Quote:
Originally Posted by SAMIAM
The PPP provision in the C.A.R.E. act would be a huge help to small business' but its first come first served until the money runs out.
Money will be forgiven that is used for payroll, utilities,rent and interest on mortgages which would be a huge help, especially
to restaurants
Understandably,there was a huge run on the banks nationwide on friday when the applications were first accepted but there were some obstacles.
We got ours in at 10a.m. on friday thinking it was good to get in early.At 3pm my bank contacted me to let me know that SBA wanted payroll records since the amount of the loan is based on payroll.Had to scramble to get that done, since we use a payroll service but called them and they helped out.
At 7 pm we were notified by my bank that SBA now wants tax returns.We paid in May and had them on file so we rushed back to the office and got them right in.
We read every page of the C.A.R.E Act and no mention was made of needing these records or we would have had them ready when we first applied.
My point is that I believe this probably happened to nearly everyone that applied so there probably will be a delay in distributing the money.
It's understandable that they are overwhelmed
Loan officers at MVSB worked through the night to help process loans for their customers....best Bank in NH
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Went through something similar with our local bank, thought we had all the correct forms filled out, all the necessary backup information, but then the bank asked for the latest copy of our bank statement.
Yes, the latest statement from them, the same bank we've been dealing with for 20+ years, that holds the mortgage to our building.
Come to find out,we were the first PPP loan they were processing, so they were a little lost themselves. Happy to report we were fully funded this morning.