Forgive me for my ignorance, but is loan origination when you receive the funds?

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Mar 30, 2020
1:58:56pm

BYUCLA Truly Addicted User

Or when you apply? Or somewhere in between?

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BYUCLA

Previous username: jco77
Bio page: BYUCLA
Joined: Jul 23, 2012
Last login: Sep 27, 2024
Total posts: 5,302 (4 FO)

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Messages

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Time

Banks will be going live with SBA 7a Paycheck Protection Program loans sometime in the next week. If you're a small

Pimpin4Paradise Intervention Needed

3/30/20 12:18pm

When you say “going live” does that mean

Bar7h

3/30/20 12:24pm

How have you submitted the application for it when there isn’t one?

Superman21

3/30/20 12:37pm

You can submit for EIDL now, but I wouldn't, PPP is a much better program

3/30/20 12:53pm

RE: You can submit for EIDL now, but I wouldn't, PPP is a much better program

heber79

3/31/20 10:30am

I don't know, our CEO submitted some application throught the SBA website

Bar7h

3/30/20 1:03pm

In all fairness, it has changed 3-4 times in the last 2 weeks, but the SBA is

3/30/20 1:12pm

They have not yet begun accepting applications

BYUCLA

3/30/20 12:37pm

Correct. I don't believe you can use both the EIDL and the PPP. Just one or the other from what we've been told.

Pimpin4Paradise

3/30/20 12:47pm

I’ve been told by 2 different advisers that you can refinance EIDL into PPP loan

BYUCLA

3/30/20 12:53pm

That’s my understanding as well.

Pimpin4Paradise

3/30/20 1:13pm

I have had conference calls with my rep every couple of days, on Friday

3/30/20 12:29pm

We are doing the same. Timing will be tricky.

BYUCLA

3/30/20 12:45pm

We'll have all of SBA's requirements by Friday and will be going live with applications starting Monday morning.

Pimpin4Paradise

3/30/20 12:48pm

Would the forgiveness period begin when we receive the funding or when we apply?

BYUCLA

3/30/20 12:54pm

8 weeks begin on Loan Origination

3/30/20 12:58pm

Forgive me for my ignorance, but is loan origination when you receive the funds?

BYUCLA

3/30/20 1:58pm

Just got an email from my Relationship Manager at the Bank

3/30/20 1:24pm

I hope this goes quick...our poor employees are sucking wind.

ordinary tri guy

3/30/20 1:53pm

What does this mean regarding loan forgiveness?

El Paso Coug

3/30/20 12:30pm

There is a stipulation that the forgiveness amount goes down if you have less

3/30/20 12:46pm

My business has been mostly uninterrupted--should I get the loan?

El Paso Coug

3/30/20 12:57pm

You only get 8 weeks worth of payroll forgiven

3/30/20 1:08pm

Basically if you are paying wages to employees you will get it forgiven.

kotacoug

3/30/20 1:50pm

The more people you let go or reduce their wages by >= 25%, the less that can be forgiven.

Pimpin4Paradise

3/30/20 12:49pm

But if you re hire previously laid off workers the amount you are paying

kotacoug

3/30/20 1:42pm

It would be awesome if the 2 banks I called had any idea about it...

ordinary tri guy

3/30/20 12:31pm

In fairness to them, we're just receiving info on this as we receive it from SBA. They'll probably know more by the end

Pimpin4Paradise

3/30/20 12:52pm

I agree but no reason Wells Fargo shouldn't have their ducks in a row...

ordinary tri guy

3/30/20 1:51pm

I use WF as well. I’ll bet they just playing dumb right now

kotacoug

3/30/20 1:57pm

They're trying to figure out how to make more fake accounts to get extra loans..

ordinary tri guy

3/30/20 7:46pm

I work for a bank. We will have talking points soon but it won’t

chitownboy

3/30/20 12:35pm

Just called Chase, my banker said she hasnt heard much, I knew more than she did

BYUfan92

3/30/20 12:47pm

I have talking points already and our apps are going live on 04/06.

Pimpin4Paradise

3/30/20 12:52pm

Guidance isn't even expected until Friday. Probably 1 to 2 weeks after that

rommeliv

3/30/20 12:44pm

looks like P4P is way ahead of everyone else.

kolob32

3/30/20 12:52pm

What's the current literature that you are referencing? What about EIDLs?

BlackBart

3/30/20 1:15pm

I’m talking about the ppp program that’s part of the new stimulus bill. You can have it

Pimpin4Paradise

3/30/20 2:01pm

RE: I’m talking about the ppp program that’s part of the new

heber79

3/31/20 10:33am

Thanks for keeping folks apprised of the progress on this. It's frustrating to not know exactly what to prepare

CLCougar

3/30/20 1:23pm

Do you have a link to a general overview of this somewhere I can read about it?

RdF3

3/30/20 4:19pm

This is a decent synopsis of it

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