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Started By
Message
$1.7 trillion in PPP apps
Posted on 4/6/20 at 8:43 pm
Posted on 4/6/20 at 8:43 pm
$350 billion allotted.
This thing is ripe for fraud. $1.7 T is 6 weeks of payroll for every American.
This thing is ripe for fraud. $1.7 T is 6 weeks of payroll for every American.
This post was edited on 4/6/20 at 8:53 pm
8
Posted on 4/6/20 at 8:49 pm to anc
That can't be right, Chase said they will be calling me soon to apply.
They wouldn't lie, would they?!
They wouldn't lie, would they?!
Posted on 4/6/20 at 8:49 pm to anc
quote:
$1.7 trillion in PPP apps
Where'd you get that figure from?
Posted on 4/6/20 at 8:50 pm to anc
And there are those that say banks aren’t wanting to take on PPP loans from non-clients because they want to protect their balance sheet. No, it is because like the OP says, this is ripe for fraud. Have to be careful here. No matter what crisis is going on, there are plenty of crooks out there that could give a shite.
Posted on 4/6/20 at 9:01 pm to deathvalleytiger10
Damn I hope you are wrong. My application is still pending.
Posted on 4/6/20 at 9:06 pm to dovehunter
quote:
Damn I hope you are wrong. My application is still pending.
Yeah, there's no way in hell that's even remotely right.
Posted on 4/6/20 at 9:07 pm to anc
I haven’t seen this number, but I am business development for a payroll company. If the amount of requests my company has received for 2019 and 1st quarter 2020 payroll information is any indication of how it is in the rest of the country, then this number is easily believable. Companies that are running strong and do not need the money are applying. I would guess 75-80% of our clients have applied for one or the other.
Posted on 4/6/20 at 9:13 pm to deathvalleytiger10
I can believe it. BOA alone is already at 10%
ETA: Actually no, still doesn’t seem right. 1.7 T seems high.
CNBC
ETA: Actually no, still doesn’t seem right. 1.7 T seems high.
quote:
Bank of America that it’s seen fierce demand for rescue loans with applications already accounting for nearly 10% of the entire amount allocated by Congress.
The bank confirmed that it has received applications from 177,000 small businesses for a total of $32.6 billion in financing.
The current numbers are applications and do not represent the sums the Small Business Administration has approved.
CNBC
This post was edited on 4/6/20 at 9:19 pm
Posted on 4/6/20 at 9:21 pm to WestSideTiger
Scott Melker seems to be the source.
LINK
Melker is usually legit.
LINK
Melker is usually legit.
This post was edited on 4/6/20 at 9:27 pm
Posted on 4/6/20 at 9:22 pm to McTTiger
Yeah, who would have thought that allowing businesses that will not stop working through this (that still have all of their available resources to deal with the application mind you) would cause the numbers to inflate.
I work for a professional service firm. We might be closed for 2-3 weeks most after this month if work dries up. I know we applied, will likely get it, and the employees are still earning their wages by providing services
In other words, some companies will profit off of this.
I work for a professional service firm. We might be closed for 2-3 weeks most after this month if work dries up. I know we applied, will likely get it, and the employees are still earning their wages by providing services
In other words, some companies will profit off of this.
Posted on 4/6/20 at 9:26 pm to anc
quote:
Scott Melker seems to be the source.
That number just ain't right.
Posted on 4/6/20 at 9:28 pm to wareaglepete
Given all the info you have to provide it would seem tough to defraud the government on this. Maybe I’m being naive but we sure had to do dot I’s and cross T’s.
Posted on 4/6/20 at 9:29 pm to wareaglepete
quote:
No matter what crisis is going on, there are plenty of crooks out there that could give a shite.
That’s a gross understatement. There are scumbags out there who have spent their whole lives waiting for this moment.
Posted on 4/6/20 at 9:30 pm to dovehunter
quote:
Given all the info you have to provide it would seem tough to defraud the government on this. Maybe I’m being naive but we sure had to do dot I’s and cross T’s.
Thing is... you can be rocking and rolling along and all you have to do is certify that you might be detrimentally affected by COVID-19 and boom... you are eligible. Just check this box:
quote:
Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.
Plus... they made individual hotels/motels/restaurants of chains eligible. That'll eat up alot of the money.
Mnuchin did say he wasn't worried... they'd just go to Congress and get more if the $349 billion ran out.
This post was edited on 4/6/20 at 9:32 pm
Posted on 4/6/20 at 9:31 pm to dovehunter
quote:
Given all the info you have to provide it would seem tough to defraud the government on this. Maybe I’m being naive but we sure had to do dot I’s and cross T’s.
Have you seen the application. I helped a family member apply for $120k. It took all of 7 minutes to gather the required info.
This thing is going to end up being 50% fraud.
Posted on 4/6/20 at 9:34 pm to anc
quote:
It took all of 7 minutes to gather the required info.
941s, 940, W3, Dec 31 earnings report/payroll journal, Feb 29th earnings report/payroll journal.
That's pretty much it.
Unless the bank gets goofy and wants income statements, corporate charters, the original SS-4, Certificates of Good standing and other stuff the that SBA didn't ask for.
quote:
This thing is going to end up being 50% fraud.
And is it wrong that I hope that those 50% get the Covid and die, or come really close to dying?
This post was edited on 4/6/20 at 9:35 pm
Posted on 4/6/20 at 9:40 pm to anc
Chase still hasn’t even begun accepting applications.
Posted on 4/6/20 at 9:43 pm to SSpaniel
What we have here is version 2.0 of the Deepwater Horizon Claims Facility, on a national basis.
Some are going to make out like bandits while others don’t get the help they need.
Some are going to make out like bandits while others don’t get the help they need.
This post was edited on 4/6/20 at 10:22 pm
Posted on 4/6/20 at 9:43 pm to GridIronTigerBaw
quote:
Chase still hasn’t even begun accepting applications.
I don't think Capital One has either. Nor Citigroup, nor has First Horizon(more regional in nature).
This post was edited on 4/6/20 at 9:44 pm
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