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My experience with the CARES Act

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Re: My experience with the CARES Act

#11

Post by crooked-v »

howmayiannoyyou wrote: post #7

Applied for EIDL 3/18 w/ application number 20001.... was in the first group. Applied again, twice, as two successive systems had to be deployed after the first crashed. I've received $15,000 as an advance. The EIDL loan is critical to our survival, but my guess is the program will be void of funds soon, and well before I see any money. I did get PPP funds. This will keep my people on the payroll another two months t…

> and even fewer will hold China accountable

Accountable for what?

Re: My experience with the CARES Act

#12

Post by jacobolus »

throw_m239339 wrote: post #9

The bill was rushed and people who needed it the least ended up profiting more than people who needed it the most and weren't successful in applying. The fault is on the people who designed that bill. The whole "please give back the money" political posturing, is just that, political posturing. The whole small business == 500 employees PER location is a farce for instance.

> small business == 500 employees per location is a farce

This particular definition was inserted by the Senate Committee on Small Business and Entrepreneurship, led by Marco Rubio (FL). You can also blame the other GOP Senators on that committee: Risch (ID), Paul (KY), Scott (SC), Ernst (IA), Inhofe (OK), Young (IN), Kennedy (LA), Romney (UT), Hawley (MO).

Re: My experience with the CARES Act

#13

Post by TomMckenny »

crooked-v wrote: post #11
howmayiannoyyou wrote: post #7

Applied for EIDL 3/18 w/ application number 20001.... was in the first group. Applied again, twice, as two successive systems had to be deployed after the first crashed. I've received $15,000 as an advance. The EIDL loan is critical to our survival, but my guess is the program will be void of funds soon, and well before I see any money. I did get PPP funds. This will keep my people on the payroll another two months t…

> and even fewer will hold China accountable Accountable for what?

I thought we were supposed to blame the World Health Organization now.

Re: My experience with the CARES Act

#14

Post by joshgachnang »

edoceo wrote: post #5

Did anyone else here apply for EDIL from SBA? I did on March 30. I've heard nothing. Anyone wanna compare application numbers? I'm 3600058### (masked last three)

I did. 3600001xxx (first 2000 applicants, I believe), basically as soon as it opened up. I've had a hard credit check from the SBA and an email from them on the 4/13 letting me know it would only be a $1k/employee advance, nothing else. So I somewhat doubt their line about handling it first-come first-serve. I only have one employee.

Re: My experience with the CARES Act

#15

Post by garmaine »

jacobolus wrote: post #12
throw_m239339 wrote: post #9

The bill was rushed and people who needed it the least ended up profiting more than people who needed it the most and weren't successful in applying. The fault is on the people who designed that bill. The whole "please give back the money" political posturing, is just that, political posturing. The whole small business == 500 employees PER location is a farce for instance.

> small business == 500 employees per location is a farce This particular definition was inserted by the Senate Committee on Small Business and Entrepreneurship, led by Marco Rubio (FL). You can also blame the other GOP Senators on that committee: Risch (ID), Paul (KY), Scott (SC), Ernst (IA), Inhofe (OK), Young (IN), Kennedy (LA), Romney (UT), Hawley (MO).

Why not blame the democrats on that committee too?

Re: My experience with the CARES Act

#16

Post by balls187 »

throw_m239339 wrote: post #9

The bill was rushed and people who needed it the least ended up profiting more than people who needed it the most and weren't successful in applying. The fault is on the people who designed that bill. The whole "please give back the money" political posturing, is just that, political posturing. The whole small business == 500 employees PER location is a farce for instance.

> people who needed it the least

The fee's that banks collected for processing the applications.

Edit to clarify:

The amount of money that banks collected in fees is also a major problem. There are allegations that Banks purposefully shuffled application orders to allow for larger amounts to be processed first, so they would collect more in fees (the fee collected was based on the % of the loan request).

Re: My experience with the CARES Act

#18

Post by dantheman »

jacobolus wrote: post #12
throw_m239339 wrote: post #9

The bill was rushed and people who needed it the least ended up profiting more than people who needed it the most and weren't successful in applying. The fault is on the people who designed that bill. The whole "please give back the money" political posturing, is just that, political posturing. The whole small business == 500 employees PER location is a farce for instance.

> small business == 500 employees per location is a farce This particular definition was inserted by the Senate Committee on Small Business and Entrepreneurship, led by Marco Rubio (FL). You can also blame the other GOP Senators on that committee: Risch (ID), Paul (KY), Scott (SC), Ernst (IA), Inhofe (OK), Young (IN), Kennedy (LA), Romney (UT), Hawley (MO).

The bill was passed, everyone that voted for it is responsible.

Re: My experience with the CARES Act

#19

Post by xyst »

Individuals and small business have both been shafted.

There's a provision in the CARES Act which allows employers of any size to give a one time donation to employees towards their student loans in exchange for decreased tax liability. I am currently talking with my employer, but thus far they do not want to participate in this program.

They initially cited the company does not apply for the program due to their company size, but I literally handed them the sections of the bill and it's eligibility criteria which states otherwise. Haven't received a response since last week, but I suspect it's going to fall to deaf ears.

Re: My experience with the CARES Act

#20

Post by caseysoftware »

garmaine wrote: post #15
jacobolus wrote: post #12

Earlier quoted context omitted.

> small business == 500 employees per location is a farce This particular definition was inserted by the Senate Committee on Small Business and Entrepreneurship, led by Marco Rubio (FL). You can also blame the other GOP Senators on that committee: Risch (ID), Paul (KY), Scott (SC), Ernst (IA), Inhofe (OK), Young (IN), Kennedy (LA), Romney (UT), Hawley (MO).

Why not blame the democrats on that committee too?

Because only Republicans can do bad things, obviously.
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