Economic Injury Disaster Loan-SBA

[DayTimer]

I applied for PPP today. EIDL last week. Nothing yet on EIDL.

And yet the Airlines already got $60 billion disbursed.

 

[Tahoe Ray]

And yet the Airlines already got $60 billion disbursed.

Yep...I don't personally know any small business owners who have received PPP yet (or EIDL for that matter). Many of us applied early a.m. on April 3rd (and even earlier for EIDL)

 

[DayTimer]

Yep...I don't personally know any small business owners who have received PPP yet (or EIDL for that matter). Many of us applied early a.m. on April 3rd (and even earlier for EIDL)

I posted this elsewhere but it is quite fitting here as well ... And that 880 billion to th e corporations is before the FED gets to leverage it to $4 trillion to the corporations. This is why there will likely be no more help to the working families of America. Congress took good care of the donor class the first time around.

 

[scagnt83]

And that doesnt include the TRILLIONS in "liquidity" (subsidies) the Fed/Treasury has pumped into financial markets. And it mainly benefits the top 5% and is largely what has made many of them the top 5%...

 

[Markthebroker]

I've applied for the ppl and the eid both. My ppl has gone nowhere with my bank, and the SBA hung up on me this morning after I waited over an hour to finally get through and follow up on the loan I applied for a week ago. I guess I'll try again tomorrow.

This is grade A F*ckery, resulting in complete shenanigans into a stage 4 cluster snuggle.

This reaffirms my belief that the government couldn't find their rear end with a map and a flashlight, and I've made the right decision being a libertarian. At least I'm not disappointed as neither loan has gone through, as I completely expected the government to bungle this. This whole thing is going about as well as Elon Musk's promise to donate 1,000 ventilators.

 

[pfg1]

I don't personally know anyone that has gotten loan money yet. I've heard of some folks that got approved. Most folks that I know who have applied are in hurry up and wait mode. I know the banks are probably overwhelmed. I heard that several big banks met their PPP limits within like 3hrs on the first day and wouldn't allow any more applications to be submitted, told folks they have to go directly to SBA.

 

[sman]

Just got my approval today on the PPP loan. Not sure when the money will come, but a couple of other folks I've talked with were told they would get their money within 72 hours. One was approved this past Friday and the other on Monday so they both should be getting their money today or tomorrow if done within the 72 hours.

 

[FETalk]

Does anyone know how the SBA determines how much a particular business/independent contractor is eligible for under the "Paycheck Protection Program"?

 

[pfg1]

I know the banks have a worksheet to fill out that calculates the specific eligible amount. Pretty sure its basically about 2.5x monthly payroll costs

 

[FETalk]

The way businesses are suffering, you would think that they would allow for at least a half of a year's worth of total monthly expenses.