530113
I applied through WF the day the site went online. I was one of the people who managed to get an application in before they took it offline 24 hours later. Just this week (2 weeks after applying) they finally started processing it and asking me for more paperwork. Today they sent an email saying PPP is out of money.

I've had my business account with WF for 8 years. Keep 500k in there between my personal and business account. Their delay might cost me 90k in PPP grant. Feels pretty bad.

Hopefully they pass the extra 250bil funding soon. Sucks waiting in ether not knowing.

>>18531337
Your retards are hopeless. The fucking SBA website literally outlines the changes in the program that now specifically address my exact employment situation, eligibility requirements, and requisite documents to be submitted for consideration.
>Hurr durr you make fraud, you go burger prison!
>You make proofs? Haha joke on you cuz I am a can't read tard!
>Durrrrr where I get same flannel as Sergey?
>Chainlink 4 billion end of year!!!!

>>18531234
>goyimg tryna jew the jews
never gonna make it
buy gold and silver you dum dum

>>18530113
I'm not reading this whole thread

I have a friend that's president of a local bank branch doing the SBA loan stuff.

he informs me that
1. the SBA program is out of money
2. the individual bank still decides whether you're creditworthy or not.

so if you've ever applied for a business loan as a small business you should know the paperwork alone usually takes months. So you're pre-approved. Now you have to hand over shitloads of paper to apply. If that goes forward you need to again hand over the same paperwork, updated, to close.

it's this whole big fucking thing, and that's why I just skipped it. I'm also self-employed but getting a business loan is a nightmare.

>>18531484
I used Lendio through the SBA website that shopped my application through new customer/non-bank lenders. For some reason, Chase wouldn't even let me fill out an application, despite having a business account for 15 years that I run a couple hundred grand a year through. Pretty much all traditional bank lenders had a requirement that you had to be a current business client to apply. I ended up with my loan approved and (probably) funded by Ready Capital. They just wanted my 1099, payroll statements for 2019/2020, and DL. I sent them a sales report confirming my sales revenue for 2019 for good measure. I plan on using it exactly as it should be. It's going into my business account, and I'm going to write myself checks for "payroll" for deposit into my personal account. I also have legitimate office rental expenses that I will document for them as well. If I meet the forgiveness criteria, great. If for some reason I don't, 21k at 1% interest for 2 years is okay with me. This stupid shutdown has totally fucked my ability to run and finish my projects. A good chunk of our material suppliers are considered "non-essential", and I can't get the materials I need to finish my jobs.

>>18530113
wife is lawyer has firm with father and mother, her dad looked into this bullshit and he thinks its a scam. No clear rules about how to repay, also its completely out of money. Her sister also applied shes partner at a firm, shits out of money, there are no more loans available.

according to them.

>>18531685
>>18531735
Yeah anyone not taking advantage of this is a fool. You just have to certify that you are applying because you are "worried about the future". It doesn't require you to say "my business will die without this".

You can bet your ass every company is applying even if revenue isnt down. Worst case scenario it doesnt meet criteria to get forgiven and you pay it back with a tiny bit of interest.

>>18531590
The emails from the lender I have say that I am actually approved. I have an SBA loan number and a PLP number from the lender indicating that the funds are reserved. The application/closing/funding information available on the SBA website backs up my assumption that my loan has been approved by the SBA, and will be funded within 10 days of closing. Yes, the SBA is out of funds for the program in general terms, but the initial funds were allocated to individual lenders. Once the lenders hit their individual allocations, the SBA won't process any new applications. I think I squeezed in because I essentially applied with some random lender, while most ended up pursuing loans through their regular bank. As far as paperwork required, I had the same thought that an avalanche of paperwork would be required. But for some reason, the paperwork required was relatively basic. I didn't believe it until I verified it on the SBA website. It seems like the government is just rubber stamping these to get funds moving, which is nice of them considering they decided to unilaterally fuck the entire economy.

>>18531526

Yeah, they're retards. The rules were changed for people like you (and me). I thought about applying but my bookkeeping fucking sucked. I just started my own sales business selling solar systems this past December. I hadn't made any fucking money yet, I had like TWO customers, one cancelled and the other one is held up for install due to the lockdown. No idea where to start with this shit, and not sure I want to pay some Jew accountant 10% to have them figure out my paperwork. From what I've read it seems like I wouldn't be able to get any bank to give me a loan anyway.

>>18531806
For sure. I don't really need the money right now, but could in very near future. This whole virus shutdown put me in an odd spot. I get paid a "draw" of 10% of my collections. I get the rest of my commission once the job is finished and paid in full. I closed out 1.8 million in work right before all this went down. My residual commission is 8.7% of that total, on top. Then all this shit happened and fucked our entire business up. Money that was supposed to pay me is now being used to float the 350k that hotel owner was supposed to pay us for work completed, but now can't because the shutdown crushed his occupancy and Marriot forced him to stay open and lose 5k a day. That's just one example. I have another 1.7 million in shit with an AR of 380k that I can't close/collect because I can't get the shit I need to finish it because "muh' shutdown". Then there's the other million plus in new business that is sitting in limbo because I don't have the labor or materials to even start them. EIDL and PPP loans are basically useless for the company, because despite doing 13 million in business last year there are only 2 employees. Everyone else is 1099, which doesn't apply to either SBA program.

>>18531851
You may be correct.

All I'm going off of is what my banker friend told me. Which is all the normal loan paperwork his bank requires is still required.

In my case I have a small contracting company worth about $1 million. Last time I got a loan (12/19) it took 3 months from application to closing. The paperwork requirement wasn't actually terrible, just YTD P&L's and balance sheets along with 3 years of schedule C's and 1099's both for myself and any subs I paid.

but I can't normally afford an accountant or an accounting firm to spend the days required deciphering my books, so just doing a P&L or balance sheet can take days or weeks depending how busy I am.

hopefully your setup is simpler. In my case it's a massive pain in the ass. But then I have employees and subs and capital equipment and a full-on business running.

>>18531851
the other mystery to me is how a business that's closed is going to be credit-worthy, but I didn't ask my buddy about that because I have no intention of using the program.

I've been in business long enough to know you have to sit on a pile of cash if you expect to survive.

>>18531862
Honestly, your probably way under the revenue and payroll requirements to get anything meaningful. The minimum time in operation required by the SBA is short as fuck, but qualification is based off of revenue and the actual loan amount is based off your monthly payroll over your operating time multiplied by 2.5 with a hard cap of 100k annually.
Good news is I can actually provide you with a solution for your paperwork issues. You should look into an online CRM program called Acculynx. It's specifically designed for construction and contracting businesses. It's like 60 bucks a month, but it allows you to track basically everything (advertising, accounts payable/receivable, etc.). It's got customizable templates and shit for estimates and invoices. It integrates with QuickBooks natively, and vendor or customers payments/credits push and pull between the two automatically. It also has direct integration with imagery services like Eagleview. If you don't know about Eagleview, you should look into it for sure.
You can get special solar reports that tell you the exact square footage needed for panel installations and even the slopes that they should be installed on. It's the best 60 bucks you will ever spend, especially if your fucking around for an hour climbing around on someone's roof with a tape measure in the middle of the summer. You are sort of in the same type of industry that I am, so this should work for you.

>>18532082
>asking smooth brained zoomer troglodytes on a ceramic plate molding myspace detailed questions about the nuances of a financial process not even understood by the crooks who cobbled it together or the jews who execute it

Bro you clearly know way more than anyone here or anywhere about this. Post gains when you yolo

>>18532242
I use a CRM software called Acculynx that provides all of the P&L, revenue statements, vendor/sub payments, etc. for me. It integrates with QuickBooks seamlessly. Pretty much all the required documentation for the loan was instantly available, I just needed to run the specific reports. You should look into it. It's literally made for contractors. You can even use it to track when subs start and leave jobs in real-time if you want. It integrates with Beacon for ordering and automatic invoice population, Eagleview for satellite measurements, and a couple different weather verification services. Pretty sure they are working on adding Hover soon as well. I've used it for 10 years when it was hot dogshit, but could import Xactimate price and item lists without paying for a license so you put up with it.

>>18532365
not him but for me invoicing and payroll are the easiest tasks to handle, integrating them does nothing.

the real bitch is data entry for thousands of much smaller purchases and payments. Sifting through receipts and splitting out the deductible portions into their respective categories. Need software that does that. My credit card does a bit but they don't know what to do when I purchase supplies and equipment and material for resale on the same receipt, e.g. Or which of my travel meals and entertainment are 50% or 100% deductible. Shit like that.

>>18532269
Normally, you would be right. Loaning a business money with no ability to generate revenue would be patently retarded. But this is a different situation, as the federal government is wholly responsible for shitting up everyones business. Plus, as long as it's spent properly, it's 100% forgivable. I'm just using it as a stop gap should the company I sub for go under and fuck me out of the 100's of 1,000's of dollars I'm owed. I've got 4 months of runway currently without the loan. If everything returns to normal, I got some basically free money courtesy of the Feds. If the whole economy goes tits up, I've got a nice cushion until I find another job. My corner of the construction industry is more or less insulated from all the bullshit, and I can find something else making the same amount pretty easily.

>>18532664
that's why I've been encouraging my contract labor and regular subs to go for it. It's free money and it's not like they can collect unemployment.

I'm just not trying for it because while I laid off half my crew and cut revenues by 50%, I'm still making bank personally. Working my ass off. My profit margins go up the less work the company does because I do more of it myself.

But I agree, it's wise to try for it. Nobody knows how long this situation will last or which businesses will survive it.

>>18532516
Some business credit cards connect with QuickBooks and will auto sort your expenses. Chase Ink I know works pretty well in that regard. The easiest way to manage purchases is just break them up into separate transactions and attach them to an individual project instead of lumping them all together. If your able, set up an actual credit account with your vendors. I use have separate cards for each category of shit I buy. Job materials are on my Amex Platinum, travel/flights go to Amex Delta Platinum, hotels on Amex SPG/Marriott, and food on Amex Blue Cash. There's also that special mobile scanner thing that scans and catagorizes receipts automatically with OCR. The CRM I use automatically assigns vendor payments and expenses to the correct job as they are entered in QuickBooks.
>Buy shit at Home Depot for Job # XXX
>Chase syncs with QuickBooks
>QuickBooks sees expense is for Job # XXX
>CRM automatically populates the expense in payables for Job # XXX
It's even easier for shit I buy at places like Beacon. Any payables are automatically added to the CRM, which pushes to QuickBooks, instantly without me having to do shit. I just take the easy route for taxes. Instead of itemizing my expenses, I just take per diem and deduct mileage. I also travel and drive a shitload for work, so YMMV.

>>18532919
thanks, the idea of multiple cards seems useful for at least reducing the complexity. I do that some already- I have my fleet gas card and fleet maintenance card and my supplies/equipment/travel card. I suppose splitting them further would help.

I'm off now. Enjoyed reading your thoughts on this. Good luck with the SBA. Sounds like you'll do fine.

>>18532724
Dude, I would take that shit. It's basically free money. I don't know if you do retail work directly for homeowners or something like new construction GC work, but shit could go south sooner than later. Labor costs will probably stay the same, but material costs (at least for my shit) are going way up. Depending on how long this shit lasts, lack of availability will push them even higher. I'm more or less insulated from all that because virtually all my work is from insurance claims. The estimating software they use adjusts monthly for pricing increases due to inflation, demand, and other factors. The money also is paid by the carrier instead of funded by the homeowner. They also can't just spend the checks on bullshit because their mortgage company is almost always listed on the insurance draft, and any payment released has both our name and the homeowner's name on the draft. Best case, you've got a forgivable loan at retarded low interest you can use to buy equipment. Worst case, you've got a cushion to figure out a new way forward if SHTF. There's all kinds of shit that could happen that no one even considers.
Example
>Be contractor, carry GL and Comp
>Have subs still working or doing shit yourself during pandemic bullshit
>Something happens at job that you need your GL/Comp for (say you get hurt or accidentally fuck something up
>File claim with insurance for injury/damages
>Claim denied because the incident happened during a declared state of emergency and/or viral pandemic which is specifically excluded per your policy

>>18530389
I applied, got approved, and got my funds already deposited. Once you have an SBA number it auto-locks youre requesting amount so youre good to go as long as you sign those papers when you get them

>>18531319
It says to replace, no add to. If you double dip you’re gonna get slipped probably GL with this, hope you are smart with ur money.

>>18533234
That's exactly what I needed to know. Thanks, Anon.
What was your turn around time once you got your SBA/PLP number to close and have your loan funded?
>>18533286
If I get a call from SBA underwriting about my EIDL application, I'll just cancel it. I applied before they changed the PPP requirements, and it's not really what I was angling for anyways.