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Started By
Message
awwwww shite! SBA putting out a "jobs saved/retained" number of 3.4 million from PPP
Posted on 4/6/20 at 10:08 am
Posted on 4/6/20 at 10:08 am
129k PPP loans approved
$38 billion paid out
3.4 million jobs "saved or retained"
++++++++++++++++++++++++++++++++++++++
Now...I shite all over that metric when Obama was spewing it; however, there's actually a basis for this number since you have to provide payroll information (which includes numbers of employees) when you apply for these loans.
ETA: changed it to approved in light of this article: LINK
ETA2: changed from "approved" to "paid out" per FoxBusiness
$38 billion paid out
3.4 million jobs "saved or retained"
++++++++++++++++++++++++++++++++++++++
Now...I shite all over that metric when Obama was spewing it; however, there's actually a basis for this number since you have to provide payroll information (which includes numbers of employees) when you apply for these loans.
ETA: changed it to approved in light of this article: LINK
ETA2: changed from "approved" to "paid out" per FoxBusiness
This post was edited on 4/6/20 at 2:13 pm
11
Posted on 4/6/20 at 10:10 am to udtiger
Thanks Obama!
Posted on 4/6/20 at 10:10 am to udtiger
No chance this data is correct. The SBA provided additional requirements to lenders on Saturday that were needed to process applications. Fundings couldn't take place over the weekend with the Federal Reserves closed.
Now they will certainly start to sky rocket this week, and the money will run out,but i don't understand how they are saying $34Bn was funded. If it was, those banks are taking the risk of the applications not being fully gauranteed by the SBA.
Now they will certainly start to sky rocket this week, and the money will run out,but i don't understand how they are saying $34Bn was funded. If it was, those banks are taking the risk of the applications not being fully gauranteed by the SBA.
Posted on 4/6/20 at 10:11 am to catfish 62
Correct
Posted on 4/6/20 at 10:12 am to udtiger
I wonder how many applicants will eventually be charged with bank fraud.
Posted on 4/6/20 at 10:12 am to udtiger
13 employees here.
Posted on 4/6/20 at 10:13 am to catfish 62
It is a bullshite number. My job has not been saved, and I have not applied for any assistance.
It's crap, whether Odummy did it or Trump does it now.
It's crap, whether Odummy did it or Trump does it now.
Posted on 4/6/20 at 10:13 am to catfish 62
quote:
Fundings couldn't take place over the weekend with the Federal Reserves closed.
I wonder if they are counting the $10K EDL's as part of the PPP? Many of those were funded Thursday / Friday...
Posted on 4/6/20 at 10:13 am to udtiger
So you’re telling me Trump actually saved most people’s jobs?! No way!!!!
Posted on 4/6/20 at 10:14 am to mtntiger
quote:
It is a bullshite number. My job has not been saved, and I have not applied for any assistance.
...doesnt the number only include people who got PPP assistance or am I misunderstanding?
Posted on 4/6/20 at 10:14 am to catfish 62
quote:
No chance this data is correct. The SBA provided additional requirements to lenders on Saturday that were needed to process applications. Fundings couldn't take place over the weekend with the Federal Reserves closed.
Now they will certainly start to sky rocket this week, and the money will run out,but i don't understand how they are saying $34Bn was funded. If it was, those banks are taking the risk of the applications not being fully gauranteed by the SBA.
I get your point concerning the data and the Fed being closed. Not arguing at all. Just wanted to say that I received emails from my bank yesterday, on a Sunday. Not some computer generated, mass email. I real person that I had some back and forth with. Banks are getting hammered with all the applications.
Posted on 4/6/20 at 10:23 am to catfish 62
quote:
The SBA provided additional requirements to lenders on Saturday that were needed to process applications. Fundings couldn't take place over the weekend with the Federal Reserves closed.
from what i understand those restrictions have been lifted. part of the reason for the big jump in the Dow this morning
Posted on 4/6/20 at 10:26 am to udtiger
How many of those are jobs that wouldn't have been eliminated anyway? In other words, how many of those job numbers are just related to employers securing free government money for keeping employees on payroll that they never intended to let go in the first place?
Posted on 4/6/20 at 10:30 am to udtiger
I have been talking to several bankers that includes Capital One and Chase Bank.. Everyone of them are puzzled by these numbers because for some banks, the portal to submit applications did not even open until Friday noon. Other banks did not have their portals opened until sometime Saturday.
Not a one of the banks I have talked to have had any of their applicants funded yet...
Not a one of the banks I have talked to have had any of their applicants funded yet...
Posted on 4/6/20 at 10:31 am to udtiger
quote:It's not any better this time.
Now...I shite all over that metric when Obama was spewing it;
Posted on 4/6/20 at 10:36 am to udtiger
Roughly $10,900 per job? This seems to be more expensive than just letting them collect unemployment? What's the point of this besides to skew the unemployment numbers?
Posted on 4/6/20 at 10:43 am to udtiger
changed from funded to approved
LINK
LINK
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.
Posted on 4/6/20 at 10:49 am to BigPerm30
quote:
Roughly $10,900 per job? This seems to be more expensive than just letting them collect unemployment? What's the point of this besides to skew the unemployment numbers?
So businesses can pay rent, utilities, health care premiums AND pay their employees? Gee, I don't know.
Does them no good to collect unemployment if they don't have a job to come back to. I'm not sure it would be a good idea to just let unemployment cover everyone and then have thousands of businesses close their doors for good.
Posted on 4/6/20 at 11:22 am to VABuckeye
quote:
So businesses can pay rent, utilities, health care premiums AND pay their employees? Gee, I don't know.
Thanks, that’s what I wanted to know. I thought it was only a pass through to employees.
Posted on 4/6/20 at 11:30 am to BigPerm30
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