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California TCS Sparkler cancelled?

What's on your mind?

by sdiamond » Sat May 30, 2020 12:56 pm

I probably should delete thread it has got way off from the original post.
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by PairOfAces » Sat May 30, 2020 5:53 pm

110% wrote:Lovemesomefastpitch is 110% correct.. This is a softball forum, leave politics at home..


This IS softball right now. There are no teams playing to argue about. Nothing wrong with a spirited discussion about COVID and the reactions/inactions, political or not. Until teams are playing again, we need some entertainment.
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by eclipse09 » Mon Jun 01, 2020 10:55 am

Well I guess we can assume there will be hot spots of Covid19 based on the last few days. We'll see....

Softball is really on the backburner....
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by Sam » Tue Jun 02, 2020 7:12 am

jonriv wrote:Your ignorance knows no bounds. PPP financing if 75% is used for payroll and a certain amount of staff were retained the loan is forgiven. Any part of that loan does not meet those qualifications the loan is then for 2 years at 1%. Forgiven means that is in essence a grant



I know that....but I guess you know that ALL the businesses that get the financing will actually MEET those requirements because the ones that DIDN'T get the financing are telling me that they couldn't meet those parameters....and many are losing the businesses they fought so hard to build. Maybe you are smarter than them as well.
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by jonriv » Tue Jun 02, 2020 7:51 am

Sam wrote:
jonriv wrote:Your ignorance knows no bounds. PPP financing if 75% is used for payroll and a certain amount of staff were retained the loan is forgiven. Any part of that loan does not meet those qualifications the loan is then for 2 years at 1%. Forgiven means that is in essence a grant



I know that....but I guess you know that ALL the businesses that get the financing will actually MEET those requirements because the ones that DIDN'T get the financing are telling me that they couldn't meet those parameters....and many are losing the businesses they fought so hard to build. Maybe you are smarter than them as well.


We are looking at well over 90% of the businesses who got PPP loans will meet the qualifications. We only had three applicants not qualify- one had already had a past SBA loan in arears, one was from a state we are not licensed to lend in, and one was from a real estate holding company with no payroll only passive income. The qualifications were easy- average months payroll cost * 2.5. Needed to verify with payroll info, form 941, Sched K if a partnership or Sched C is a sole proprietorship. I do know that some of the larger banks(due to volume) did not accept non-customers or kicked-out applications with wrong calculations. Just did another application this morning. I guess Sam I guess I at least no a hell of a lot more than you do on the subject of SBA PPP financing :D
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by Sam » Tue Jun 02, 2020 12:02 pm

jonriv wrote:
Sam wrote:
jonriv wrote:Your ignorance knows no bounds. PPP financing if 75% is used for payroll and a certain amount of staff were retained the loan is forgiven. Any part of that loan does not meet those qualifications the loan is then for 2 years at 1%. Forgiven means that is in essence a grant



I know that....but I guess you know that ALL the businesses that get the financing will actually MEET those requirements because the ones that DIDN'T get the financing are telling me that they couldn't meet those parameters....and many are losing the businesses they fought so hard to build. Maybe you are smarter than them as well.


We are looking at well over 90% of the businesses who got PPP loans will meet the qualifications. We only had three applicants not qualify- one had already had a past SBA loan in arears, one was from a state we are not licensed to lend in, and one was from a real estate holding company with no payroll only passive income. The qualifications were easy- average months payroll cost * 2.5. Needed to verify with payroll info, form 941, Sched K if a partnership or Sched C is a sole proprietorship. I do know that some of the larger banks(due to volume) did not accept non-customers or kicked-out applications with wrong calculations. Just did another application this morning. I guess Sam I guess I at least no a hell of a lot more than you do on the subject of SBA PPP financing :D


Thanks for not addressing the ones that never applied because they didn't think they could qualify or just couldn't qualify.

You just don't know how to spell know.
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by jonriv » Tue Jun 02, 2020 1:40 pm

As long as you were under 500 employees and were a documented legitimate business you qualified. As mentioned, volumes and current customer limits were an issue at some larger banks(we acquired many new customer this way). If a business was unaware that they qualified that’s a shame a business owner to not take the steps to find out. The info was easily available

I worked with everyone of our applicants to ensure they applied for what they qualified for. It does nobody any good to take too much or too little. Again, qualifying for forgiveness (if the loan was used for payroll) is simple
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by xyzdude » Tue Jun 02, 2020 1:57 pm

[quote]Thanks for not addressing the ones that never applied because they didn't think they could qualify or just couldn't qualify. [quote]

JR - there were many business owners I know who either did not apply or did apply, were granted the loan and turned it down because of concern over the ability to prove adverse effects from the virus situation. There were many articles published that cited potential penalties, etc. on this issue. A week or two ago, of course they came out with the safe harbor for small businesses with loans under $2MM.

I'm not sure how any of this relates to the issues being discussed? But having fun reading the interesting points of view.

Thanks.
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by jonriv » Tue Jun 02, 2020 3:17 pm

The PPP loan did not require adverse effects to qualify. That was the emergency loan directly from the SBA
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by skwiggy21 » Mon Jun 08, 2020 2:53 pm

https://www.cnbc.com/2020/06/08/asympto ... -says.html

Sooooo, should we still live in fear?

Especially loved this quote from the article:

“We have a number of reports from countries who are doing very detailed contact tracing,” she said. “They’re following asymptomatic cases. They’re following contacts. And they’re not finding secondary transmission onward. It’s very rare.”
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