Let's make this pool related, pool room owners, billiard dealers, cue makers or any other small business owners.
Did you apply for PPP or SBA loans or grants? Did you get any money?
Applied for the $10,000 SBA loan/grant....Got nada as of yet.
No but but I’ve been on the other side. Lot of people work very hard to make that program available for their customers.
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Applied for the $10,000 SBA loan/grant....Got nada as of yet.
Are you with a bank? I feel sorry for my rep at Bank of America. On the PPP, they literally have had several hundred thousands of applications, if not a million, requiring documentation and haven't gotten through them yet. My rep is keeping an eye on it for me but the reps didn't have access to the information until recently. No business has the manpower to process this amount of loans on the spur of the moment.
Work IT in Farm Credit (lending to farmers and rural America). Some banks work with SBA and had software to integrate with them already. But if you used their web portal, it was like every high demand website. Would crash, slow down, kick you out, etc. It would take up to 45 minutes to key one application that you already had fully vetted. And you needed a special login with them that took a couple days to get setup. So we were trying to get logins. We had shifts of people keying day and night just to get things in. We are now scrambling to onboard into a software platform so we can more quickly process applications for round 2. That money will go in a sneeze.
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Some of these excuses I'm hearing across the country is silly. They know who qualifies for the money, they have names, names of the businesses and of course addresses,
Write the phucking checks and let Pony express handle it would be much more efficient !
I think the mistake was compunded by putting PPP relief in with loans that would have to be paid back. The loans should have been offered separately and the companies who qualified for PPP relief (those who didn't lay off their employees) get preference. The loan is still an asset to the SBA while the true PPP relief money is not. They are basically loaning money to companies who have laid off employees who are in turn collecting unemployment. This is double dipping the available funds.
It was all put together so fast, it was half thought out and therefore half-assed.
I don’t think that’s true. I think you have to document that you didn’t lay-off your employees and retained them on your payroll to be eligible. I think the scenario you described would expose a business to fraud charges.
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