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Message
re: rough day for a lot of small businesses
Posted on 4/17/20 at 10:50 am to DarthRebel
Posted on 4/17/20 at 10:50 am to DarthRebel
quote:
there is a lot of dis-information being spread.
bullshite. WHere's mine? I applied April 6th!
1
Posted on 4/17/20 at 10:51 am to RolltidePA
They should have gotten in on the lawsuits. Some little podunk dealers that should have gotten shut down kept their franchises.
My family is definitely not Dem and there was little to no talk of us getting shut down.
My family is definitely not Dem and there was little to no talk of us getting shut down.
Posted on 4/17/20 at 10:51 am to TheCurmudgeon
We are with Chase, and they delayed getting a process up and going and then handed out loans to the folks who owed them the most money first until the money was gone. This is basically another bailout for the banks from what I can tell so far. We had our application in immediately when it opened and did not get processed because we don't owe them any money.
This post was edited on 4/17/20 at 11:12 am
Posted on 4/17/20 at 10:52 am to TheCurmudgeon
I know it’s shitty but I’m at the point where I hope that these idiots who want to stay shut down TO SAVE LIVES start losing their jobs (if they even had one). You want it, you get it.
Posted on 4/17/20 at 10:54 am to DarthRebel
quote:
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.
If you had a good bank to work with, you are right.
A lot of people were at the mercy of their banks. Most banks weren't taking apps from non-banking customers.
Your statement is a pretty good example of not being able to see past your own personal experience. There are a TON of small businesses that didn't get funded.
Posted on 4/17/20 at 10:54 am to TheCurmudgeon
quote:
Talked with a couple folks today who found out this morning their businesses didn't get PPP money.
None of that matters. Nancy's got ice cream y'all!!
Posted on 4/17/20 at 10:55 am to TheCurmudgeon
Small business is getting destroyed
Oligarchs and large corporations are reaping all the benefits
I’m MAGA as can be, but this isn’t MAGA
Oligarchs and large corporations are reaping all the benefits
I’m MAGA as can be, but this isn’t MAGA
Posted on 4/17/20 at 11:01 am to VADawg
quote:
This was predictable and a prolonged shutdown will make this infinitely worse. Government is killing small businesses and these governors simply don't give a shite.
But specifically with PPP, it's the Democratic House that refused to approve additional funding unless more money was given to state governments and other liberal priorities.
Posted on 4/17/20 at 11:01 am to TheCurmudgeon
quote:
They're forced to pay a lot of employees who qualify under both the Emergency Paid Sick Leave Act and the Emergency FMLA Expansion Act, but just don't have the revenue or cash flow now to do that.
The are payroll tax credits to help cover most of that cost, as well as the new Employee Retention Credit to help cover $5,000 of payroll costs for employees not using sick pay or family leave.
Does it cover 100 percent? No. But it might help.
The problem is you can't get those credits if you get PPP.
Posted on 4/17/20 at 11:01 am to DarthRebel
quote:
I also fully believe there is a lot of dis-information being spread.
But there's really not.
Posted on 4/17/20 at 11:01 am to DarthRebel
quote:
We got ours and the process was a breeze. Was deposited with days of paperwork finalized.
Must be nice. My wife's business was left out in the cold. Her business and building loan is through Wells Fargo and they essentially told her to pound sand. Tried to go through an online lender, now the program is out of money so she and others like her are screwed. She was approved for the EIDL and still hasn't received anything.
This falls squarely on the shoulders of the do nothing Democrats and the crappy banks.
Also the IRS is moving slowly on our tax refund so we can't fall back on that if needed.
Just a crappy Friday right now.
Posted on 4/17/20 at 11:03 am to BigJim
quote:
But specifically with PPP, it's the Democratic House that refused to approve additional funding unless more money was given to state governments and other liberal priorities.
Community based lenders. Not SBA approved banks. Community based lenders.
Posted on 4/17/20 at 11:03 am to CaptSpaulding
quote:
I hope that these idiots who want to stay shut down TO SAVE LIVES start losing their jobs
If they are getting the enhanced unemployment they could be getting over $1,000 a week in unemployment plus the additional payments. I wouldn't want things to open back up either if I was making that kind of money to sit on my arse.
Posted on 4/17/20 at 11:04 am to LSUFanHouston
quote:
quote:
They're forced to pay a lot of employees who qualify under both the Emergency Paid Sick Leave Act and the Emergency FMLA Expansion Act, but just don't have the revenue or cash flow now to do that.
The are payroll tax credits to help cover most of that cost, as well as the new Employee Retention Credit to help cover $5,000 of payroll costs for employees not using sick pay or family leave.
Does it cover 100 percent? No. But it might help.
The problem is you can't get those credits if you get PPP.
Credits are after the fact, months from now. note the bold above. These guys are living in the now unfortunately.
Posted on 4/17/20 at 11:06 am to TigerGman
quote:
bullshite. WHere's mine? I applied April 6th!
Well ask your bank? It is not a government issue.
Posted on 4/17/20 at 11:07 am to idlewatcher
quote:
Just a reminder:
1.6M businesses got $369B
The rest are left out in the cold (so far)
But Ruth’s Chris steakhouse with 5k employees got $20M from PPP so yay!
Posted on 4/17/20 at 11:12 am to moneyg
quote:
Your statement is a pretty good example of not being able to see past your own personal experience. There are a TON of small businesses that didn't get funded.
Well, that is our experience and several hundred thousand other companies as well. Maybe million+ companies, I have no idea how many got funded.
There was a lot of incorrect information placing blame on the treasury and SBA, but the issues are within the banks, you are correct on that.
Posted on 4/17/20 at 11:12 am to TheCurmudgeon
That happened to the business of a family friend here in Los Angeles. Meanwhile, Gavin Newsom is giving $125 million to illegals in the state.
Posted on 4/17/20 at 11:14 am to LoneStarRanger
quote:
Small business is getting destroyed
Oligarchs and large corporations are reaping all the benefits
I’m MAGA as can be, but this isn’t MAGA
I agree wholeheartedly.
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