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Sticky For Covid Businees Info

 
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Old 04-06-2020, 07:04 PM   #181
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Re: Sticky For Covid Businees Info


Quote:
Originally Posted by Calidecks View Post
How anyone can say that the government keeping your money instead of giving it back, somehow equates to bigger government is Laughable.


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They've already spent the money we gave them so to do this they have to BORROW the money (which ultimately takes more of the taxpayers money if they ever pay it back) and that takes admin to do, hence, bigger government... finite number of people to do a larger job of processing MILLIONS of applications...

You'd think with all the agencies they already have that they'd be able to figure out how to do it within the confines of those already in place...

Last edited by KAP; 04-06-2020 at 07:18 PM.
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Old 04-06-2020, 07:20 PM   #182
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Re: Sticky For Covid Businees Info


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They've already spent the money we gave them so to do this they have to BORROW the money and that takes admin to do, hence, bigger government... finite number of people to do a larger job of processing MILLIONS of applications...

You'd think with all the agencies they already have that they'd be able to figure out how to do it within the confines of those already in place...

They've already spent the money I'll be giving them 10 years from now. Doesn't mean it's not my money they're giving back.


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Old 04-06-2020, 07:22 PM   #183
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Re: Sticky For Covid Businees Info


Quote:
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They've already spent the money we gave them so to do this they have to BORROW the money (which ultimately takes more of the taxpayers money if they ever pay it back) and that takes admin to do, hence, bigger government... finite number of people to do a larger job of processing MILLIONS of applications...

You'd think with all the agencies they already have that they'd be able to figure out how to do it within the confines of those already in place...

SBA is doing it through the private banks.


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Old 04-06-2020, 07:29 PM   #184
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Re: Sticky For Covid Businees Info


This is language from the bill.


Who is eligible to lend? All existing SBA-certified lenders will be given delegated authority to speedily process PPP loans.
All federally insured depository institutions, federally insured credit unions, and Farm Credit System institutions are eligible to participate in this program.


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Old 04-06-2020, 07:46 PM   #185
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Re: Sticky For Covid Businees Info


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This is language from the bill.


Who is eligible to lend? All existing SBA-certified lenders will be given delegated authority to speedily process PPP loans.
All federally insured depository institutions, federally insured credit unions, and Farm Credit System institutions are eligible to participate in this program.


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Notice it doesn't say who is eligible for a refund of their money... you don't get charged interest on a refund...
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Old 04-06-2020, 07:52 PM   #186
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Re: Sticky For Covid Businees Info


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Notice it doesn't say who is eligible for a refund of their money... you don't get charged interest on a refund...

I'm not applying for the loan.


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Old 04-06-2020, 08:25 PM   #187
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Re: Sticky For Covid Businees Info


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Notice it doesn't say who is eligible for a refund of their money... you don't get charged interest on a refund...
Honestly to me it went like this, there is a price to pay for those who cannot work and I'm willing to accept that tax burden to be also put on me to make sure they dont go out of business through no fault of their own. Whoever that may be, I'm willing to help my fellow American and carry that burden with them.

I would like to constrict government as much as possible, so by not adding to the burden I am doing one thing to help to try to lessen it. Some will see it as a money grab, some see it as insurance. I dont begrudge them of any of that and I get it. But for me, my most important aspect is to lessen the growth of government in the position I'm in.
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Old 04-06-2020, 08:32 PM   #188
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Re: Sticky For Covid Businees Info


Adding to the burden is not going to happen if you apply for this. The money is going out whether you apply or not. It's all going to get spent. So your burden or not this money is going out.
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Old 04-06-2020, 08:52 PM   #189
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Re: Sticky For Covid Businees Info


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Nowhere have I seen that says you must apply for both.


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Quote:
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It's hard to find. I'll post link

Sent from my SM-G973U using Tapatalk
A screen clip from my application for PPP:

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Old 04-06-2020, 08:52 PM   #190
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Re: Sticky For Covid Businees Info


In February, the Department of Labor issued a report saying the trust fund that Illinois uses to pay unemployment benefits had the fifth-lowest solvency level in the country.

“Employers hadn’t been paying enough money into the system in order to cover the claims that workers were claiming,” said Eliza Forsythe, a labor economist at the University of Illinois School of Labor and Employment Relations

Forsythe cautions that residents should still apply for benefits despite any funding concerns.

Jessie Cheele has filed for unemployment benefits. She spoke to CBS 2 on a sunny, but sparsely-trafficked Broadway in East Lakeview.

“I would love to know where it’s coming from, but as long as I get it, I kind of don’t care,” Cheele said. “But at the same time, I don’t understand – if our state is so broke, our taxes keep going up and they still have no money.”

Ultimately, it is the state that will have to balance the fund.”


https://chicago.cbslocal.com/2020/04...nd-all-claims/
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Old 04-06-2020, 08:55 PM   #191
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Re: Sticky For Covid Businees Info


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A screen clip from my application for PPP:


To qualify for the 10k I have to apply for the PPP? Nowhere on the 10k application did it even mention PPP.


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Old 04-06-2020, 08:56 PM   #192
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Re: Sticky For Covid Businees Info


The state won't balance the fund all employers paying in will by having to pay an extra x percent to repay the loans the federal govt. is giving the states to pay these benefits just like they did after the financial crisis when guys were drawing UI for 1 to 2 yrs because of extensions.
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Old 04-06-2020, 09:00 PM   #193
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Re: Sticky For Covid Businees Info


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To qualify for the 10k I have to apply for the PPP? Nowhere on the 10k application did it even mention PPP.


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I actually believe that based on the last sentence, you can't have both.
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Old 04-06-2020, 09:05 PM   #194
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Re: Sticky For Covid Businees Info


I thought I read clearly you need not have employees to qualify for the 10k.
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Old 04-06-2020, 09:06 PM   #195
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Re: Sticky For Covid Businees Info


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I actually believe that based on the last sentence, you can't have both.

Now I understand. Thanks for that Paul.


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Old 04-06-2020, 09:08 PM   #196
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Re: Sticky For Covid Businees Info


The ppp loan I think would require you have employees.
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Old 04-07-2020, 07:31 AM   #197
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Re: Sticky For Covid Businees Info


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The ppp loan I think would require you have employees.
If you pay yourself, you have one employee.
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Old 04-07-2020, 07:35 AM   #198
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Re: Sticky For Covid Businees Info


Quote:
Originally Posted by Calidecks View Post
To qualify for the 10k I have to apply for the PPP? Nowhere on the 10k application did it even mention PPP.


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Just from that little picture blurb I posted is where I gleamed that.
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Old 04-07-2020, 07:42 AM   #199
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Re: Sticky For Covid Businees Info


If you get the EIDL, it gets rolled into the PPP loan if you qualify for the loan. If you do not qualify for the PPP loan you still get to keep the EIDL grant if you follow the rules.

One is a loan, one is a grant. If the roll in occurs, that part is still forgiven.

The EIDL is there for a quick (quick is a relative term) influx of capital.

Apply for both, they figure it out at their end.

This is how it is susposed to work, we'll see if it does.

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Old 04-07-2020, 01:37 PM   #200
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Re: Sticky For Covid Businees Info


I just got an email from SBA telling me to apply.

Edit: it was from a bank.

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