1. #1
    jjgold
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    Has anyone tried to get a bank loan lately?

    Let me know it could be valuable to me

  2. #2
    Booya711
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    I am a loan shark.....35% interest is my going rate now

  3. #3
    Sam Odom
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    Got OFFERED a $5k credit line at an online store just a week ago - High ass Interest

    Spent about $2,700 there on stereo equipment then 2 days later got the offer

    Declined their offer

  4. #4
    SBR_Guest_Pro
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    how would we know if its valuable to you??

  5. #5
    Bcatswin
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    jj this is bad for business, STOP

  6. #6
    zam77
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    In process of getting the paycheck protection loan... 30k forgivable so long as I use it for payroll rent and utilities. I might just get it and throw I all down on trump to win again.
    Nomination(s):
    This post was nominated 4 times . To view the nominated thread please click here. People who nominated: Booya711, Heltah Skeltah, Louisvillekid1, and Bcatswin

  7. #7
    Sam Odom
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    JJ has Jewish Banking connections

  8. #8
    Sam Odom
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    Quote Originally Posted by zam77 View Post


    In process of getting the paycheck protection loan... 30k forgivable so long as I use it for payroll rent and utilities. I might just get it and throw I all down on trump to win again.

    Have several friends doing that... They said it is easy. Takes about 20mins online

  9. #9
    pimike
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    Quote Originally Posted by zam77 View Post
    In process of getting the paycheck protection loan... 30k forgivable so long as I use it for payroll rent and utilities. I might just get it and throw I all down on trump to win again.
    Me too
    Like it

  10. #10
    zam77
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    Quote Originally Posted by Sam Odom View Post
    Have several friends doing that... They said it is easy. Takes about 20mins online
    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

  11. #11
    bonzaii
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    I guess that stimulus check isn't coming in the mail. JJ makes too much $$$$$

  12. #12
    SBR_Guest_Pro
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    saloon

  13. #13
    jjgold
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    A lot of these banks don’t have regular hours right now and short and staffs that’s what I’ve been told so it’s tough to get an appointment for a loan application

  14. #14
    funnyb25
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    SBA loans are great right now. Use it for what it is intended for and you may not have to pay most of it back. Key point, is keep your employees hired.

  15. #15
    pimike
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    Quote Originally Posted by zam77 View Post
    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
    So this is not online?
    You need to talk to your bank?

  16. #16
    big joe 1212
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    Free money for businesses

    My tax dollars will be paying for this

  17. #17
    pimike
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    Quote Originally Posted by jjgold View Post
    A lot of these banks don’t have regular hours right now and short and staffs that’s what I’ve been told so it’s tough to get an appointment for a loan application
    It’s impossible to talk to anybody

  18. #18
    jjgold
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    I’m gonna have to wait I guess for baseball season trying to make a move Mike

  19. #19
    pimike
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    Quote Originally Posted by jjgold View Post
    I’m gonna have to wait I guess for baseball season trying to make a move Mike
    I’m not sure we will have baseball.

    So depressed right now.

  20. #20
    funnyb25
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    We won't have any of the major sports until 2021. Accept it and move on

  21. #21
    clockwise1965
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    Quote Originally Posted by funnyb25 View Post
    We won't have any of the major sports until 2021. Accept it and move on
    Yep.. sorry to say.

  22. #22
    Demonata
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    Quote Originally Posted by pimike View Post
    I’m not sure we will have baseball.

    So depressed right now.
    No way in hell will any sports be back this year.

  23. #23
    jose21_us
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    Quote Originally Posted by pimike View Post
    I’m not sure we will have baseball.

    So depressed right now.
    Just fill out the application at SBA.Gov

    also go to YouTube and search meet Kevin for more info

  24. #24
    pimike
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    Quote Originally Posted by jose21_us View Post
    Just fill out the application at SBA.Gov

    also go to YouTube and search meet Kevin for more info
    Thank you!!

  25. #25
    zam77
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    Quote Originally Posted by pimike View Post
    So this is not online?
    You need to talk to your bank?
    Yes. The one you do the sba website is different then the ppp loan. Even though sba is part of it all the ppp loan has to be through your bank. The eidl loan can be done online at sba.gov but no the same thing

  26. #26
    pimike
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    Quote Originally Posted by zam77 View Post
    Yes. The one you do the sba website is different then the ppp loan. Even though sba is part of it all the ppp loan has to be through your bank. The eidl loan can be done online at sba.gov but no the same thing
    What’s the difference
    And
    Which is easier to qualify with ?

    Thanks

  27. #27
    zam77
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    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

  28. #28
    zam77
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    As far as qualify it seems they are not using credit at all. If you have under 500 employees and a valid business you can get these

  29. #29
    funnyb25
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    Quote Originally Posted by zam77 View Post
    As far as qualify it seems they are not using credit at all. If you have under 500 employees and a valid business you can get these
    Yup

  30. #30
    pimike
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    Quote Originally Posted by zam77 View Post
    As far as qualify it seems they are not using credit at all. If you have under 500 employees and a valid business you can get these
    Very helpful thanks!

  31. #31
    zam77
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    Quote Originally Posted by pimike View Post
    Very helpful thanks!
    Sure any other questions lmk. This week should be a little more telling as to the finalization of all these things for me so I’ll update with anything else I find out when it happens
    Points Awarded:

    pimike gave zam77 3 Betpoint(s) for this post.


  32. #32
    funnyb25
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    Being in the insurance industry I can tell you what the problem will be for most. The loans are great for allowing a business to survive during this period, but the main problem will be that these small businesses will be nowhere near back to what the loan offers in its entirety. So even if they keep their employees, most will be nowhere near in the capacity to to keep them, therefore, the loan will be required to be paid back in nearly full. This is a great option for those who truly believe they can recover short term, but for those who just want a "business loan" they will end up getting buried by this.

  33. #33
    unusialsusp5
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    Quote Originally Posted by funnyb25 View Post
    Being in the insurance industry I can tell you what the problem will be for most. The loans are great for allowing a business to survive during this period, but the main problem will be that these small businesses will be nowhere near back to what the loan offers in its entirety. So even if they keep their employees, most will be nowhere near in the capacity to to keep them, therefore, the loan will be required to be paid back in nearly full. This is a great option for those who truly believe they can recover short term, but for those who just want a "business loan" they will end up getting buried by this.
    no you have to grab all you can get while the grabbing is good. worry about any ramifications later if ever. there will so many violations of companies not paying out the loans entirely to employees that they will never be able to keep up with it.

  34. #34
    jjgold
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    Would love to get a business loan even though I don’t have a business officially maybe 10 grand

  35. #35
    funnyb25
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    Quote Originally Posted by unusialsusp5 View Post
    no you have to grab all you can get while the grabbing is good. worry about any ramifications later if ever. there will so many violations of companies not paying out the loans entirely to employees that they will never be able to keep up with it.
    This is why most small business owners will get buried. I hope not, as it effects me, but this logic will not go very far.

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