Follow
Donate to HeyBucket.com - Amount:

Welcome Anonymous !

Your Fastpitch Softball Bible
 

Fastpitch Discussions

Call your Congressman and Senators

What's on your mind?

by jonriv » Fri Apr 17, 2020 2:17 pm

NumeroUno wrote:
jonriv wrote:All our 67 loans were small businesses. There were also limits on salary levels < $100 and number of employees. Word we got was next Wednesday for additional funding


Thanks for your info n advice.
If you already put an application in do you need to
Send another one in ?



Check with your bank- with us you don't because we have all the info and in many cases we already have an application number. I spent my day giving people the bad news, but also trying to tighten up our current applications so they will be good to go.
User avatar
jonriv
 
Posts: 4856
Joined: Fri Feb 20, 2009 6:01 am
Location: Connecticut

by jonriv » Thu Apr 30, 2020 9:27 am

An update

Despite the SBA loan portal crashing on Monday 2 minutes after additional funds were made available-the small Community bank I work for managed to fund almost 70 additional loans for over $4mm This helped small businesses in this area preserve over 1000 jobs. 90% pf these loans were for under $100k

The news has been full of some of the unintentional consequences and companies that got funds that should perhaps not have- despite all of that, considering the speed in which it was put together, the ancient systems of the SBA, and the quickly rolled out rules this is an amazing program. I have never had more customers thanking me, crying etc.... Some of the most amazing experiences of a 30 year banking career
User avatar
jonriv
 
Posts: 4856
Joined: Fri Feb 20, 2009 6:01 am
Location: Connecticut

by jonriv » Thu Jun 04, 2020 9:59 am

Some PPP updates

https://www.foxbusiness.com/personal-fi ... s-congress

[i]The bill extends the period that recipients have to use the loan from eight weeks to 24 weeks. Many business owners had asked for the government to lengthen the eight-week window because some owners had to shut down entirely while many others were only partially operating throughout the height of the coronavirus pandemic. It also gives business owners more time to rehire employees who may have been laid off so that staffing levels meet the requirements for loan forgiveness.


Giving even more leeway to business owners, lawmakers say forgiveness should be determined without regard to a reduction in staffing if a business is unable to hire former employees, unable to hire similarly qualified employees or has not yet returned to full-on business activity because of coronavirus-related guidelines.

Another big win for small businesses is that the bill reduces the percentage of a forgivable loan that must be put toward payroll to 60 percent from 75 percent. The other 40 percent of the loan can be used on things like mortgage interest, utilities and rent.
[/
i]
User avatar
jonriv
 
Posts: 4856
Joined: Fri Feb 20, 2009 6:01 am
Location: Connecticut

Previous

Return to Fastpitch Discussions