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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)
My girlfriend received hers this week but I know she applied after me. Though she is in medical services.
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.
However, at the end of the day, businesses are not what's essential, people are.
And that's why it's so infuriating that the government has acted pretty much exactly on the opposite view. It has prioritized saving huge businesses and propping up the public markets (stock/bonds/futures/etc).
In my opinion, it would have been a lot more effective to give money directly to people, then let them figure out where and how they need to spend it to get through the crisis. Businesses would then adapt accordingly to survive, or fail if they couldn't. But at least then most people would be ok.
Now inequality is going to be worse than ever. People that already had a lot of money got saved and now they can keep making loads of money, while the people that really needed saving, pretty much got abandoned instead.
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).
The bill was passed, everyone that voted for it is responsible.
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?
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?
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 com…
EDIT: Everything I can find just says the student loan payments from employers are now tax-free for the employee. I would love to know if there are other areas of the bill that give the business tax deductions / tax credits for paying employees' student loans down, because I'll do that in a heartbeat.
Example: https://www.benefitnews.com/news/what-the-cares-act-means-fo...
This is a good idea in theory but of course the language is hopelessly vague and there are no guidelines, because that would mean we could hold the government accountable. What does "take money you didn't need" mean? My business (non-VC backed, just an SMB) took PPP funds so we could continue to employ our workstaff (the intent of the program), but we were not facing immediate bankruptcy. Is that OK?
Classic regulatory frameworks that don't define anything.
I personally also had a very frustrating experience with the CARES act, specifically PPP loans. Applied as soon as they came out, directly with the SBA first, then with 3 different banks. Still waiting :( However, at the end of the day, businesses are not what's essential, people are. And that's why it's so infuriating that the government has acted pretty much exactly on the opposite view. It has prioritized saving h…
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?