A letter to my clients

[Willie99]

I got the same email this morning.

What about the 10k loan that doesnt have to be repaid???

Damn making the rules up as they go

this is what they're talking about, now $ 1,000 per employee up to $ 10,000

Now the PPP is the way to go for many small business, especially self-employed. If you made 50K, you still get the 10K

 

[Mobdeeper7239]

They changed the terms, wasting days of my time.

If I had known these would be the new terms, I don't submit many of the EIDL applications I submitted

Furthermore, if I had known the PPP applications were being processed quicker (was supposed to be three weeks) than the EIDL applications (was supposed to be three days), then I focus on PPP instead.

I'm fucking pissed, and like most government programs, they simply have no idea what they're doing.

How fucking stupid must they be to act like they had no idea there would be so much demand?

And to my man Trump, I love you, but stop saying money is being paid out because it's not (although it is slowly starting to now, just not the massive and quick payments they were promising)


The SBA is in over it's head

Another angry customer. Maybe time to jump ship.


This is how this administration is. Furthest thing from transparent.

 

[Willie99]

Another angry customer. Maybe time to jump ship.


This is how this administration is. Furthest thing from transparent.

It's not the POTUS's fault. The House and the Senate passed this bill and everyone was telling the same story

His problem is he doesn't understand how bureaucracy works, he probably believed they could handle this stuff not fully comprehending depth of the swamp

 

[Knightrofins]

It's not the POTUS's fault. The House and the Senate passed this bill and everyone was telling the same story

His problem is he doesn't understand how bureaucracy works, he probably believed they could handle this stuff not fully comprehending depth of the swamp

I dont blame Trump for this. Just wish he didnt say how "easy and smoothly" this would be as the media made it seem we were getting "free money" overnite.

Hopefully the stimulus checks will work smoother. I have heard some have gone out and hopefully the portal on the IRS site to give your bank info will be up by friday as originally promised

 

[rolltide]

I dont blame Trump for this. Just wish he didnt say how "easy and smoothly" this would be as the media made it seem we were getting "free money" overnite.

Hopefully the stimulus checks will work smoother. I have heard some have gone out and hopefully the portal on the IRS site to give your bank info will be up by friday as originally promised

yeah after I got that email this morning I realized the small businesses (90% of all biz in USA and employ half the people) are just gonna take it in the seat...again. I guess I was flattered that Trump and the Feds even thought to include us in stimulus package, unlike 08/09, but will be the tiniest of a pittance.

Most business advisors always tell their SMB client to never keep a lot of cash on hand as you should be letting that cash work for you. Unfortunately those companies are completely fucked...no other way around it. Especially the "middle men" of society like my buddy that fabricates insultation for commercial projects (schools hospitals etc) which means keeping huge inventories on hand. He's been in biz like 36 years and will be out of money in 16 days unless this PPP hits. I sent him the note from SBA this morning which depressed the fuck out of him as he's been checking bank account every hour for the 10k to hit so he can pay his last 2 remaining employees (laid everyone else off)

 

[rolltide]

It's not the POTUS's fault. The House and the Senate passed this bill and everyone was telling the same story

never forget that the house and senate passed the bill with a $25M salary increase included for themselves. They couldn't get the 4500/yr increased passed in the summer so they snuck it in on the stimulus. Let me take a wild guess and say that their raise is already active...

and I've not seen any off them suggest they would donate their raise, let alone their salary, like Trump does.

but Trump needs to accept some blame here. perhaps it was naïve to believe a major undertaking could be handled quickly and seamlessly through SBA and the banks but, as you say, he might have underestimated the role bureaucracy plays in these projects.

 

[Knightrofins]

never forget that the house and senate passed the bill with a $25M salary increase included for themselves. They couldn't get the 4500/yr increased passed in the summer so they snuck it in on the stimulus. Let me take a wild guess and say that their raise is already active...

and I've not seen any off them suggest they would donate their raise, let alone their salary, like Trump does.

but Trump needs to accept some blame here. perhaps it was naïve to believe a major undertaking could be handled quickly and seamlessly through SBA and the banks but, as you say, he might have underestimated the role bureaucracy plays in these projects.

I think it all stems back to when Trump did his initial budget how he pulled funding in many places (arts/science/parks, etc) and the dems were pissed. This was a way for the dems to get some of those monies back (Kennedy center etc). Of course to shut us up, they are giving us money thats not enough to pay our mortgage/car/utilities for a month. Kinda like giving a small kid your cell phone to play with so they shut the f$$k up for 20 min as you can have some peace and quiet.

Just wish they waited a few weeks with the SBA/EIDL/OTHER so they would have ALL the rules in place to avoid a cluster. Half the people applying for this are in desperate needs and the other half just wants free money to play around with. Applications for the PPP were to start on Friday april 3 yet bankers were having 430 conference calls with the SBA on Thursday April 2nd at 430pm as they had no ideas of the damn rules while 50 different websites had conflicting information about it.

At least the stimulus checks (hopefully) are/will going a lot smoother.

Good luck to anyone who's applied. Curious to know if anyone has any success. I still dont personally know anyone who's gotten anything although banks actually contacted a few people i know today about PPP

 

[Willie99]

I dont blame Trump for this. Just wish he didnt say how "easy and smoothly" this would be as the media made it seem we were getting "free money" overnite.

Hopefully the stimulus checks will work smoother. I have heard some have gone out and hopefully the portal on the IRS site to give your bank info will be up by friday as originally promised

True and true

 

[TimmyRules]

never forget that the house and senate passed the bill with a $25M salary increase included for themselves. They couldn't get the 4500/yr increased passed in the summer so they snuck it in on the stimulus. Let me take a wild guess and say that their raise is already active...

Would like each and every one explain why they deserve that raise....but hey, that’s politics is what we have to accept

I have little to no respect for politicians...face)(*^%

 

[THawk+]

So what the fuck good is the EIDL now for a self employed person? $1,000 WTF! How the fuck is that going to help anyone self employed?

The PPP is what I now need to fill out? I did EIDL because that would help me more, now after the fact they fuck me over

Typical idiot hacks fuck everything up Thank you SBA pieces of shit!!!

Willie, so should I even bother with the PPP?

If so, how difficult is it to get and how much will it actually help someone self employed?

TY

 

[THawk+]

So basically what this was made for to help self employed and small businesses is now not going to help those people
according to what I have read.

Also looks like they are not doing EIDL anymore, do not see it on the website anymore..

This whole thing is and was a joke. Typical government pieces of shit

I still do not get how the SBA people can change what was passed on their own!?!?!?

 

[Willie99]

So what the fuck good is the EIDL now for a self employed person? $1,000 WTF! How the fuck is that going to help anyone self employed?

The PPP is what I now need to fill out? I did EIDL because that would help me more, now after the fact they fuck me over

Typical idiot hacks fuck everything up Thank you SBA pieces of shit!!!

Willie, so should I even bother with the PPP?

If so, how difficult is it to get and how much will it actually help someone self employed?

TY

You can use self-employment income capped at $ 100,000 for a self-employed individual

The way the formula works, you get a PPP loan for about $ 2,000 for every $ 10,000 of profit

(10,000 / 12) x 2.5

If you make $ 50,000, you can still get the $ 10,000, just a different application

If you make $ 100,000 (or more), your loan is capped at $ 20,833 (assuming no employees)

Most businesses will still get the same amount, only people earning < 50k and have no employees receive less than $ 10,000

Also, landlords get NOTHING now and they're supposed to get $ 10,000

 

[Knightrofins]

So basically what this was made for to help self employed and small businesses is now not going to help those people
according to what I have read.

Also looks like they are not doing EIDL anymore, do not see it on the website anymore..

This whole thing is and was a joke. Typical government pieces of shit

I still do not get how the SBA people can change what was passed on their own!?!?!?

www.sba.gov/disaster

 

[rolltide]

So basically what this was made for to help self employed and small businesses is now not going to help those people
according to what I have read.

Also looks like they are not doing EIDL anymore, do not see it on the website anymore..

This whole thing is and was a joke. Typical government pieces of shit

I still do not get how the SBA people can change what was passed on their own!?!?!?

yeah try for PPP but it goes through the bank you use for business. Most are requiring that you had an active business bank account with them on April 1 and then have an online application to fill out

If you have ADP process payrolls then use the info I put in post #86 as they have all the forms ready for you that need to accompany this application, plus the info to put on the application itself

and, not sure if will mentioned this, but you can include your monthly medical premiums. Even if you pay for this out of personal account you can claim it on the PPP as long as it's something that you're including on your business taxes. If not then it's 2.5 x your monthly payroll.

but get that done asap just to get in line. that's IF your business bank is still taking applications.

 

[StevieRay]

NAW Calls on Congress to Pass Legislation for Increased Funding for Payroll Protection Program
Today, NAW called on Congressional Leaders to quickly pass legislation increasing funding for the small business Payroll Protection Program. The initial $349 billion allocated for this program will have been completely spent by the end of this week, and Congress needs to act quickly to replenish the fund in order to prevent thousands of additional Americans from losing their jobs.

Congressional Action for Additional Coronavirus Relief Funding Might Come This Week Last week, Senate Democrats blocked a critical vote that would have approved an additional $250 billion in new aid for the Paycheck Protection Program, which gives forgivable loans to small businesses. The Senate adjourned last Thursday without any deal to deliver new coronavirus relief funding. Today, we are hearing reports that Treasury Secretary Steven Mnuchin and Senate Democratic Leader Chuck Schumer are closer to reaching a deal this week on an interim coronavirus relief bill. Democrats are seeking an additional $250 billion in funding for hospitals and local governments as well as increased food aid. These provisions are already included in the CARES Act, but the programs are struggling to getting set up and the funding has yet to be allocated. The Small Business Administration (SBA) is expected to announce this week that funding for the small-business Paycheck Protection Program needs to be replenished immediately, which will put pressure on Congressional Leaders in both parties to reach an agreement. On Monday, the SBA reported that about 904,000 applications were approved for a total of $221 billion; the fund has $350 billion total in it. Leader McConnell has indicated that he may offer another unanimous consent agreement this Thursday to provide at least $250 billion to the Paycheck Protection Program. However, there is no indication that Senator Schumer and Speaker Pelosi will agree to a funding package that does not include their demands for $100 billion in additional funding for hospitals and $150 billion in additional funding for states. Even if an agreement in the Senate can be reached and passed this week, one House Republican, Rep. Thomas Massie, says he will again try to force a roll-call vote on an interim package. If successful, this would force House lawmakers to return to Washington early to get the legislation through the House. Agreeing to an interim deal this week would spare lawmakers from having to come back next week to resume negotiations. Yesterday, House Majority Leader Steny Hoyer announced that, absent an emergency, the House would not return to Washington until at least the week of May 4 given the danger of the coronavirus, which has sent lawmakers in both chambers home. Additionally, Leader McConnell announced today that, absent an emergency, the full Senate is not expected to travel back to Washington sooner than May 4 and will convene in pro forma sessions only. Both chambers further advised their members that if they are required to take action on critical legislation related to the coronavirus, they would be given sufficient time to return to Washington DC. <tbody> </tbody>

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[CaptainLee]

They changed the terms, wasting days of my time.

If I had known these would be the new terms, I don't submit many of the EIDL applications I submitted

Furthermore, if I had known the PPP applications were being processed quicker (was supposed to be three weeks) than the EIDL applications (was supposed to be three days), then I focus on PPP instead.

I'm fucking pissed, and like most government programs, they simply have no idea what they're doing.

How fucking stupid must they be to act like they had no idea there would be so much demand?

And to my man Trump, I love you, but stop saying money is being paid out because it's not (although it is slowly starting to now, just not the massive and quick payments they were promising)


The SBA is in over it's head

It's good seeing you on board with wanting Trump to do more thinking before speaking.

 

[Willie99]

It's good seeing you on board with wanting Trump to do more thinking before speaking.

it the big picture, this is the little stuff, and I'm never afraid to discuss the nuances of the truth

 

[EastCoastBias]

Family member who owns SB applied for all 3 programs. SBA loan @ 3%+ interest the Emergency 10K (1K per employee up to 10K) and the PPP payroll protection program. They applied for all 3 and did it immediately when available. The business grosses 917,000 per year with a GP of 550,000. Today their business account was funded with 60,000 for 8 weeks of payroll protection and 10,000 emergency relief for their 11 employees. They are still waiting on the SBA loan which they expect to be at 3.75% and roughly 220,000$. Hopefully this helps paint a time line of how long it takes as it’s definitely not an immediate deal. The 10,000$ was suppose to be a 3 day immediate relief and took over 3 weeks.

 

[rolltide]

Family member who owns SB applied for all 3 programs. SBA loan @ 3%+ interest the Emergency 10K (1K per employee up to 10K) and the PPP payroll protection program. They applied for all 3 and did it immediately when available. The business grosses 917,000 per year with a GP of 550,000. Today their business account was funded with 60,000 for 8 weeks of payroll protection and 10,000 emergency relief for their 11 employees. They are still waiting on the SBA loan which they expect to be at 3.75% and roughly 220,000$. Hopefully this helps paint a time line of how long it takes as it’s definitely not an immediate deal. The 10,000$ was suppose to be a 3 day immediate relief and took over 3 weeks.

Good info, thanks for sharing. That is the first PPP deposit I have heard of but very good news for that owner

 

[Knightrofins]

Family member who owns SB applied for all 3 programs. SBA loan @ 3%+ interest the Emergency 10K (1K per employee up to 10K) and the PPP payroll protection program. They applied for all 3 and did it immediately when available. The business grosses 917,000 per year with a GP of 550,000. Today their business account was funded with 60,000 for 8 weeks of payroll protection and 10,000 emergency relief for their 11 employees. They are still waiting on the SBA loan which they expect to be at 3.75% and roughly 220,000$. Hopefully this helps paint a time line of how long it takes as it’s definitely not an immediate deal. The 10,000$ was suppose to be a 3 day immediate relief and took over 3 weeks.

Nice work!! I think the 11 employees was KEY