abenjami Posted June 13, 2020 Report Share Posted June 13, 2020 14 minutes ago, SNAPHISANKLE said: Fuck these bitches. The real businesses who needed it like me did t get shit . Fuck a trump Did you even apply? There is still $130 billion left and restaurant owners around here got funds very easily. Link to post Share on other sites More sharing options...
MamlngEnvy Posted June 13, 2020 Report Share Posted June 13, 2020 8 hours ago, abenjami said: Did you even apply? There is still $130 billion left and restaurant owners around here got funds very easily. I’ve been rejected for all of em. Guess I can reapply and get re-rejected! Link to post Share on other sites More sharing options...
abenjami Posted June 13, 2020 Report Share Posted June 13, 2020 53 minutes ago, SNAPHISANKLE said: I’ve been rejected for all of em. Guess I can reapply and get re-rejected! You must be doing something wrong then. If you actually own a real business it's very easy to get the funding. Link to post Share on other sites More sharing options...
pat Posted June 13, 2020 Report Share Posted June 13, 2020 24 minutes ago, abenjami said: You must be doing something wrong then. If you actually own a real business it's very easy to get the funding. Not a single business in the bed stuy small businesses Facebook group got a loan Link to post Share on other sites More sharing options...
abenjami Posted June 13, 2020 Report Share Posted June 13, 2020 1 hour ago, patsplat said: Not a single business in the bed stuy small businesses Facebook group got a loan Never heard of it. Tell me more. Link to post Share on other sites More sharing options...
pat Posted June 13, 2020 Report Share Posted June 13, 2020 4 minutes ago, abenjami said: Never heard of it. Tell me more. This was related from my wife, who's more active on Facebook. Basically none of the mom and pop businesses saw a cent. Link to post Share on other sites More sharing options...
abenjami Posted June 13, 2020 Report Share Posted June 13, 2020 25 minutes ago, patsplat said: This was related from my wife, who's more active on Facebook. Basically none of the mom and pop businesses saw a cent. Extremely hard to believe if they are legitimate businesses that qualified for funding and properly completed the application process. You can spend less than 5 minutes online and find thousands of mom and pop businesses all over the country that got funding. During the first round of funding, a lot of them got shut out (not denied) due to the initial funding limitation but once the second round opened, money flowed the way it should have from the start. The vast majority went to the smaller businesses. There's simply no denying that unless you believe the SBA is falsifying their statistics. And there's still $130 billion left. Which means if someone has a qualifying business, they can submit it right now and get money. Link to post Share on other sites More sharing options...
pat Posted June 13, 2020 Report Share Posted June 13, 2020 It was at the time of the first batch. Link to post Share on other sites More sharing options...
pat Posted June 13, 2020 Report Share Posted June 13, 2020 How can any be certain the program is being run right when the administration won't release the data as required by law? @abenjami you are acting like this is a we'll run above board program. That's a foolish assumption. Remember @SNAPHISANKLE has a Mexican restaurant... Link to post Share on other sites More sharing options...
abenjami Posted June 14, 2020 Report Share Posted June 14, 2020 4 hours ago, patsplat said: How can any be certain the program is being run right when the administration won't release the data as required by law? @abenjami you are acting like this is a we'll run above board program. That's a foolish assumption. Remember @SNAPHISANKLE has a Mexican restaurant... That's not at all how I'm acting. It obviously was not being run above board when it began and places like Ruth's Chris got 20 million dollar loans. They've released plenty of data that shows billions went to the smallest of businesses in every state. You posted about some group of random people on a Facebook group you don't even know. Let's see their names and proof of their denied applications before we accept your claim as fact. I live closer to Mexico than @SNAPHISANKLE and there hasnt been any outcry from Mexican owned restaurants around here. But side note, I think his place is Cuban not Mexican. Link to post Share on other sites More sharing options...
pat Posted June 14, 2020 Report Share Posted June 14, 2020 Any more financial advice @abenjami? Link to post Share on other sites More sharing options...
pat Posted June 14, 2020 Report Share Posted June 14, 2020 Fwiw, here's a news article about the same circumstance: The Brooklyn Chamber of Commerce released the results of a survey today detailing the widespread failure of the Paycheck Protection Program (PPP), meant to be a lifeline for small businesses during this pandemic. According to their results, 84% of the Brooklyn businesses surveyed had not received the funding they had applied for as of the 17th of April, and that number was 90% among the Minority and Women-Owned Business Enterprises (M/WBEs). https://bklyner.com/ppp-fails-to-help-brooklyn-businesses-brooklyn-chamber-of-commerce-finds/ And here's a follow up about how the second round still fell short: “Most businesses won’t be able to exhaust those funds within that time period,” said Peers. This is primarily due to the condition that 75% of the loan must be used toward payroll costs. According to Peers, that won’t work for most NYC businesses as payroll didn’t make up 75% of their costs before the pandemic. He says rent and other overhead costs make up the bulk of local businesses’ expenses. https://bklyner.com/ppp-and-additional-funding-dominate-small-business-town-hall-in-southern-brooklyn/ These stimulus programs have been terrible and I wouldn't be quick to assume that there's money available for every business under every circumstance. Link to post Share on other sites More sharing options...
abenjami Posted June 14, 2020 Report Share Posted June 14, 2020 1 hour ago, patsplat said: Fwiw, here's a news article about the same circumstance: The Brooklyn Chamber of Commerce released the results of a survey today detailing the widespread failure of the Paycheck Protection Program (PPP), meant to be a lifeline for small businesses during this pandemic. According to their results, 84% of the Brooklyn businesses surveyed had not received the funding they had applied for as of the 17th of April, and that number was 90% among the Minority and Women-Owned Business Enterprises (M/WBEs). https://bklyner.com/ppp-fails-to-help-brooklyn-businesses-brooklyn-chamber-of-commerce-finds/ And here's a follow up about how the second round still fell short: “Most businesses won’t be able to exhaust those funds within that time period,” said Peers. This is primarily due to the condition that 75% of the loan must be used toward payroll costs. According to Peers, that won’t work for most NYC businesses as payroll didn’t make up 75% of their costs before the pandemic. He says rent and other overhead costs make up the bulk of local businesses’ expenses. https://bklyner.com/ppp-and-additional-funding-dominate-small-business-town-hall-in-southern-brooklyn/ These stimulus programs have been terrible and I wouldn't be quick to assume that there's money available for every business under every circumstance. I'm not trying to be a dick when I say this, but I don't think you understand what you are talking about here. You're quoting articles that are 1-2 months old. They were applicable back then but things have changed so much since these were written that they are dead wrong now. Regarding the first article, that was the scenario for the vast majority of people after the first round of funding started. It wasn't limited to minority businesses or even small businesses. The PPP was an unprecedented program thrown at the SBA with no time to implement it properly and without the manpower to even come close. They were flooded with applications from day 1, hour 1, minute 1, and there was no way they could process or fund them all in the time period Congress asked them to. Important thing to realize here, not being funded by April 17th (as the article states) doesn't mean those businesses were denied funding or that they did not subsequently receive their funding. All it means is they applied and had not yet received their funding. This was the scenario for the vast majority of businesses who applied, both large and small. It took the SBA weeks to process the applications and fund the loans. Now was there some shady shit that happened? Absolutely and without a doubt. It was highly publicized. But there hasn't been a shred of real evidence that SBA was discriminating against anyone in particular. What they did was prioritize certain loans over everyone else. It wasn't a race thing or a gender thing, it was a make sure some of the highly connected get their money first thing. And SBA did a decent job of fixing that once it was exposed. The real initial problem with PPP was that Congress didn't authorize enough funding for everyone. So those who applied the earliest generally got their money while others got shut out because the SBA ran out of money to give. As far as the second article, again that is not saying people were denied loans. What it says is that most businesses wouldn't qualify for full forgiveness of their loan because of the spending requirements. People could still get the money if they really needed it, they just might have to pay it back over time as opposed to having it forgiven. But this is no longer an issue, new law was put into effect last week to eliminate this completely. The spending period was increased from 8 weeks to 26 weeks, the 75% payroll threshold was reduced to 60%, and other new measures were put into place to make loans more forgivable than when the PPP program first began. These stimulus plans have been far from perfect but they haven't been terrible. Billions of dollars have been provided to all types of businesses, both large and small. Our country and its leaders were faced with an unprecedented sudden economic shutdown so IMO they deserve a little slack and expecting perfection is an unreasonable expectation given the circumstances. I was one of the first to say they could have done better. I said it many weeks ago when this stuff was happening and I offered ideas how to fix it. In the end, they have taken some measures to fix the issues once they became apparent and in the end a lot of businesses are still alive because of it. Link to post Share on other sites More sharing options...
MamlngEnvy Posted June 14, 2020 Report Share Posted June 14, 2020 2 hours ago, abenjami said: That's not at all how I'm acting. It obviously was not being run above board when it began and places like Ruth's Chris got 20 million dollar loans. They've released plenty of data that shows billions went to the smallest of businesses in every state. You posted about some group of random people on a Facebook group you don't even know. Let's see their names and proof of their denied applications before we accept your claim as fact. I live closer to Mexico than @SNAPHISANKLE and there hasnt been any outcry from Mexican owned restaurants around here. But side note, I think his place is Cuban not Mexican. My place is like, all of it maaan. also. I applied correctly and have an actually factual legal business. And was denied. But I didn’t really know there were more funds, might re apply. Actually currently in the process of selling and have a few buyers who bout to send some big $$$$ my way Link to post Share on other sites More sharing options...
MamlngEnvy Posted June 14, 2020 Report Share Posted June 14, 2020 11 hours ago, abenjami said: You must be doing something wrong then. If you actually own a real business it's very easy to get the funding. I guess the wrong thing I’ve done is I bank with chase and applied through them and everyone says they SUCK for this and only give the $$ to the big guys Link to post Share on other sites More sharing options...
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