MD and SBA Relief Grants

[Gilligan]

What do think the odds are that they are actually going to forgive these Loans? Here's what I learned.

1. The funds must be used in the 8 week period starting the day you receive the actual money from the bank. So, technically, the applicable pay period starts that day.
2. After the 8 weeks ends, you can apply to the bank for forgiveness. They have 60 days to give you an answer.

So, what if the bank says no ... maybe they want to be difficult, or the rules have been 'clarified' again and you crossed your T's incorrectly.

We opted to forgo the PPP for this reason. Too much chance you're going to have to pay it back. The problem with many businesses is that while business may once again go back to normal, they'll never recover the revenue lost during the shutdown.

I was more than willing to take that risk. We've had a large system ready to ship and can't...when it does ship, we receive a big chunk of money. Just need a financial bridge to get there.

 

[Gilligan]

One guy on YouTube said he had some of his viewers writing saying they had received their UP TO $10 EIDL emergency grants via Direct Deposit. They had all applied on 29-MAR. There was some speculation that they are running credit checks on everyone listed as a business owner, and some people, like me, have full-time credit freezes in place to protect from ID theft.

I applied on the 4th. So maybe there is still a chance for that one to come through. The business and my personal credit scores are both fine.

 

[Chris0nllyn]

Well, Chris - your Democrats are trying to muck that up as we speak.

"My Democrats"?

I've never voted for a Dem in my life and not sure why'd you make this off-the-wall comment other than to be needlessly snarky to someone who has not been.

 

[stgislander]

From the Gov yesterday...

Through the Paycheck Protection Program, the PPP, the Maryland Department of Commerce has approved $3.8 billion in loans to assist nearly 12,000 Maryland businesses. The Maryland Department of Labor is launching a new one-stop shop comprehensive online application for independent contractors, self-employed Marylanders, and all other types of claims, including federal employees, multistate wage claims, and members of the military. This will ensure that every Maryland applicant, whether they’re a W-2 employee or not, will have the option of being able to file online, which will dramatically decrease the call wait times and will also help more Marylanders get their checks faster and more efficiently.

It would be interesting to see a breakdown on these 12000 businesses.

 

[jazz lady]

From the Gov yesterday...

It would be interesting to see a breakdown on these 12000 businesses.

Indeed, as that works out to $367,000+ per company.

 

[Ken King]

Indeed, as that works out to $367,000+ $316,667 per company.

FIFY

 

[stgislander]

Indeed, as that works out to $367,000+ per company.

FIFY

We'd have been happy with a fraction of that.

 

[Ken King]

We'd have been happy with a fraction of that.

I guess you could say that you did get a fraction of it, sadly your numerator was 0.

 

[DoWhat]

FIFY

It said NEARLY 12000.
Could of been 11999.

 

[Ken King]

It said NEARLY 12000.
Could of been 11999.

Well do the maff, Studly. 3.8 billion/367 thousand = 10,354, So yeah that is almost 12,000 (not).

 

[Gilligan]

What a totally lame crock of poo looks like:

​

Since we opened the application process, tens of thousands of business owners have responded with requests. Due to enormous interest and the unprecedented volume of applications we’ve received, we’ve made the difficult decision to no longer accept new applications. However, in anticipation of possible additional funding from Congress, we have thousands of teammates working diligently to continue processing applications. Unfortunately, based on where your request is in the process, we’re not able to advise you that Truist will issue you a PPP loan. We understand this is disappointing. If circumstances later change, we will contact you but, even with additional funding, it is possible that some eligible applicants will not get a PPP loan. We remain committed to finding other ways to help you. While we’re unable to answer questions about specific applications, you’re welcome to contact your banker or email us at PPPLoan@Truist.com. Response times will be longer than usual, but we’ll get back to you as quickly as we can. We appreciate your business, and thank you for your patience during this process. Your Truist Team

So our local Suntrust banker put us on that waiting list that the Truist team now informs us we'll never be selected from. And recommends we return to our Suntrust banker to discuss "other options".

Thoroughly disgusted.

 

[stgislander]

Radio is reporting that Congress is working on an additional $110B for the PPP program, and that Shake Shack is giving the $10M they received in PPP funds back.

 

[vraiblonde]

Radio is reporting that Congress is working on an additional $110B for the PPP program, and that Shake Shack is giving the $10M they received in PPP funds back.

See, that's the thing: the chains and big boxes are sucking that money up and true small businesses aren't seeing a dime of it.

 

[stgislander]

What a totally lame crock of poo looks like:




So our local Suntrust banker put us on that waiting list that the Truist team now informs us we'll never be selected from. And recommends we return to our Suntrust banker to discuss "other options".

Thoroughly disgusted.

TIme to forward those emails to Cardin, Van Hollern, Steny, Larry, and Jack Bailey saying WTF!

 

[vraiblonde]

TIme to forward those emails to Cardin, Van Hollern, Steny, Larry, and Jack Bailey saying WTF!

You can, but they'll just ignore them.

 

[stgislander]

You can, but they'll just ignore them.

Maybe if you blame it on Trump they'll do something.

 

[black dog]

This is the only person that I know that has received any money, he sent me a text a bit ago. I didn't ask him how much the PPP loan was for???.
Good Luck everybody.....

EIDL was deposited this morning. We got $1000.00 per employee.

We called our bank this morning about the PPP loan. We were approved over a week ago and we are in the queue, just waiting for the funds to hit the account. We are actually getting a couple grand more than we asked for, not complaining.

 

[stgislander]

This is the only person that I know that has received any money, he sent me a text a bit ago. I didn't ask him how much the PPP loan was for???.
Good Luck everybody.....

EIDL was deposited this morning. We got $1000.00 per employee.

We called our bank this morning about the PPP loan. We were approved over a week ago and we are in the queue, just waiting for the funds to hit the account. We are actually getting a couple grand more than we asked for, not complaining.

Is he in the restaurant business. Reading the stories online, they seem to be the only ones getting money.

 

[black dog]

Is he in the restaurant business. Reading the stories online, they seem to be the only ones getting money.

Yes, with 15+ - employees....

 

[Bann]

TIme to forward those emails to Cardin, Van Hollern, Steny, Larry, and Jack Bailey saying WTF!

Also to POTUS! And FLOTUS! might as well include Kevin McCarthy in there, too. Email Sean Hannity, Tucker Carlson, Greg Guttfield. Start notifying people so that they can start finding out about it.