so while they may not me the “same bill” the fact that a single vote was needed in my mind makes them a single bill and it’s bull shit
Coronavirus
- Thread starter Kevin B.
- Start date
so while they may not me the “same bill” the fact that a single vote was needed in my mind makes them a single bill and it’s bull shit
anderson750
I'm working on it Rose
- Location
- Price, Utah
Not only do we have a vaccine for the Rona now.......it appears we have a cure for the flu.
That's crazy. I'm sure there is a lifetime of analysis that could be done to see what it really means, and what created the change (is it all covid instead vs does the lack of social interaction get credit, ect)
Noahfecks
El Destructo!
- Location
- Glenwoody Springs, CO
So much of what you post here is misinformation. I personally originated 177 of them, every one to a mom and pop. My bank made $340MM in PPP loans, but only 3 went to business with gross sales greater than $2MM. Similar story for all of the local banks.
I tend to agree that it's corporate welfare, not the way I think it should have been handled but when the .gov shuts you down you take what you have to to stay in business.
Some reformed provisions in the next round to help it favor those with the greatest need.
Pike2350
Registered User
- Location
- Salt Lake City
According to the article O read they estimate it will be about a $200 billion tax break for the larger corporations. You may have done that much in loans but I am pretty positive that a majority of the PPP loans went to connected businesses that likely didnt need them in the first place. My last company (left in Oct.) Received a loan (dont know the value) but they were not cash strapped, never shut down, etc. Hell a friend of mine is self employed FA. He recieved a PPP loan. There is plenty of fraud and mishandling in the PPP loan program.
I do agree that if you are shut down by the .gov and are below a ceiling in income for the yeat there could be some break for it...but to allow any & all businesses that received PPP loans to write off the expenses and not report the income is ridiculous
anderson750
I'm working on it Rose
- Location
- Price, Utah
While there are examples of big companies who probably did not need the PPP money, but applied for and got it, I could not disagree more in your assumption that a majority of the businesses who got the loans were somehow "connected" . I do not know of anybody who applied that med the guidelines (my company included) who did not get the PPP loan. Some did not get it until round 2 because money ran out, but if you know of anybody who did not get one, even though they qualified, please enlighten me..
My wife works in banking.......commercial loan officer...... and everyone she did a loan for got it. And almost all of these were all small mom and pop businesses. Her smallest PPP loan was around 25k and larges was 450k
Pike2350
Registered User
- Location
- Salt Lake City
I never said people didn't get it. I just said the I believe the majority of $ (maybe not quantities of loans)
To me it doesnt matter though. Getting free money and not counting it as income but getting to count the expense is bullshit. What about companies that didn't file or didn't need it? They get hosed and more importantly...the tax payer gets hosed the hardest
To me it doesnt matter though. Getting free money and not counting it as income but getting to count the expense is bullshit. What about companies that didn't file or didn't need it? They get hosed and more importantly...the tax payer gets hosed the hardest
I would have rather not been in a position to need that free money. I'd be jealous too. The tax beni's I get from reducing my loss from 250k to 200k is going to pay for my next jet.
There certainly were some pretty suspect recipients of ppp money. I heard (not verified) the Mormon church received quite a bit and they certainly don't need any financial help. I took it for both of my businesses, one of which wasn't significantly impacted at the time. But my feeling was that even if that business was doing well at the time, there was so much uncertainty in the market that it seemed like a poor business decision to not take that money when it was available. Fast forward 8 months and that business has all sorts of supply chain issues causing lost revenue and I'm thankful for that money that helped me be in a better position to work through some of my unforseen supply issues now.
anderson750
I'm working on it Rose
- Location
- Price, Utah
This was my position. At the time of PPP our business was down, but through expense cut backs I was able to keep things moving forward. I did not do any employee lay-offs prior to PPP or after. The major impact PPP had on my business is that our regular sales income was sufficient enough for me to keep paying all my other bills on time. Without the PPP I would have been holding back on bills and instead of paying within 30 days they easily would have strtetched to 60+. I am sure other people would have been paying much later also......this all creates a snowball that will sink a lot of mom and pop businesses.
Call it coroporate wellfare if you want, but without this unemployment numbers would have probably been double and more mom and pops would have closed. The big winners in through all of this shut down have been Amazon, Wal-Mart, Home Depot, Lowes and other mega stores. We did as much Christmas shopping from local mom and pop stores as possible this year. Hopefully most of them will still be here next year.
This is actually fake news.. We all need to do at least a little of our own fact checking before we share and post gotchya memes. If we are ALWAYS claiming fraud and foul, we will have no weight or trust when we really need to claim it.
Is it really fake though? Yes it’s not technically the relief bill and it’s part of the budget for next year but since it had to be passed with one signature you should still be angry. We are shipping a lot of money over seas for some nonsense when we aren’t taking care of our own.
While I understand 10mil is a drop in the bucket for the government budget, why the **** are we on the hook for that bill for gender studies in Pakistan? Not where I want my tax dollars going.
I have no problem with foreign aid, but why are we the worlds welfare? Need to take care of #1 first and when we are fixed then we can send help.
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- Location
- The Village of Kay
My question is why in the hell are we sending China's money overseas? Send that money back to China to reduce the national debt, or at a minimum keep it here to handle our own needs.
YES, it REALLY is! This was my point above. The 900B relief is going all to America, and I see you agree.
The 1.4T budget is sending bilions to foreign countries, and is crazy stupid (I even posted above to write senators and be angry)
But your meme shows that 81% of the budget is going over seas. This is straight up stupid and wrong. It is totally fake, and meant to drive emotion. In reality, it's about 1% waste going to other countries.
And this is why it matters: I wrote letters to those who needed to hear them, based off of the POTUS' speech he gave, and prior to real number coming out. I blasted the senate/congress for wasting so much money in the COVID bill. However, I WAS MISSINFORMED, so do you think anyone is going to take the time to respond or even react to a letter from an idiot? No. My letters will be wasted (more than usual) because I was wrong in my assumptions.
If we (as the people) want things to change, we have to change what is REALLY wrong and stop all the B.S. about stuff that is not real. Otherwise we are wasting time and resources that could actually be effective. But maybe that's how the GOV has planned it, so we are all fighting about lies
- Location
- The Land Northward (Bountiful), Utah
I'm not here to start a fight but both my businesses, my wife's business and about 15 of our friends' small businesses applied and did not receive any PPP funds. I even posted in this exact thread...
I do believe a majority of businesses that got it were more connected because we applied the day it came out... We even went so far as to open new accounts at different banks in order to apply there.
My one business lost an estimated $7,200 per month for 4 months straight. Tell me if most RME members lost that much could they still pay the mortgage? I am very very grateful for savings.
In the name of honesty I did receive a local grant for $5000 that let me order inventory. It was limited to businesses in Davis County with a small yearly gross (compared to some) and just a few employees.
I have just paid myself last week for the first time since March.
anderson750
I'm working on it Rose
- Location
- Price, Utah
No fight.......if there is any disagreement, then we can settle it on 2 wheels out in the desert.
What reason did the SBA or bank give for not approving you for the loan for you or any of your friends? What bank did you apply through? Also, define connected......I have a great relationship whit the bank we did our loan through. They knew that if I did not get my loan forgiven entirely or at all, that I would not default on the loan. If you applied at a bank that did not know you, they may not have been willing to take the risk of you not paying it back if it was not forgiven. So much of this can depend on the documentation provided to them. If having a good relationship with my banker is defined as being connected, I would argue that it is smart business.
- Location
- The Land Northward (Bountiful), Utah
I'm not saying it's bad to be connected. Nor am I implying anything nefarious. In the business world being connected is good.
I'm just stating thay my observation is that most of the people in my circles that applied did not receive it. And wanted to share that info with you since your experience was different.
I am aware that you, Cody, and my barber got it along with a handful of others.
And I'm not upset that anyone deserving did.
We both run our businesses through America First and have for years.
We were told they had a 2 week backlog of paperwork before ours could be processed. Then we were told both times that funds were gone.
We started new relationships at other banks at the advice of our banker because "perhaps they might still have funding available."
It seems like businesses above a certain threshold were more likely to "have their paperwork processed more expediently."
It's purely conjecture but Price is a smaller town and could have perhaps had a more appropriate "funds to business ratio."
Other friends bank at Wells Fargo and Chase specifically. I did not inquire with every conversation i had.
I'm just stating thay my observation is that most of the people in my circles that applied did not receive it. And wanted to share that info with you since your experience was different.
I am aware that you, Cody, and my barber got it along with a handful of others.
And I'm not upset that anyone deserving did.
We both run our businesses through America First and have for years.
We were told they had a 2 week backlog of paperwork before ours could be processed. Then we were told both times that funds were gone.
We started new relationships at other banks at the advice of our banker because "perhaps they might still have funding available."
It seems like businesses above a certain threshold were more likely to "have their paperwork processed more expediently."
It's purely conjecture but Price is a smaller town and could have perhaps had a more appropriate "funds to business ratio."
Other friends bank at Wells Fargo and Chase specifically. I did not inquire with every conversation i had.
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Jesser04
Well-Known Member
- Location
- Kaysville Utah
I had the complete opposite experience I know of 10-15 businesses that got it if fact I don’t know of one that applied that didn’t get it.
- Location
- Bountiful, land of rocks
I'm not sure about the PPP stuff but America First has been a little more interesting to work with the past 3-4 years than in the past. We've been with them for at least the last 15 years. We've been really happy with them but doing our construction loan and subsequent mortgage was kind of challenging. We've had a couple other smaller issues with them the past few years but I'm wondering if they are changing something in how they do business. We had a great Zions Bank experience 30-20 years ago and then they got kind of odd to work with. I don't have ANYTHING at Zions these days. I hope I'm not seeing the same thing from Am First. Am First is reminding me of when we started seeing challenges with Zions. I'd be curious if the PPP challenges are just with Am First or if they are with other institutions as well?
anderson750
I'm working on it Rose
- Location
- Price, Utah
I know several people who did not get in on the first round, but all of those were able to get through on the 2nd round. You are the first person I have talked to that did not get through on the 2nd round. Your paperwork from the 1st round should have been sufficient for the 2nd round, especially if it was filed when it was opened up. My wife processed (btw, it was not her bank that did my loan) a PPP loan 2 weeks after the 2nd round opened and it was approved.
Jesser04
Well-Known Member
- Location
- Kaysville Utah
I did mine through bank of utah and did my uncles for him through mountain america credit union. A couple friends used US bank and Wells Fargo.