resolution
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Post by resolution on Apr 20, 2020 8:03:04 GMT -5
Yep, and when asked if Trump wanted that changed in the next round of funding he said NO. Neat, huh? I'm confused...I thought both the Senate and the House have to approve the stimulus package? All the house has to do is vote it down. The House approved it last time after putting in their own pork that got approved. Why in the world would the democrats approve something that was clearly a free money grab to so many companies that didn't need help? You can talk about the Republicans all you want, but this was approved by the Democrats. I think it is time to face reality...neither party gives a shit about small businesses. Maybe this time the House should hold up the bill for something like this and not their bullshit pork/pet projects. I would fully support not voting for the same kind of program again as I personally saw what a money grab it was and how the truly small businesses got screwed. Any refunding needs to have some strict requirements on it. And any new funding needs to be only about one damn issue. Not a 1400 page package with every pipe dream under the sun. The dems did hold up the original package because they wanted oversight. They eventually got some oversight built into the package, but it ended up being fake oversight and not real because the inspector general was not confirmed and the panel has not been staffed. They should have held out longer or put in some mechanism that no money could be disbursed until those positions were staffed and working. time.com/5823510/coronavirus-stimulus-oversight/
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billisonboard
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Post by billisonboard on Apr 20, 2020 8:23:26 GMT -5
Shake Shack (SHAK) is returning a $10 million loan it received from the US government under an emergency program that was touted as a way to help small businesses pay workers and keep their operations running during the coronavirus crisis. link
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bean29
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Post by bean29 on Apr 20, 2020 8:50:22 GMT -5
I did receive a number from Chase but funds ran out Chase sent an email that they will continue to work on applications, ask any questions and notify when more funding is available I think Congress is adjourned until May 4 so nothing now Really highly annoyed/angry that Democrats insisted to not just increase SBA funding by $350 billion but include other areas. Republicans agreed to fund SBA by $350 billion immediately and then work or debate another bill including other items such as money for hospitals- hospitals money is still available and has not run out yet Yes I’m talking politics but that’s what’s going on, why shouldn’t I point this out Angry at politicians in general I have a number too, but there is no indication that that means they actually submitted said application to the SBA. I don't think they did anything with ours, just assigned a number to the application. It it had been submitted timely, I think our loan would have been funded.
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bean29
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Post by bean29 on Apr 20, 2020 9:03:48 GMT -5
I did receive a number from Chase but funds ran out Chase sent an email that they will continue to work on applications, ask any questions and notify when more funding is available I think Congress is adjourned until May 4 so nothing now Really highly annoyed/angry that Democrats insisted to not just increase SBA funding by $350 billion but include other areas. Republicans agreed to fund SBA by $350 billion immediately and then work or debate another bill including other items such as money for hospitals- hospitals money is still available and has not run out yet Yes I’m talking politics but that’s what’s going on, why shouldn’t I point this out Angry at politicians in general I have a number too, but there is no indication that that means they actually submitted said application to the SBA. I don't think they did anything with ours, just assigned a number to the application. It it had been submitted timely, I think our loan would have been funded. Our VP just told me someone started a class action against Chase.
www.usatoday.com/story/money/2020/04/20/small-businesses-sue-chase-bank-over-handling-stimulus/5163654002/
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Post by Deleted on Apr 20, 2020 9:31:04 GMT -5
Trump was asked in the presser yesterday if he would remove businesses like Ruth Chris and smaller casinos from the PPP/CARES and he said no because they have losses too and employ a lot of people...
So far, most SE/1099 folks have not received any sort of assistance from the loan programs nor the stimulus. I guess the 1/4th of the country that is self-employed is supposed to eat air.
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swamp
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Post by swamp on Apr 20, 2020 9:59:51 GMT -5
I've been on the phone with my accountant. The second bank I've contacted asked on Friday afternoon for info off my 2018 tax return, and I thought I had it at home so I said I'd get it to them. the return is not at my house, I'm not sure where it is. So this morning I asked my accountant to scan me a copy, and the CPA called and offered to do the worksheet for me. Bonus.
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Miss Tequila
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Post by Miss Tequila on Apr 20, 2020 10:29:38 GMT -5
I'm confused...I thought both the Senate and the House have to approve the stimulus package? All the house has to do is vote it down. The House approved it last time after putting in their own pork that got approved. Why in the world would the democrats approve something that was clearly a free money grab to so many companies that didn't need help? You can talk about the Republicans all you want, but this was approved by the Democrats. I think it is time to face reality...neither party gives a shit about small businesses. Maybe this time the House should hold up the bill for something like this and not their bullshit pork/pet projects. I would fully support not voting for the same kind of program again as I personally saw what a money grab it was and how the truly small businesses got screwed. Any refunding needs to have some strict requirements on it. And any new funding needs to be only about one damn issue. Not a 1400 page package with every pipe dream under the sun. The dems did hold up the original package because they wanted oversight. They eventually got some oversight built into the package, but it ended up being fake oversight and not real because the inspector general was not confirmed and the panel has not been staffed. They should have held out longer or put in some mechanism that no money could be disbursed until those positions were staffed and working. time.com/5823510/coronavirus-stimulus-oversight/But who approved the PPP loan forgiveness program as written? It is my understanding that it was part of the CARES act and defined in the Act. I've tried googling a few different scenarios but can't get a quick answer...and I'm overloaded with work today. I want to know exactly to direct my anger at. If the democrats voted on a bill that outlined the PPP loan program as written, they are just as guilty . Oversight would mean squat to me if the original act defined the program because the program as written was slanted to help larger small businesses that don't need it. Honest question because my assumptions could be wrong and I can't find anything (quickly) to support what was actually in the CARES act (mean, parameters of this program or just "$349B to be allocated as Trump sees fit". Everything I can read just says they wanted oversight over the program...that's like shutting the barn door after the horses have left. The program design was majorly flawed.
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Miss Tequila
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Post by Miss Tequila on Apr 20, 2020 10:33:21 GMT -5
I'm confused...I thought both the Senate and the House have to approve the stimulus package? All the house has to do is vote it down. The House approved it last time after putting in their own pork that got approved. Why in the world would the democrats approve something that was clearly a free money grab to so many companies that didn't need help? You can talk about the Republicans all you want, but this was approved by the Democrats. I think it is time to face reality...neither party gives a shit about small businesses. Maybe this time the House should hold up the bill for something like this and not their bullshit pork/pet projects. I would fully support not voting for the same kind of program again as I personally saw what a money grab it was and how the truly small businesses got screwed. Any refunding needs to have some strict requirements on it. And any new funding needs to be only about one damn issue. Not a 1400 page package with every pipe dream under the sun. First, you are correct, despite Trump’s constant verbal attempts to do so, only Congress can enact legislation. Trump can ramble on about HIS vision, but any new stimulus bill will reflect Congress’ vision. Second, so Congress enacts the legislation and then the Executive Branch — Trump and all of his cabinet appointments and all of those Federal employees— gives life to that legislation. How any new law is executed and actually functions (or fails to function) is based upon how it is implemented by the Executive Branch. So, frankly, I’m not surprised that most of the first round of the “Payroll Protection” legislation went to big companies. Trump only touts big companies in his press conferences. He really has no interest in helping the vast majority of Americans who work for small businesses. Of course, any additional funding for the “Payroll Protection” program faces the same fate unless, this time, Congress explicitly identifies what size companies are entitled to the funds. So the CARES act didn't outline who would qualify for the loans? Serious question because I thought it was all part of the CARES act. And admittedly, I need to be more up to snuff on which branch can do what. I want to find the original CARES act so I can read for myself to see what is in there....in my free time (lol). Looks like I have homework to do tonight.
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Miss Tequila
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Post by Miss Tequila on Apr 20, 2020 10:35:18 GMT -5
Shake Shack (SHAK) is returning a $10 million loan it received from the US government under an emergency program that was touted as a way to help small businesses pay workers and keep their operations running during the coronavirus crisis. link I saw that on FB. I can't help but be skeptical. How can they claim they "misunderstood"? I'm never claimed to be the brightest and I knew going in what we were applying for...and felt icky about it. Sounds like a PR stunt to me. I'm glad they are giving the money back but I definitely question their motivation.
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GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on Apr 20, 2020 10:42:45 GMT -5
The dems did hold up the original package because they wanted oversight. They eventually got some oversight built into the package, but it ended up being fake oversight and not real because the inspector general was not confirmed and the panel has not been staffed. They should have held out longer or put in some mechanism that no money could be disbursed until those positions were staffed and working. time.com/5823510/coronavirus-stimulus-oversight/ But who approved the PPP loan forgiveness program as written? It is my understanding that it was part of the CARES act and defined in the Act. I've tried googling a few different scenarios but can't get a quick answer...and I'm overloaded with work today. I want to know exactly to direct my anger at. If the democrats voted on a bill that outlined the PPP loan program as written, they are just as guilty . Oversight would mean squat to me if the original act defined the program because the program as written was slanted to help larger small businesses that don't need it. Honest question because my assumptions could be wrong and I can't find anything (quickly) to support what was actually in the CARES act (mean, parameters of this program or just "$349B to be allocated as Trump sees fit". Everything I can read just says they wanted oversight over the program...that's like shutting the barn door after the horses have left. The program design was majorly flawed. Meh...they didn’t get it perfect the first time because it was such an unprecedented crisis situation and REALLY the goal was to calm everyone the hell down and convince them they ‘d be made whole (or better) IF they stayed the F at home. So, it’s hard to get angry at anyone. We’ve now seen where the problems in such a program are, so let’s close up the holes this go round and do a better job. I won’t expect perfect until the 4th or 5th round...
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billisonboard
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Post by billisonboard on Apr 20, 2020 10:48:54 GMT -5
Shake Shack (SHAK) is returning a $10 million loan it received from the US government under an emergency program that was touted as a way to help small businesses pay workers and keep their operations running during the coronavirus crisis. link I saw that on FB. I can't help but be skeptical. How can they claim they "misunderstood"? I'm never claimed to be the brightest and I knew going in what we were applying for...and felt icky about it. Sounds like a PR stunt to me. I'm glad they are giving the money back but I definitely question their motivation. Makes sense. If you believe people are inherently bad, it becomes necessary to find support for that in every action. Otherwise you must question your basic view of human nature.
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Miss Tequila
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Post by Miss Tequila on Apr 20, 2020 10:54:06 GMT -5
But who approved the PPP loan forgiveness program as written? It is my understanding that it was part of the CARES act and defined in the Act. I've tried googling a few different scenarios but can't get a quick answer...and I'm overloaded with work today. I want to know exactly to direct my anger at. If the democrats voted on a bill that outlined the PPP loan program as written, they are just as guilty . Oversight would mean squat to me if the original act defined the program because the program as written was slanted to help larger small businesses that don't need it. Honest question because my assumptions could be wrong and I can't find anything (quickly) to support what was actually in the CARES act (mean, parameters of this program or just "$349B to be allocated as Trump sees fit". Everything I can read just says they wanted oversight over the program...that's like shutting the barn door after the horses have left. The program design was majorly flawed. Meh...they didn’t get it perfect the first time because it was such an unprecedented crisis situation and REALLY the goal was to calm everyone the hell down and convince them they ‘d be made whole (or better) IF they stayed the F at home. So, it’s hard to get angry at anyone. We’ve now seen where the problems in such a program are, so let’s close up the holes this go round and do a better job. I won’t expect perfect until the 4th or 5th round... Either Dems are as responsible as Trump and everyone gets blamed for this shit show, or everyone gets a pass. We can't have it both ways. Everyone is demonizing the republicans and while I hold them responsible, I also hold every democrat responsible that voted for this money grab of a program.
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GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on Apr 20, 2020 10:58:30 GMT -5
Meh...they didn’t get it perfect the first time because it was such an unprecedented crisis situation and REALLY the goal was to calm everyone the hell down and convince them they ‘d be made whole (or better) IF they stayed the F at home. So, it’s hard to get angry at anyone. We’ve now seen where the problems in such a program are, so let’s close up the holes this go round and do a better job. I won’t expect perfect until the 4th or 5th round... Either Dems are as responsible as Trump and everyone gets blamed for this shit show, or everyone gets a pass. We can't have it both ways. Everyone is demonizing the republicans and while I hold them responsible, I also hold every democrat responsible that voted for this money grab of a program. I see your point, but the INTENT of the program was to support smaller employers (maximum of 500 employees, right?). It was the execution by the Executive branch (Trump, Mnuchin, etc.) in favor of larger employers that is the problem.
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Miss Tequila
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Post by Miss Tequila on Apr 20, 2020 11:01:52 GMT -5
I saw that on FB. I can't help but be skeptical. How can they claim they "misunderstood"? I'm never claimed to be the brightest and I knew going in what we were applying for...and felt icky about it. Sounds like a PR stunt to me. I'm glad they are giving the money back but I definitely question their motivation. Makes sense. If you believe people are inherently bad, it becomes necessary to find support for that in every action. Otherwise you must question your basic view of human nature. I am admittedly jaded but that is based on what I've witnessed in life. Also based on the information that was out there in the days leading up to the filing deadline. I do not know any anyone at that level can claim they misunderstood.
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jerseygirl
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Post by jerseygirl on Apr 20, 2020 12:32:11 GMT -5
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jerseygirl
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Post by jerseygirl on Apr 20, 2020 12:36:40 GMT -5
The execution of the loans was through the banks as we have seen big companies with multiple locations applied for each location
I applied, got a number from Chase but no funding Today got another email that said needed more info for my application . Gave a link and email said much of same info will be asked Went to link started to put in info - response this is for an application already sent - can’t have 2 applications Can’t call So not doing anything more if I get funding fine, otherwise forget it
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Post by Deleted on Apr 20, 2020 13:29:05 GMT -5
One of the biggest flaws is not all small businesses have a "banking relationship". My small business and 1099 income is all PayPal, for example.
This was a big problem with PPP, because the companies who managed to secure funding did so working with "their" banks. And, by default, most businesses large enough to have a "relationship" with a bank, are not the really small ones who are likely in the most need of cash.
I've seen businesses with 20+ people who were approved and funded. I haven't seen a single sole-proprietor or 1099 who managed to score any funding at all.
However, I did read PayPal may get into the lending pool, so perhaps there's hope for the millions of small businesses who choose to use them and skip the pricey banks.
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swamp
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Post by swamp on Apr 20, 2020 13:37:00 GMT -5
I do have a relationship with a bank, but apparently not big enough.
The Credit Union who was not previously certified to do these loans is now. They have been amazing. They now have my application. My prior one with the other bank would have been tossed. They did not ask me for all the required info.
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GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on Apr 20, 2020 13:45:54 GMT -5
The execution of the loans was through the banks as we have seen big companies with multiple locations applied for each location *Trapped in the quote box: Based upon the procedures and the guidelines issued by the Executive Branch, not Congress.
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TheHaitian
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Post by TheHaitian on Apr 20, 2020 13:52:15 GMT -5
I do have a relationship with a bank, but apparently not big enough. The Credit Union who was not previously certified to do these loans is now. They have been amazing. They now have my application. My prior one with the other bank would have been tossed. They did not ask me for all the required info. I am off this coming Friday and Saturday (birthday Saturday) and I am spending both days just going around and applying at every single bank that will let me.
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Post by The Walk of the Penguin Mich on Apr 20, 2020 13:59:27 GMT -5
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TheHaitian
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Post by TheHaitian on Apr 20, 2020 14:02:14 GMT -5
Yep! “ Harvard’s aid package is the third-largest of the Ivy League universities’. Columbia University and Cornell University will receive the largest awards, at $12.8 million each. Yale University will receive nearly $7 million, and Princeton University will net around $2.5 million.” Was this thing meant for small business at all or maybe I do not understand what small business means? In my mind if you need $10 million dollars for 2.5 months of operations = you are not a small business. I am applying for ~20k; most of the other small businesses I know are in that range ~20-100k for 2.5 months.
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TheHaitian
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Post by TheHaitian on Apr 20, 2020 14:06:08 GMT -5
Remember this is supposed to cover 2.5 months of payroll (and other expenses such as leases, mortgage etc).
So if your business need 10 Millions for 2.5 months of operations : are you really a small business?
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GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on Apr 20, 2020 15:33:20 GMT -5
Remember this is supposed to cover 2.5 months of payroll (and other expenses such as leases, mortgage etc). So if your business need 10 Millions for 2.5 months of operations : are you really a small business? And IIRC it is supposed to be for employers with fewer than 500 employees. Most colleges and universities, most especially Harvard, Cornell, and Columbia, far, far, far exceed that number.
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msventoux
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Post by msventoux on Apr 20, 2020 15:36:41 GMT -5
I do have a relationship with a bank, but apparently not big enough. The Credit Union who was not previously certified to do these loans is now. They have been amazing. They now have my application. My prior one with the other bank would have been tossed. They did not ask me for all the required info. I think there will be a number of businesses rethinking their banking relationships. Several of my clients bank with large national banks and were treated like garbage. These are clients that pay tens of thousands in banking fees each year and have decades-long relationships with these banks. They had no relationships with the local banks, but those banks made exceptions for them and got their applications processed.
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NomoreDramaQ1015
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Post by NomoreDramaQ1015 on Apr 20, 2020 15:36:44 GMT -5
Remember this is supposed to cover 2.5 months of payroll (and other expenses such as leases, mortgage etc). So if your business need 10 Millions for 2.5 months of operations : are you really a small business? You are to the completely out of touch politicians in Washington. That goes for democrats and republicans. If anyone was still suffering under the delusion that our government "works for us" I hope you've opened your eyes.
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ArchietheDragon
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Post by ArchietheDragon on Apr 21, 2020 6:28:39 GMT -5
We just got our PPP loan funding deposited into our account.
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Lizard Queen
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Post by Lizard Queen on Apr 21, 2020 7:30:51 GMT -5
DH's company got theirs right away.
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ArchietheDragon
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Post by ArchietheDragon on Apr 21, 2020 7:36:55 GMT -5
talking with our accounting firm, they said we are one of the first of their clients that got funded. A lot of their clients have loan numbers, but haven't been funded yet.
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teen persuasion
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Post by teen persuasion on Apr 21, 2020 8:20:03 GMT -5
That link says Harvard got funds from the education portion of the CARES act, not from the small business loans portion. I'm not saying it was appropriate, but it didn't take away from small business loans.
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