ams
New Member
Here is your proof: https://www.sba.com/status/
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Did you file for PPP?
- Thread starter Texas_Signmaker
- Start date
Texas_Signmaker
Very Active Signmaker
Christian @ 2CT Media
Active Member
But it doesn't make it any less true that they have funded all of their allocated funds.
Notarealsignguy
Arial - it's almost helvetica
Except they will have you sign a petition thinking its the actual small business administartion (sba.gov) and then youll end up with an inbox full of spam from random finance companies.
Christian @ 2CT Media
Active Member
Other than in type right at the top of the site it says not affiliated with the SBA.gov
If people aren't descerning enough, a victim they will be.
Texas_Signmaker
Very Active Signmaker
You would think that if someone was going to quote "proof" that they would cite the real SBA... not some knockoff website, that's not "proof" to me. It's like saying you read a "news" story on Facebook.
Notarealsignguy
Arial - it's almost helvetica
A website that uses the same address SBA and giving out info about SBA loans is being intentionally misleading, disclaimer or not. In the private world, they would be sued for this. Its pretty dumb to take the stance that its ok to be misleading and take advantage of someone if theyre stupid enough to fall for it. It obviously worked, looked who posted the link.
Signed Out
New Member
If you submitted today, you're probably going to be waiting a bit as the funding has dried up.
Signed Out
New Member
Ah I see.
ams
New Member
But it's still true
WYLDGFI
Merchant Member
Understood. Happy to say though It was funded on Friday evening by my bank. Ill consider myself a lucky one. But another tidbit of info:
Chase Bank shuffled Paycheck Protection Program small business applications, lawsuit says
Saw this news article this morning.
Chase Bank shuffled Paycheck Protection Program small business applications, lawsuit says
Saw this news article this morning.
Chase is sleaze. Not just based on this.
Saw an article this morning that a franchise burger chain returned the $10 million they received because they secured alternate funding, and they wanted the money made available to small restaurants. Maybe felt some remorse that although they are a chain of restaurants employing many more than 500 people, they had taken money meant for small businesses. I think that any time there is money made available, there are many people who will take advantage of the opportunity to take it. Hedge fund managers, for example, were some of the largest takers in the PPP program, even though they would have been able to support their employees without help--they continue to make money despite the lockdown, since they don't deal with money and work the way us mere mortals do. And though hamburger chains were allowed to participate, it should have been individual franchisees who had to apply for their own location, not the corporation applying. That would have made it more "fair".
Saw an article this morning that a franchise burger chain returned the $10 million they received because they secured alternate funding, and they wanted the money made available to small restaurants. Maybe felt some remorse that although they are a chain of restaurants employing many more than 500 people, they had taken money meant for small businesses. I think that any time there is money made available, there are many people who will take advantage of the opportunity to take it. Hedge fund managers, for example, were some of the largest takers in the PPP program, even though they would have been able to support their employees without help--they continue to make money despite the lockdown, since they don't deal with money and work the way us mere mortals do. And though hamburger chains were allowed to participate, it should have been individual franchisees who had to apply for their own location, not the corporation applying. That would have made it more "fair".
That would be an interesting read - if you get time forward a link. Playing 'devils advocate' what difference does it make if hedge fund managers get the loans? They employ people, pay taxes and in theory have to certify a need based on negative impavct from pandemic when they apply I'm wondering if that's going to be the catch to this program as I know some business owners in 'essential' industries who are doing fine or have even increased business but still got the loan. According to the loan terms that would open them to a lawsuit.
https://www.forbes.com/sites/lisett...chains-receiving-stimulus-funds/#6d3decc45aec
I think the point about hedge funds is that, although it's true that they have employees, not all of whom are highly paid, the only certification required was checking a box on the application to demonstrate need. And a hedge fund doesn't stop receiving its income because of the shutdown. They get their income from the fact that they handle the fund, and those who invest in the fund are paying them through commissions and maintenance fees, which are charged the same whether the fund is making money or not.
I think the point about hedge funds is that, although it's true that they have employees, not all of whom are highly paid, the only certification required was checking a box on the application to demonstrate need. And a hedge fund doesn't stop receiving its income because of the shutdown. They get their income from the fact that they handle the fund, and those who invest in the fund are paying them through commissions and maintenance fees, which are charged the same whether the fund is making money or not.
Thanks - I'm eating at Shake Shack next opportunity. I can see the challenge - govt. wanted to get money out ASAP to enable businesses to retain employees; to fully vet borrowers for need would have slowed the whole train down so you get problems like that. Not sure I understand hedge funds enough to say anything intelligent about it other than if hedge funds are like any other business than investors pulling out would seem to have a negative impact, and investors are certainly pulling out of other investments. Since they cater to high worth investors, we automatically assume everyone associated is making piles of money so understandable to be skeptical.
MI Bearcat
New Member
I'm not so sure it would open them to a lawsuit. The PPP is a loan that can possibly be turned into a grant. It doesn't automatically get turned into a grant. You have to show the bank your financials and how you used the money at the end of the term. If not used for the appropriate items than it's not turned into a grant and the loan would need to be paid back.
WYLDGFI
Merchant Member
Thats correct. The PPP turns into a grant as long as you utilize at the MINIMUM of 75% for your PAYROLL only. Paperwork and such has to back this up. Pretty easy to adhere to actually. Rest is good for rent, utilities and such.