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JetsCoach
LSU Fan
Bossier City
Member since Dec 2017
539 posts

Why are there so many Small Businesses that have never received any PPP $ ?
I feel so sorry for my friend who has a neighborhood bar and has been forced to shut down for 2 1/2 months, applied for PPP and has yet to receive anything from the PPP program that she applied for. How can a Govt. close you down and repay you nothing? Sure looks like many lawsuits will be filed. I hope she kicks the Govts arse. Do any of you know of businesses like this?



LSUJML
LSU Fan
BR
Member since May 2008
23441 posts

re: Why are there so many Small Businesses that have never received any PPP $ ?
Are they continuing to pay employees for a closed down bar?
Seems like that’s an unemployment situation

ETA
She may be in the bind that I think salon owners were, stuck between the 2

It really sucks that people are losing their businesses they put everything into
This post was edited on 7/12 at 11:04 pm


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40
Aristo
LSU Fan
Baton Rouge
Member since Jan 2007
12024 posts

re: Why are there so many Small Businesses that have never received any PPP $ ?
A friend of mine sunk her life savings into a bar 3 months before she was told to shut it down due to covid. She lost everything.


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61
TDFreak
Florida Fan
Baton Rouge
Member since Dec 2009
3684 posts

re: Why are there so many Small Businesses that have never received any PPP $ ?
You sort of bring up two issues. The bar closings (because corona knows the difference between a bar & a restaurant), and businesses owners not getting PPP loans.

Well, on the PPP loans, you might recall that Chase sat on a lot of applications by their small business customers so they could take care of their larger customers who also happened to have loans with Chase Bank. They had a vested interest in seeing those companies avoid bankruptcy.

Plus, there were a lot of shady PPP applicants. Your friend missed out while the folks/entities with deep-enough pockets to actually ride this out got free money. Think trial lawyers (Gordon McKernan, Spencer Callahan), the EBR Council on Aging, and even rich Kanye West received PPP money.

It is sickening. The greed at all levels.


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90
MetrySaint24
Tulane Fan
Metairie
Member since Nov 2018
349 posts

re: Why are there so many Small Businesses that have never received any PPP $ ?
I own 2 bars, the PPP wouldn't have done much for me as my payroll isn't that big and if you took the PPP as a business shutdown you were essentially paying your employees not to work when they could make more on unemployment, didn't make sense for the bar owner or the bar employee. I also banked with Capital One and they were the last bank willing to do anything with PPP and even when they started taking the apps their process was an absolute circus. I applied for the EIDL loan and was approved for a lot more than I was looking for. I almost took a lot less than the max simply because I didn't want the debt and thought we would be reopened again sooner than later. At the last minute I decided to take the max and thank god i did because I would probably be on my last leg right now with this 2nd closing. After almost 2 months of being open the 1st week I was able to start paying myself anything was last week just in time to be shutdown again. The way the governor went about the most recent shutdown was pretty horrendous. 36 hours notice mid Saturday and nothing setup financially to assist the industry he shutdown. A lot of people are going to be looking to get out and/or go under if this shutdown goes into late August because usually you come out of summer and get a boost from football season and that's looking less and less likely. If he was going to shut us down he should've done so on the 1st, you have a lot of people who paid full rent in March and got a half month and now have paid full rent in July and got 10 days. Even the landlords who will work with you aren't giving that cashed check back, especially the 2nd time around.


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61
Little Trump
Alabama Fan
Florida
Member since Nov 2017
3646 posts

re: Why are there so many Small Businesses that have never received any PPP $ ?
If your company has taxed employees also paying SS(IE taxable W9 employees), through 2019, you can receive EIDL, PPP and SBA loan

If you hire only independent Subcontracors as employees(bars, restaurants, hair salons, some contractors and tons of companies?) then you receive nothing but are supposed to be eligible for a low interest SBA business loans but it’s my experience that nothing has come through to these companies

Long and short, hire employees that pay in taxes and SS(W9 employees) and government helps you. But if you don’t then you get nothing

There’s your government working for you!


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Buckeye Backer
Ohio State Fan
Columbus, Ohio
Member since Aug 2009
6791 posts

re: Why are there so many Small Businesses that have never received any PPP $ ?
quote:

I feel so sorry for my friend who has a neighborhood bar and has been forced to shut down for 2 1/2 months, applied for PPP and has yet to receive anything from the PPP program that she applied for. How can a Govt. close you down and repay you nothing? Sure looks like many lawsuits will be filed. I hope she kicks the Govts arse. Do any of you know of businesses like this?


And yet, here in Ohio, the Ohio Democratic Party received $334k in PPP for campaign financing while the Ohio Republican Party took $0. Absolutely shameful that they took our hard earned taxpayer money for campaigning while hard working American were being FORCED to close their businesses. If we had a real media, people would all know about this kind of stuff. But we don't, so people like your friend are stuck, with nowhere to go or anybody to help them.

This post was edited on 7/13 at 6:21 am


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gthog61
Georgia Tech Fan
Irving, TX
Member since Nov 2009
59363 posts

re: Why are there so many Small Businesses that have never received any PPP $ ?
There is so much wrong with so many things.

The war on any concept of ethics and accountability is bearing fruit, especially among government employees.

The concept of calling balls and strikes and treating everybody the same and fairly when doling out government money apparently is optional.


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Mid Iowa Tiger
Iowa State Fan
Undisclosed Secure Location
Member since Feb 2008
8969 posts

re: Why are there so many Small Businesses that have never received any PPP $ ?
I know several small business owners who did not apply. The conflicting incentive for unemployment made them worry they would not be able to keep employees around. Employees who could make the equivalent of a little over $20 an hour sitting at home because they "feared" catching Covid.

Then all of the sudden none of the loan would be forgivable.


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Alltheway Tigers!
LSU Fan
Baton Rouge
Member since Jan 2004
5765 posts

re: Why are there so many Small Businesses that have never received any PPP $ ?
quote:

has yet to receive anything from the PPP program that she applied for. How can a Govt. close you down and repay you nothing? Sure looks like many lawsuits will be filed. I hope she kicks the Govts arse. Do any of you know of businesses like this?


Your friend either did not try hard enough or something in her finances did not allow.

Seriously, they are handing out PPP loans like beads at Mardi Gras. Lack of trying or lack of financial info.


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11
CelticDog
LSU Fan
Member since Apr 2015
32538 posts

re: Why are there so many Small Businesses that have never received any PPP $ ?
so many trump allies took it.

finite.

cabinet member billionaire wife of mitch mcconnell got it.


The Maj
Alabama Fan
Member since Sep 2016
12854 posts

re: Why are there so many Small Businesses that have never received any PPP $ ?
quote:

Why are there so many Small Businesses that have never received any PPP $ ?


Most of the problem with PPP loans have been with the banks. I know Chase sat on a bunch of loans and Regions refused to take applications for any new PPP loans at one point.

Really ridiculous to say but there really has not been a problem getting EDL through the SBA and the advances because you are not having to go through a bank.


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SDVTiger
Hawaii Fan
Cabo San Lucas
Member since Nov 2011
45444 posts

re: Why are there so many Small Businesses that have never received any PPP $ ?
quote:

so many trump allies took it.

finite.


This is really stupid even for you


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TigerB8
LSU Fan
Marietta, GA
Member since Oct 2003
6219 posts

re: Why are there so many Small Businesses that have never received any PPP $ ?
Because people like bobby flay, Robert Deniro and Tom Brady needed the money for their failing businesses first.


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