re: rough day for a lot of small businesses

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The NUMBER ONE most important thing is your relationship with your bank.

People are INSANE to use anyone but strong local/regional banks unless they outgrow lending capacities.


My banker had me funded the DAY he could have it done.

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This cannot be stated enough.

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Open now.

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This.

If enough business owners said "Screw this. You tell us to close, then play games with helping us out with loans so that can pay our employees... yeah, we're gonna go ahead and reopen" then perhaps we could get the economy rolling sooner rather than later.

It’s way past time to just start beating the shite out of Democrats.

I heard on the radio today in OHIO that so far 200 restaurants have permanently closed and that number is rising. So we are going to have more businesses closed permanently than people that died.

Hang Mike Dewine and Amy Acton

The more this thing has developed the more I am actually mad rather than critical.

There are thousands of healthy businesses that applied and received funding from this program. They never quit billing and were likely to remain fully staffed without funding. These are the same companies that were able to full court press with getting this loan, because they had the resources to do so

Meanwhile, there are struggling business that not only needed this, but kept on paying people because they thought they qualified. Some banks struggled with the whole process and loans went unprocessed as a result.

I do not fault the healthy companies for applying. Their competitors will and there is no reason to put yourself at a disadvantage for taking part in a lawful program. But in reality, there will be companies that will come out better because of this loan and thus COVID, they will profit, while others will be forced out of business. Those companies that profit are under no obligation to pay their employees any more than 75% of their rate, so there was no real protection to those employees. No transparency either, employees don’t need to know that their employer got funding.

At the end of the day, this is a massive waste of money that is not fulfilling its intended purpose.

If you tried to go through a big bank like Chase, Capital One, Wells Fargo, Hancock Whitney, etc you were screwed unless you had a large banking business with those institutions. They could give a F about really small businesses. They provided no support or guidance.

I bank with Chase and realized very early they were not going to help me. My wife and I moved all of our banking to Fidelity and our 4 businesses were approved for PPP very quickly. Those big banks are really designed for consumer banking, not small business banking.

My suggestion is to go to a small local bank and get a personalized service.

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We got ours and the process was a breeze. Was deposited with days of paperwork finalized.

While I think it is a shame they are out of money, I also fully believe there is a lot of dis-information being spread.

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Good for you, a-hole. My small business was left out in the cold.

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So we are going to have more businesses closed permanently than people that died.

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I'm not sure why this makes you mad?

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It makes me mad because businesses got left out that needed while those that didn’t need it got funding. My small business got funding (due to owner operator rules, we got very little but enough to pay out employee) so I am reasonably happy in that regard.

Again I am not mad at businesses for taking it, hell I advised every one of my clients to take it that probably wound up with over $1M in disbursements.

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The day we got funded, i announced a 15% hazard pay increase for 8 weeks, and retention bonuses at 30 and 60 days. Our employees will get every dollar of this loan we can give them. The rest will go to rent/utilities. Anything we dont use will be sent back.

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That’s great, but if your work doesn’t slow down you will have gotten a 2 month expense subsidy while some others that can’t be in business right now won’t get any funding and will be forced to shut their doors. That’s not an effective program. Particularly because this one put the EIDL on the back burner, and that was just a reasonable loan.

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There is NO ONE to be upset with at this point but Chuck Schumer and Nancy Pelosi. The blood of the small businesses is 100% on their hands.

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I’m not going to argue with you, the Democrats have been horrible through this legislation. Holding people hostage to as opportunity to fund their pet programs should be seen as criminal.

I suppose I am most mad that they even put a cap on the funding. The rules clearly did not exempt healthy businesses, they knew good and well that every single business that qualified was going to apply. Making this a competition for funding, and effectively tying up all liquidity and funding resources in the country was just poorly thought out, to say the least.

Lastly it seems like you are looking out for your employees first and foremost, which is commendable if not expected. But there are plenty of companies that don’t need this cash and will indeed profit, and will not share those profits with employees. They just got their expenses covered by the govt (taxpayers) for 2 months and will go about business as usual. I don’t support those types of wasteful programs.

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he NUMBER ONE most important thing is your relationship with your bank.

People are INSANE to use anyone but strong local/regional banks unless they outgrow lending capacities

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Absolute truth. It can't be stated enough.