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About HansB

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  1. I also picked up the Dialuna 9'6" MH 56g rod after it was recommended to me by @BigNevadaBob Picked it up for early season bucktails and plastic. Great recommendation by Bob as it has become my favorite inshore rod. Wouldn't hesitate to use it early season on the surf. Can throw 1/2 oz, but really shines at 3/4 oz. Powerful lightweight rod that throws moderate-fast. From same seller, great rod for the money. It replaced my Black Hole Suzuki special 10'0 1/2 - 2 1/2 rod.
  2. Nice rod....I picked the Genos S110H/R in February, and really like the rod. Got mine from same seller North-One.jp directly off their website, 4 days to CA, No sales tax and no paypal conversion fee as seller has USD based paypal account. Packed well in tube, good seller. Finished 11'0 rod weighs 7.76 oz so close to what a custom 11'0 CTS VT 1-3oz which can be built down to 8 oz from what I understand. Was able to fish the just a couple of time prior to the shutdown here, can throw up to the 2.5oz /70g rated limit no problem. Tried a 3oz tin and it gets a little mushy, above its payload for sure. Was a little worried about lower handle length for two hand casting as it is 18" to the reel stem and is 23" to top of upper handle, but once I got used to it no issues. Lot of exposed blank and can really bust a 2 oz tin a mile, and can throw down to 1/2 oz. Can easily snap cast a 3/4 oz to 1 oz bucktail with just a flick of the wrist. Slow things down a little and was throwing 2.5 oz Winch pencil and polaris without any issues. Rod shows some promise and will appreciate the light weight over the course of the summer.
  3. Yeah I wish there was some flexibility with that 8 week window as well due to the shelter in place which still exists here. But at least I can get a leg up on the recovery and have at least my payroll covered and a little left over for a lease payment over the next 6 weeks. There are ways to ramp up and not hire everyone back at once as long as you restore headcount and salary levels by 6/30/20. That would at least eliminate the reduction in forgiveness for the headcount and not hitting the 75% Q1 payroll levels during the 8 weeks for your FTE’s who make less than 100K. . The problem is anyone getting the loan now is going to be hitting that date 06/30/20 anyway as the end of the 8 weeks. The issue with doing this is you are unlikely to hit the 75% payroll/25% non-payroll requirement and your maximum forgiveable amount will be less than the loan. If you use more than 25% for non-payroll you have to adjust the non-payroll amount down to where it is only 25% of the payroll costs you have paid. The rest is non-forgivable and pay the balance back at 1% in two years. Not the end of the world but you left some money on the table. Takes some planning to get it right.
  4. Relative in NYC just got funds today......small 11K loan, but a lifesaver. So little guys are getting access to the money as well. Shut out first round, second round thru Chase worked out.
  5. The PPP IRS: Expenses Covered Under PPP Loans are Not Tax-Deductible MAY 1 -- The IRS released guidance stating that expenses forgiven as part of a PPP loan are not tax deductible. This works to prevent a “double tax benefit.” The IRS cited section 256 of the tax code, which states that deductions can’t be taken if they are tied to a certain class of tax-exempt income.
  6. New interim rule here 05/01/20 https://home.treasury.gov/system/files/136/Interim-Final-Rule-on-Disbursements.pdf 1. Disbursements a. Can a borrower take multiple draws from a PPP loan and thereby delay the start of the eight-week covered period? No. The lender must make a one-time, full disbursement of the PPP loan within ten calendar days of loan approval; for the purposes of this rule, a loan is considered approved when the loan is assigned a loan number by SBA. (1) For loans that received an SBA loan number prior to the posting of this interim final rule but have not yet been fully disbursed, the following transition rules apply: -The ten calendar-day period described above begins on April 28, 2020. -The eight-week covered period began on the date of first disbursement. Notwithstanding this limitation, lenders are not responsible for delays in disbursement attributable to a borrower’s failure to timely provide required loan documentation, including a signed promissory note. Loans for which funds have not been disbursed because a borrower has not submitted required loan documentation within 20 calendar days of loan approval shall be cancelled by the lender, subject to the transition rules above. When disbursing loans, lenders must send any amount of loan proceeds designated for the refinance of an EIDL loan directly to SBA and not to the borrower. The Administrator, in consultation with the Secretary, determined that requiring a single loan disbursement will best serve the interests of both borrowers and lenders and promote the purposes of the CARES Act. A single loan disbursement will eliminate the risk of delays in processing loan disbursement installments, advance the goal of payroll continuity for employees, and provide borrowers with faster access to the full loan amount so that they can immediately cover payroll costs. (1) If the tenth calendar day is a Saturday, Sunday, or legal holiday, the period continues to run until the end of the next business day.
  7. LA Lakers got $4.6MM PPP Loan? At least they paid it back........but took the money out of the PPP pool the last round. A week or two could mean the difference between make or break for some businesses.
  8. Good for you! They put my funds into an existing savings account just to get the funds delivered. Did ask if they wanted to open up a checking account. I went a couple of days afterwards to get a cashiers check for the amount of the PPP loan and deposited that into an existing checking account at another bank. I guess it would depend on how you want to do your recordkeeping and accounting. Ideally you have a separate account with just those funds so it won't be misconstrued that you are writing checks from the proceeds for something not qualified or would screw up one of the tests. Tracking the spending is important. I posted earlier about having a forgiveness plan already thought out and in place to maximize forgiveness and pass all 4 of the SBA tests once the 8 week clock starts ticking. I can't emphasize that enough so you don't leave any money on the table when it comes to the submitting your forgiveness application.
  9. Do you have a contact? I would try to contact your loan officer and ask if with the approval you got, if your loan was actually sent to the SBA thru ETRAN. Hoping this is the case for you. If so, if they received a number and they have your funds set aside and perhaps just waiting for the loan docs to be prepared. I got a “PPP Lapse In Appropriations” email from my lender on 04/16/20 and figured that I got shot down on the loan that was supposedly submitted for processing/underwriting on 04/07/20. I hadn't heard a thing for several days. Sent an email to my loan officer that AM and she called me back and said not to worry that my loan had been sent to the SBA thru their ETRAN system and they had received a loan number from the SBA. Essentially that that my loan is okay and funds were set aside. What she told me was that the SBA was using the total dollar amounts of the loans submitted to the ETRAN System towards the loan cap even if they had not been funded. It’s not unreasonable for your loan to be still good depending on when they sent the loan to the SBA prior to 04/15/20 when all new applications were frozen. I just got loan docs a few days ago and was funded Monday. Good luck! Initiated contact 04/03/20 Loan docs submitted 04/07/20 Notice loan was forwarded to processing/ underwriting 04/07/20 Call from lender saying loan was okay, not to worry 04/16/20 Docs sent to me dated 04/17/20(last Friday) Loan funded 04/20/20 ( Monday this week) Not sure what date the loan was submitted to ETRAN to lock in my loan.
  10. Funds hit today. One thing I found. Plan ahead to maximize your forgiveness. Did a forgiveness spreadsheet ahead of time with plan in place to get 10 weeks of payroll to the employees in the 8 week window to pass SBA requirements and both 75% tests for max forgiveness. Don't leave any money on the table. Hang in there and good luck Hans
  11. Received loan docs today from smaller local CU via Docusign. Sent back right away. Started working with lender on 04/07/20 and received loan docs dated 04/17/20 today. I did ask the lender before signing if there was any flexibility in funding date. 10 day approval to loan funding window must have been tight, as was told to get the docs back ASAP. Upside to working with smaller lender is the ease of communication with the loan officer (at least in this case). Had direct cell phone number and email address. BTW, I did finally get an email from Wells that they are ready to take my PPP application online on Wednesday 04/15/20. The day before first round of funding ran out. LOL.
  12. Every few days still getting the "You are in our queue but not ready to take your application" from Wells Fargo. Waiting for note to be sent from smaller CU.
  13. One of the issues my lender had was resolved over the weekend when the SBA gave them the guidelines for the note agreement which then allows them to create the notes and start the funding process. FAQ 04/11/20 21. Question: Do lenders need a separate SBA Authorization document to issue PPP loans? Answer: No. A lender does not need a separate SBA Authorization for SBA to guarantee a PPP loan. However, lenders must have executed SBA Form 2484 (the Lender Application Form for the Paycheck Protection Program) to issue PPP loans and receive a loan number for each originated PPP loan. Lenders may include in their promissory notes for PPP loans any terms and conditions, including relating to amortization and disclosure, that are not inconsistent with Sections 1102 and 1106 of the CARES Act, the PPP Interim Final Rule and guidance, and SBA Form 2484.
  14. Interesting site that is tracking successful small business COVID loans, can get a better idea of the timelines involved. https://www.covidloantracker.com/ Looks like for the EIDL advances, 1K per employee up to 10K. Pretty small percentage funded to date.