Have any investors had success with the PPP (Payroll Protection?)

Rental Property Investor · Lehi, UT · Member since 2012 · 65 posts · 22 votes

If so, what type of business do you run and what bank did you do it through? I've spent hours reading about this, and thought it might be easier if someone just shared their success stories on getting approved.

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Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

Originally posted by @Joel Owens:

Somewhere it mentioned initial SBA funds are exhausted but businesses are still signing up for applications on banks portals. The banks portals are only staying open for a certain period of time and usually for existing customers only.

Just because you apply doesn't mean automatic approval. Analyst at banks still look at ability to repay if loan is not forgiven or business owner doesn't allocate as they say they would.

I got mine approved and ONLY because my banker of almost 30 years who is a senior VP personally walked it through.. the bank took its top teir clients and pushed those through.. i feel sorry for anyone trying to do this with a big bank and on line.. he called me Easter Sunday as the whole bank staff was working that day because they knew the funds were going to dry up.. they got 3000 of them done.. Boy it pays to have private banking and not shop rates LOL.. service is more important that 50 bps.

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Bob Solak
Investor · N.E. Illinois · Member since 2019 · 49 posts · 39 votes
6y
You'll want to contact your bank ASAP. I've heard a lot of people have enrolled. A lot of people have been told they're approved. But the banks haven't disbursed any money yet. Its possible they haven't received it yet.
But anyway, if you're going to get into the queue, do it right away.

It isn't ALL forgiveable (there's a formula for how much will be forgiven). But look at it as a very low interest loan, even if it winds up not being fully forgiven.
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Joel OwensBusiness Member
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Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
6y
Somewhere it mentioned initial SBA funds are exhausted but businesses are still signing up for applications on banks portals. The banks portals are only staying open for a certain period of time and usually for existing customers only.
Just because you apply doesn't mean automatic approval. Analyst at banks still look at ability to repay if loan is not forgiven or business owner doesn't allocate as they say they would.
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George Baltakian
Investor · Los Angeles · Member since 2019 · 13 posts · 4 votes
6y
I heard it's 100% forgiven if at lease 75% of the loan you receive goes directly towards payroll. Is that not the case?
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
6y
Originally posted by @Joel Owens:
Somewhere it mentioned initial SBA funds are exhausted but businesses are still signing up for applications on banks portals. The banks portals are only staying open for a certain period of time and usually for existing customers only.
Just because you apply doesn't mean automatic approval. Analyst at banks still look at ability to repay if loan is not forgiven or business owner doesn't allocate as they say they would.
I got mine approved and ONLY because my banker of almost 30 years who is a senior VP personally walked it through.. the bank took its top teir clients and pushed those through.. i feel sorry for anyone trying to do this with a big bank and on line.. he called me Easter Sunday as the whole bank staff was working that day because they knew the funds were going to dry up.. they got 3000 of them done.. Boy it pays to have private banking and not shop rates LOL.. service is more important that 50 bps.

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JLH Capital Partners51 Review
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Michael Ablan
Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
6y
@Jordan Meyer - I got it with my S-corp construction company. Two owners, 1 employee. They paid for us to keep our employee on staff ( we were going to do it anyway)
I'm also approved for my LLC Sole Prop brokerage. They're going to pay my next income / 12 months for 8 weeks.
Working on getting approved for the EIDL too. Got an approval for the construction company so far. Working on the rest
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