PPP (Paycheck Protection Program)

https://www.politico.com/news/2020/04/15/restaurant-chains-coronavirus-aid-188533 Well at least big chain restaurants were saved......

brianlux said:

rgambs said:

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?

dudeman said:

brianlux said:

dudeman said:

brianlux said:

rgambs said:

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!

mrussel1 said:

vaggar99 said:

mrussel1 said:

vaggar99 said:

rgambs said:

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.

mrussel1 said:

rgambs said:

mrussel1 said:

vaggar99 said:

mrussel1 said:

vaggar99 said:

rgambs said:

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.

mrussel1 said:

rgambs said:

mrussel1 said:

rgambs said:

mrussel1 said:

vaggar99 said:

mrussel1 said:

vaggar99 said:

rgambs said:

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.   

mrussel1 said:

rgambs said:

mrussel1 said:

rgambs said:

mrussel1 said:

vaggar99 said:

mrussel1 said:

vaggar99 said:

rgambs said:

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.    

mrussel1 said:

rgambs said: 

mrussel1 said:

rgambs said:

mrussel1 said:

vaggar99 said:

mrussel1 said:

vaggar99 said:

rgambs said:

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.