We business people might not get our PPP

It's coming out now that mostly larger companies got the PPP. In the news...Ruth's Cris, a company with over 5000 employees, who made over 41 million in profits last year and used much of it to buy back stock option, got 20 million in PPP.

Small business owners are HOT! I'm in several business owner Facebook groups and people are up in arms. Many of them who voluntarily closed are opening back up as early as tomorrow.

I'm not sure who all botched this mess, but people are wanting answers and asses over it.
 
J-man said:
I'm still hopeful but down deep know it's all for naught.
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I have an email in to the bank we use, asking if the amount of our applications are still fund-able. Got an auto reply saying they have heavy email volume and they'll get back to me when they can.

Ugh. I'll let you know what they say.
 
Guard Dad said:
It's coming out now that mostly larger companies got the PPP. In the news...Ruth's Cris, a company with over 5000 employees, who made over 41 million in profits last year and used much of it to buy back stock option, got 20 million in PPP.

Small business owners are HOT! I'm in several business owner Facebook groups and people are up in arms. Many of them who voluntarily closed are opening back up as early as tomorrow.

I'm not sure who all botched this mess, but people are wanting answers and asses over it.
Click to expand...
That's $4,000 per employee, which doesn't sound excessive, but where do they draw the line for "small business"? $350 billion can go fast at $20 mil a pop.
 
lotstodo said:
That's $4,000 per employee, which doesn't sound excessive, but where do they draw the line for "small business"? $350 billion can go fast at $20 mil a pop.
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It was supposed to be for businesses with under 500 employees, but Ruth's has over 5000. I assume they got around that by having the stores in separate corporations.

I'm not necessarily pissed that they got it, I'm pissed that the real small businesses got screwed.
 
I'm irritated because I had my paperwork ready the day the program officially opened yet Suntrust, and most other banks, were not accepting applications until their portal was developed which ended up being Sunday evening. I stayed up Sunday night to make sure ours was completed and uploaded immediately.
 
J-man said:
I'm irritated because I had my paperwork ready the day the program officially opened yet Suntrust, and most other banks, were not accepting applications until their portal was developed which ended up being Sunday evening. I stayed up Sunday night to make sure ours was completed and uploaded immediately.
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Me too. Had it in within two hours of the portal going up. Being that it was Sunday night, I know we had to near first in line.

I might be changing banks soon.
 
Guard Dad said:
It's coming out now that mostly larger companies got the PPP. In the news...Ruth's Cris, a company with over 5000 employees, who made over 41 million in profits last year and used much of it to buy back stock option, got 20 million in PPP.

Small business owners are HOT! I'm in several business owner Facebook groups and people are up in arms. Many of them who voluntarily closed are opening back up as early as tomorrow.

I'm not sure who all botched this mess, but people are wanting answers and asses over it.
Click to expand...

So is this employee. :mad:
 
Guard Dad said:
It was supposed to be for businesses with under 500 employees, but Ruth's has over 5000. I assume they got around that by having the stores in separate corporations.

I'm not necessarily pissed that they got it, I'm pissed that the real small businesses got screwed.
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It's going to be virtually worthless if each McDonald's franchisee walks off with the cash. This is really Bull crap.
 
Guard Dad said:
I might be changing banks soon.
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Hold off on changing banks for now, my daughter got an email response from their bank (different bank and a community bank) regarding their PPP application status. It was an email notification that SBA funds were out and no more applications were being processed until Congress approves more funding. I know you and I discussed moving banks should ours drop the ball on PPP but it may not make any difference other than making you feel better.
 
J-man said:
Hold off on changing banks for now, my daughter got an email response from their bank (different bank and a community bank) regarding their PPP application status. It was an email notification that SBA funds were out and no more applications were being processed until Congress approves more funding. I know you and I discussed moving banks should ours drop the ball on PPP but it may not make any difference other than making you feel better.
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No, I won't until this is past
 
I am shocked that the politicians blew $2.2 trillion and I am even more shocked that fat cats got the gold mine and small business got the shaft. I paid my guys for the time they missed because of COVID 19 but I did not apply for government assistance. I was against the bailout from day one and I still am. I don't need or want their handout. If I get a stimulus check I am cashing it and giving it to my mother. She is 89, raised 4 kids basically on her own and never took a dime from the damn government. I do not believe in getting paid for nothing. Absorbing my cost because of this over hype pandemic is part of doing business.
 
So much for wishful thinking, just received an email from my bank informing me that funds have been depleted and waiting on Congress.

Oh well, we will find a way. Hey, I can always sell my bod.
 
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