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Started By
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re: SBA loans in stimulus---basically give aways for any business with less than 500 employees
Posted on 3/29/20 at 6:08 pm to I B Freeman
Posted on 3/29/20 at 6:08 pm to I B Freeman
quote:
For example if the business gets a $1 million loan and pays out $500K in payroll (there are some restrictions not many, $20000 in rent and $10000 in interest they would only have to pay back $470K of the loan.
These businesses have to show there have been hardships, like layoffs and loss of sales.
It’s not a fricking free for all.
6
Posted on 3/29/20 at 6:11 pm to BamaCoaster
quote:
These businesses have to show there have been hardships, like layoffs and loss of sales.
It’s not a fricking free for all.
I don't think that's the case for the CARE Act loans. That is the case for the ones SBA was putting out in response to the EO and Treasury.
Posted on 3/29/20 at 6:21 pm to BamaCoaster
quote:IF it wasn't , you can sign me up. But, you cant just go get free money.
These businesses have to show there have been hardships, like layoffs and loss of sales.
It’s not a fricking free for all.
Posted on 3/29/20 at 6:37 pm to BamaCoaster
quote:
These businesses have to show there have been hardships, like layoffs and loss of sales.
It’s not a fricking free for all.
That's not accurate. They just have to prove that their payroll costs did not decline by more than 25%, and they maintain similar FTEs.
And if they don't, it only reduces the amount that can be forgiven.
intent is to keep as many employees on payroll regardless of revenue. Ironically, you are suppose to only have essential personnel in office and maintain less than 10 people
Posted on 3/29/20 at 7:12 pm to BamaCoaster
quote:Not hard to do--if you folded fast. The businesses that will struggle qualifying are the ones that have tried to stay open and survive. "Fairness".
These businesses have to show there have been hardships, like layoffs and loss of sales.
quote:Yes it is.
It’s not a fricking free for all.
This post was edited on 3/29/20 at 7:13 pm
Posted on 3/29/20 at 9:00 pm to BamaCoaster
quote:I just went through the app.
These businesses have to show there have been hardships, like layoffs and loss of sales.
It’s not a fricking free for all.
No it doesn't. . .and it might be a free for all, I dunno.
But it never asks about hardships or any such
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