I don't think I've mentioned that businesses participating in PPP also have to keep everyone on staff after this over to be considered for loan forgiveness. The duration is not clear. What if we open back up in say June to almost zero business? Then we got to keep a full staff on hand for the rest of the year to get 8 weeks of payroll back from the govt? The whole thing seems ripe for disaster.
L
Well presumably if you open in June to no business, then you'll be filling bankruptcy and your business will not be viable. I presume you're an S corp, LLC or something to protect personal assets.
I get the concern but I'm sure you can see the other side where neither the Senate or House would want a loan that you could take the cash and then just terminate the employees. It would completely defeat the purpose of the bill.
One thing here, Matt. If businesses don't ever return to being as 'whole' as they were before (a likely scenario in a shrunken market where people are afraid to congregate - especially if the business had a reliance on physical visitors), how do companies intend to address that? While I'd love to believe that businesses can weather this storm, I see where vaggar is coming from. In Ontario, there are certain EI benefits where, in order for our business to access the subsidies, we have to demonstrate a revenue reduction of 15% within the past three months I believe. This is how Ontario is attempting to prevent indiscriminate temporary layoffs, but I haven't heard anything from our government in terms of the ramifications of terminations (when I do sadly think many businesses will be forced into this). If the other side of the tunnel has fewer paying customers for most markets, how does an economy not participate in terminations en masse?
This is the big question right now. We are ready to right off all profit for this year. We are looking at a scenario where mall anchors could ALL be gone. If that happens, people will be even less inclined to enter malls than they already are. Smaller, corporate owned shops are also in big trouble. Rents are not being paid and so the malls don't have money to invest in property improvements that might help bring traffic back. It's a death spiral in my opinion.
I don't think I've mentioned that businesses participating in PPP also have to keep everyone on staff after this over to be considered for loan forgiveness. The duration is not clear. What if we open back up in say June to almost zero business? Then we got to keep a full staff on hand for the rest of the year to get 8 weeks of payroll back from the govt? The whole thing seems ripe for disaster.
L
Well presumably if you open in June to no business, then you'll be filling bankruptcy and your business will not be viable. I presume you're an S corp, LLC or something to protect personal assets.
I get the concern but I'm sure you can see the other side where neither the Senate or House would want a loan that you could take the cash and then just terminate the employees. It would completely defeat the purpose of the bill.
One thing here, Matt. If businesses don't ever return to being as 'whole' as they were before (a likely scenario in a shrunken market where people are afraid to congregate - especially if the business had a reliance on physical visitors), how do companies intend to address that? While I'd love to believe that businesses can weather this storm, I see where vaggar is coming from. In Ontario, there are certain EI benefits where, in order for our business to access the subsidies, we have to demonstrate a revenue reduction of 15% within the past three months I believe. This is how Ontario is attempting to prevent indiscriminate temporary layoffs, but I haven't heard anything from our government in terms of the ramifications of terminations (when I do sadly think many businesses will be forced into this). If the other side of the tunnel has fewer paying customers for most markets, how does an economy not participate in terminations en masse?
This is the big question right now. We are ready to right off all profit for this year. We are looking at a scenario where mall anchors could ALL be gone. If that happens, people will be even less inclined to enter malls than they already are. Smaller, corporate owned shops are also in big trouble. Rents are not being paid and so the malls don't have money to invest in property improvements that might help bring traffic back. It's a death spiral in my opinion.
It can be for sure. I think that’s why the act focused on workers on both sides of the equation, employed and unemployed. I imagine the theory is to keep money flowing to stimulate economic activity. However, if you can’t get out to spend the money, or businesses aren’t open to take the money, it can only prop us up for a month or two at best.
I don't think I've mentioned that businesses participating in PPP also have to keep everyone on staff after this over to be considered for loan forgiveness. The duration is not clear. What if we open back up in say June to almost zero business? Then we got to keep a full staff on hand for the rest of the year to get 8 weeks of payroll back from the govt? The whole thing seems ripe for disaster.
L
Well presumably if you open in June to no business, then you'll be filling bankruptcy and your business will not be viable. I presume you're an S corp, LLC or something to protect personal assets.
I get the concern but I'm sure you can see the other side where neither the Senate or House would want a loan that you could take the cash and then just terminate the employees. It would completely defeat the purpose of the bill.
One thing here, Matt. If businesses don't ever return to being as 'whole' as they were before (a likely scenario in a shrunken market where people are afraid to congregate - especially if the business had a reliance on physical visitors), how do companies intend to address that? While I'd love to believe that businesses can weather this storm, I see where vaggar is coming from. In Ontario, there are certain EI benefits where, in order for our business to access the subsidies, we have to demonstrate a revenue reduction of 15% within the past three months I believe. This is how Ontario is attempting to prevent indiscriminate temporary layoffs, but I haven't heard anything from our government in terms of the ramifications of terminations (when I do sadly think many businesses will be forced into this). If the other side of the tunnel has fewer paying customers for most markets, how does an economy not participate in terminations en masse?
This is the big question right now. We are ready to right off all profit for this year. We are looking at a scenario where mall anchors could ALL be gone. If that happens, people will be even less inclined to enter malls than they already are. Smaller, corporate owned shops are also in big trouble. Rents are not being paid and so the malls don't have money to invest in property improvements that might help bring traffic back. It's a death spiral in my opinion.
It can be for sure. I think that’s why the act focused on workers on both sides of the equation, employed and unemployed. I imagine the theory is to keep money flowing to stimulate economic activity. However, if you can’t get out to spend the money, or businesses aren’t open to take the money, it can only prop us up for a month or two at best.
I suppose my answer this is the same as my last post in Stock Market. I'm basically scared shitless.
@vaggar99 It looks like some of your concerns around the 75% rule are being addressed. This woman is actually my rep and lives in the neighborhood next to mine. I'm a big fan of hers, very balanced. I didn't realize that those rules are SBA/Trump rules and weren't in the legislation. That's good news, since they can be modified without a law.
PPP is out of money unless legislation is passed. The administration is pushing for it. Hard to see it not go through given that the impacts of the virus will be felt for some time to come.
PPP is out of money unless legislation is passed. The administration is pushing for it. Hard to see it not go through given that the impacts of the virus will be felt for some time to come.
Concerned that the bookstore of 36 years is in jeopardy, my wife jumped on this immediately. She never saw a cent and now the thing went bust.
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
We have 6 employees. No one is getting paid because the store is not allowed to be open during shut down and we got zero dollars. The system is fucked. And so are we, but differently fucked.
“The fear of death follows from the fear of life. A man [or woman] who lives fully is prepared to die at any time.”
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
We have 6 employees. No one is getting paid because the store is not allowed to be open during shut down and we got zero dollars. The system is fucked. And so are we, but differently fucked.
Have you and your employees filed for unemployment?
If hope can grow from dirt like me, it can be done. - EV
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
We have 6 employees. No one is getting paid because the store is not allowed to be open during shut down and we got zero dollars. The system is fucked. And so are we, but differently fucked.
Have you and your employees filed for unemployment?
One employee has. My wife and her business partners are the legal owners (not me, even though I'm an integral part of the business) so they cannot do that. I didn't think I could but I've been told maybe I can so I'll look into it.
“The fear of death follows from the fear of life. A man [or woman] who lives fully is prepared to die at any time.”
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
We have 6 employees. No one is getting paid because the store is not allowed to be open during shut down and we got zero dollars. The system is fucked. And so are we, but differently fucked.
Have you and your employees filed for unemployment?
One employee has. My wife and her business partners are the legal owners (not me, even though I'm an integral part of the business) so they cannot do that. I didn't think I could but I've been told maybe I can so I'll look into it.
I'm pretty sure you would quality for unemployment. Also, there are EIDL loans available for people in your situation.
Best of luck to you with all of this. Strange times for sure.
If hope can grow from dirt like me, it can be done. - EV
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
If you had a secondary bank, yeah that probably would have been better. But going to a new bank would have not helped due to AML rules. I heard the four major banks have been slow because they're more paranoid about the rules than smaller banks. This is a function if the regulatory environment over the past decade. Big banks are afraid if their shadows.
One of larger suppliers for my company had 350 employees. They received 4.5 million in assistance. That's a big number. I've heard of others in the 60 employee range getting a million.
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
It seems like small lenders were far more aggressive in terms of getting applications submitted right away.
With the number of candidates compared to the total of available funds, it's no surprise that the money ran out.
Hopefully the program is funded again or another, better alternative is made available soon.
Good luck to you!
If hope can grow from dirt like me, it can be done. - EV
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
We have 6 employees. No one is getting paid because the store is not allowed to be open during shut down and we got zero dollars. The system is fucked. And so are we, but differently fucked.
Have you and your employees filed for unemployment?
One employee has. My wife and her business partners are the legal owners (not me, even though I'm an integral part of the business) so they cannot do that. I didn't think I could but I've been told maybe I can so I'll look into it.
I'm pretty sure you would quality for unemployment. Also, there are EIDL loans available for people in your situation.
Best of luck to you with all of this. Strange times for sure.
Thank you, dudeman!
“The fear of death follows from the fear of life. A man [or woman] who lives fully is prepared to die at any time.”
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
Good luck vaggar. I hope you get good results!
“The fear of death follows from the fear of life. A man [or woman] who lives fully is prepared to die at any time.”
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
If you had a secondary bank, yeah that probably would have been better. But going to a new bank would have not helped due to AML rules. I heard the four major banks have been slow because they're more paranoid about the rules than smaller banks. This is a function if the regulatory environment over the past decade. Big banks are afraid if their shadows.
One of larger suppliers for my company had 350 employees. They received 4.5 million in assistance. That's a big number. I've heard of others in the 60 employee range getting a million.
🤣🤣🤣🤣🤣. 😠 Yeah right. The big banks went with the big applicants because they wanted as big a slice of the pie as they can get, and because they don't have to do as much leg work with the better financial/legal teams the bigger businesses employ.
We are supposedly getting our loan deposited on Monday. I'm still pissed. The easy thing they could have done was simply cap the maximum loan amount well below the average that was requested.
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
If you had a secondary bank, yeah that probably would have been better. But going to a new bank would have not helped due to AML rules. I heard the four major banks have been slow because they're more paranoid about the rules than smaller banks. This is a function if the regulatory environment over the past decade. Big banks are afraid if their shadows.
One of larger suppliers for my company had 350 employees. They received 4.5 million in assistance. That's a big number. I've heard of others in the 60 employee range getting a million.
🤣🤣🤣🤣🤣. 😠 Yeah right. The big banks went with the big applicants because they wanted as big a slice of the pie as they can get, and because they don't have to do as much leg work with the better financial/legal teams they employ.
We are supposedly getting our loan deposited on Monday. I'm still pissed. The easy thing they could have done was simply cap the maximum loan amount well below the average that was requested.
That's not what I heard from the inside. They didn't process any loans for the first few days because Treasury wasn't answering questions, or didn't have the answers. I don't know that they prioritized "big applicants" or not once they got started, but considering I believe the revenue cap was, I believe 16 million, that's not big in any case. That's small business. I do know factually that community banks were submitting 3 or 4 days before the big ones.
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
If you had a secondary bank, yeah that probably would have been better. But going to a new bank would have not helped due to AML rules. I heard the four major banks have been slow because they're more paranoid about the rules than smaller banks. This is a function if the regulatory environment over the past decade. Big banks are afraid if their shadows.
One of larger suppliers for my company had 350 employees. They received 4.5 million in assistance. That's a big number. I've heard of others in the 60 employee range getting a million.
🤣🤣🤣🤣🤣. 😠 Yeah right. The big banks went with the big applicants because they wanted as big a slice of the pie as they can get, and because they don't have to do as much leg work with the better financial/legal teams they employ.
We are supposedly getting our loan deposited on Monday. I'm still pissed. The easy thing they could have done was simply cap the maximum loan amount well below the average that was requested.
That's not what I heard from the inside. They didn't process any loans for the first few days because Treasury wasn't answering questions, or didn't have the answers. I don't know that they prioritized "big applicants" or not once they got started, but considering I believe the revenue cap was, I believe 16 million, that's not big in any case. That's small business. I do know factually that community banks were submitting 3 or 4 days before the big ones.
Are you really that out of touch? You been living large for too long, brother, if that's the case.
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
If you had a secondary bank, yeah that probably would have been better. But going to a new bank would have not helped due to AML rules. I heard the four major banks have been slow because they're more paranoid about the rules than smaller banks. This is a function if the regulatory environment over the past decade. Big banks are afraid if their shadows.
One of larger suppliers for my company had 350 employees. They received 4.5 million in assistance. That's a big number. I've heard of others in the 60 employee range getting a million.
🤣🤣🤣🤣🤣. 😠 Yeah right. The big banks went with the big applicants because they wanted as big a slice of the pie as they can get, and because they don't have to do as much leg work with the better financial/legal teams they employ.
We are supposedly getting our loan deposited on Monday. I'm still pissed. The easy thing they could have done was simply cap the maximum loan amount well below the average that was requested.
That's not what I heard from the inside. They didn't process any loans for the first few days because Treasury wasn't answering questions, or didn't have the answers. I don't know that they prioritized "big applicants" or not once they got started, but considering I believe the revenue cap was, I believe 16 million, that's not big in any case. That's small business. I do know factually that community banks were submitting 3 or 4 days before the big ones.
Are you really that out of touch? You been living large for too long, brother, if that's the case.
Below 16 million is a pretty good definition of a small business, not a medium or large business. The program targeted small business, that's my point. There are no funds available for medium size businesses, those with annual revenues of 16 million (although now there is the program launched by the Fed which is not a grant, they are true loans). And having revenues of 16 million doesn't mean one is living large because you don't know the expense line. Revenue does not equal profit or EBITDA.
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
If you had a secondary bank, yeah that probably would have been better. But going to a new bank would have not helped due to AML rules. I heard the four major banks have been slow because they're more paranoid about the rules than smaller banks. This is a function if the regulatory environment over the past decade. Big banks are afraid if their shadows.
One of larger suppliers for my company had 350 employees. They received 4.5 million in assistance. That's a big number. I've heard of others in the 60 employee range getting a million.
🤣🤣🤣🤣🤣. 😠 Yeah right. The big banks went with the big applicants because they wanted as big a slice of the pie as they can get, and because they don't have to do as much leg work with the better financial/legal teams they employ.
We are supposedly getting our loan deposited on Monday. I'm still pissed. The easy thing they could have done was simply cap the maximum loan amount well below the average that was requested.
That's not what I heard from the inside. They didn't process any loans for the first few days because Treasury wasn't answering questions, or didn't have the answers. I don't know that they prioritized "big applicants" or not once they got started, but considering I believe the revenue cap was, I believe 16 million, that's not big in any case. That's small business. I do know factually that community banks were submitting 3 or 4 days before the big ones.
Are you really that out of touch? You been living large for too long, brother, if that's the case.
Below 16 million is a pretty good definition of a small business, not a medium or large business. The program targeted small business, that's my point. There are no funds available for medium size businesses, those with annual revenues of 16 million (although now there is the program launched by the Fed which is not a grant, they are true loans). And having revenues of 16 million doesn't mean one is living large because you don't know the expense line. Revenue does not equal profit or EBITDA.
"Below 16 million". Tell that do a used bookstore owner.
“The fear of death follows from the fear of life. A man [or woman] who lives fully is prepared to die at any time.”
He's absolutely right, though. Overhead costs are staggering for some businesses. Throwing large sums of money back and forth between it coming in and then going back out doesn't mean you get to keep it.
If hope can grow from dirt like me, it can be done. - EV
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
If you had a secondary bank, yeah that probably would have been better. But going to a new bank would have not helped due to AML rules. I heard the four major banks have been slow because they're more paranoid about the rules than smaller banks. This is a function if the regulatory environment over the past decade. Big banks are afraid if their shadows.
One of larger suppliers for my company had 350 employees. They received 4.5 million in assistance. That's a big number. I've heard of others in the 60 employee range getting a million.
🤣🤣🤣🤣🤣. 😠 Yeah right. The big banks went with the big applicants because they wanted as big a slice of the pie as they can get, and because they don't have to do as much leg work with the better financial/legal teams they employ.
We are supposedly getting our loan deposited on Monday. I'm still pissed. The easy thing they could have done was simply cap the maximum loan amount well below the average that was requested.
That's not what I heard from the inside. They didn't process any loans for the first few days because Treasury wasn't answering questions, or didn't have the answers. I don't know that they prioritized "big applicants" or not once they got started, but considering I believe the revenue cap was, I believe 16 million, that's not big in any case. That's small business. I do know factually that community banks were submitting 3 or 4 days before the big ones.
Are you really that out of touch? You been living large for too long, brother, if that's the case.
Below 16 million is a pretty good definition of a small business, not a medium or large business. The program targeted small business, that's my point. There are no funds available for medium size businesses, those with annual revenues of 16 million (although now there is the program launched by the Fed which is not a grant, they are true loans). And having revenues of 16 million doesn't mean one is living large because you don't know the expense line. Revenue does not equal profit or EBITDA.
There are a LOT of companies with less than 500 employees that have receipts over $16M. I would not be shocked if companies that have over $100M in sales got SBA loans.
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
If you had a secondary bank, yeah that probably would have been better. But going to a new bank would have not helped due to AML rules. I heard the four major banks have been slow because they're more paranoid about the rules than smaller banks. This is a function if the regulatory environment over the past decade. Big banks are afraid if their shadows.
One of larger suppliers for my company had 350 employees. They received 4.5 million in assistance. That's a big number. I've heard of others in the 60 employee range getting a million.
🤣🤣🤣🤣🤣. 😠 Yeah right. The big banks went with the big applicants because they wanted as big a slice of the pie as they can get, and because they don't have to do as much leg work with the better financial/legal teams they employ.
We are supposedly getting our loan deposited on Monday. I'm still pissed. The easy thing they could have done was simply cap the maximum loan amount well below the average that was requested.
That's not what I heard from the inside. They didn't process any loans for the first few days because Treasury wasn't answering questions, or didn't have the answers. I don't know that they prioritized "big applicants" or not once they got started, but considering I believe the revenue cap was, I believe 16 million, that's not big in any case. That's small business. I do know factually that community banks were submitting 3 or 4 days before the big ones.
Are you really that out of touch? You been living large for too long, brother, if that's the case.
Below 16 million is a pretty good definition of a small business, not a medium or large business. The program targeted small business, that's my point. There are no funds available for medium size businesses, those with annual revenues of 16 million (although now there is the program launched by the Fed which is not a grant, they are true loans). And having revenues of 16 million doesn't mean one is living large because you don't know the expense line. Revenue does not equal profit or EBITDA.
By living large, I didn't mean wealthy from profits, I meant living so far up in the corporate world that you accept their skewed information. I don't care what the means and averages in the data charts say, in the real world that's a medium sized business. I know that saying "I don't care what the data says" is a backwards, ignorant thing to say in most cases, but I stand by it. If you want to class that as a small business then you are going to have to come up with another class altogether for practically every restaurant, independent retail store, single doctor practice, small law and accounting firm, and so on. Call us micro businesses, I guess, because classing us with annual revenues of 16 million is worthless in every way.
Comments
https://finance.yahoo.com/news/democratic-congresswoman-rules-for-ppp-loans-are-too-restrictive-171820173.html
No word on PPP though
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Over 43,000 US millionaires will get ‘stimulus’ averaging $1.6 million each
It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud.
If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
There are no kings inside the gates of eden
We have 6 employees. No one is getting paid because the store is not allowed to be open during shut down and we got zero dollars. The system is fucked. And so are we, but differently fucked.
One employee has. My wife and her business partners are the legal owners (not me, even though I'm an integral part of the business) so they cannot do that. I didn't think I could but I've been told maybe I can so I'll look into it.
Best of luck to you with all of this. Strange times for sure.
One of larger suppliers for my company had 350 employees. They received 4.5 million in assistance. That's a big number. I've heard of others in the 60 employee range getting a million.
With the number of candidates compared to the total of available funds, it's no surprise that the money ran out.
Hopefully the program is funded again or another, better alternative is made available soon.
Good luck to you!
Thank you, dudeman!
Good luck vaggar. I hope you get good results!
😠
Yeah right. The big banks went with the big applicants because they wanted as big a slice of the pie as they can get, and because they don't have to do as much leg work with the better financial/legal teams the bigger businesses employ.
We are supposedly getting our loan deposited on Monday.
I'm still pissed. The easy thing they could have done was simply cap the maximum loan amount well below the average that was requested.
"Below 16 million". Tell that do a used bookstore owner.
I don't care what the means and averages in the data charts say, in the real world that's a medium sized business.
I know that saying "I don't care what the data says" is a backwards, ignorant thing to say in most cases, but I stand by it. If you want to class that as a small business then you are going to have to come up with another class altogether for practically every restaurant, independent retail store, single doctor practice, small law and accounting firm, and so on. Call us micro businesses, I guess, because classing us with annual revenues of 16 million is worthless in every way.