111–120 of 354 posts
I'm working on a dashboard to map each of these loans geographically: https://www.quiverquant.com/sources/sbaloans It's a slow process (as I've been respectful of the rate-limit on the reverse geocoding API I'm using), but I finished mapping four states and hope to complete the other 46 by the end of this week.
So many complaints here. Based on the comments I think there is some misunderstanding about the nuts and bolts of this program. These are loans. They are two year low interest loans. They have to be paid back unless some or all is forgiven. Forgiveness requires documentation on employees retained, wage history, and is capped at $20k/employee maximum. And of course a piece of that comes back to the government in terms…
my original comment was misinformed
So many complaints here. Based on the comments I think there is some misunderstanding about the nuts and bolts of this program. These are loans. They are two year low interest loans. They have to be paid back unless some or all is forgiven. Forgiveness requires documentation on employees retained, wage history, and is capped at $20k/employee maximum. And of course a piece of that comes back to the government in terms…
This is a highly politicized way to frame PPP loans. Its more like: "These loans are forgiven, unless you scammed the government." These loans were specifically designed to be forgiven, a minimum of 75% of the loan was to be for payroll and if used for payroll (what it was supposed to be used for) that portion of the loan will be forgiven.
>Just because a company took a 1M loan, doesn't mean it will be 100% forgiven.
Again this is so carefully worded to send a false signal...true "it doesn't mean" it will be 100% forgiven. But again the goal is for at least 75% to be forgiven up to 100%. The idea is businesses were supposed to get a loan with 75% allocated to payroll expenses and the extra 25% to approved non-payroll expenses (example: rent) and the portion used for payroll should be 100% forgiven...which in many cases will be the full amount of the loan, because many businesses didn't add an extra 25% for non-payroll expenses and just took the forgivable payroll portion.
Basically the only reason/way these loans would be repaid is if business took out the loans and spent the money on non-payroll expenses...that should be fraud and result in jail not a nice cushy 1% interest rate for people committing fraud.
So many complaints here. Based on the comments I think there is some misunderstanding about the nuts and bolts of this program. These are loans. They are two year low interest loans. They have to be paid back unless some or all is forgiven. Forgiveness requires documentation on employees retained, wage history, and is capped at $20k/employee maximum. And of course a piece of that comes back to the government in terms…
my original comment was misinformed
edit: https://www.naics.com/code-search/?naicstrms=814110 "Private Households"
Just looking through my home town for businesses I know about... A fair number of them I know carried on with business as usual and had no financial problems (one I used to work for). Seems wrong when there are lots of people in the same town lining up outside the unemployment office every day...
Not sure why this comment is being downvoted. I just searched my local city and noticed that our (for profit) ambulance service received a loan: > DIAZ MEMORIAL AMBULANCE SERVICE INC I definitely don't think they saw the number of ambulance rides go down. And also don't think their profits suffered.
Covid hasn't been prevalent enough to increase ER visits in most of the country (until now) and other people have been avoiding going to the ER unless on deaths door. Not to mention the lack of driving has probably plummeted car accident rates. I remember reading that organ donors are in short supply.
So many complaints here. Based on the comments I think there is some misunderstanding about the nuts and bolts of this program. These are loans. They are two year low interest loans. They have to be paid back unless some or all is forgiven. Forgiveness requires documentation on employees retained, wage history, and is capped at $20k/employee maximum. And of course a piece of that comes back to the government in terms…
Of all types of institutions, why should we be giving the banks the right to decide which businesses should be recession proof or not? Personal opinion but I would have required the applicants of these quasi-forgiveness loans to give up 35% of their businesses to the state/county/federal inclusive of all assets and investments non-dischargeable by bankruptcy. We have 100,000 people dead in this country, million dolla…
There are several scenarios that frustrate me. Examples like law firms or physicians' offices. These are relatively small firms with very wealthy principals. They are asking for taxpayer money to maintain their wealthy lifestyles, so they don't have to sacrifice their Bentleys to pay staffers. Examples: Thomas J Henry in San Antonio. LLCs and franchisees that probably have millions of dollars in holdings and cash, bu…
> Religious organizations. It's one thing if something like a local YMCA gets funds, but a church outright getting funds without proving it is going to public services (why don't we just have better public services?) is not proper. Churches already don't pay taxes. They still have to pay their employees, which is the point of the PPP. Those employees are paid from the funds that come in via donations, which are likel…
My understanding was that 60% of what you don't have to pay back goes to salary. The money that went to salaries and an additional 67% you just keep. Is that right?
Does anyone know the requirements around getting these loans? For example, if employees were furloughed without pay (but kept healthcare) are they still within bounds of the loan if they indicate they retained the jobs listed?
You don't get forgiveness for wages you don't pay.