irvinehomeowner
Well-known member
$349B in PPP used up already.
I know a few businesses who applied early and others who can't apply anymore.
I know a few businesses who applied early and others who can't apply anymore.
Coronavirus Recession
- Thread starter eyephone
- Start date
NEW -> Contingent Buyer Assistance Program
There lies the irony of it. I am projecting and this is my opinion, is that the unemployment number will shattered all previous records. Even Great Depression number will dwarf, covid-depression unemployment. Earlier this year Presidency Trump was almost a sure thing. With high anxiety, high debts, all time high unemployment will lead to New political change. All this happen in a relatively short time frame. With election lost, and a close counts, Trump will push for rigged election, and voter frauds will ignites his base to not accept the outcome. Revolution and political chaos might be the outcome. We have 6 months to prepare.
Just saw this on my news feed. The beginning of a revolution? And of course they used someone wearing american flag holding a "Social Distancing = Communism" sign as lead photo.
Defying social distancing rules, demonstrators gather in Huntington Beach to protest California?s stay-at-home order
https://ktla.com/news/local-news/de...me-order-and-defying-social-distancing-rules/
once you have sba authorization, i believe they have 10 days to fund. assuming you had authorization by the 10th, you should expect to see funds no later than the 20th.
wells fargo took forever to open up my application, so ended up going with a smaller bank we do business with and received sba authorization on the 14th. hopefully have funds by this friday.
How do you know if you got SNA authorization? Did you get an email from your bank? Here's the email that I got from Bank of America on the 15th...
We need additional information to process your Paycheck Protection Program Application
Thank you for submitting your application for the Paycheck Protection Program. We have not received all the information that we need to process your application as of this email. We'll need you to confirm your business information through Small Business Online Banking.
Once you've updated the required information, we can then continue to process your application and submit it to the Small Business Administration for approval. Without this information we can't proceed with your application. What you need to do
? Log into our Small Business Online Banking using your business login from only your desktop or laptop. You can't enter this information through Mobile Banking.
? After logging in you'll be prompted to update your business information.
? Select "I'm ready".
? Update your information, review, confirm and submit.
What happens next
? We'll review this information and contact you if further clarification or documentation is necessary.
? We'll process your loan application with the Small Business Administration as quickly as possible.
? An email will be sent to you with the status once we receive a decision from the Small Business Administration.
? If you have submitted multiple applications (for multiple entities) you will receive correspondence from Bank of America and Intralinks for each application throughout the loan process.
? Please do NOT deliver or send documents to our Financial Centers or banking teams.
? Information about your application status will NOT be available through our Financial Centers or Contact Centers.
Does this mean that I got SBA loan approval for my PPP loan?
bank of america can't submit your application for sba authorization until they have a complete package from you, which includes all of the additional items they requested. depending on when you logged in again online to provide the additional information they requested, they may not have gotten to your application again to submit to the sba.
i did receive an email from the bank i'm working with that says they "provided my request to the sba and funds have been allocated to my loan" and when i log on to the application web portal it does show my sba authorization number. i can't comment on how bank of america notifies their customers, but i would hope they would do the same. do they have a status section on their website where you log in to input all of the files and info they requested?
Reuters/WSJ Article: Berkshire Hathaway's Charlie Munger Says Economic Turmoil Will Cause Berkshire To Shutter Some Businesses - WSJ
BERKSHIRE HATHAWAYS CHARLIE MUNGER SAYS OF COURSE WE ARE HAVING A RECESSION WSJ
https://www.reuters.com/article/brief-berkshire-hathaways-charlie-munger-idUSFWN2C515P
CNBC Article: Everybody's just frozen. And the phone is not ringing off the hook, Charlie Munger, Berkshire Hathaway's vice chairman and Warren Buffett's longtime business partner, told The Wall Street Journal.
Berkshires phone has not been ringing with corporate executives begging for rescue capital as the coronavirus outbreak has left everyone in shock and confused about what their next step will be, Charlie Munger told The Wall Street Journal.
https://www.cnbc.com/2020/04/17/fro...r-rescue-investments-charlie-munger-says.html
Sounds like what I have been saying.
BERKSHIRE HATHAWAYS CHARLIE MUNGER SAYS OF COURSE WE ARE HAVING A RECESSION WSJ
https://www.reuters.com/article/brief-berkshire-hathaways-charlie-munger-idUSFWN2C515P
CNBC Article: Everybody's just frozen. And the phone is not ringing off the hook, Charlie Munger, Berkshire Hathaway's vice chairman and Warren Buffett's longtime business partner, told The Wall Street Journal.
Berkshires phone has not been ringing with corporate executives begging for rescue capital as the coronavirus outbreak has left everyone in shock and confused about what their next step will be, Charlie Munger told The Wall Street Journal.
https://www.cnbc.com/2020/04/17/fro...r-rescue-investments-charlie-munger-says.html
Sounds like what I have been saying.
irvinehomeowner
Well-known member
Comic-Con 2020 cancelled.
You can hear the cries from basements all over the country.
You can hear the cries from basements all over the country.
irvinebullhousing
Well-known member
https://www.nytimes.com/2020/04/17/us/coronavirus-cases-news-update.html
Trump tweets call to ?LIBERATE? states where people are protesting virus restrictions.
President Trump on Friday began openly fomenting right-wing protests of social distancing restrictions in states where groups of his conservative supporters have been violating stay-at-home orders, less than a day after announcing guidelines for how governors could decide on an orderly reopening of their communities.
In a series of all-caps tweets, Mr. Trump declared ?LIBERATE MICHIGAN!? and ?LIBERATE MINNESOTA!? ? two states whose Democratic governors have imposed social distancing restrictions that have shut down businesses and schools and forced people to remain at home. He also tweeted ?LIBERATE VIRGINIA, and save your great 2nd Amendment. It is under siege!?
Encourage economic engines to start like QWERTY and aquabliss is respected, but when you have Commander in Chief provokes disorderly, is an outrage where he should encourage harmonies and patience with one and another.
There is no doubt in my mind we will have revolution of some sort.
Trump tweets call to ?LIBERATE? states where people are protesting virus restrictions.
President Trump on Friday began openly fomenting right-wing protests of social distancing restrictions in states where groups of his conservative supporters have been violating stay-at-home orders, less than a day after announcing guidelines for how governors could decide on an orderly reopening of their communities.
In a series of all-caps tweets, Mr. Trump declared ?LIBERATE MICHIGAN!? and ?LIBERATE MINNESOTA!? ? two states whose Democratic governors have imposed social distancing restrictions that have shut down businesses and schools and forced people to remain at home. He also tweeted ?LIBERATE VIRGINIA, and save your great 2nd Amendment. It is under siege!?
Encourage economic engines to start like QWERTY and aquabliss is respected, but when you have Commander in Chief provokes disorderly, is an outrage where he should encourage harmonies and patience with one and another.
There is no doubt in my mind we will have revolution of some sort.
irvinebullhousing
Well-known member
daedalus said:
There lies the irony of it. I am projecting and this is my opinion, is that the unemployment number will shattered all previous records. Even Great Depression number will dwarf, covid-depression unemployment. Earlier this year Presidency Trump was almost a sure thing. With high anxiety, high debts, all time high unemployment will lead to New political change. All this happen in a relatively short time frame. With election lost, and a close counts, Trump will push for rigged election, and voter frauds will ignites his base to not accept the outcome. Revolution and political chaos might be the outcome. We have 6 months to prepare.
I think the large number of job loss + lock down + looming recession + Trump is starting to drive people crazy.
My high school class reunion Facebook page had turned into a battle ground with nasty posts & comments on both sides. It used to be a nice and civil place since people know each other in real life. It's surprising to see even people who were pretty clueless about politics have strong opinions now.
Yesterday, I got a weird reply from a guy I had couple classes with junior year for just posting a news article about the bailout. He said I should be thankful for the $1200 check Trump's giving me and that Obama would never do that because he's a socialist and not a billionaire who can afford it.
I have so many questions...
I miss the days when the only bad thing was people posting too many redundant photos of their kids.
My high school class reunion Facebook page had turned into a battle ground with nasty posts & comments on both sides. It used to be a nice and civil place since people know each other in real life. It's surprising to see even people who were pretty clueless about politics have strong opinions now.
Yesterday, I got a weird reply from a guy I had couple classes with junior year for just posting a news article about the bailout. He said I should be thankful for the $1200 check Trump's giving me and that Obama would never do that because he's a socialist and not a billionaire who can afford it.
I have so many questions...
I miss the days when the only bad thing was people posting too many redundant photos of their kids.
Compressed-Village said:
Just saw this on my news feed. The beginning of a revolution? And of course they used someone wearing american flag holding a "Social Distancing = Communism" sign as lead photo.
Defying social distancing rules, demonstrators gather in Huntington Beach to protest California?s stay-at-home order
https://ktla.com/news/local-news/de...me-order-and-defying-social-distancing-rules/
irvinehomeowner
Well-known member
@aqua: One did, funded earlier this week (that was fast). Still waiting to see if the other ones were able to.
usctrojancpa
Well-known member
I applied for the PPP through my Bank of America business bank account on Monday, April 6th and submitted my documents on Thursday, April 9th through Intralinks. Then got an email to verify my business bank account information online this Wednesday, April 15th which I did same day. No funds yet here....
USCTrojanCPA said:
once you have sba authorization, i believe they have 10 days to fund. assuming you had authorization by the 10th, you should expect to see funds no later than the 20th.
wells fargo took forever to open up my application, so ended up going with a smaller bank we do business with and received sba authorization on the 14th. hopefully have funds by this friday.
usctrojancpa
Well-known member
Kings said:
How do you know if you got SNA authorization? Did you get an email from your bank? Here's the email that I got from Bank of America on the 15th...
We need additional information to process your Paycheck Protection Program Application
Thank you for submitting your application for the Paycheck Protection Program. We have not received all the information that we need to process your application as of this email. We'll need you to confirm your business information through Small Business Online Banking.
Once you've updated the required information, we can then continue to process your application and submit it to the Small Business Administration for approval. Without this information we can't proceed with your application. What you need to do
? Log into our Small Business Online Banking using your business login from only your desktop or laptop. You can't enter this information through Mobile Banking.
? After logging in you'll be prompted to update your business information.
? Select "I'm ready".
? Update your information, review, confirm and submit.
What happens next
? We'll review this information and contact you if further clarification or documentation is necessary.
? We'll process your loan application with the Small Business Administration as quickly as possible.
? An email will be sent to you with the status once we receive a decision from the Small Business Administration.
? If you have submitted multiple applications (for multiple entities) you will receive correspondence from Bank of America and Intralinks for each application throughout the loan process.
? Please do NOT deliver or send documents to our Financial Centers or banking teams.
? Information about your application status will NOT be available through our Financial Centers or Contact Centers.
Does this mean that I got SBA loan approval for my PPP loan?
irvinehomeowner
Well-known member
Sounds like your bank needs more info.
I would call your bank and talk to someone.
I would call your bank and talk to someone.
Agent Joe
Member
For those of you with a job or business impacted by the virus and anticipate a full-blown recession, what actions are you taking (if you don't mind sharing) to lessen the impact and possibly take advantage of the situation?
A few positive things that I can think of:
- Personal hygiene
- Importance of savings, investing and creating passive income
- Open mindedness from employers toward remote work arrangements (gov't can play a role in this by giving tax credits to employers with certain % of remote workforce, think about the reduction in pollution, traffic congestion, traffic accidents)
- Using this time to learn new skills or be more educated about certain things
- Taking walks with family while getting some vitamin D
A few positive things that I can think of:
- Personal hygiene
- Importance of savings, investing and creating passive income
- Open mindedness from employers toward remote work arrangements (gov't can play a role in this by giving tax credits to employers with certain % of remote workforce, think about the reduction in pollution, traffic congestion, traffic accidents)
- Using this time to learn new skills or be more educated about certain things
- Taking walks with family while getting some vitamin D
USCTrojanCPA said:
bank of america can't submit your application for sba authorization until they have a complete package from you, which includes all of the additional items they requested. depending on when you logged in again online to provide the additional information they requested, they may not have gotten to your application again to submit to the sba.
i did receive an email from the bank i'm working with that says they "provided my request to the sba and funds have been allocated to my loan" and when i log on to the application web portal it does show my sba authorization number. i can't comment on how bank of america notifies their customers, but i would hope they would do the same. do they have a status section on their website where you log in to input all of the files and info they requested?
