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YOUR BALANCE
Just curious - have any of you small business folks applied
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Just curious - have any of you small business folks applied


Apr 30, 2020, 7:28 PM

and received PPP funds? If so how long from the time you applied to when it was received?

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Re: Just curious - have any of you small business folks applied


Apr 30, 2020, 7:35 PM

We applied the first day you could apply(April 3rd i think)...and received funding on April 22........

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No. I figured if the government was going to give me money,


Apr 30, 2020, 8:26 PM

AND I TOOK IT, they would audit me in 2 or 3 years and get it back threefold.

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This is the truth!


May 1, 2020, 7:26 AM

I took the money and gave it back.

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Re: No. I figured if the government was going to give me money,


May 1, 2020, 8:18 AM [ in reply to No. I figured if the government was going to give me money, ]

Never applied. To give me a “loan” to employ people that aren’t currently needed with a “chance” I get it forgiven if I do everything the way Pelosi desires? That’s funny! Hell naw!

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Re: Just curious - have any of you small business folks applied


Apr 30, 2020, 9:06 PM

Two of our adult kids did for their businesses. First filed early and received 5 days later. Second filed 4/5 and got it 4/27.

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Re: Just curious - have any of you small business folks applied


Apr 30, 2020, 9:06 PM

Gave application to Wells Fargo on April 3rd. On April 5 they quit submitting applications before getting to ours. Gave prepared application to another bank on April 7, but the first loan program ran out of $ before it got to the approval process. After the 2nd batch of funds approved, our application was submitted to the SBA early on the 28th. We’ll see how it goes. So far not very user friendly for the average small business.

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Re: Just curious - have any of you small business folks applied


Apr 30, 2020, 9:25 PM

Out of funds, still waiting, in fact we are going through farm bill now.

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We keep getting better & better everyday, in every way!
“The only disability is a bad Attitude” Dabo Swinney!!
Let’s Go Tigers!


You had to apply early, and know someone in the bank


May 1, 2020, 7:14 AM

we did and filed the 1st day and got it later that afternoon

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yes applied the first day got the funds 3 weeks later


May 1, 2020, 7:25 AM

then they changed the rules so I gave the money back. I just don't trust the federal government.

I'm probably going to need some money in a couple of months, or lay off people, but the truth is I always keep enough cash for 2-3 months reserve so I don't need the money today.

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What were the rule changes if I may ask?


May 1, 2020, 8:23 AM

Part owner of a small business myself. Large enough that we have a manager who applied for everything. Took a couple of weeks but we have the money. We would definitely have to lay-off people if business continued as is. Since he was more into the weeds than I was just curious if I was missing something. I was worried because money often comes with strings attached. Any specific changes that were more bothersome? Thanks in advance.

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Here is what BB&T sent me. This is the third time they sent


May 1, 2020, 9:50 AM

"updates" and each one gets more aggressive sounding.

As you may know, government guidance regarding the Paycheck Protection Program continues to evolve daily and we want to make sure we continue to keep you updated. In particular, we want to call your attention to recent public statements and official program guidance that retroactively update the required borrower certification that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”

In an April 22 press briefing, Secretary Mnuchin advised of then pending guidance restricting the acceptable basis for a PPP loan borrower’s necessity certification and warned of “severe consequences” for borrowers who obtain a PPP loan based on a misunderstanding of the necessity certification. And in an April 28 media appearance, Secretary Mnuchin stated that every PPP loan of $2 million or more will be audited for program compliance prior to determination of the forgiveness amount of the loan, wi th an apparent focus on any other liquidity available to a PPP borrower. He also reminded borrowers that they could face “criminal liability” if their necessity certification is determined to be untrue.

The government has restated Secretary Mnuchin’s April 22 public statements as official guidance, providing that notwithstanding anything in the CARES Act to the contrary, all PPP loan borrowers are required to take into account their current business activity and their ability to access other sources of liquidity in reassessing whether they have or can make the necessity certification in good faith. Secretary Mnuchin and the guidance have identified public companies and companies owned by public companies as a subject of particular government concern regarding the validity of their necessity certifications, but have also expressly excluded from eligibility for the program hedge funds and private equity firms. The new rules also instruct portfolio companies of private equity firms to apply any applicable affiliation rules and carefully review the necessity certification.

The new necessity certification guidance applies retroactively to all PPP loans. Government guidance provides that any PPP loan borrower that returns all of its PPP loan funds no later than May 7, 2020, will be deemed to have made its necessity certification in good faith, and thus avoid any consequences for the prior certification made due to a misunderstanding or misapplication of the recently articulated necessity certification requirements.

Lenders are expressly authorized to rely on such a certification by a PPP loan borrower without review or confirmation. As such, we feel compelled to advise you that Truist’s acceptance of your PPP loan application and/or funding of your PPP loan does not constitute, and cannot be relied upon as implying, a conclusion or affirmation by Truist that such PPP loan proceeds are necessary for ongoing operations of your business or that the borrower has otherwise met applicable eligibility requirements for PPP loan participation. We also advise you that this notice may be furnished to the government in response to any inquiry regarding your loan.

We do not wish any of our clients to suffer criminal liability or other “severe consequences” for certifying that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations” of your business, and so we urge you to reconsider whether you remain comfortable with that certification in light of FAQ #31, the announced audit of PPP loans of $2 million or more and the availability of the limited safe harbor for those who return PPP loan funds by May 7, 2020. Please contact your legal counsel or other advisors to determine how you wish to proceed.

In view of this guidance, some borrowers have repaid PPP loans or are planning to do so before the May 7, 2020 deadline. If you have questions about the process or if you already received funding from Truist for a PPP loan and wish to repay your loan in full, please contact us at PPPFunds@Truist.com and a Truist teammate will respond as soon as possible to help you with your request.

Your Truist Team

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Wow that is a little scary!! Thanks for sharing.***


May 1, 2020, 12:06 PM

Our payroll was a lot smaller than 2M but that is concerning.


Message was edited by: lovingit®


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Re: Here is what BB&T sent me. This is the third time they sent


May 1, 2020, 7:26 PM [ in reply to Here is what BB&T sent me. This is the third time they sent ]

The forgiveness rules have still not been published, unless it happened in the last couple days. I’ll never request a “loan” without all information, in advance, in writing. I didn’t apply for the PPP.

A lot of businesses are going to be in a bad situation when they realize that the loan won’t be forgiven because if some rule they didn’t know and they only have 2 years to pay it back.

I’m ready for a whistleblower hotline to open up. I’ve talked to several business owners that took money even though their business hasn’t been affected. They’re bragging about how they got “free money” from the government...I want to turn them in. Badly.

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Re: Here is what BB&T sent me. This is the third time they sent


May 2, 2020, 11:44 PM

That’s wrong!

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We keep getting better & better everyday, in every way!
“The only disability is a bad Attitude” Dabo Swinney!!
Let’s Go Tigers!


We applied in the first day or two that you could.


May 1, 2020, 8:29 AM

We were told we had done everything right and SHOULD get the money by the bank. There were some small town shenanigans. One of my fellow owners is on the board at the bank. Originally they said you couldn’t do that so a couple of banks shared in that board members of their bank went to our local bank and vice Versa. Then feds said supposedly it was ok. Either way we were told early that we would get the money but a couple of weeks before it was in our account. But from what I understood the banks knew early on that we were getting it.

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Have received both EIDL and PPP funds.


May 1, 2020, 7:38 PM

Turned in both immediately. EIDL came pretty quick. Got the advance for each of my employees. Then a week and a half or so later got the loan amount. Did not get PPP until this week, as part the second round of funding although we put in early during phase I.

Glad to have any of it. Running at 50-60% of usual business.

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Re: Just curious - have any of you small business folks applied


May 1, 2020, 9:50 PM

Something to consider. I applied for government marketplace insurance last year when I owned a food truck. I was poor and my stated income level was $15K. I sold the truck and got a new job making over 4X that.

From January to May, I had the government insurance. Starting in June, I got insurance from my employer and cancelled the Obamacare.

Due to a rule I didn’t understand, I’m having to repay the IRS all of the advance premium tax credits I received from Jan - May. Even though my income was under $15K at the time and I legitimately deserved the reduced rates, the IRS looks at your whole year of income vs total tax credits received.

Because my income went up so much, I’m having to repay $2500 In tax credits.

This has nothing to do with the PPP program but it’s a good lesson and validation that someone else posted, that the government often places loopholes in these programs and will come back for the money later.

I would be very skeptical of taking these funds personally.

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Re: Just curious - have any of you small business folks applied


May 2, 2020, 2:30 AM

I am a self-employed sole proprietorship. My experience is less and from a totally different perspective. My income is down 70%.

I sat in on the 12 noon SBA conference call online on April 3 when they explained the PPP as best they understood it, considering they got guidance packet #1 about 4 am. With an interest rate of 1%, only one of the six panelists discouraged business owners from applying for the loan if it was unnecessary. The lending banks were making 5% (that was never discussed, but it's in the application), so of course each bank wanted to get as many loans through as possible. At the time, everyone knew the funds were first come, first serve, but that a second wave was probable: if the average loan is $1 M, even $350 B only reaches 1% of the 45,000,000 eligible small businesses.

According to the SBA, loans for the full $350 B had already been designated as approved before the April 10 eligibility date for independent contractors and sole proprietorships. When I listened to the conference call that day, about 40 minutes of the 60 were discussion of revisions from the previous call and the distinctions between EIDL and PPP. Only a few minutes actually dealt with the details that affect 30M of us IC/SP. But since the program was out of money, it didn't matter that we IC/SP had no guidance.

Then the second batch of funding was approved, and I tried to file paperwork. But banks were not accepting applications anymore, because the queue is backed up.

All I'd be applying for is <10K, but all the funds have been allocated. The trough is empty.

There is very little guidance for IC/SP because PPP is intended to replace payroll, and my payroll is my total earnings. So supposedly very limited documentation is necessary. However, I stopped paying attention when 3 banks all wouldn't file my application. So if further guidance has been issued to IC/SP, I don't know.

The SBA did recommend that some IC/SP might be better off getting PUA Unemployment, so I've looked into that.

PUA Unemployment is a multistep application process which requires digitally transmitted earnings documentation. Who has time to mess with that? All my business records are on memory sticks that I access from the library, and they haven't been open for a month. Sure it's time to move into the 21st century, but that's what my business is for. PUA is also not retroactive to March 15 like PPP funds are. This week my earnings were back to 50%, so I might just be able to muddle through without any assistance.

BTW, I don't fault the SBA for this confusion. They normally approve $1B in loans (including lots of documentation) annually. They have now approved almost $600 B in 3 weeks. On the conference call, they repeatedly stressed that all you PPP recipients are responsible for your own eligibility. Normally the SBA takes care of that, but now you have to.

I would guess that all these later strings are being attached because they didn't reserve any for the IC/SPs after making such a big deal about our eligibility. Thats why they're trying to get you to use alternate funding. They also only reserved $60B for small banks. That should have been more. But that's just my perspective.

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I feel you. Good luck going forward.


May 2, 2020, 11:39 AM

I am somewhat concerned about the strings attached but also feel that so many people would raise hell if they got too harsh with audits that the feds/politicians would cave because the true intent is to just get money into an artificially halted economy. I heard a good podcast with a guy who sits on the fed reserve in St. Louis. He said they know there will be some fraud but are OK with that because any money out there goes in to the economy in some way.

I have employees and contractors. None of my ICs have filed for any help, mostly because they all have other jobs or have a spouse with a job that is unaffected.

My biggest concern is what happens if we hit another round of infections in the fall or winter. We cannot shut down like this again.

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Re: I feel you. Good luck going forward.


May 2, 2020, 9:13 PM

I absolutely agree.

We who had emergency reserves have burned through most of them. Even if I emerge healthy from this crashed economy, I can't survive another one this fall. And I cannot help others if I myself am failing.

Yet we cannot be more than halfway through this pandemic. We are going to have to find a way to function in spite of the pandemic in order for this economic crisis to end.

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Re: Just curious - have any of you small business folks applied


May 2, 2020, 9:32 PM

Applied for PPP on April 3rd.
Resubmitted paperwork on the 6th.
Approved with number on the 15th.
Funds in bank on 22nd.

We returned a bit of loan last week as original approved amount included some 1099s.

As more guidance is issued, we expect the ‘grant’ portion of the loan to be difficult to achieve. But keeping stellar records and hoping for the best.

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