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....
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
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.
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