Whats a Good Bank for Applying for PPP?

Trust Information from Official Sources

Like these guys are definitely overwhelmed and it’s going to be a state by state issue. Unemployment insurance is a state by state thing and they were told that they could do PPP and unemployment insurance. So I think that if you want to be safe, probably don’t double dip. But if you get confirmation from some official source and especially if you have it in writing, then it’s probably a go.

Logan Allec: Yeah. That, that usually tends to be the case. Although I have found that when you call people on the phone, get redirected here whether it’s the IRS or state agencies sometimes they do say things or even email things that if it’s in conflict with some other official guidance, the state or the IRS would say that what they said is to be taken as less authority than the official guidance. But generally if you have an email or something like that it can, it can really help your case. Some states are more aggressive than others.

Logan Allec: There’s a lot of those fintechs, you know, there’s like Lendio. I personally used Cabbage. I submitted my application, in the evening time and the next morning I got the email that it was approved. So recently or, yeah, it was recently. So for the PPP, a lot of people thought that the money’s running dry, but don’t be discouraged if you haven’t applied yet.

Harry Campbell: On last week’s YouTube live with Jay, one of my senior contributors, we talked about Lendio, he applied through Lendio and hasn’t gotten his PPP loan yet, but they do seem to be quickly processing. And I did kind of make a joke that I hope that they reach out to me and sponsor the video. I think I tweeted them nothing yet, but I’m hoping that maybe they can come back to me. So Lendio is definitely a good option.

Have you heard of many? You know, so I got PPP loan as my business, you know, sort of my ride share business, my media business. I applied because I’m technically an LLC as S corp. Most drivers are typically sole proprietors. Have you found that many people applying for a PPP loan as a sole proprietor are getting it? Because I only in the past week I’ve only heard of one or two drivers in that situation actually getting the PPP loan.

Logan Allec: I mean it definitely is trickier for that sole proprietor, independent contractor crowd because they have to submit their schedule C. But from a lending perspective, they’d rather just have the W3, the 940, you know, actual W2 wages. It seems a lot more streamlined for businesses that have a separate legal entity, a separate tax structure. It seems to be a lot more streamlined for them than for the independent contractor crowd.

I’m seeing folks independent contractors who applied awhile ago still have gotten kinda gotten crickets. It means that for those that have that structure set up it’s just an easier underwriting process, I imagine from the lender’s perspective.

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Andrew here from YouTube, he says, I really don’t have faith in the EDD and they already asked my income and they now have it, it’ll conflict with PUA and maybe screw that over or not. We’ll see. Right. And so I think that’s kind of like summing up the fact that you know, like we don’t really know.

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