I think this shit show really hammers home the value of competence. This administration is absolutely incapable of governing, a totally predictable result of their complete lack of interest in ever doing the work.
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Well, Republicans generally argue that government is useless, and then do their best to prove it when elected.
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They are going to add more funding as soon as congress stops congressing. I would be ready to jump when they do. Perhaps even use alternative sources like some mentioned paypal here.
Does anyone know if banks are going to fund already received applications or they will need to be resubmitted? It is a cluster for sure.
Banks have every incentive to focus on their biggest customers first. The way they set this up was bad. Although to do it quickly not sure what else they might have done.
I feel like a lot of small businesses, if they survive, who have banking relationships with big banks are going to have to evaluate that going forward.
That being said bank consolidation has been extreme over the last couple decades and there are not a lot of options. It doesn’t seem like many banks were handling this as first come first serve.
Already tried Paypal. Already did everything I need to do with my big bank. There’s nothing I can do but wait.
Both mentioned they will continue to review applications while waiting for more funding, so I don’t think people will need to reapply, but that is just a guess.
A government program during a time of crisis shouldn’t be run like a black friday sale, don’t you think?
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Fwiw, I do think PayPal is very much worth a shot for anyone itt still going through this nightmare. They have been way more responsive to me. I’d bet 20 to 1 they end up submitting my application to the SBA before my big bank does, assuming that becomes possible again.
(Also, I read on some FAQ that SBA is tracking application by EIN or SSN, so I don’t think there should be any issue with applying at multiple banks. Figure worst case if they mess up and I get two loans I just pay one back right away).
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I find myself agreeing that the “fair” way to do it would’ve just been bigger checks to citizens, but even that turns out to not be perfect.
I saw a story today that a bunch of $1200 stimulus payments went to foreign students who held summer jobs as part of their year of study in the USA. They had since moved back home (overseas), but because they filed 2018 tax returns, received Trumpbucks today. Same thing with the dead people getting checks. Relatively minor, I know.
Like I said, I agree that PPP wasn’t an ideal plan, but being mad that it ran out of money is different than being upset at the plan itself. Simple math tells you that the PPP plan couldn’t possibly have been given to every single business.
I just went through this with my mother, helping her out with closing out/transferring her late husband’s accounts. The person at one bank mentioned that we should leave his name on the accounts for a while, in case some payments come in under his name. We left one account open under his name, but removed his name from several others. I’ll have to tell her about this possibility, in case she doesn’t get it.
I think since the death happened in 2020, he is considered “alive” for the whole year for tax purposes, and so she should receive $2400.
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Silly me, I thought there was concurrent notification to social security and all financial institutions when a death certificate is issued. In my experience the death certificate allows the executor to “unlock” the account and re-title it in the name of the estate.
Government bailout = the UN grain truck at the beginning of Black Hawk Down
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Same, at this point I highly doubt I ever get the $1,200. We’ll see.
Soc. Sec. knew immediately, and my mother’s monthly check was increased right away, but I guess the IRS is not one of those notified.
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100% agree. PayPal at least let us know we didn’t get in under the bar, but that they’ll be prepared to submit us on the next round. And I actually believe that might be in order of application. What have I heard from Chase? Jack fucking shit. For all I know I’m in a file that slipped behind somebody’s desk.
Met with my partners, am keeping my employees at 65% percent of salary for one more pay period, after that all bets are off. Really, really, don’t want to let people go. This is probably one of those situations where our lack of ruthlessness in business makes us shitty business owners, but oh well. I think this is probably all going down in flames anyway, so might as well have as few regrets as possible.
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Figure out what they’d get with UI +600/wk, and if you’re paying them less than that you may actually be hurting them financially by trying to be the good guy.
The ruthless business types laid everyone off already, applied for a PPP loan, and will use exactly 75% of it on technically allowable expenses (like rent to themselves on a building they own) to qualify for forgiveness.
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I don’t know anything about unemployment, and idea how I’d figure that out?
AFAIK 75% must be used for payroll expenses to qualify for forgiveness, only 25% can be used for other allowable expenses (rent, mortgage, utilities). At least according to the rule.
It varies by state, I’d just suggest Googling “How much is unemployment in (state)” and then maybe also how much of that is on you, I do think you get hit with a cost for it, but I could be wrong.
Your rates will likely increase if you lay off/fire a bunch of people. You pay into the program in advance as part of payroll.
That is correct. Also, the maximum percentage of forgiveness is figured first by taking the number of full-time equivalent employees as of the loan application date divided by the number of full time equivalent employees on June 30.