Congrats to the 10 small business who managed to get the PPP Loan today. For everyone else, the government and big banks say fuck you. small business |
- Congrats to the 10 small business who managed to get the PPP Loan today. For everyone else, the government and big banks say fuck you.
- Rental property companies should be denied access to the PPP loan while collecting rent from tenants.
- I work for a SBA Resource partner: We have no idea what is going on.
- [live now] TRUMP: "MORE THAN $3.5 BILLION IN PPP LOANS HAVE BEEN PROCESSED. WE'RE AHEAD OF SCHEDULE" >>> FUCKING BULLSHIT
- BofA PPP Application Now Live **WITHOUT** CC Requirement
- Letter to SBA Administrator from Senator Schumer, Coons, Cardin, Sanders
- The SBA is circumventing the law while the rest of the nation looks on in horror.
- Please Call Your Senators on the SBA Committee and Tell Them What a Mess These COVID Disaster Loans and Grants Are.....FL, MD, ID, NH, KY, WA, SC, MA, IA, NJ, OK, DE, IN, HI, LA, IL, UT, NV and MO
- SBA Training Powerpoint 4.3.2020
- DONT GIVE UP ON SBA COMPLYING WITH 3 day $10k yet!!!
- A recommendation for the SBA’s Call-in number
- For anyone trying to cancel their SBA 10K Disaster Loan
- A seemingly lucid answer from SBA on EIDL.
- The wolves are beginning to circle.
- Marco Rubio · The requirement that a #SmallBusiness not just have a business account but also a loan or credit card is NOT in the law we wrote & passed or in the regulations.
- SBA EIDL advance status - Lets get an answer TODAY!
- Bank of America PPP Application is Live
- Up to $10K depending on # of employees
- JP Morgan Chase PPP application is up and running!
- The Circus Continues - 5 Calls 5 Different Responses
- How the hell does a business that lost 20% of revenue get the same consideration at one who lost 100%?! This is a moronic flaw in the PPP!
- Watching CNN cover PPP loans, basically they're saying PPP program is fucked LoL
- SBA Nation-Wide Director of Disaster Assistance: Advances To Be Disbursed “Early Next Week”
- FYI for those using ADP- they are running a PPP report that incorrectly calculates payroll costs.
- Ok, so I’m starting to face the music that my business will not survive the shutdown. I know many small business owners will be in the same boat.
| Posted: 03 Apr 2020 10:20 AM PDT When big banks needed a bailout they got it scott-free and easy, used it to buy back billions in stocks, pay fat executive bonuses but when tax paying small business Americans need them most, they are ignoring our needs. Ridiculous [link] [comments]  |
| Posted: 04 Apr 2020 12:44 AM PDT Why should they be the only business that get's to pay their rent, utilities, and employees, while collecting rent? [link] [comments]  |
| I work for a SBA Resource partner: We have no idea what is going on. Posted: 03 Apr 2020 08:28 PM PDT Dear Small Business Owner, is me, somebody that works to help you grow your business. Now I have to help you apply for SBA programs. Yesterday I knew all the no-hows, today I don't know anything because what was on paper is not the reality. We are really trying here but we don't want to give you wrong information or make you go into deep debt. The local SBA is overwhelmed, this whole thing took them by surprise too (the care act). They are also doing their best to have everything available, but banks are not collaborating as they expected. I know patience is not the word you want to hear, but trust me: you do want to wait for this whole thing to make sense because it currently don't. Who's to blame? Everybody: congress making plans without heads up, understaffed Federal Agencies blasting information without having everybody on board, banks by implementing their own eligibility criteria. It's a mess. If you do reach your nearest resource partner, be kind, again... we are caught in the middle of this and most of us are also small businesses (non-profits) doing our best to inform you about what is out there. I really hope things get better soon for everybody and that we can continue with our mission of educating and make entrepreneurs succeed. Sincerely, somebody that cares but can't really do much 😞 [link] [comments]  |
| Posted: 03 Apr 2020 02:42 PM PDT During today's press briefing (https://www.youtube.com/watch?v=yTcEWKp18NA) [link] [comments]  |
| BofA PPP Application Now Live **WITHOUT** CC Requirement Posted: 04 Apr 2020 02:18 AM PDT |
| Letter to SBA Administrator from Senator Schumer, Coons, Cardin, Sanders Posted: 03 Apr 2020 02:24 PM PDT A few key points from this letter: "We wanted to further reiterate our urgent request for the release of guidance that both reflects Congress' intent in the CARES Act and that offers clarity and certainty to small businesses and nonprofits on how they can receive timely assistance from the SBA. Included below is a list of priority issues we discussed for consideration as SBA develops guidance." I took note of the Emergency Economic Injury Grant on the last page, which states: "The CARES Act included a requirement that a $10,000 grant be awarded within 3 days of an application to the SBA's Economic Injury Disaster Loan program to help cover operating expenses while waiting for the loan processing. Are SBA staff prepared to fulfill this requirement?" The wording 'requirement' for the grant seems to me that every business was meant to receive this grant. 'Operating expenses' includes payroll, rent, equipment, inventory etc. and isn't included to one specific expense, so the latest implication that the amount of the grant will be determined by # of employees seems contrary to this (basing it off of employee # would mean that it was meant to only cover payroll to me). The letter closes with: "We hope that you will closely consider each of these topics and others that we will engage with you on in the days, weeks, and months ahead to ensure SBA is implementing the programs according to Congressional intent and in such a way that can best serve the nation's small businesses and nonprofits." Just wanted to share, and saw that this was sent to the SBA Administrator just yesterday. [link] [comments]  |
| The SBA is circumventing the law while the rest of the nation looks on in horror. Posted: 03 Apr 2020 04:04 PM PDT Would love for someone to explain to me how this is even possible. Congress: "Give the small businesses their money, thats the whole purpose of the CARES Act". SBA: "No we dont want to. We want to make sure they all jump through all these hoops first despite it being contradictory to what was posted on our own website". Trump: "I handled this whole thing well or else the CARES act would not have passed in the first place". lol wat [link] [comments]  |
| Posted: 03 Apr 2020 11:20 AM PDT Redditors- Please call your Senators and Reps about the frustrations you are experiencing. Not getting the EIDL grant in 3 days, the requirements the SBA has made up that aren't in the spirit of the law (see this great post about the specifics of the law) the lack of lenders and the bogus regulations SBA has enacted for the Paycheck Protection Program. We can't just complain on here. You can help yourself and help everyone else by calling your legislators. Everyone should call, but people in the states I listed have Senators that sit on the SBA Committee. I called Senator Risch (ID) at his Washington DC office this morning and got VM, but I called my local office and talked to someone who seemed very concerned and is passing it on to the Washington staff. Florida and Maryland....Call Marco Rubio and Ben Cardin....they are the Chairman and Ranking Member. From Wikipedia the Senators that sit on the SBA Committee MajorityMinority
Edit: Someone from Senator Risch's office called me back within the hour. They are very concerned and hoping to have a resolution quickly like they did with the question on whether or not Social Security people got the $1200. Gave me her cell phone and said she would be in touch and I should be in touch. I shared my own story and the ones I've seen here. [link] [comments]  |
| SBA Training Powerpoint 4.3.2020 Posted: 04 Apr 2020 12:00 AM PDT |
| DONT GIVE UP ON SBA COMPLYING WITH 3 day $10k yet!!! Posted: 03 Apr 2020 02:14 PM PDT Just talk to my senator office Brian Schatz . He's 47 like I am and his identical twin brother Steve was my best friend in ninth grade. His team is on board the program and they're pissed. We haven't lost yet team. And if you haven't seen the letter from Bernie, Sen coons and the other members of senate committee from yesterday, go to senator Coons FB page to see the 3 page letter. SBA gonna learn you can't blatantly not follow what the law says. [link] [comments]  |
| A recommendation for the SBA’s Call-in number Posted: 03 Apr 2020 05:07 PM PDT ... just have the agent pick up the phone and say "we don't know what the fuck is going on" and hang up.
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| For anyone trying to cancel their SBA 10K Disaster Loan Posted: 03 Apr 2020 08:24 AM PDT Made a call today to find out how to cancel my application. Surprisingly, a lady answered right away. When asked how to cancel, she said "wait until a loan officer contacts you and then you can cancel." Then, I asked whether they would pull credit before or after a loan officer contacts me. She replied, "they will pull it before you're contacted for additional information." After hearing that I said I did not want to go forward with the application at all and cancel it immediately. She replied, "login online at https://disasterloan.sba.gov/ to check status and cancel from there." To which I said the login link was removed from the site, because it's literally nowhere to be found. She then proceeded to act like she was looking into it...and then *click* SHE HUNG UP. They have NO IDEA what's going on over there. Now, after calling back I'm the 1,235th person in the wait line. [link] [comments]  |
| A seemingly lucid answer from SBA on EIDL. Posted: 03 Apr 2020 12:28 PM PDT Spent 2 hrs on hold. Very nice lady answered. She stated that she had worked for SBA for several years. She asked for my last name and asked if I had a 20 series, 33 Series, or 36 series application number. I had both a 20 series (older long form) and a 33 Series (new streamlined) She was able to find my file by the 20 series number and said it was complete and headed to a case manager. According to her, that means my credit, docs, and financials were all in order. (Yay). She said the case manager would be able to access the 33 Series and either delete, merge, or process separately in the event I have two businesses. She said they are working through the applications beginning with those who started with the long form to process out Advances. She said no advances have been sent yet because those who have done the long form have done everything that the people only using the streamlined app will have to do to complete the process. The long form people will get the advance within 3 days of speaking to a case manager then the rest will be sent via standard underwriting and process (up to 30 days). Once those are done, then the streamlined people start getting advances and doing the "long form" paperwork for standard underwriting. So.. from what I can tell this is the gist: Advances are 3 days from a case manager review Review queue is: 1) Completed long form with all docs submitted 2) Semicomplete long form that might be missing docs 3) Streamline applicants. If anything, there is another story to add to the pile coming out of SBA. [link] [comments]  |
| The wolves are beginning to circle. Posted: 03 Apr 2020 06:24 PM PDT https://pitchbook.com/news/articles/vc-wins-pe-loses-out-on-350b-us-stimulus-loan-program Seems like Congress can change the rules after the fact. To summarize, Venture Capitalists are lobbying Congress to let startups they fund use the PPP to shore up said startups while they sit on their cash piles. It seems like the lobbyists are getting support from both Democrats and Republicans and that slice of the pie you were hoping to get with a PPP loan will go to rich investors. [link] [comments]  |
| Posted: 03 Apr 2020 01:51 PM PDT The requirement that a #SmallBusiness not just have a business account but also a loan or credit card is NOT in the law we wrote & passed or in the regulations. [link] [comments]  |
| SBA EIDL advance status - Lets get an answer TODAY! Posted: 03 Apr 2020 10:22 AM PDT Lets get a question in at the White House news conference this evening. Tweet all white house correspondents: -It's been 5 days, where's the money? -Is it a 10k advance or an (illegal) arbitrary number? -What is the metric for the advance? -WTF is going on? The bills were due Monday. -No confirmations, no info, different answers every time you call. -Wall street already got their money White house correspondents: @Yamiche @PeterAlexander @KellyO @JohnJHarwood @GeoffRBennett @acosta @johnrobertsFox @peterbakernyt @PeterAtlantic @benstracy [link] [comments]  |
| Bank of America PPP Application is Live Posted: 03 Apr 2020 06:11 AM PDT Good Luck! Edit: It looks like they are opening it up to customers without credit cards. Still not accessible for me. Edit 07:07am EST 04/04/2020: Application is now open to all. Worked for me and no credit at bank. [link] [comments]  |
| Up to $10K depending on # of employees Posted: 03 Apr 2020 11:51 PM PDT Did they change the form again? Now it says:
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| JP Morgan Chase PPP application is up and running! Posted: 03 Apr 2020 10:37 PM PDT It's ready! All you have to do is click on the link and log in. Don't get too happy though. They're collecting information and will have a banker call you. They encourage you to have the Treasury form completed and documentation that states your expected payroll. Remember, you can get both the EIDL and PPP but you cannot use the proceeds for the same expense category. The EIDL comes with an optional $10K grant and PPP can be forgiven if you use majority of the proceeds to pay for payroll, rent, or utilities. [link] [comments]  |
| The Circus Continues - 5 Calls 5 Different Responses Posted: 03 Apr 2020 05:04 PM PDT Call 1 - You have to email your application # to disastercustomerservice@sba.gov - I will get a response from my loan officer by email. I call bullshit & call again. Call 2 - You will receive a call from a loan office 2-3 weeks after your original application. I ask him when it was as I have the app number and he says they dont go by application number and he's unable to pull it up. Ok I give up. Next Call 3 - The lady tells me that ALL applications prior to March 31st are not valid and if I applied before then I will need to reapply. I dont even have the patience to argue with the absurdity of that response. Call 4 - The SBA Doesnt have any updates aside from my original RECEIVED-IN REVIEW I told her about. She said they get updates everyday but that there is no further information available for her to give me. Respect to this lady because at least she was honest. Call 5 - I had to escalate to get to this call apparently it was Tier 2 but it was the same phone prompts... so the whole process to get transferred to her (2x) was weird but... She was the only one who actually took my 2000 application number which was for the original Long Form App. She said the short form app with 33 for me was not available in their system but she was able to pull up my 2000 App. .She then asked me to verify my Name, Business, and last 4 digits of my Social. I gave it all to her and I finally got some real information... The date of my application was March 21st. Other than that, she seemed honest like the previous lady in stating that they have no way of knowing when the Loan Officer will contact me but that my two applications will be combined and that I am indeed under review. I thanked her for her honesty and for the little nugget of information (date of my long form app) and we laughed a bit about all the various responses I got. She said there definitely was no 2-3 week timetable, there definitely was no need to reapply or nonsense about apps being thrown out, and that no one will be able to update anything because they themselves dont know. Well. Thats it. That was my very weird experience with the SBA. [link] [comments]  |
| Posted: 04 Apr 2020 02:01 AM PDT To quality you need to certify that your business has been economically affected or that economic uncertainty make the loan necessary. This is so vague anyone can get it yet all of us in tourism and service really need it with a 100% loss of revenue! Lots of hard working small business owners are going to lose their business because of this poorly written law. [link] [comments]  |
| Watching CNN cover PPP loans, basically they're saying PPP program is fucked LoL Posted: 03 Apr 2020 05:40 AM PDT Banks aren't giving out loans .. if your business is struggling and on the verge of collapse, don't expect this program to save you anytime soon Again, unless you're Boeing - the US government doesn't give a shit about you. [link] [comments]  |
| SBA Nation-Wide Director of Disaster Assistance: Advances To Be Disbursed “Early Next Week” Posted: 04 Apr 2020 05:30 AM PDT Hi folks, I've been in touch with a few leaders at the SBA, and James Rivera, who heads up the nation-wide disaster assistance effort, just responded to my email. So there's a real date that we can take seriously, which is nice. How do I bring up that he's still in violation of the law? [link] [comments]  |
| FYI for those using ADP- they are running a PPP report that incorrectly calculates payroll costs. Posted: 04 Apr 2020 05:26 AM PDT Please see tweet from sen Rubio (https://twitter.com/marcorubio/status/1246396188963864577?s=21). Adp is saying to subtract all 2019 federal taxes from payroll costs. This is blatantly wrong. I'm sure they have updated the calculation now, but for the last four days it has been wrong. If you used this report from Adp please redo your calculation. [link] [comments]  |
| Posted: 03 Apr 2020 12:14 PM PDT What steps should I be taking now to close my doors permanently? Thanks in advance. [link] [comments]  |
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