Not a good look to start making drastic changes to relatively popular programs you promised not to touch the same day you start your reelection campaign.
Meh, I’ve lived my entire life with the GOP screaming about SS/Medicare. They’ve had numerous chances to kill it. They love bringing it up because it riles the rubes up. But taking it away is a completely different thing.
Things are indeed moving. One of our two PPP loans were approved today. The second, and much larger one, was sent back for additional documentation.
When the request came for more documentation on the big loan, I asked him if it mattered since the money was probably gone by now anyway. He neither confirmed nor denied and instead said, “At this time we are still taking in applications and still receiving approvals.”
The one that was approved was the one I put through as a sole proprietorship without a traditional payroll, and the supporting documentation included a Schedule C that showed $0 in business expense. That should alleviate some concerns from the people ITT who are worried they may not qualify. You’ll get at least your free $20k if you just apply for it, as long as you can certify everything on the application. That is, unless the money runs out first.
They absolutely tried to nuke Obamacare and only failed because attention whore McCain wanted to humiliate Mitch.
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Update: Nothing in the bank account yet. Word on the street is they are issuing direct deposits in reverse adjusted gross income order so we would be nearer the back of the line based on 2018 numbers.
I’ve finally been assigned a rep for my unemployment case after 4 weeks. He has requested additional info. It is impossible to reach him because all circuits are busy even though I have a direct number.
Thanks for the information on the sole proprietorship application. Anyone have any recommendations for a place to try applying online you do not already have an account with. My girlfriend is a self employed realtor who doesn’t have an official business checking account with her bank(she just uses a separate regular checking account for her business) and both them and a local credit union I use will only accept applications for existing members who had a business account with them prior to February 15th.
Our PPP loan was approved last week, the money is in the bank as of this morning. The local bank we worked with was definitely the way to go.
I’m still waiting on our PPP application with Chase, it was submitted last Monday early afternoon, received confirmation email that evening. Based on my understanding of what other people submitted, our application/support materials should be ironclad. Would sure like to have it approved.
Zero word on our EIDL application, which was submitted on 3/30.
LFS, did you find out more about increasing the level of compensation? The PP documentation says that we need to maintain levels of compensation, and I’m not sure we can get some of the people back to 100% of their salaries if those cuts started before this year.
No solid info. Getting these loans is going to look like a picnic once we all shift our attention to forgiveness. IMO.
If you get SBA approval, the money has to be set aside for that loan, even if not yet funded. So I think applicants in that spot should feel pretty good.
My sense is the big banks are moving very slowly because they’re terrified of the blowback. They’re asking for more documentation than smaller banks as a knee jerk reaction to all their regulatory problems since the GFC.
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Yeah I’m getting screwed by Capital One slow rolling this. They haven’t even taken my application yet. The money is probably going to be gone by the time they get to me. Absolutely zero chance they keep my business after this almost no matter what now. I’m obviously on the waiting list for half a dozen other institutions, but with all my business accounts being through Cap One I think I’m probably stuck with the girl I came to the dance with.
I really hope that 1.2B is correct. If that’s correct it isn’t running out of money yet. I honestly feel like it’s been a complete dumpster fire so far and the throughput on loans has been incredibly weak, so very little money has actually gone out yet. At least I hope that’s the case, because if it isn’t I’m going to be even more furious with Capital One than I already am.
Nice humblebrag.
This makes the most sense as a matter of public policy.
I agree, and am a more than little scared about it, but we decided to move forward and deal with that as best we can.
Wasnt meant to be. The important part of that statement was 2018 income.
Anyone wake up to your government Cheddar this morning?
I woke up to an email telling me that EIDL advances are being limited to $1,000 per employee. So far that is the only acknowledgement I’ve had that they even received my application.