Posted on 04/04/2020 10:35:12 PM PDT by terart
We filed as soon as we were allowed using the streamlined 10 minute application. We never received an email. We did print out our confirmation number. Nothing deposited and now we are hearing you will only receive $1000 per employee you have so UP TO $10,000 . Anyone have real info or is anyone here "in the know" who can share what is really going on?
I applied, did not hear anything about a 1K per employee. I think you are misinformed on that.
I applied but don’t expect to hear anything for at least a week considering it was going in to the weekend.
Filed earlier in the week. I wouldn’t personally expect to hear anything until next early next week. Although, if I don’t receive an email by the end of the week, then I dunno. I also filed for DUA, which is Disaster Unemployment Assistance. At leat ten days before we hear anything as that is through the state (CA)
I want to file for the PPP but I have to go through a bank. Fine. Wells Fargo says I need an online banking account. OKAY...But I have no pin number because I just don’t ...can’t create an account. Can’t call Wells Fargo as I was on hold for two hours....Had a friend on for three plus hours this week,only to get a hang up...
Yup, some glitches here and there.
Sole Proprietor, Mom and Pop operation which means we are both considered employees (go figure eh?) No real paychecks when your business and your life are intertwined. That will be interesting.
Trust?
Gov. run program.
Trust?
Expect nothing and you will probably not be disappointed.
same here, sole proprietor...was going to file for unemployment insurance in Virginia but they still have nothing up for those in our situation to actually file on their website. I’m thinking by the time they get around to it...most small business men/women here will be dead in the water.
No, from what I understand you can file for the EIDL loan/grant AND the PPP loan as long as they are used for different payroll quarters or different employees. However, I did read you cannot take the PPP loan AND claim unemployment so you have to weigh which one will be more beneficial.
No I applied on the first day. I saw that they pulled my credit report. But stop no money. Over a week already.
I would appreciate any help from people who know about this as our struggling home business has been totally crashed by this.
He owns the business and the only “employee” is me [website] and we have no idea how to do it, or what we should do to try and get a grant or whatever.
Thanks.
I was encouraged to go for all three. If I get the EDIL, my understanding is that it would get subtracted from the PPP Loan (forgiveable).
I would file for the grant EIDL through the SBA.gov website. There is also the PPP which is filed through your bank. You will probably need an online banking presence and have had an account with that particular bank since Feb 2020. Easy enough except for me. Its wells fargo and can’t create an online acct because I don’t have a pin number and cant contact Wells at all. On hold for hours.
That aside, you will also want to apply for DUA. That took my a while to find that through California EDD. DUA stands for Disaster Unemployment Assistanct. Pretty easy forms.
So, apply for all three and see what happens. I have been able to apply for two out of three thus far because of problems with Wells Fargo.
I worked through my local community college that had a SBA help section. Your mileage may vary.
Take advantage of all help that you can get. If you can’t find where all the forms are. look for your local government city, county or state websites. I prefer more local. Sometimes you will have actual small business owners that volunteer their time to help out other fellow small business owners. That was my case with PPP.
It is a real mess for all of us. Don’t know if anyone has any real answers for our particular situations...self employed/Sole Proprietor Working out of the home, or on the road at fairs like us, or in the various ways us self employed work.
Good Luck
I applied and no check yet. More than 3 days. Thought maybe they lost application and tried again yesterday.
Ping
This may be of interest ?
Trying to apply but will not let me proceed to step 3 after entering business details. All info is green but stuck right there
You should apply right away for unemployment, but if you are independent contractors may not get approved yet but will soon. This will pay according to state formula plus $600 per week per employee from federal government. As an employee of a Corp you qualify immediately, self employed, independent contractors and giggers the program is in process but should be coming soon. You should qualify for the SBA $10,000 disaster loan. It’s easy to apply for and money is deposited directly into your account. It is called a loan but does not have to be paid back The third option is a loan/grant (PPP) that covers your payroll and some fixed expenses (rent, utilities and certain payroll related expenses including
Retirement contributions and health insurance). The formula is payroll cost times 2.5. This is intended to replace unemployment and help businesses get back to work by giving the first 8 weeks of payroll. This is a loan at .5% interest that converts to a grant that does not have to be paid back if you put your employees back to work. If you do this do it when you are getting back to work. A recent glitch in all of this is that right now you can not get the PPP if you receive the $10,000 disaster grant after April 3. I expect this will get ironed out. Call your Congress rep and they should guide you to more info.
Go to SBA website and do the online application.
I would assume your 'impatience" is because you and your folks are severely impacted...prayers up that it all works out.
From what I’ve read the SBA is putting their own parameters in that are not required by the law. They are saying it will take 14-21 days to ‘approve’ the loan and then the 3 days start from there. And they are putting employee numbers on there. To get the $10k you have to have 10 employees.
Everyone should be screaming at their reps over this. Those are parameters not in the law. And how is $1-2k gonna help anyone. If the goal is to give small biz a fighting chance to stay open the SBA muffed it.
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