Anyone else apply for PPP money?

[biomedtechguy]

I'm going to post this here.
It's a full description of what I did, and why I get NOTHING from the PPP...
I heard Mnuchin about the PPP and all of that horseshit...
I really came unglued when the issue of Harvard University and the NINE million of PPP money they received, you know-the university with a FORTY BILLION DOLLAR ENDOWMENT!?!? Anyway Mnuchin said how the PPP was particularly focused on companies that didn't have liquid assets, because they needed the money to keep from closing, due to the various government entities requiring shutdown.
I have several clients with several locations that I can NOT do my regularly scheduled 2x/year or annual Planned Maintenance service and inspections.
In one case, an eye surgery center, no one is there for me to have access. In another case, "for the safety of the staff" they are postponing the service until a date as yet to be determined.
My ONE MAN PPP loan application data was submitted to my bank's underwriters on April 6th, the 2nd weekday that was possible to do so, since the loan apps only went live Friday April 3rd. Well on April 14th, the government issued some additional details on who qualifies and any business that showed a loss on their federal income tax returns DOES NOT QUALIFY for forgivable ("free") paycheck protection money.
So businesses that made enough money to show a net profit after expenses, THEY get "free money" but businesses like mine, that showed a loss, you know, that really NEED the money (I do, because my business is next to nothing specifically because of the government shutdown of "elective surgeries" as well as the atmosphere of FEAR) well I get this:

and it would have only been enough to cover what I was making, if that, yet other businesses are RAKING IN the federal money.

 

[Durandal25]

Applied day 1. Nadda a month later....unless you’re a big boy account banks don’t give a ****.

 

[biomedtechguy]

Before April 3rd, I emailed my congressman Steve Scalise. Hey, at least my House representative has some "pull" as the minority whip. Hopefully after November he will be the majority whip.
Anyway, I had already applied for the EIDL loan, and Scalise's office replied that the PPP loan was probably my best bet. Well, THAT'S BULLSHIT because of the April 14th "revision" that states that businesses that showed a loss on their federal tax returns get the big beefy one....
So I emailed him again yesterday, and today, with Mnuchin et al CROWING about how the PPP is designed to help businesses that need cash for liquidity, and to cover payroll (in my case ME) and MF'N and them slapping each other on the backs for having just DUMPED another 450 BILLION DOLLARS on top of the 350 BILLION THAT I DIDN'T GET A PENNY OF...after hearing all of that happy talk BULLSHIT I called Scalise's local office and left a message.
Only government can have such a brilliant plan as to give Harvard 9 MILLION dollars in a forgivable loan, when they have 40 BILLION in cash in their endowment, but I'm struggling to not go negative in my business account, and I get the schlong buried in me up to the leathery sack.

 

[Roger63]

I've been in the same position as Biomed, with the same results except for I had to delay applying for 1 week as the guidelines did not apply to me. 1 week later the guidelines are released,the next morning the funds were gone. I turned in the paperwork required for both myself and my wife, we qualified for $1106.00 total. I took it a step further and sent an angry email to Senator Lankford. That same day I received a call from Mr. Lankford , as I explained the situation that sole proprietors were in he rather hastily admitted that I was the 1st to bring that information to light.

 

[biomedtechguy]

I turned in the paperwork required for both myself and my wife, we qualified for $1106.00 total.

@Roger63
Thank you for the back and forth through the "waiting game".
The amount that you posted that I quoted above, I know what "total" means, but to be clear, the total amount of PPP money that you are getting for you and your wife is $1106.00?
It's supposed to be for 2½ times your average weekly payroll.
$100K limit.
So, if they would have taken my GROSS income, I would have had to limit that to the $100K max, divided by 52, times 2.5 and that would have been $4,807.
Now I'll tell ya, no BS, that if I wasn't being prevented from doing the Planned Maintenance that is due across several of my clients locations right now, that would cover what I'm not able to make.
But NO, because I showed a loss on the year (2018) that I had available to submit, and that disqualifies me.
In common sense English: Businesses that really need the money get this instead:
me

 

[Roger63]

I totally agree with you,people like us got fucked. We didn't even file for the money and our account showed us that that $1200 check is just an advance for 2020 taxes. So for those that pay in every year just went $1200 plus in the hole next year.

 

[Ceedawg]

Been a month, not a word. To small a fish I guess.

 

[Roger63]

Been a month, not a word. To small a fish I guess.

I'm sorry to say you're correct, the truth or part of it will come out. Big companies that played the game right got all the money and they didn't need it. After the rules were released it was easy to see that only companies that made money got money, to hell with the small man.

 

[erickson]

I Applied on the 6th got mine on the 15th. My banker helped me a lot They work with SBA loans a lot. Small shop less then 20 employees. It will help a lot as we are slowing down quickly. Very thankful. We won’t have to lay off anybody

 

[Roger63]

I Applied on the 6th got mine on the 15th. My banker helped me a lot They work with SBA loans a lot. Small shop less then 20 employees. It will help a lot as we are slowing down quickly. Very thankful. We won’t have to lay off anybody

That's great, I didn't mean to imply that all the money was wasted. Some did go to small companies nationwide, but the bulk was given to companies that necessarily didn't need it.

 

[biomedtechguy]

Well, not PPP money, which I don't qualify for,
BUT
I did get $1K deposited from the SBA EIDL loan I applied for about 4 weeks ago.
The EIDL (disaster area loan) has a $10K advance feature, but for the COVID-19 program they have designated that $1K per employee will be advanced, and I'm the only employee, so I got the $1K. The good news I'm certain of is the advance is forgivable (free) money and doesn't have to be paid back. What I'm hoping getting the advance means is that I WILL GET approved or have been approved for the EIDL loan. While not forgivable like the PPP loan, the EIDL loan has 30 year terms and the interest rate is 3.75%
So I'm going to MAX out whatever they offer to lend me, up to my total outstanding combined business related debt, pay all that off, and have a new lease on life....at least that's what I'd like to do, depending on how much I can get.
Either way, at least I got $1K when my business really needed it.

 

[Officer Higgins]

Man that's all so complicated bound to be problems.

 

[Officer Higgins]

 

[Ceedawg]

Well, not PPP money, which I don't qualify for,
BUT
I did get $1K deposited from the SBA EIDL loan I applied for about 4 weeks ago.
The EIDL (disaster area loan) has a $10K advance feature, but for the COVID-19 program they have designated that $1K per employee will be advanced, and I'm the only employee, so I got the $1K. The good news I'm certain of is the advance is forgivable (free) money and doesn't have to be paid back. What I'm hoping getting the advance means is that I WILL GET approved or have been approved for the EIDL loan. While not forgivable like the PPP loan, the EIDL loan has 30 year terms and the interest rate is 3.75%
So I'm going to MAX out whatever they offer to lend me, up to my total outstanding combined business related debt, pay all that off, and have a new lease on life....at least that's what I'd like to do, depending on how much I can get.
Either way, at least I got $1K when my business really needed it.

Exactly what I’m looking for too, mines been in almost four weeks.

 

[biomedtechguy]

SPOILER ALERT!
If you haven't seen Soylent Green...
1: Where have you been hiding?
2: Have you ever seen a movie?
3: You should see it!
4: DON'T CLICK ON THE VIDEO!

 

[biomedtechguy]

Exactly what I’m looking for too, mines been in almost four weeks.

Well, yesterday made 4 weeks to the day. My "local" SBA rep emailed me when I asked how long it was taking, and he said "it takes a month or two" so I'm glad to have gotten something in 4 weeks.
I don't have any clue what comes next, and I'm only guessing that the advance means I will be approved for something, but the way I read the initial declaration of the EIDL loan program, it seemed like you could get an advance even if you didn't qualify, which sounds strange, so I really don't know.

 

[CudaChick1968]

Be wary gentlemen. In reading through some of the posts elsewhere and on some of the applications, it seems some of these programs are an "advance" (for lack of a better term) on next year's tax refund. I've looked at so many it's hard to keep them and their terms all straight, but just check the fine print.

 

[biomedtechguy]

Be wary gentlemen. In reading through some of the posts elsewhere and on some of the applications, it seems some of these programs are an "advance" (for lack of a better term) on next year's tax refund. I've looked at so many it's hard to keep them and their terms all straight, but just check the fine print.

Thanks Cuda Chick...
I noticed you "grading" my posts.
I will be sure to post when/if I hear something else on my SBA EIDL loan.
The PPP loan is administered by the IRS, and applied for through a bank so I could see a scenario where what you say may apply to the non-forgivable parts of that program, BUT the EIDL loan is strictly through the SBA and funds come directly from the U.S. Treasury, aka the federal TEAT...
( . )Y( . )

 

[CudaChick1968]

LOL @ "grading" you. It's merely a show of support more than anything else darlin. This whole situation SUCKS and I applaud all of you who are trying to save your livelihoods the only way you can: with the same passion, persistence and ethics you used to build that business in the first place.

We will not go quietly into the night.

 

[themechanic]

I'm sorry you guys are getting hurt by the government's poor handling of this crisis.

Why is Steve Mnuchin is even on Trump's staff?

Mnuchin worked for investment bank Goldman Sachs for 17 years, eventually becoming its chief information officer. He's been a Wall Street puppet ever since he graduated from Yale. It's worth mentioning that he was a member of Skull and Bones.