Small Business Disaster Relief

[TeamAmerica]

I have not applied but you are right about deadlines. They have loosened several restrictions and now that the public companies and several others do not qualify you should have no problem getting approved.

[Kingfisher789]

Lol...….great rhetorical question!!!
It will end up being the BIGGEST transfer of wealth in American history...…...and nobody on TBH is swimming in that pond. The fallout is gonna be ginormous for decades...…….but FEAR is a wonderful salesman.

Smooth and Fair aren’t allways Banker lingo

[Kingfisher789]

Anybody applied lately? I still haven't done it, but I'm thinking about it. I understand that there is still over $100 billion available and you have until June 30th to apply. My brother in law received funding this week for his small business. Another friend received 7 figures 2 weeks ago for his oilfield rental company. It seems they have changed the rules for funding and it is easier with longer terms.

100 billion USA dollars?

[MAP]

Out of curiosity I did some calling around the past few days. I guess the reason there is still money available is because the banks are not offering the program anymore. And the few that are, are requiring you to have an existing account with them. I mentioned to one bank that I called that "with only 6 branches you would think that you would be trying to help out and pick up more customers, your missing a good opportunity to do that".

Still seems to be a lot of confusing information about it. Each of my friends who received it, have all said different things as far as the terms.

[TeamAmerica]

Just a friendly reminder if anyone still needs assistance to make payroll:

https://www.adp.com/contact-us/customer-service/paycheck-protection-program.aspx

The government has extended the deadline to apply for Paycheck Protection Program (PPP) loans to August 8, 2020 or until available funds run out.

Also, they reduced the amount required to be spent on payroll from 75% to 60%.

A loan may be fully forgiven if all the following three conditions are met:

The loan proceeds are spent, or qualifying costs are incurred, within the applicable covered period following receipt of the loan proceeds (unless using an Alternative Payroll Covered Period for payroll costs, described below).
At least 60 percent of the loan amount was used for eligible payroll costs, and no more than 40 percent was used for the other Loan Uses described above.

Example: If a small business seeks 100% forgiveness on a loan for $50,000, at least $30,000 must be for payroll costs during the applicable covered period following disbursement of the loan. No more than $20,000 may be for the other Loan Uses described above.
Staffing and pay levels must be maintained during the applicable covered period immediately following disbursement of the loan.

[Landrover]

$131 billion left over......wow!!![emoji2962]

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[TeamAmerica]

$131 billion left over......wow!!![emoji2962]

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Yep. And now that the borrowers are all public, some will probably end up returning their funds!