my father in law who applied for it later (he initially wasn’t going to apply as he didn’t think he’d need it and didn’t want to jam up/take money other business would need) after losing some jobs and realizing he wouldn’t be able to keep everyone has been approved but not funded yet. I would say he applied about 10 days after the other family member did who has already seen the deposit in their account. Hopefully like other SB owners he isn’t affected by the PPP running low on funds.
my father in law who applied for it later (he initially wasn’t going to apply as he didn’t think he’d need it and didn’t want to jam up/take money other business would need) after losing some jobs and realizing he wouldn’t be able to keep everyone has been approved but not funded yet. I would say he applied about 10 days after the other family member did who has already seen the deposit in their account. Hopefully like other SB owners he isn’t affected by the PPP running low on funds.
Thanks for the info Willie, I am not going to bother with doing an application for ppp. I have a small business, it makes me about 15-20,000 a year.
It is one of my revenue streams. Not worth the hassle and then either not getting it or getting it months from now.
The people like me are the ones who are getting screwed over, nothing new here.
May try to go through unemployment for it
ADP came out with a PPP website today. Too late, IMHO, since i read the fund was expected to be dried up by Wed night but in case a 2nd bill gets passed this is a pretty solid overview of the PPP program. As of 24 hours ago $289B of the $349B had been approved to businesses.
https://www.adp.com/contact-us/customer-service/paycheck-protection-program.aspx
https://www.adp.com/contact-us/customer-service/paycheck-protection-program.aspx
SBA put out a new memo yesterday for self-employed
https://www.journalofaccountancy.co...e-for-self-employed-coronavirus-stimulus.html
https://www.forbes.com/sites/jasonb...ust-issued-new-guidance-for-you/#7074d5016321
One of my clients was invited to accept up to a $ 65,000 term loan from the SBA
3.75%
30 years
A health club / gym
First EIDL response anyone received. I submitted their's two weeks ago today, but I submitted at least 15-20 before them
3.75%
30 years
A health club / gym
First EIDL response anyone received. I submitted their's two weeks ago today, but I submitted at least 15-20 before them
https://mcusercontent.com/c60bf0b82...nal_Funding_Association_Letter_April_2020.pdf
Today, a group of national trade associations sent a letter to congressional leaders urging them to act quickly to authorize additional funding for the Paycheck Protection Program (PPP), the funding program created by the CARES Act that provides low-interest and potentially forgivable loans to businesses impacted by the COVID-19 pandemic.
The CARES Act provided initial funding for $349 billion for the PPP, most of which has already been committed by the banks administering the loans. As of Monday, the U.S. Small Business Administration had approved $242 billion in PPP loans to 1.01 million small businesses. It is likely the program will run out of funding within the week, leaving millions of businesses that have not yet applied or been approved for a PPP loan unable to keep their workers employed.
Today, a group of national trade associations sent a letter to congressional leaders urging them to act quickly to authorize additional funding for the Paycheck Protection Program (PPP), the funding program created by the CARES Act that provides low-interest and potentially forgivable loans to businesses impacted by the COVID-19 pandemic.
The CARES Act provided initial funding for $349 billion for the PPP, most of which has already been committed by the banks administering the loans. As of Monday, the U.S. Small Business Administration had approved $242 billion in PPP loans to 1.01 million small businesses. It is likely the program will run out of funding within the week, leaving millions of businesses that have not yet applied or been approved for a PPP loan unable to keep their workers employed.
Additionally, as reported in the Journal of Accountancy, the U.S. Small Business Administration issued a new interim final rule this week that provides specific information on calculating the maximum loan amount for individuals with self-employment income who file a Form 1040, Schedule C, Profit of Loss From Business. The 2019 version of the form is now required to be provided with the PPP loan application. For self-employed individuals who were not in operation in 2019 and will file a Schedule C for 2020, the SBA will issue additional guidance at a later date.
For those businesses that have successfully applied for a PPP loan, the money may not be coming quickly enough. A Wall Street Journalopinion details several of the challenges the program has had in its early days, including the lack of clear regulations, limitations on how the loan money can be spent, eligibility requirements, and the need for legal immunity for lenders. While the WSJ’s editorial board recommends several solutions to address those shortcomings, companies interested in the PPP should keep those issues in mind as they navigate the application process.
For those businesses that have successfully applied for a PPP loan, the money may not be coming quickly enough. A Wall Street Journalopinion details several of the challenges the program has had in its early days, including the lack of clear regulations, limitations on how the loan money can be spent, eligibility requirements, and the need for legal immunity for lenders. While the WSJ’s editorial board recommends several solutions to address those shortcomings, companies interested in the PPP should keep those issues in mind as they navigate the application process.
More info in the link, but it is for small businesses with 3-20 employees. Also, the application process starts at noon on Monday.
The U.S. Chamber of Commerce Foundation has announced the “Save Small Business Fund”, which is a grantmaking initiative offering short-term relief for small employers. Their goal is to provide $5,000 to as many small business owners as they can. Go here to see if you qualify and to review some of their FAQs about the program. The application process opens Monday, April 20[SUP]th[/SUP]!
The U.S. Chamber of Commerce Foundation has announced the “Save Small Business Fund”, which is a grantmaking initiative offering short-term relief for small employers. Their goal is to provide $5,000 to as many small business owners as they can. Go here to see if you qualify and to review some of their FAQs about the program. The application process opens Monday, April 20[SUP]th[/SUP]!
Willie, do you have any additional info on this SBA loan carrying 3% interest...the family member who received their PPP funding applied for this SBA loan literally a month ago. Maybe longer. They spent days providing information from their accountant to fill in all the details about their business. They have literally heard nothing back. Not a single email with a pending time frame. I find this strange. Has any small businesses received their interest 30/yr SBA loan? To me this is every bit as important as the PPP as it is a larger amount that has a little bit more diversity to how the business can use it. Their business has survived this pretty well and their year over year numbers are holding so far but whose to say that won’t change and they’ll need this additional funding for stuff. I wonder why the SBA loan process doesn’t seem to be working at all so far. Praying for a replenishment of the PPP, which should be a bipartisan program to get businesses funded with payroll. Forget which side of the aisle you stand on this is paramount in keeping the backbone of America alive.
The overwhelming vast majority of people are in the same boat you just described. Hearing something to date is rare
You can call the SBA to see if they received the application or if there is any update, otherwise sit back and wait to hear from them.
It took the CT DECD some 10 days to return my call, when they finally did the representative said to me they have thousands of applications and 12 people processing them
This shit is just fucked up, nothing is happening fast.
rec'd my notice today. again the small biz takes it in the ass while Boeing and United Airlines laugh their way to billions and the house gives themselves a $25M raise while still collecting a paycheck. Fuck em all...
Unfortunately, we were unable to complete the review and SBAregistration process for your application before the SBA announced on itswebsite that it is unable to accept new applications for the PPP programbecause the authorized funding has been fully allocated.
At this time, we will continue to process your PPPapplication that has already been received for future registration should theSBA extend the PPP program and begin taking applications again.
Unfortunately, we were unable to complete the review and SBAregistration process for your application before the SBA announced on itswebsite that it is unable to accept new applications for the PPP programbecause the authorized funding has been fully allocated.
At this time, we will continue to process your PPPapplication that has already been received for future registration should theSBA extend the PPP program and begin taking applications again.
I'm very disappointed in every program out there thus far
1) CT's DECD, the state was the first to offer relief and stopped taking applications within days, 48 to 72 hours or less. I didn't bother with this program because of a mountain of paperwork they wanted for a 12 month demand note. Zero % interest for 12 months, payable in full after 12 months. One client wanted it still, so we applied. After two weeks they finally contacted us, the representative they had thousands of applications and only 12 people processing them. She said nobody is getting money anytime soon. The state recently hired SciFi to process the loans. Grade F -
2) SBA EIDL $ 10,000 grant to be deposited with three banking days. Then they change the terms because of overwhelming demand, still nobody receiving money and it's been three weeks. These fucks made me waste far to much time for a program that never even got into the starting gates. Grade F-------- into infinity
3) SBA EIDL loans. Three weeks, still waiting for the SBA to start accepting applications Grade F-, still holding out some hope here
4) PPP loans. I was all excited about these loans because banks were handling the processing and I knew they'd be better, But a totally different problem emerged. Banks are lending to their biggest and best customers first, so people looking for 7 figures got their money, with the overwhelmingly vast majority of small businesses waiting for their cut. Hopefully the next round of funding reaches them. Grade D-
A TOTAL CLUSTERFUCK ACROSS THE BOARDS
the only thing reaching the little guy are the $ 1,200 stimulus checks, if you qualify. I'm beginning to think a lot of people who don't qualify in 2018 or 2019 will be qualifying with their 2020 returns.
