Consolidated government aid news and advice thread [Megathread] small business |
- Consolidated government aid news and advice thread [Megathread]
- Use this template to ask your Senator/Congressperson when the EDIL grants will be disbursed and to demand the SBA honors the CARES Act and distributes the full $10,000 grants
- We Need More Exposure To Bring To Light The SBA Issue
- PPP loan was approved!
- The government shuts down your business through no fault of your own, then suggests that you BORROW the money and assume all the risk entailed to cover it for them?
- #EIDLHOAX - It's official now - SBA has gone rouge - Time for a max pressure campaign
- EIDL
- #EIDLHOAX
- My EIDL and $10k Advance Update - I received a Response from NV Senator Rosen’s SBA Email Address
- Should I file Unemployment against myself? (S-Corp, W2)
- PPP - Anyone else notice people aren’t sharing the name of banks?
- Look, if you won’t give me PPP or EIDL, could you at least give me enough cash for plywood to board up what’s left of my business for hurricane season?
- Is there any hope the media is actually going start talking about how these programs are disaster for real small business (owner operated business with less than 50 employees )?
- new stimulus package to give incentives for people to start businesses
- Finally clarity regarding 10K EIDL Advance. SBA's Economic Development Specialist David Hincapie goes on record in a April 1st 2020 Webinar stating multiple times Advance "IS for 10K regardless of EIDL loan approval or Denial"!!!
- So let me get this straight....
- Someone is opening credit card processing accounts with my business info
- PPP Approved ( less than 24 hrs)
- Beware Bank of America closing your SB account for something they consider a "shady" travel expense. No explanation, no discussion
- Invoicing clients for outstanding payments
- So large foreign-owned "small" businesses have priority over small American-owned ones?
- Need help moving forward - ebay
- EIDL capped at 15k now?
- How is my math?. Time for us to calm down?
- Marco Rubio's Twitter Response to PPP
| Consolidated government aid news and advice thread [Megathread] Posted: 04 Apr 2020 07:58 AM PDT Hello all. We relaxed the rules a bit because of the Coronavirus but the sub now seems to be overflowing with news and opinion much of it poorly sourced. Please post the following here: - News about coronavirus responses - Advice about government or private programs - Lessons learned or experiences regarding Coronavirus issues The main sub will remain dedicated to questions about small business, (that will include questions about Coronavirus) but we need to clear the news and opinion so questions and answers can resume. Posts that don't contain questions about small business will be removed in accordance with our standard rules and subject to our standard exception about material adding to the health of small business. [link] [comments]  |
| Posted: 04 Apr 2020 04:38 PM PDT I know there have been other posts ad nauseam on this topic, but I wanted to make a simple copy/paste with regards to quickly and efficiently contacting Congress on the issues that have plagued the carrying out of the EIDL program and the disbursement of funds in accordance with the law. You can find your representative here: https://www.house.gov/representatives/find-your-representative https://www.senate.gov/general/contact_information/senators_cfm.cfm In addition, consider also sending your email (send them separately, don't CC or BCC) to the members of the House Committee on Small Business: Nydia Velázquez, Chair: [nydia.velazquez@mail.house.gov](mailto:nydia.velazquez@mail.house.gov) Steve Chabot, Ranking Member: [steve.chabot@mail.house.gov](mailto:steve.chabot@mail.house.gov) Judy Chu, Chair, Subcommittee on Investigations, Oversight and Regulations: [judy.chu@mail.house.gov](mailto:judy.chu@mail.house.gov) Andy Kim, Chair, Subcommittee on Economic Growth, Tax and Capital Access: [andy.kim@mail.house.gov](mailto:andy.kim@mail.house.gov) Copy/paste the template form email below and fill in the bolded fields with your appropriate info. Of course, feel free to change anything you'd like and let me know if we can make this letter better in any way. Contrary to popular belief, when many people flood a lawmaker's inbox or phone lines with calls, they tend to listen (this is still a democratic republic, right?). Please take the not more than 5 minutes to send this to your Congressional Representatives and Senators. A few dozen citizens speaking out to their representatives could make the difference in Congress demanding the SBA follow the intent and rule of the law. Subject Line: [Use something unique so as to not trigger spam filters] "Dear [Insert name of Senator/Congressperson] I'm a small business owner in [Insert city and state here] who applied for the Economic Injury Disaster Loan (EIDL) program under the recently passed CARES Act. The CARES Act states that $10,000 grants are to be disbursed to applicants within 3 days of SBA's receipt of a successfully submitted application, yet no business owner to my knowledge has received these funds — it has now been 7 days after the application period opened. Even more, against the intent of Congress and the CARES Act, it appears that the SBA is now stating that small businesses will not be eligible for $10,000, but rather will only receive an amount based on how many employees a business has (up to $10,000). It is my understanding that it was the intent of Congress to have these $10,000 emergency grants disbursed to America's small businesses as quickly as possible to stimulate the economy during this crisis. Can you provide an update on if the SBA is intending to disburse the grants of $10,000 in accordance with the language of the CARE Act and when these funds will begin to be disbursed? This EIDL grant will provide urgent capital to many small businesses preventing unnecessary layoffs while we wait for the loan process as well as the PPP program to kick into effect. Furthermore, this injection of cash will help jumpstart our local/federal economies with small business spending. Thank you, [link] [comments]  |
| We Need More Exposure To Bring To Light The SBA Issue Posted: 04 Apr 2020 02:43 PM PDT https://www.reddit.com/r/China_Flu/comments/fv1xo1/sba_changing_wording_of_the_cares_act_to_reduce/ We need to start reposting this in larger subreddits to get more exposure to get more attention on this issue regarding the SBA grossly mishandling the relief grants. [link] [comments]  |
| Posted: 04 Apr 2020 10:04 AM PDT Got an email from the commercial loan officer of our small regional bank this morning. "Your loan application was submitted and funds have been secured." No other details than that but I'm hopeful we can start accessing this money early next week. [link] [comments]  |
| Posted: 04 Apr 2020 01:04 PM PDT Let's say your business was struggling after the slow season, but sound and fine before health and government authorities started advising people to distance themselves from each other. At the moment, it is mandated that your business be shut down. You were preparing for the final four in Atlanta, and it would have meant paying off a lot of your existing loans. That money is gone forever now. The solution the government offers: They want YOU to borrow the money to cover THEIR mandated shutdown. It's okay though, because *some* of it *might* be "forgiven". Or maybe you'll get your ass handed to you after the fact for making a mistake on the application form. Maybe you'll owe more than is forgiven if your business struggles to re-open. IF you're lucky enough to qualify, that is. There is a very real possibility that some small businesses are not going to make it out of this alive, even with a total bailout. It's going to take a *long* time for travel and hospitality to recover to anything resembling normal. Jobs will be lost and lives will be ruined. Of the businesses that can survive, the added pressure of owing even more loans and more debt is not going to be a benefit. Your business DID NOT FAIL. You didn't make bad business decisions. The government interfered with consumer sentiment in response to a global health crisis (and rightfully so). First they inadvertently shut you down by doing that, then they expressly and directly shut you down. They were in charge, they made the choices, they should have to pay for them. YES, it was necessary because of this pandemic and it sucks that ANYBODY has to pay the bill, but how does that fall into your lap? Why should you accept being on the hook for the overall economy and be asked to go into more debt with an extremely uncertain future? If the powers that be are so convinced of an immediate bounceback in consumer sentiment, it seems that THEY should place THEIR bets on it instead of telling YOU how to gamble with YOUR finances and future. If anyone can afford to lose that bet, it's them. If no one can, then small business owners sure as hell aren't going to be able to afford it. [link] [comments]  |
| #EIDLHOAX - It's official now - SBA has gone rouge - Time for a max pressure campaign Posted: 04 Apr 2020 11:33 AM PDT It's official. The SBA has gone rogue and overruled the intent of Congress. The SBA has issued guidance stating that EIDL advance grants will be based on # of employees. This arbitrary rule unfairly penalizes small companies that need help the most. It's also a clear violation of the CARES Act, Section 1110(e)(1). It's time for a maximum pressure campaign and a congressional investigation. SBA reference, page 15 - https://www.sba.gov/sites/default/files/articles/EIDL_and_P3_4.3.2020_COB.pdf Most lawmakers are sitting in their basement right now. Let's ask them why the SBA was able to overrule Congress and screw over small business in their greatest time of need. Key Senators: @SenSchumer @ChrisCoonsforDE @SenatorCardin @BernieSanders @amyklobuchar @marcorubio @senrickscott #EIDLHOAX Key policymakers: @stevenmnuchin1 @SBALinda @SBAJovita @SBAgov @jaredkushner @IvankaTrump @realDonaldTrump @DonaldJTrumpJr @joebiden #EIDLHOAX WH reporters: @Yamiche @PeterAlexander @KellyO @JohnJHarwood @GeoffRBennett @acosta @johnrobertsFox @peterbakernyt @PeterAtlantic @benstracy #EIDLHOAX Lots of chatter on Twitter now. Thank you everyone!!! Please share responses from elected officials. [link] [comments]  |
| Posted: 04 Apr 2020 05:47 PM PDT This is our SBA EIDL experience. 3/17/2020 - Applied through old application process. 3/31/2020 - Reapplied on streamlined app and requested $10K advance. 4/3/2020 - Our loan officer reached out and told us we were approved for $xxx,xxx on a 30 yr term and 3.75% interest rate. He said he would have his supervisor do a final approval and set us up with a case manager to go over loan docs and disbursement. 4/4/2020 – LO called and advised us that SBA policy changed overnight and that we would be capped at $15,000 and we could get an additional $10,000 through the advance, making the total $25,000. Anything beyond that amount, he told us to ask the banks. The banks underwriting PPP is doing so based on average monthly payroll multiplied by 2.5, basically 2.5 months of payroll is the limit for a PPP loan. But what about operating costs such as rent/lease, utilities, and other operating expenses? After review of SBA policy coming out of West Virginia and Northern California, it appears that up to 25K can be lent w/o any collateral but anything over 25K does require collateral. I've emailed the LO and disastercustomerservice@sba.gov asking for clarification. Waiting for reply. [link] [comments]  |
| Posted: 04 Apr 2020 06:28 PM PDT Hey Reddit Community. There are a lot of us small business owners being run in circles over the EIDL grant/loan and PPP loan issues. Let's use our collective voice and get this out on Twitter. Tweet your representatives, senators, Steve Mnuchin and the president. Let's be so loud that we can't be ignored. There are 30 million small businesses and together we are louder than any Bank of America or Wells Fargo. #EIDLHOAX is trending on twitter right now (not my idea, just spreading the word). Let's keep it going and be the loudest voice in the room. Our economy and businesses depend on it and I'm tired of waiting for a call back from SBA! [link] [comments]  |
| My EIDL and $10k Advance Update - I received a Response from NV Senator Rosen’s SBA Email Address Posted: 05 Apr 2020 12:07 AM PDT Hello All, Like many here I applied for the EIDL using the quick form last Sunday evening...March 29...I haven't received any updates from the SBA on the status of the application...no emails or phone calls. I called the SBA number to check the status on Friday and was told it was in the queue to be reviewed and that's all the information they had on it. As others have suggested here I sent an email to my US Senator's office. Specifically an email address she has on her US gov site that is for issues regarding the SBA. Senator Rosen is a member of the senate's small business and entrepreneur committee. I wasn't expecting to receive a response until Monday but received one late Saturday evening. Here was the text of the email: "Thank you for contacting Senator Jacky Rosen's office. I apologize that you have not received the advance to help your business in this extremely difficult time. I understand that the Small Business Administration have received a large number of applications. Please, contact me again on Wednesday, April 8th, if you have not received your advance by then. I will then follow up with the Small Business Administration to see if I can get a status on your application. Thank you for including your application number to your email." Hopefully the wheels will turn and the SBA will have updates or even better release funds. [link] [comments]  |
| Should I file Unemployment against myself? (S-Corp, W2) Posted: 04 Apr 2020 05:52 PM PDT I was waiting for the EIDL grant to hit so I can pay my rent for the month, but I don't think it's coming any time soon anymore.. My bank has yet to accept applications for PPP and I'm running out of options. As the title mentions, I am a single owner LLC that files as an S-Corp, with myself listed as a W2 employee. I don't know the cost/benefit ratio of how much the unemployment tax is going to be for me, and if it's even going to be worth it at all. Has anyone done this before? TX btw [link] [comments]  |
| PPP - Anyone else notice people aren’t sharing the name of banks? Posted: 04 Apr 2020 12:03 PM PDT I'm seeing posts about being approved or successfully applying, but people won't share the names of the banks. Why not? Does this seem weird to anyone else? Many of us can't apply because our lenders aren't ready. Would be helpful to know which banks are actually processing so we can also try them. [link] [comments]  |
| Posted: 04 Apr 2020 09:39 PM PDT The first named storm of the season bearing down on a major city under shelter in place is going to be interesting. [link] [comments]  |
| Posted: 04 Apr 2020 10:42 AM PDT Seems to be crickets about no 10k grant being processed and the smaller the business the worse the PPP is because most of these businesses dont even have the payroll levels or banking relationships to get much. A lot of these businesses need the EIDL loan because it can actually be used on working capital and is not based on payroll but COGS. That program is an even bigger disaster than the PPP program. Its looking like 60 days before businesses receive full funding. No one can even get a coherent answer from the SBA about it. [link] [comments]  |
| new stimulus package to give incentives for people to start businesses Posted: 05 Apr 2020 02:38 AM PDT I'm so excited for the upcoming fourth stimulus package. Should be announced within 2 weeks XD what perfect timing as if by magic =p [link] [comments]  |
| Posted: 05 Apr 2020 12:19 AM PDT Start video at the 12:05 minute mark and watch until the end. EIDL 10K advance questions get demystified a number of times on record by SBA official David Hincapie (also at 28:00 minute mark). No more backpedaling or Rogue tactics. This is on the record. Now we have them by the balls!!! Godspeed everyone. [link] [comments]  |
| So let me get this straight.... Posted: 04 Apr 2020 03:28 PM PDT My business has dipped about 10%. They are going to essentially give me two months worth of payroll even though I can still afford to pay my payroll? So I just pocket the money? [link] [comments]  |
| Someone is opening credit card processing accounts with my business info Posted: 04 Apr 2020 08:02 PM PDT Small business owner here(electrical Contracting company under 2M a year) The other day I received a card reader in the mail that I didn't ask for(I don't accept credit cards). I called Chase and spent hours trying to cancel the account. I went into my Chase credit card online account and noticed a merchant account. There were 9 charges accepted(many were same card a few times). They managed to get $4000 deposited into their account before I could delete their deposit account and remove their email and phone number from my account. Today I noticed an package coming to my business on UPS. It was from Elavon. I looked it up, it's a credit card processing company. I spent an hour or so trying to get that account shut down. They used my tax ID this time. Different email and phone number again. Both used my business address. Is there any way to stop this? Tax ID's are public knowledge. My business address is public. [link] [comments]  |
| PPP Approved ( less than 24 hrs) Posted: 04 Apr 2020 03:11 PM PDT Thought I would share some good news, banker just emailed and let us know our PPP loan was approved. This took less than 24 hrs. On April 3 @ 10:00 pm the bank was able to get into the system and submit the paperwork. By 10:30 we had to submit another form that the bank noticed was needed at 10:05 for the "planned use of funds". The next step now that the amount has been approved is further documentation. To have the amount forgiven "supposedly" Based on the calculator 100% of our loan would be forgiven IF we keep our employees working. We currently have 21 employees and have not laid any of them off. The loan amount is approximately $250,000. Payroll for 2019 was approx $1,200,000 total. [link] [comments]  |
| Posted: 04 Apr 2020 06:11 AM PDT A friend's SB employee got stuck traveling overseas during the pandemic recently and had to use some alternative transportation he charged to the BOA-issued corporate credit card. His CC got cancelled with no communication, a week later the SB got the account closing letter. This apparently is not a "unique" case [link] [comments]  |
| Invoicing clients for outstanding payments Posted: 05 Apr 2020 03:38 AM PDT Hi guys, need some advice! I run a web agency and one of my clients hasn't paid their monthly fees for the past 6 months. I've had to email them over 5 times, Facebook message the owners to get a reply to which they've now paid me 3 months out of those 6. They gave the reason of 'hard times for the business' which I totally understand and if they'd paid me the outstanding 6 months I would've lowered the rate for the next couple of months to help them out. What do I do here? I'm owed 3/4 months outstanding fees and it doesn't sound like they're going to pay me anything throughout this corona virus period either, essentially leaving me out of pocket. In terms of value, I charge £30 per month. Thanks! [link] [comments]  |
| So large foreign-owned "small" businesses have priority over small American-owned ones? Posted: 04 Apr 2020 06:29 PM PDT I need help mentally processing why the entire application I fully submitted to my bank was returned, because the government sent new forms and guidelines after the fact, and emphasized that foreign-owned businesses with up to 500 employees were eligible for loans. Why delay the process to re-issue guidelines in favor of making sure non-American-owned businesses get their "fair share?" And hurting American-owned ones in the process? [link] [comments]  |
| Need help moving forward - ebay Posted: 05 Apr 2020 02:44 AM PDT Hi everyone, I started flipping on ebay around 1 year ago (time flies), basically buying deals on FB marketplace and reselling on eBay for profit. The margins are not very high for the amount of effort collecting items and waiting for it to sell. So, I started buying anime merch on aliexpress and reselling on ebay since December 2019, with some success, but business is slow. Looking for some ideas on how could I take the next step, whichever it may be... I don't have a lot to invest and I have a full time job. Anyone with experience in the niche that could give me some pin points? At the moment I'm re listing all the products with better photos and descriptions, started giving a couple of stickers to every customer and a card inside the packaging thanking for the purchase. Open to any ideas :) [link] [comments]  |
| Posted: 05 Apr 2020 02:28 AM PDT I'm seeing rumors circling about the eidl now being capped at 15k and previous approvals being rescinded. Does anyone have more info? I have a physical approval letter in hand telling me I'm approved for 2xxxxx.xx [link] [comments]  |
| How is my math?. Time for us to calm down? Posted: 04 Apr 2020 04:44 PM PDT There are an estimated 59 million people employed by small businesses. The total annual payroll for all small businesses with under 500 employees was $2.61 Trillion in 2016. This bill funds up to 2.5 months of payroll. That is $543.75 Billion. This bill dedicates $349 billion. That means unless 64.18% of businesses have already been approved for the maximum amount there will still be monies available. That being said, here we are a group of business owners reading the bill, hounding the SBA, the treasury and every bank within a 500 mile radius and the majority of us have been unable to apply and none of us have received an approval. [link] [comments]  |
| Marco Rubio's Twitter Response to PPP Posted: 04 Apr 2020 06:23 AM PDT Marco Rubio just posted a 13 part tweet about what needs to be done about the PPP. In short, he is aware of problems with the PPP, they are working on it, and it doesn't sound like they're going to let it run out of money. Here it is for those of you who don't have Twitter: ATTENTION Lenders, #SmallBusiness & media interested in #Ppploans. The following 13 part thread outlines many of the impediments we saw on day one of the program & how they can/will be fixed. I apologize for the length of the thread but important details below. Day one saw complications you would expect with unprecedented $349 BILLION emergency plan passed just 7 days ago Despite this as of 6:06 pm Friday 13,669 #SmallBusiness owners received #Ppploans valued at more than $4.3B However a number of outstanding issues to address on Friday we had various & extensive conversations with @SBAgov & @USTreasury about the issues that emerged on day one of #PPPloans. I expect that early next week they will be releasing additional guidance that should provide clarity & help resolve many of these issues. First issue is that for now most banks only providing #PPPloans to existing clients because the @SBAgov interim final rule only exempts money- laundering requirements for existing customers. But that makes it difficult for #SmallBusiness if they are denied by their bank. The good news is multiple FinTechs including @PayPal & other online lenders are ready,able & willing to process #PPPloans for them & anyone else.But they need @USTreasury to release application for nonbank lenders to become certified. I expect that very early next week. Second issue is that because of requirement in @SBAgov interim final rule that lenders hold loans for 7 weeks before they can be purchased,we will need a purchase mechanism through @USTreasury or @federalreserve ASAP in order for community banks & FinTech to make #Ppploans Third issue is that in order for lenders to confidently participate they need further clarity on:
Fourth issue is that the @SBAgov interim final rule has contradicting guidance determining whether #SmallBusiness owners should include independent contractors 1099's in payroll cost calculation. Fifth issue is that In calculating avg monthly payroll to determine #Ppploans amount we need @SBAgov to make clear our intent when writing the bill that gross payroll would be applied to calculation to ensure federal tax withholding & FICA burden isn't on #smallbusiness Sixth issue is that E-Tran, the @SBAgov internal system for loan applications has been slow due to the volume of applications Friday. SBA has contracted with Amazon Web Services to ensure E-Tran system issues are resolved moving forward. Seventh issue is that some community banks have reported issues with accessing the AWS portal which @SBAgov uses to provide access to non-SBA lenders. We have discussed this also with SBA which assured us they are addressing this problem. Eighth issue is money. Based on the demand we saw on Day One it is clear we will need more money for #PPP by late May. Our rough estimate is that if 2/3 of the lenders that will participate in #PPPloans aren't up & running yet,the $349 billion will run out around 6 June. When you launch something this unprecedented & far reaching,just 7 days after it became law,you are going to have some problems The GOOD NEWS is every problem we saw on Day One of #Ppploans can be fixed We will stay on it to make sure it gets better each day forward. [link] [comments]  |
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