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Anyone get their $10,000 yet?

Old 04-02-2020, 10:24 AM
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Default Anyone get their $10,000 yet?

I had the owner of a business that we work with say he had filed for the $10,000 3 days ago, but hasn't gotten any money. Wanted to know if any of you have?
Old 04-02-2020, 10:47 AM
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My accountant said nobody they know has. Some have gotten as far as having the loaning bank identified to them, but no further application provided and no funds.

so that's a sample of a few hundred companies as a point of reference.
Old 04-02-2020, 10:54 AM
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Banks don't even know what's going on...
Old 04-02-2020, 10:55 AM
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Funding is supposed to hit our area tomorrow. We will see...
Old 04-02-2020, 11:17 AM
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They said two to 3 weeks before the funding becomes available,last week.
Old 04-02-2020, 12:35 PM
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I called my banker today to discuss options and what was out there as I don't need a thing right now as far as help, and I am waiting to hear back in a few days when they know more.
Old 04-02-2020, 12:39 PM
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"The 10,000" is an SBA loan for titled something like Economic Disaster Relief Loan or something like that correct? We skipped that to go with the PPP which will get us much more money and I do not believe you can apply for both. Then again how the hell would you know it changes every couple hours. If I am wrong someone please correct me.
Old 04-02-2020, 12:52 PM
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Originally Posted by schoolsout1 View Post
Banks don't even know what's going on...

"It's A DISASTER Waiting To Happen": Hours Before Its Start, The Small Business Bailout Is On Verge Of Collapse

Old 04-02-2020, 12:54 PM
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Not applying for $10K but just talked to my banker about PPP which is supposed to start accepting applications tomorrow and it's still not finalized.
Old 04-02-2020, 01:11 PM
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The kicker is the business has to pay taxes on that money if used for payroll. To get the loan forgiven 75% has to go to payroll
Old 04-02-2020, 01:17 PM
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What part of econ 101 is a one time loan as good as any revenue? This is some banana republic stuff. Put on a mask, face shield/glasses, gloves, stand 6 ft apart, and let businesses open. Forcing businesses to close is insanity. Maybe, if sick and out in public, then get charged and ticketed. Everyone understands money.
Old 04-02-2020, 01:34 PM
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Originally Posted by simeoncoleman View Post
The kicker is the business has to pay taxes on that money if used for payroll. To get the loan forgiven 75% has to go to payroll
Where should the money go, if not to keep the employees employed?
Old 04-02-2020, 01:40 PM
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I am also wondering when the money will come. I filled out the application sunday night, right after they updated the application. I have a confirmation number but have heard nothing since. the confirmation said I would get an email in 3 days, but nothing. I don't want or need (at this time) the PPP also but I need to know what is going on so I can make plans for payroll and what my employees need to do about unemployment. ill make sure to post up if I hear anything
Old 04-02-2020, 03:18 PM
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The way I am understanding the $10,000 advance is you have to apply for the Economic Injury Disaster Loan through a lender that is working with the SBA. Once that is done then you apply for the $10,000 advance on that loan. That $10,000 is supposed to be streamlined (we are talking the U.S. Govt here) and deposited into your bank account within 3 days after approval of the advance on the loan(whenever that is).

SBA loans take weeks or months in regular times, I can't imagine the backlog now!

If you are declined the SBA loan and have received the $10,000 advance, that amount will be forgiven and you will not have to repay it.

Can somebody pipe in and correct me if I am wrong. The Govt websites are very vague and there are many videos and articles trying to explain this but many contradict each other.

One thing you can bet on, The Kennedy Center will have it's money before you, me or Joe Main Street gets ours!
Old 04-02-2020, 03:23 PM
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Originally Posted by simeoncoleman View Post
The kicker is the business has to pay taxes on that money if used for payroll. To get the loan forgiven 75% has to go to payroll
The whole point of the PPP loan is to keep people employed. Of course taxes will be due on payroll, as it always is.

Old 04-02-2020, 03:55 PM
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Doesnt make sense you fill out app on sba.gov they give you a conf number then say to expect a email or funds in 3 days?

Originally Posted by signmansez View Post
The way I am understanding the $10,000 advance is you have to apply for the Economic Injury Disaster Loan through a lender that is working with the SBA. Once that is done then you apply for the $10,000 advance on that loan. That $10,000 is supposed to be streamlined (we are talking the U.S. Govt here) and deposited into your bank account within 3 days after approval of the advance on the loan(whenever that is).

SBA loans take weeks or months in regular times, I can't imagine the backlog now!

If you are declined the SBA loan and have received the $10,000 advance, that amount will be forgiven and you will not have to repay it.

Can somebody pipe in and correct me if I am wrong. The Govt websites are very vague and there are many videos and articles trying to explain this but many contradict each other.

One thing you can bet on, The Kennedy Center will have it's money before you, me or Joe Main Street gets ours!
Old 04-02-2020, 06:31 PM
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I have 2 friends that have received there $10,000 today. They are in the restaurant business. I filed for it tonight. I'm a general contractor with 3 employees this out 3 week out of work. I also use 20- 30 subcontractors . Not sure if I should of file for ppp also. Do any of you guys know
Old 04-02-2020, 07:30 PM
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the way I understand it is
be a legit biz
need help paying bills whether payroll,rent,mortgage or other biz expenses
anything over 10k would fall under PPP for payroll or a loan for other expenses @ 1% for 2 years to be paid
just the 10k advance would be forgiven whether you are approved or denied
Old 04-02-2020, 07:32 PM
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oh and forget about getting contacted or $$$ within 3 days....their aint enough chinamen that can make that happen
Old 04-02-2020, 09:05 PM
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These are two different programs. The $10,000 is a FEMA administered program, PPP is SBA. You cannot get both. The $10,000 program is live, it is supposed to take 3 days but is backlogged to about 7-10 days. Just Google disaster relief funds. For PPP, you must go through your lender and they start accepting applications Friday. For the debt forgiveness you need to comply with the usage requirements mentioned above.

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