Well, there is this guy...
I've chosen to take this with a grain of salt.
I've chosen to take this with a grain of salt.
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Free registration at the forum removes this block.Well, there is this guy...
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I've chosen to take this with a grain of salt.
Aaaaand the video's gone. (Putting on my tinfoil hat, its sudden disappearance suggests there was some truth to it, whatever it was.) What did the video say?I've chosen to take this with a grain of salt.
Aaaaand the video's gone. (Putting on my tinfoil hat, its sudden disappearance suggests there was some truth to it, whatever it was.) What did the video say?
This thread on Reddit breaks it down perfectly.
https://www.reddit.com/r/smallbusiness/comments/fvs3l4 View: https://www.reddit.com/r/smallbusiness/comments/fvs3l4/interested_in_your_experience_with_eidl/?utm_source=share&utm_medium=web2x
Specifically the top response.
Insult To Economic Injury: Small Businesses 'Angry, Desperate' Over Emergency Loans In Limbo
Small businesses dealing with the dramatic drop in cash-flow caused by shelter-in-place orders and social distancing thought they would have a quick…www.tpr.org
Still waiting to hear back myself but this seems to be playing out as mentioned in the article. Have seen these posts today that look to be in line with the 15k max (for now?) and 1k per employee change:A federal program promised small businesses up to $2 million in loans. Now it's maxing out at $15,000.
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Yep, just got that email too.Do you want to good news or the bad news?
The good news is I just received a form letter from the SBA via email indicating they are moving forward with the EIDL program.
The bad news is they have changed the terms so that instead of getting the $10,000 advance it is $1000 per employee up to a maximum of 10 employees or $10,000 maximum on the advance.
It’s something, but likely not going to have an impact for its intended purpose unless you play through and get the full blown loan which can be amortized over 30 years.
This sparks an interesting conversation in to how vague the legislation is (and often is, not just in the case). For example, in the Emergency EIDL Grants section of the CARES act it states:Yep, just got that email too.
Email:
Dear Applicant,
On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by C0VlD-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.
I just received a $40k revolving line of credit (Canada) for paying $50k-$1mill in payroll in 2019. Applied Friday, received the funding today. Converts to a 5 year loan at 5% interest on Jan 2021. No payments required until Jan 2023. Interest free until Jan 2023.
Full payment required by Dec 31 2025.
Pay $30k back before Jan 2023, remaining $10k is forgiven.
Great job by the Canadian government in my opinion!
Meh... I'm 100% Capitalist as well.How? They shut down private business and then gave you a limited line of credit with terms and 5% interest for the privelege of being able to use money you didnt need before this happened.
The canadian government is a complete joke and has been for the past several years with Trudeau leading it.
I get alot of the sentiments in this thread. But its mind blowing to me how everyone is just taking this like this is how it's supposed to be.
The government came in and shut down capitalism, mortgaged everyone + their kids futures, and is telling you - it needs to be paid back with interest for the privilege of saving your business.. If my business was more drastically affected id be absolutely livid.
And to @Vigilante and @CareCPA point... Im about as much of a capitalist as it gets. But this isnt capitalism anymore. Theyre bailing out any company with a pulse, the government is taking stock in public companies, and people are being literally paid by the government to live...
Literally this is everyone receiving their checks+stimulus this week and paying it back out the next.
https://media.giphy.com/media/g8A6kKFew4w0w/giphy.mp4
Capitalism was sold out a long time ago.
And the argument of what else are they going to do in a situation like this? is simple. Don't let it get to a situation like this, we've had virus' consistently for the past decade and no one did anything to prepare. Blows my mind that these morons in office are so quick to pull the fed lever when they could have allocated some of our tax dollars to preparing for a virus.
Meh... I'm 100% Capitalist as well.
I stay out of politics.
But I do agree with you. I'm not a fan of my government. However, compared to other countries, I think it was faster, easier, for a business to get a loan.
Haha no worries man! I'm 100% with you on the politics.Agreed with you on that part. And I am Canadian, so whenever my mom and my uncles start talking it usually ends up being a shit talk Trudeaufest so that will come out from me sometimes. lol sorry.
My bank finally started taking applications for the PPP loan yesterday. I filled out the form but chickened out when it was time to affirm the money was "necessary". Up until now I have been all about taking advantage of whatever handouts are available. But hard to claim it's needed when the loan amount equates to less than 3% of cash on hand.
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