jsharr ★ Posted April 3, 2020 Share #1 Posted April 3, 2020 from our government. Filled out and submitted the Paycheck Protection Program and the COVID 19 Economic Injury Disaster Loan Assistance Applications. Have to complete our annual audit and then will look into the 30 year fixed rate loans the SBA is offering. 1 Link to comment Share on other sites More sharing options...
Kzoo Posted April 3, 2020 Share #2 Posted April 3, 2020 Filling out the PPP application today. Do you have the updated version of the application? The one dated 03/20 is obsolete now. Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted April 3, 2020 Share #3 Posted April 3, 2020 I'd loan you some but I have a car payment now. Link to comment Share on other sites More sharing options...
jsharr ★ Posted April 3, 2020 Author Share #4 Posted April 3, 2020 Just now, Kzoo said: Filling out the PPP application today. Do you have the updated version of the application? The one dated 03/20 is obsolete now. Bank of America has the application live on their site and since we do our business banking with them, applied online directly. 2 Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted April 3, 2020 Share #5 Posted April 3, 2020 6 minutes ago, jsharr said: from our government. Filled out and submitted the Paycheck Protection Program and the COVID 19 Economic Injury Disaster Loan Assistance Applications. Have to complete our annual audit and then will look into the 30 year fixed rate loans the SBA is offering. I don't know if this is a or a Link to comment Share on other sites More sharing options...
Kzoo Posted April 3, 2020 Share #6 Posted April 3, 2020 3 minutes ago, jsharr said: Bank of America has the application live on their site and since we do our business banking with them, applied online directly. We work with a smaller regional bank and have the editable PDF version. Link to comment Share on other sites More sharing options...
jsharr ★ Posted April 3, 2020 Author Share #7 Posted April 3, 2020 1 minute ago, Razors Edge said: I don't know if this is a or a If the terms are as advertised it is a for us and a for our national debt. I hope we don't all get by this. But we have not let anyone go yet and hope not to have to let anyone go. 1 Link to comment Share on other sites More sharing options...
Kzoo Posted April 3, 2020 Share #8 Posted April 3, 2020 Just now, jsharr said: If the terms are as advertised it is a for us and a for our national debt. I hope we don't all get by this. But we have not let anyone go yet and hope not to have to let anyone go. A big ditto here. Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted April 3, 2020 Share #9 Posted April 3, 2020 https://www.huffpost.com/entry/borrowing-money-advice-suze-orman_n_3795991 Link to comment Share on other sites More sharing options...
Kzoo Posted April 3, 2020 Share #10 Posted April 3, 2020 Borrow - that's a funny word in this context. 1 Link to comment Share on other sites More sharing options...
jsharr ★ Posted April 3, 2020 Author Share #11 Posted April 3, 2020 Just now, Dottles said: https://www.huffpost.com/entry/borrowing-money-advice-suze-orman_n_3795991 whatever. Link to comment Share on other sites More sharing options...
jsharr ★ Posted April 3, 2020 Author Share #12 Posted April 3, 2020 1 minute ago, Kzoo said: Borrow - that's a funny word in this context. 1 Link to comment Share on other sites More sharing options...
Scrapr ★ Posted April 3, 2020 Share #13 Posted April 3, 2020 We just watched a webinar yesterday about the PPP & that other program. We have not needed it and are really busy now. But since homes are not selling (because no one wants looky loos wandering in) we are going to have a crash in about 2-3 months. I thought the apps didn't open until today? Our banks aren't even open yet. East Coast bias!!! Sounded like Treasury has not provided much direction yet and things are still pretty chaotic Link to comment Share on other sites More sharing options...
jsharr ★ Posted April 3, 2020 Author Share #14 Posted April 3, 2020 3 minutes ago, Scrapr said: We just watched a webinar yesterday about the PPP & that other program. We have not needed it and are really busy now. But since homes are not selling (because no one wants looky loos wandering in) we are going to have a crash in about 2-3 months. I thought the apps didn't open until today? Our banks aren't even open yet. East Coast bias!!! Sounded like Treasury has not provided much direction yet and things are still pretty chaotic I have been in contact with my bank for the last few weeks. They had no "guidance" until today. Bank of America sent out an email with directions at 9:02 am central time. We applied within 30 minutes. Had a conference call with the CEO/CTO/Dir. of Marketing/me and a good friend of the CEO who has had his legal firm looking into options. We applied for the PPP and 10k immediate relief with almost no problems. As we are in the midst of an audit, we had all our numbers easily at hand. Link to comment Share on other sites More sharing options...
donkpow Posted April 3, 2020 Share #15 Posted April 3, 2020 1 Link to comment Share on other sites More sharing options...
maddmaxx ★ Posted April 3, 2020 Share #16 Posted April 3, 2020 49 minutes ago, jsharr said: If the terms are as advertised it is a for us and a for our national debt. I hope we don't all get by this. But we have not let anyone go yet and hope not to have to let anyone go. Sometimes you have to solve one problem at a time. If you can keep them hired but they die that's not a win. Link to comment Share on other sites More sharing options...
2Far ★ Posted April 3, 2020 Share #17 Posted April 3, 2020 The collective "we" is more than 500 employees, so not much help for us. Link to comment Share on other sites More sharing options...
Mr. Silly Posted April 3, 2020 Share #18 Posted April 3, 2020 2 hours ago, jsharr said: Have to complete our annual audit and then will look into the 30 year fixed rate loans the SBA is offering. What rate are you getting? Link to comment Share on other sites More sharing options...
jsharr ★ Posted April 3, 2020 Author Share #19 Posted April 3, 2020 6 minutes ago, Mr. Silly said: What rate are you getting? The rate on the long term SBA loans that was quoted on this call was 30 year fixed at 3.5% Link to comment Share on other sites More sharing options...
Mr. Silly Posted April 3, 2020 Share #20 Posted April 3, 2020 3 minutes ago, jsharr said: The rate on the long term SBA loans that was quoted on this call was 30 year fixed at 3.5% That seems reasonable. Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted April 3, 2020 Share #21 Posted April 3, 2020 5 minutes ago, jsharr said: The rate on the long term SBA loans that was quoted on this call was 30 year fixed at 3.5% If it makes you feel better, it was better than my car loan. Link to comment Share on other sites More sharing options...
jsharr ★ Posted April 3, 2020 Author Share #22 Posted April 3, 2020 Just now, Dottles said: If it makes you feel better, it was better than my car loan. How long to do you plan to keep that damn car?! Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted April 3, 2020 Share #23 Posted April 3, 2020 2 minutes ago, jsharr said: How long to do you plan to keep that damn car?! I was hoping to get 10 years at minimum out of my last car and only got 5. So I'm still shooting for 15 but actually think I'll hit 10 this time and hopefully beyond. How about you? 2 months? Link to comment Share on other sites More sharing options...
Further Posted April 3, 2020 Share #24 Posted April 3, 2020 4 minutes ago, jsharr said: How long to do you plan to keep that damn car?! I work with a guy who added a car to a mortgage. Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted April 3, 2020 Share #25 Posted April 3, 2020 4 minutes ago, Further said: I work with a guy who added a car to a mortgage. WTF? That's going to be an expensive car. Link to comment Share on other sites More sharing options...
Further Posted April 3, 2020 Share #26 Posted April 3, 2020 12 minutes ago, Dottles said: WTF? That's going to be an expensive car. Yep But the way he looks at it he gets a car for a couple hundred dollars a month. He doesn’t consider that it’s 360 months Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted April 3, 2020 Share #27 Posted April 3, 2020 Link to comment Share on other sites More sharing options...
MickinMD ★ Posted April 4, 2020 Share #28 Posted April 4, 2020 23 hours ago, Further said: I work with a guy who added a car to a mortgage. If it's to an existing mortgage, that could work, but usually it's refinanced and that means a fresh 15 or 30 year mortgage period. A late aunt of mine and her husband use to go to a retired judge who had returned to his law practice whenever they did anything financial. EVERY time they bought a car, he conned them into thinking they were being shrewd by refinancing their mortgage and putting the new car on it at a lower interest rate than new car loans. Of course, at the beginning of a mortgage, almost the total payment is going toward interest and very little toward principal, so even if the payment was a little lower, they weren't gaining anything. Additionally, in the 80's and early 90's when most of this was happening, mortgages were in the 9+% neighborhood. I tried and tried to talk them out of refinancing unless there was a great drop in the mortgage rate but they said their lawyer, "The Judge," surely wouldn't do them wrong. The son of a bitch probably got a commission from the lending agency or bank! When they passed away, they had promised 5 of us nieces and nephews that we'd be the inheritors. Instead, they left everything to me. But, they had built up so little equity in their home that nothing was left of their estate after everything was auctioned off to pay nursing home, etc. bills - they had also made awful decisions to get cheap health insurance policies. It took a few years for me to convince my cousins I hadn't tried to stab them in their backs and grab their inheritances and that there wasn't anything to inherit anyway. Link to comment Share on other sites More sharing options...
Scrapr ★ Posted April 4, 2020 Share #29 Posted April 4, 2020 2 minutes ago, MickinMD said: I tried and tried to talk them out of refinancing unless there was a great drop in the mortgage rate but they said their lawyer, "The Judge," surely wouldn't do them wrong. The son of a bitch probably got a commission from the lending agency or bank! Brokers can take a % of the loan rate. Typically a quarter point IME. Maybe also a negotiated placement fee with the provider 1 Link to comment Share on other sites More sharing options...
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