Has anyone tried to get a bank loan lately?

[SBR_Guest_Pro]

It’s impossible to talk to anybody

on Wednesday i got ahold of both Chase and Barclays within 30 seconds after picking the live person prompts

[pimike]

on Wednesday i got ahold of both Chase and Barclays within 30 seconds after picking the live person prompts

I heard it didn’t start till Friday.

Ugh

[pimike]

Would love to get a business loan even though I don’t have a business officially maybe 10 grand

Thought you had Corbin construction or something like that

[jjgold]

They’re not really official business they are street businesses


I guess if you have an LLC you might be able to qualify I don’t know

[RudyRuetigger]

The PPP loan is 100% forgivable... they take your avg monthly payroll (including 1099 and yourself) and multiply that number by 2.5 and that is your total loan amount. Pretty cut and dry. So avg payroll was around 12k a month last year so my loan amount came in at 30k.

there is also 10k eidl loan that’s streamlined thru sba.gov website. This is a 10k advance from sba and you apply for it online. This also does not have to be repaid and the point is to get it in your hands quickly as an advance to an actual sba loan if you desire more money

check out this page of their site it details the difference of things and what’s available and how to apply
https://www.sba.gov/funding-programs...relief-options

if you dont have to pay the EIDL back, why not apply for that too?


im wondering if i should at an independent contractor job i have

[RudyRuetigger]

if you dont have to pay the EIDL back, why not apply for that too?


im wondering if i should at an independent contractor job i have

i read somewhere else... these you definitely have to pay back

[jjgold]

I am setting up and LLC for $150 then applying for a business loan

The goal is maybe by summer to get 10,000 for gambling

[reallyhardtowin]

My business applied for the PPP Friday afternoon and were approved for it last night. Should be funded within 48 hours. Low 6 figures

[reallyhardtowin]

Free money for businesses

My tax dollars will be paying for this

We will all be paying for this. I just got approved but the way I see it is that I am not the Texas Workforce Commission hiring back employees that I don't really need as my volumes are down 80%.

[reallyhardtowin]

We will all be paying for this. I just got approved but the way I see it is that I am not the Texas Workforce Commission hiring back employees that I don't really need as my volumes are down 80%.

typo..Now the TWC

[RudyRuetigger]

what if i dont use it to pay employees?

how about utilities, mortgage, and extra carts wear and tear if i let everyone take their own golf cart?

mikey check in

[zam77]

what if i dont use it to pay employees?

how about utilities, mortgage, and extra carts wear and tear if i let everyone take their own golf cart?

mikey check in

I was told whatever you DON'T use to pay employees, rent and utilities will be converted to a low interest loan (like 1%) and will be deferred for up to 6 months. I mean this is all just so new and crazy, you have to take everything you hear right now at face value and do your own research even from the loan people because they are still figuring out answers and hearing new shit everyday it seems like. As for the EIDL loan this is taken directly from sba website and I did apply for this as well but have not heard anything yet.

Overview



In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.

[RudyRuetigger]

I was told whatever you DON'T use to pay employees, rent and utilities will be converted to a low interest loan (like 1%) and will be deferred for up to 6 months. I mean this is all just so new and crazy, you have to take everything you hear right now at face value and do your own research even from the loan people because they are still figuring out answers and hearing new shit everyday it seems like. As for the EIDL loan this is taken directly from sba website and I did apply for this as well but have not heard anything yet.

Overview



In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.

this is the confusing part for me zammer

if i let everyone take their own golf cart, im losing half a cart fee per cart out

so that should qualify i think?

[zam77]

this is the confusing part for me zammer

if i let everyone take their own golf cart, im losing half a cart fee per cart out

so that should qualify i think?

dude just apply for the eidl and see what happens... if your business is losing money in any way right now it honestly can't hurt, even if you have a couple of fruits who are afraid to ride together, which is a legit loss for you imo... no hard credit checks or any downside to trying from what i can tell so just do it.

[RudyRuetigger]

dude just apply for the eidl and see what happens... if your business is losing money in any way right now it honestly can't hurt, even if you have a couple of fruits who are afraid to ride together, which is a legit loss for you imo... no hard credit checks or any downside to trying from what i can tell so just do it.

see thats the problem

monetarily im not hurting (gross profits)

but when cart batteries come up next year, that will be a huge problem

[zam77]

well that’s one way of looking at it but to me it doesn’t seem that’s what this if for. If you’re losing money from this virus in any way present or future apply regardless of where everything stands monetarily.

[RudyRuetigger]

well that’s one way of looking at it but to me it doesn’t seem that’s what this if for. If you’re losing money from this virus in any way present or future apply regardless of where everything stands monetarily.

so you think i should apply?





thanks zammers, if i win this internet car race, ill send you my points

[zam77]

Yes apply

[RudyRuetigger]

doesnt send me points for helping me

ill send you points for helping

[pimike]

Where is the online application??

I can’t find it on the site.

[jjgold]

some major banks stopped taking applications

[zam77]

Mikey you sure you’re a pi pal? Haha here ya go

https://covid19relief.sba.gov/#/

[zam77]

some major banks stopped taking applications

Where you seeing this? Doesn’t surprise me. This Stimulus money will run out Quick

[funnyb25]

Where you seeing this? Doesn’t surprise me. This Stimulus money will run out Quick

It is already expected to run out by month's end. This was not the greatest idea per my posts above. Mainly for the one's taking the loans.

[dustyy]

Very easy. Was on phone with my bank yesterday for about 20 minutes. Next step should happen some time this week then they’ll deposit it direct in my biz account by end of week most likely. If you own a small biz stupid not to get this: even if I don’t use it al for payroll rent utilities it’s still only like 1% interest on loan

Let us know when it funds. Hearing about a lot of promises so will be interested if/when it funds. Not doubting you but this has been a major cluster since it rolled out and many banks pulled it due to the changing documentation and questionable guarantee.

Good luck, I hope it works out for you.

[reallyhardtowin]

I was funded this morning. My bank is BBVA. My understanding is the portion of the loan that is used for payroll will be forgiven with up to 25% of the loan can be used for rent, utilities, interest on certain debt. My first payment starts 7 months from today with 17 equal payments at 1% if none of it were forgiven. I did not have to put up any collateral or make any personal guaranties.

[funnyb25]

I was funded this morning. My bank is BBVA. My understanding is the portion of the loan that is used for payroll will be forgiven with up to 25% of the loan can be used for rent, utilities, interest on certain debt. My first payment starts 7 months from today with 17 equal payments at 1% if none of it were forgiven. I did not have to put up any collateral or make any personal guaranties.

Good luck man

[dustyy]

I was funded this morning. My bank is BBVA. My understanding is the portion of the loan that is used for payroll will be forgiven with up to 25% of the loan can be used for rent, utilities, interest on certain debt. My first payment starts 7 months from today with 17 equal payments at 1% if none of it were forgiven. I did not have to put up any collateral or make any personal guaranties.

Thanks for letting me know, there have been some pretty negative comments about the program. Hopefully there will be more of these success stories

[jjgold]

you will see a lot of fraud this year

[BeatTheJerk]

I was funded this morning. My bank is BBVA. My understanding is the portion of the loan that is used for payroll will be forgiven with up to 25% of the loan can be used for rent, utilities, interest on certain debt. My first payment starts 7 months from today with 17 equal payments at 1% if none of it were forgiven. I did not have to put up any collateral or make any personal guaranties.

Good for you pal, exceptional deal.

[manny24]

you will see a lot of fraud this year

just player's talk or the whole site?

[jjgold]

Banks

I am going to make a
Move

[SBR_Guest_Pro]

good luck on the free money guys. I honestly hope you guys are able to get it

[RudyRuetigger]

i dont think ill be able to get it

[mjsuax13]

i dont think ill be able to get it

Just lie. The people who came up with the package lie, the people who approved it are known liars, certainly the banks that review it are liars. Just lie.