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Old 04-16-2020, 11:35 AM
 
23,360 posts, read 16,075,092 times
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On Thursday morning, the $349 billion emergency small business lending program officially tapped out. The Small Business Association officially ran out of money for the Paycheck Protection Program, according to a message for lenders posted on the administration's website.

https://www.cnn.com/2020/04/16/polit...ons/index.html
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Old 04-18-2020, 03:03 AM
 
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And where large parts of it went... to large chain restaurants.

https://ny.eater.com/2020/4/17/21224...estaurants-nyc
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Old 04-18-2020, 09:34 AM
 
Location: Houston
2,455 posts, read 904,409 times
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Quote:
Originally Posted by BugsyPal View Post
And where large parts of it went... to large chain restaurants.

https://ny.eater.com/2020/4/17/21224...estaurants-nyc
If they are going to allow this, the proposed additional $250 billion will not be enough.
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Old 04-21-2020, 03:50 PM
 
2,600 posts, read 990,345 times
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Originally Posted by Hopeful for Life View Post
If they are going to allow this, the proposed additional $250 billion will not be enough.
The Senate just passed a bill to add an additional $322B to the PPP and EIDL programs. Let’s hope that this time some of it actually makes its way to small businesses.
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Old 04-22-2020, 06:16 PM
 
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Another big player scores federal cash:

https://therealdeal.com/2020/04/22/a...elated_article
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Old 04-24-2020, 08:40 AM
 
Location: Henderson, NV
6,634 posts, read 6,725,151 times
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Yeah I never got anything from the EIDL program, I mean something would have helped, I'm retaining both of my employees throughout this despite being a small business, but it's obvious to me that the small businesses just don't matter. I want the big companies with lots of employees to get the help they need, because I don't want these people to lose their jobs, or anyone for that matter, but part of me is also like... what is going on here? Why is it that some of these big companies have like a 2 week or 4 week emergency fund and I always keep 4 months of money in my account? My business can literally survive no income for 4 months without me needing to put a dime back into it, and we have 3 people at the company. Maybe these big businesses that have been killing it the past decade could learn how to manage their money well enough to weather a storm? It's kind of pathetic to me. I shouldn't be better positioned than they are.
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Old 04-24-2020, 02:36 PM
 
Location: Texas
2,367 posts, read 6,424,432 times
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I am pretty certain that this money was not supposed to be earmarked for Big Business.. but unfortunately no rules were put into place to exclude them. Hopefully with the renewal of funds to PPP and the fact that Mnuchin is asking the big boys to send the $$ money back or face investigation.


Hopefully this will change it to where the Big Boys stay out of this. But as everything that happens. You never know.


Personally if you are a small business I would apply for it. The other side of the coin is the banks who are doing this are looking to make money off of the loans and simply put a 10k loan is worth a lot less then a 20 mil loan. Call it corporate greed?
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Old 04-26-2020, 09:42 PM
 
Location: New York Area
19,764 posts, read 7,756,055 times
Reputation: 14875
Quote:
Originally Posted by JonathanLB View Post
Yeah I never got anything from the EIDL program, I mean something would have helped, I'm retaining both of my employees throughout this despite being a small business, but it's obvious to me that the small businesses just don't matter. I want the big companies with lots of employees to get the help they need, because I don't want these people to lose their jobs, or anyone for that matter, but part of me is also like... what is going on here? Why is it that some of these big companies have like a 2 week or 4 week emergency fund and I always keep 4 months of money in my account? My business can literally survive no income for 4 months without me needing to put a dime back into it, and we have 3 people at the company. Maybe these big businesses that have been killing it the past decade could learn how to manage their money well enough to weather a storm? It's kind of pathetic to me. I shouldn't be better positioned than they are.
I can't rep you again but it sounds as if you have retained your loyalty and decency.
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Old 04-26-2020, 09:52 PM
 
8,744 posts, read 5,313,638 times
Reputation: 23047
Quote:
Originally Posted by The Man in SATX View Post
I am pretty certain that this money was not supposed to be earmarked for Big Business.. but unfortunately no rules were put into place to exclude them. Hopefully with the renewal of funds to PPP and the fact that Mnuchin is asking the big boys to send the $$ money back or face investigation.

Hopefully this will change it to where the Big Boys stay out of this. But as everything that happens. You never know.

Personally if you are a small business I would apply for it. The other side of the coin is the banks who are doing this are looking to make money off of the loans and simply put a 10k loan is worth a lot less then a 20 mil loan. Call it corporate greed?
We wanted to apply, but didn't get in fast enough. Our bank stopped accepting applications, and when the new money comes in (if it does!), they are going to work on the applications that have already been filed, first. So we don't know if we will even be able to get an application in the second time.

I agree that it's easier and more profitable for bank to make one huge loan than a whole lot of little ones. But that defeats the purpose of helping small businesses.
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Old 04-27-2020, 07:05 AM
 
5,106 posts, read 3,401,898 times
Reputation: 10366
This PPP program and the EIDL were never presented as a lottery, with winners and losers. It's just not right that every impacted business doesn't get the funding. I woke up hopeful today that maybe this week will be the week that my apps get processed and funded and I can start paying all the bills that have been on hold and hire back our employees.
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