Whammer1249
Expert
- 27
That is correct, I was commenting on the previous post, not the OP. As for the EIDL, I applied last Monday and have yet to hear anything back.
Economic Injury Disaster Loan-SBA
- Thread starter samuels14
- Start date
That is correct, I was commenting on the previous post, not the OP. As for the EIDL, I applied last Monday and have yet to hear anything back.
Gilles Mulard
New Member
- 1
When i was with Score, it took 3 months for the SBA to reimburse my mileage.....It is obvious the White House dumped the 10k program on the SBA without an execution plan. It was smart to use banks for the PPP applications, but again it is a federal disbursement. I have applied for both and will be in line. Best is to check with your regional SBA office, email their representative and be patient, remember the tracking numbers.
- 10,830
I agree. But I disagree with the whole process in general. Why go through banks/SBA at all and give them a guaranteed profit?? Give the funds directly to the businesses.
Anyway. The technical reason is that the bank must already be a SBA lender. Which many small community banks and credit unions are not.
Even the ones that are, have to analyze the costs involved and make sure they are able to participate and still turn a profit. The big banks can absorb this volume with no problem, they have the systems and man power in place already. Small banks with 15 people on staff have a much higher hurdle to participate and it not become a net loss for them. A local bank I deal with said they will hopefully break even. Basically doing it for the good of the community. The big banks are making a true profit, guaranteed.
Make it fair. Give the funds directly to the company. If they dont hit the retention requirements, hit them on the back end with tax penalties. That 1% going to banks could be an extra 1% going to keep food on the table for us taxpayers.
My FMO is telling all of his agents to apply for loans. He uses the example that he has a mortgage and he owns multiple businesses. If he gets a low interest loan, or 2, he will pay off his mortgage. If the loan is eventually forgiven then good for him. Correct me if I am wrong, but I don't think this is why the program was established.
- 5,933
No it was not. It was a way to create cash flow while the flow was restricted by government mandated practices.
However; where ever you choose to put that cash flow to work for you, may be different then where others choose to use theirs.
- 10,830
Anyone heard anything about their EIDL application yet?
- 10,830
The catch with these is that you are "required" to have had an economic impact from this pandemic. They are not asking for proof on the front end.... but on the back end they can for the "Loan Forgiveness Program".
And if ever audited, you better believe they will look at that.
So for people who have not seen a reduction in income over the past 2 months, it would probably not be wise to lie to the government on a legal contract just to pay off a few bills early.
And if ever audited, you better believe they will look at that.
So for people who have not seen a reduction in income over the past 2 months, it would probably not be wise to lie to the government on a legal contract just to pay off a few bills early.
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- 30,574
What kind of hold music are they playing?
Nada. Nothing on PPP either except a templated email "we're working on your application, please be patient, blah, blah, blah."
- 10,830
I applied for PPP today. EIDL last week. Nothing yet on EIDL.
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