President Trump Signs $2t Covid-19 Relief Bill Into Law

@Stacia_and_John

Our SBA loan has been approved!! Good deal, I guess. Kind of like being happy with really really inexpensive gas. What it really means, is we are in a world of hurt.... economy wise.

 

I'm glad for you, hope it helps you and yoru staff out. I got my first revision on the app in on 04/03/2020, got the requested follow-up docs in on 04/06/2020. Still no word.

And now, I just got this in my inbox...

Money Runs Out For Pandemic Small-Biz Loan Program - Law360

 

Meri's small bank had 84 applicant's, and got 67 in, before the system ran out of money.

 

There's a bunch (I mean a freakin' lot) of articles about how the republicans were teed-up to send another big 250 intot he system to continue that funding... and the Democrats blocked it.... saying there should be more funding for hospitals.... and sole proprietors who have no previous banking history!

Um, what?

On the hospital thing, every hospital int he States is linked to HHS/CMS for funding in one way or another, so there's that angle. They could boost the hospital systems in a similar way as the small business side of things, simply by "stimulating" the medicare fund channels (i.e. stimulus check to people... stimulus check to hospitals). They'd need another bill, I get it.

"Sole proprietors with no previous banking relationships." Hmmm. I wonder who those people are?

"Gee, Bob, I hate tax season. I've got to cart all this stuff over to my CPA every March."

"Ha! Ron, you should do what I do. Just stay out of the banks, you won't have to do that."

"What do you mean, I won't have to?"

"No money trhough a bank, no way for the Feds to track you. You just don't have to pay taxes."

"You don't pay taxes?"

"Man, I've been in this landscaping business since 2002. I've never paid anything but sales tax when I buy a new mower or gas. Saves me a lot of money."

Y'all get the point. Fill in any cash-only business with the possibility of avoiding taxes other types of folks pay as a matter of course. I don't really like this relatively obvious pollitical strategy. It's like an inverse variant on price-gouging. Aren't we awesome! We gave you free money when those bad people weren't going to! We're awesome! Remember which way to vote in November, now...

Disclaimer. The above is merely a political opinion of the author and is no way intended to try to change anybody's damn mind on anything, it's just his insecure feeling and approximate 500% increase in alcohol consumption for the past month indirectly causing this type of rambling discourse. He could go on, but I am giving him this nice pill and putting him to bed.

 

Yep, my wife and I were having that same discussion the other day.

 

You know, I met this really interesting, funny and pretty lady while on this vacation called "Stay-at-home orders." Her name is Stacia, and she makes a very nice old-fashioned. She's fun to talk to. It's like I knew her before. Interesting.

 

Well, the SBA PPP loan got funded.

Not through my own bank (B. of A.), as they were so unorganized and non-cumminacative through the process I pulled my app (at least, I tried to... I could not find ANY email which would get through to that department this entire time).

I went to a friend who is a CPA (it's good to know people) who was directing people to a smaller, local bank. Application in, one run-through on follow-up, and I had a SBA number as soon as the new funding went through. I just had to wait a minute as so many other people were having the exact same problem with their big bank folks. But... it's already in the account, just in time for payroll to run tomorrow.

 

They still have a few things to iron out. Meri said last she had read was the loan was not going to be counted as income, so you wouldn't be taxed on it. However, they weren't going to allow you to deduct your payroll. So a small business owner, gets the loan, pays his employees, and doesn't get the deductions along with not having any business income. This program was designed for the workers, but that part of it will hurt the owners.

We are hoping that some of the larger companies that got this loan will have some powerful attorneys working on this, and get the payroll deduction back.

 

I know you had applied when the first loan came out. Do you know if you got in with that funding, or did it get covered by the second loan?