I guarantee no one has because the program is a shit show that will be mired in red tape regardless what they say. It the way this administration does things. You can revisit this thread in a month and it'll be the same result.
Did anyone apply for that 10K grant under the SBA Economic Injury Disaster Loan program??
- Thread starter cashwhisperer
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I guarantee no one has because the program is a shit show that will be mired in red tape regardless what they say. It the way this administration does things. You can revisit this thread in a month and it'll be the same result.
Bump
Hasn't been 10 days for me yet. On the payroll grant the bank i go-to told it they finally got it submitted
They dont give one, until after they review your app which will probably take weeks.
Reading through this bill like a fat kid with FREE LUNCH
The Fed is modifying Wells Fargo's asset cap so it can help lend to small business
The Fed had imposed the restrictions following the bank's fake account scandal in which it created millions of accounts for customers without their knowledge.
Since I've lost all DJ business, I've been working the SBA phone line for both PPP and EIDL via ShiftSmart. It was great at first. $100 bonus to work a shift brought it up to over $25 per hour, but now you cant find a shift and no bonus which brings it down to $15 per hour. On to the next hustle I guess.
As far as I can tell, no one has received any money. We've been told to tell people 10 business days from when the loan is processed and not from when you apply. I did watch several videos on YouTube today that said the SBA has made their own interpretations of the 10K grant. They are now saying they will give 1K for each employee you have up to 10K. So if you applied, you'll probably get 1K. I believe the payments will go out the end of this week or early next week.
Side note, some of the sob stories I've heard the past week of crazy. And they are all going to be mad when we tell them they're not getting 10K. 75% of the calls this week has just been people calling checking on when they'll get the 10K.
As far as I can tell, no one has received any money. We've been told to tell people 10 business days from when the loan is processed and not from when you apply. I did watch several videos on YouTube today that said the SBA has made their own interpretations of the 10K grant. They are now saying they will give 1K for each employee you have up to 10K. So if you applied, you'll probably get 1K. I believe the payments will go out the end of this week or early next week.
Side note, some of the sob stories I've heard the past week of crazy. And they are all going to be mad when we tell them they're not getting 10K. 75% of the calls this week has just been people calling checking on when they'll get the 10K.
Whatever the result thanks at least for something....
Getting no info in return is just so frustrating
I'm gonna keep it 100. Please don't go outside of the board snitchin and shit. I thought about this for a minute and just said fuck it, tell them what you know. Hopefully it don't bite me in the ass but famous last words.
I currently have an SBA loan. Had it for about 3 years. I got an email about two weeks ago from my servicer saying I have been approved for the Care act shit and I won't have to pay my loan for 6 months, I don't even have to fill out an app. I thought it was total bullshit....but low and behold, the first of the month came and went.... NO MONEY was taken out of my account for the SBA loan.
I got a call two days ago from my bank that did the SBA loan. They said to apply for the paycheck protection loan. sent me the link and erythang. I said I didn't need it. They said apply anyway. I have a feeling I will be approved.
I say all that to say, I think this is an inside game. No way in hell did I need that money, but they found a way to get it in my/their hands. I'll use it as a blessing to pass on to my employees and partners, but this shit is rigged.
Interesting. Thanks for sharing.
But you also could be lying for clout.
No way to tell......
But you also could be lying for clout.
No way to tell......
I'm just glad to hear in a round about way the system worked for you man.
I was reading the thread and don't want people getting discouraged. This first round has definitely been an inside game. If you don't get approved off the bat don't give up. Keep your paperwork ready. Any questions please PM me.
Got this email yesterday, I believe I applied 3/30 or 4/1:
Dear Applicant,
On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.
You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:
Paycheck Protection Program Full EIDL Loan
Then I read this from one of my FB real estate groups regarding the same email:
I just got this email (applied 3/30/20) from the SBA. My friend got this same email Friday and today he received $6k (via ACH with no notifications) for a company with 6 employees. If you applied for EIDL expect $1k per employee up to 10.
So I think I may get something this Friday. I'll take 1,000 if I can't get 10. I'll keep the board updated.
Dear Applicant,
On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.
You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:
Paycheck Protection Program Full EIDL Loan
PURPOSE | Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable) | To meet financial obligations and operating expenses that could have been met had the disaster not occurred (amount of any EIDL advance is forgiven) |
TERMS | Up to $10 million 1% interest rate | Up to $2 million 3.75% for businesses 2.75% for non-profits |
FORGIVABLE | YES | NO – EIDL Loan YES – EIDL Advance |
MATURITY | 2 years | 30 years |
FIRST PAYMENT DUE | Deferred 6 months | Deferred 1 year |
Then I read this from one of my FB real estate groups regarding the same email:
I just got this email (applied 3/30/20) from the SBA. My friend got this same email Friday and today he received $6k (via ACH with no notifications) for a company with 6 employees. If you applied for EIDL expect $1k per employee up to 10.
So I think I may get something this Friday. I'll take 1,000 if I can't get 10. I'll keep the board updated.
dont see why not?
on a side note:
if your not working , there is a thing called the pandemic unemployment care act, also for gig workers affected not working due to the Coronavirus also there is a list category that may qualify like if you had to take care of someone that has it, your head of household that has it or you had to stop working cause of the virus, and other reasons etc.. check dept of labor in your state.
What you quoting me for? You in the game late and dont know what the fuck I was talking about.. You aint really meant to quote me did you?
Got the same email.
I got it also
i got this in the mail today if anyone else got it or not yet:
so i guess it's 1k per employee. for the business i responded with i got 13 employees so maybe i'll get 10k.
our cpr business has 4
our delivery didn't apply since business wasn't affected in any way shape or form
so i guess it's 1k per employee. for the business i responded with i got 13 employees so maybe i'll get 10k.
our cpr business has 4
our delivery didn't apply since business wasn't affected in any way shape or form
Just read on CNN all the money is gone.. Hope they push out another 300+ billi
Small business relief in danger of drying up as negotiations stall in coronavirus bill
Billions in additional relief for small businesses at risk of shuttering due to the coronavirus has been left in the crossfire as lawmakers fight over what should go in the emergency package.
www.usatoday.com
Reality of the small business bailout: Entrepreneurs tell of struggle to get cash as childcare center owner says he was only offered $40,000 when he asked for $2 million
www.dailymail.co.uk
www.covidloantracker.com
- Small businesses are not receiving the bailout loans from a $376 billion federal scheme that they need, a snapshot survey of 9,107 entrepreneurs has warned
- Just 5% had actually received the Payment Protection Program (PPP) loans they had asked for and only 3.5% received Emergency Injury Disaster Loans (EIDL)
- The PPP provides loans to keep businesses afloat, issued through banks, which will be written off if all employees are kept on the payroll for eight weeks
- The EIDL were made available directly through the Small Business Administration (SBA), with up to $10,000 not needing to be repaid
- The SBA announced on Wednesday, there had been over 1.5m small-business loan applications approved, totaling over $324bn
- But the SBA offered no details of how much money had actually reached small businesses
- Small business owners told DailyMail.com that they were being left in the dark by the SBA, also warning of difficulties getting the amounts they needed
- Of the six individuals DailyMail.com spoke to, in six different states, only two had received any government support, while three had heard no news back
Small business owners tell of struggle to get cash from bailout funds
Small businesses are not receiving the bailout loans from a $376 billion federal scheme that they need, a snapshot survey of 9,107 entrepreneurs has warned.
COVID Loan Tracker — COVID Loan Tracker
COVID Loan Tracker is a community of 40,000+ small business owners reporting across all 50 states. Launched by two small business owners, we started with the mission to help inform other entrepreneurs with PPP and EIDL.
www.covidloantracker.com
Applied on 4/04 on sba.gov, got the full EIDL Grant on 4/14. I know of at least four other business owners who got the EIDL Grant. I have over 10 employees. Applied for the PPP, haven't got that yet, but starting to see a number of people say they are getting direct deposits from the PPP for 2.5x their average monthly payroll. Only people I'm seeing getting funded for the PPP are people who applied with small banks.
Ruth's Chris Steak House receives $20M in coronavirus relief
Ruth's Hospitality Group, Inc. received loans for two of its subsidiaries
www.foxbusiness.com
PROOF (the promissory notes with Chase):
The owner of the Ruth's Chris Steak House chain received $20 million in government-backed forgivable loans to help retain its staff, according to a regulatory filing, as the coronavirus pandemic continues to wreak havoc on the restaurant industry.
Ruth's Hospitality Group, Inc., which operates or franchises more than 150 restaurants, disclosed that two of its subsidiaries received $10 million from JPMorgan Chase "primarily for payroll costs," according to the filing.
The loans came on April 7, just four days after applications for Small Business Administration's $349 billion Payroll Protection Program opened. The maximum loan under the PPP is $10 million.
The program, part of the government's $2.2 trillion CARES Act, is designed to get cash in the hands of small businesses devastated by the coronavirus pandemic and incentivize them to keep staff on payroll or rehire workers who have already been laid off. They also can be used for rent, mortgage interest and utilities.
Ruth's Hospitality Group, Inc. received loans for two of its subsidiaries
Ruth's Chris Steak House receives $20M in coronavirus relief
The company, like so many others, had to curtail operations at locations across the nation to limit the economic fallout created by the pandemic.
PROOF (the promissory notes with Chase):
The owner of the Ruth's Chris Steak House chain received $20 million in government-backed forgivable loans to help retain its staff, according to a regulatory filing, as the coronavirus pandemic continues to wreak havoc on the restaurant industry.
Ruth's Hospitality Group, Inc., which operates or franchises more than 150 restaurants, disclosed that two of its subsidiaries received $10 million from JPMorgan Chase "primarily for payroll costs," according to the filing.
The loans came on April 7, just four days after applications for Small Business Administration's $349 billion Payroll Protection Program opened. The maximum loan under the PPP is $10 million.
The program, part of the government's $2.2 trillion CARES Act, is designed to get cash in the hands of small businesses devastated by the coronavirus pandemic and incentivize them to keep staff on payroll or rehire workers who have already been laid off. They also can be used for rent, mortgage interest and utilities.
Same here. Nada. Nothing. Not a damn thing
I sent off for the paper forms. Maybe I can get it and fill it out in time and maybe get some help.
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