PPP Loans are Available Again

JOEJOEJOE

For those that qualify/need a PPP loan:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/second-draw-ppp-loans

I have a bunch of clients for whom I need to apply

My job has some great perks, but doing tedious applications isn't one of them!

Gern Blansten

Have you heard about the blanket exemption for loans less than $150K?  My bank keeps saying it is coming so they aren't accepting forgiveness apps yet.

JOEJOEJOE

Gern Blansten said:

Have you heard about the blanket exemption for loans less than $150K?  My bank keeps saying it is coming so they aren't accepting forgiveness apps yet.

Yep.....my bank has/will have a portal to apply.

Poncier

Yep did the application for PPP2 this afternoon.
Much easier this time as the bank will just use the payroll info from the first loan, so no uploading of all that stuff, only requirement was a 25% loss of revenue in any one quarter in 2020 compared to 2019 (hit that easy in all 4 quarters, (about 80% off in Q2, Q3 & Q4). And even better if the loan amount is below 150K (which ours is) didn't even have to upload back up for the revenue loss (which would have been fairly simple anyway).
So application was a piece of cake, now hoping for quick approval and funding, might be the only way we survive the winter.

Poncier

Gern Blansten said:

Have you heard about the blanket exemption for loans less than $150K?  My bank keeps saying it is coming so they aren't accepting forgiveness apps yet.

Our bank sent out the forgiveness app in mid December, it was a pain in the balls and less than 2 weeks later Congress finally got their shit together and passed the relief package which included the easy 1 page forgiveness application for loans under 150K, I was not amused.

PureandEasy

JOEJOEJOE said:

For those that qualify/need a PPP loan:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/second-draw-ppp-loans

I have a bunch of clients for whom I need to apply

My job has some great perks, but doing tedious applications isn't one of them!

I could be wrong.  If your job is completing tedious applications to help those who have suffered extreme financial loss due to the COVID pandemic, you should be honored and you should kick ass until each and every one is submitted with all the "I"s dotted and "t"s crossed. 

JOEJOEJOE

Your thoughts are very positive, however, most of the applications I am doing are for single-employee corporations, owned by high net worth individuals in the entertainment industry.  None of them are really suffering, but they happen to qualify for the PPP loans.

PureandEasy

JOEJOEJOE said:

Your thoughts are very positive, however, most of the applications I am doing are for single-employee corporations, owned by high net worth individuals in the entertainment industry.  None of them are really suffering, but they happen to qualify for the PPP loans.

I see, I know there was a lot of money that went to people who didn't need it.  Even the stimulus checks, I have been working throughout this whole pandemic, thank God, but I received both stimulus checks.  I did use them to buy things I wouldn't have had the opportunity to purchase otherwise, so in a sense I put the money back into the economy but it still feels kind of wrong on my part. The only solace I have is that the pandemic affected my job and I have been busier and more stressed than ever.  I've always been a hard worker but 2020 was extremely challenging.

Poncier

PureandEasy said:

JOEJOEJOE said:

Your thoughts are very positive, however, most of the applications I am doing are for single-employee corporations, owned by high net worth individuals in the entertainment industry.  None of them are really suffering, but they happen to qualify for the PPP loans.

  I did use them to buy things I wouldn't have had the opportunity to purchase otherwise, so in a sense I put the money back into the economy but it still feels kind of wrong on my part. 

But that is definitely part of the concept of the stimulus payment...stimulate the economy. They want folks to spend that money, so no need to feel too guilty.