Coronavirus

[Jesser04]

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.

This.

 

[Houndoc]

The PPP funding certainly was not ideally set-up in the first round. It will take time to know if they actually fixed the problems for the second go-round to help ensure money goes where it will be most needed.

As to the budget discussion, others did correctly point out that the expenditures being tossed about are not part of the COVID relief. I think it is absolutely critical to understand that difference. If nothing else, recognizing the differences allows you to more effectively voice concerns to members of Congress. And yes, we should expect Congress to pass budgets on time and by department instead of the omnibus bill, three months into the financial year, that has become all to normal. They are certainly failing us in that regard.

 

[Spork]

So just to be clear they give pakistan 10million for gender studies every budget not just as part of covid relief...



Not sure that's better for some reason...

 

[Mouse]

I wasn't aware there was $10M worth of study available with "gender," Congress must know something we don't.

 

[TRD270]

I wasn't aware there was $10M worth of study available with "gender," Congress must know something we don't.

 

[Cody]

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 think it makes a MASSIVE difference what bank you happened to bank at, and your relationship with the banker. I learned years ago, that every bank wants to sign you up for a checking account, and will claim they can do xyz funding, but once you find a banker that really knows what they are doing, and is invested in you, it's a completely different thing. My shops are through Zions and the brewery is through First Utah Bank. Getting SBA loans from Zions or FUB were completely different experiences. FUB is a big SBA bank, and everyone over there was amazing and basically walked us through the 16 month process to get where we needed to be. Zions hardly spent any time with us and it was 100% on our due diligence and ability to sort through paperwork that we were even able to get approved (which even included me walking into the SBA's offices downtown looking for guidance, which was apparently the first time somebody has ever done that). Fast forward 10 years, I've gone through probably a dozen branch managers at Zions, and most of them are about as useful as the teller handing me dog treats out the window. Once in a while we'd get a good one, but good branch managers get fast tracked up the ladder pretty quick. Everyone good one at Zions is now way up the chain somewhere.

At any rate, PPP details went live on a Friday afternoon. I was on the phone with my FUB banker after 11 pm on both Saturday and Sunday nights working through everything. I had that loan funded by Tuesday morning. Zions---totally different story. I do have a branch manager that I really like right now, and she really stuck with us and helped us through, but it took 2 weeks for Zion to even start putting clients through their portal. She fought for us and got us approved at the 11th hour the night before the first round was used up. I'll try and stick with her as long as I can, but she's sharp so I doubt she'll be stuck in a branch much longer.

I heard of several people in the bigger banks...Chase and Wells Fargo....that never got it funded. Someone told me that Chase didn't fund any PPP Loans under like 10 million or something (totally unsubstantiated).

My wife and I have a joint account at America First CU, and literally every interaction I've had with them reminds me of a monkey ****ing a football.

If you had to go from one of the banks that wasn't processing, to a totally new bank, I get why that would be tough. Banker's are going to take care of their existing relationships first. If you run a small business, I think it's SUPER important to maintain a relationship with whoever is your branch manager. If you find a good one, it's worth trying to stick with them if they get moved around. Even if they move to a different bank, it's good to keep their contact info because you never know when you need to talk to a banker or get a reference from someone you trust.

I wasn't aware there was $10M worth of study available with "gender," Congress must know something we don't.

This sounds weird to me too. I can see where money might get funneled to countries where traditional cultures really attack LGBTQ communities and maybe that's some sort of civil rights play. Maybe some group like the ACLU made some deal to redirect part of it's funding elsewhere? There has to be a backstory.

 

[TRD270]

This sounds weird to me too. I can see where money might get funneled to countries where traditional cultures really attack LGBTQ communities and maybe that's some sort of civil rights play. Maybe some group like the ACLU made some deal to redirect part of it's funding elsewhere? There has to be a backstory.

Best i've been able to come up with is a male/female inequality study. Most everything I've found is a few years old though. 10mil is a blip in the budget but doesn't really seem like something that needs funding from us this year. And as previously said not sure why we are paying with this crap with loans from China.

"Abstract Researchers focusing on gender issues usually concentrate on how people perceive and interpret gender, understand or construct sex and gender etc. Much needs to be explored and understood in relation to research and concepts of gender studies. The present study “Gender Research in Pakistan: A Scoping Review” was carried out with the purpose of mapping literature on gender research in Pakistan, further exploring how gender concepts like social construction of roles, power relationships, division of labor/resources are understood and constructed by researchers in social science research. Also the review intended to provide grounds for critiquing how researchers problematize and integrate gender concepts in their phenomenon of interest and while doing so what research methods are applied by them. The paper will share the importance of gender sensitive research and the results of the scoping review carried out. It shall also attempt to document methodological gaps in the retrieved literature, concluding with some recommendations for way forward. Keywords: Gender Research, Scoping Review, Pakistan Introduction Gender inequality concerns are globally recognized as gender disparities have been prevailing in all societies at all times. However gender discourse gained momentum in Pakistan in mid-80’s when there was a shift from women in development approach (WID) to gender and development approach (GAD). The establishment of women and gender studies across academia in Pakistan in the 1980s onwards was a formal recognition of an emerging discipline that centered on deep-seated socio-economic and political inequalities confronting women. Historically, in Pakistan, in the year 1989 after the military regime of General Zia, Ministry of Women development established the “Center of Excellence in Women’s Studies” in 5 public universities across Pakistan. In the later decades many public and private universities initiated courses on women and gender studies. All these endeavors indicate the efforts made in Pakistan to develop capacity of individuals and promote knowledge, scholarship and research around women and gender issues. Our search showed that there are about 2 journals on gender studies that are published from local institutions; there are several others from disciplines such as mental health, education, public health and social sciences that publish on similar issues."

 

[Gravy]

Thanks Cody. Very informative. I love talking business and building business and anything about it.

I feel like getting the time of day from any branch manager is like pulling teeth at any financial institution. However probably worth investing the time and irritation into.

I've heard tell of another round with this new stimulus bill. I'll certainly look at some of the other banks you suggested this week.

I've been lucky that we run a few income streams. Because one of my businesses was definitely on life support because of the lockdown earlier. If I only had one way to make money I'd be SOL.

 

[Noahfecks]

It is true that some banks executed poorly on PPP loans, but they never ran out of money in round 1. There was a hard end date months after the program began but there was funding available right up to the date the program closed in round 1. There was about a week period when they ran out of funding but congress appropriated more money and it lasted through the end.

The big banks failed miserably; Wells, Chase, US. If you banked with one of them you probably had to go somewhere else to get a loan.

We did take care of our existing customers first and that took about a week, but after that we did loans for anyone and everyone who asked. Hell I proactively called every business owner I know in the state to make sure that they were able to obtain a loan.

One of two things were going on: 1. The owners didn't put forth the effort to find an avenue to get the PPP loan. or 2. It had something to do with the way owners compensate themselves. It was called the Payroll Protection Program and it only helped those that were paid by W2 or Schedule C. Many business owners compensate themselves through distributions because there are tax advantages to doing so. In this one situation there was a disadvantage to not taking a salary because if you don't pay payroll taxes, you don't qualify for lost payroll.

In round two you have to be down 25% or more over the same period last years to qualify, and you need to have applied for forgiveness from round 1.

 

[Cody]

From what I've read, it's 2.5x your monthly average payroll over the last 12 months, or 3.5x if you're naics 72 (restaurants, bars etc). Plus the requirement homie mentioned about showing 25% reduced revenue year over.

@Gravy not everyone's way is right for everyone else. But I'd definitely try to work with a smaller local bank that specializes in small business. I really like FUB, but it's also possible I get more attention because I spent a ton of their money last year and they have a vested interest in getting it back ha ha.

 

[Gravy]

Yeah. We have no loans so perhaps we got the brush off.

We certainly structure our businesses to be beneficial to our taxes and that may be part of it. But we do have w-2 employees.
Most of our circle have similar businesses. Again I feel like true "small business" (2-5 employees) got the brush off and that trends across most of our associates that didn't receive funding.

 

[Noahfecks]

Then it was the bank you were dealing with, no other excuse than that they suck and you are not a priority to them. You should have been able to qualify based on your 940 or 941's and a 2019 year end P&L (to calculate rent and utility expense). PM me next time and I can at least tell you what you need to know to go pound on someones desk.

There should not have been any problem giving it to smaller businesses, I did one for $1300 to a sole prop bookkeeper who filed on a schedule C.

 

[anderson750]

Yeah. We have no loans so perhaps we got the brush off.

We certainly structure our businesses to be beneficial to our taxes and that may be part of it. But we do have w-2 employees.
Most of our circle have similar businesses. Again I feel like true "small business" (2-5 employees) got the brush off and that trends across most of our associates that didn't receive funding.

I can tell you from having a wife who did these loans for the credit union she works for, there were people that they did not have a strong relationship with that they did not do loans for. They did not take their applications and sit on them......they told them that they had reached the financial limit of what they were going to process and they should probably seek another bank. For them it boiled down to risk of the loan. Early on in this, there was no clear guidance from the government (go figure) on how loan forgiveness was going to happen and if a business does not get the forgiveness, then it becomes a loan on the banks books. So their approach was to only take loans on customers they knew well.

One thing I learned early on from my father about business was having a relationship with a banker that is good enough that you can call them at home if you need something. This is something that is easier to do in a small town, but not impossible in a larger city.

 

[Cody]

One thing I learned early on from my father about business was having a relationship with a banker that is good enough that you can call them at home if you need something. This is something that is easier to do in a small town, but not impossible in a larger city.

A more modern example, I text my bankers all the time.

 

[Noahfecks]

None of you sonzabitches better call me at home

 

[Cody]

Zero risk lol.

 

[anderson750]

Of course protection is not instant, but by a raise of hands, how many people think we are going to be seeing reports of people getting it after the 2nd dose with the people that have tested positive more than once.

Nurse who tested positive days after vaccine is reminder protection not instant, 2 doses needed

A California nurse tested positive for COVID-19 more than a week after receiving the first dose of the vaccine. Health experts are saying this is not completely unexpected given the time it takes for the vaccine to become protective and the fact that a second dose is needed for full efficacy.

www.fox13now.com

 

[Corban_White]

It will keep going on as long as people let it. Once we ignore it and move on with our lives, ignoring the governments efforts to use the virus to control us, they will move on to other more productive ways to try and control us.

 

[Pike2350]

Of course protection is not instant, but by a raise of hands, how many people think we are going to be seeing reports of people getting it after the 2nd dose with the people that have tested positive more than once.

Nurse who tested positive days after vaccine is reminder protection not instant, 2 doses needed

A California nurse tested positive for COVID-19 more than a week after receiving the first dose of the vaccine. Health experts are saying this is not completely unexpected given the time it takes for the vaccine to become protective and the fact that a second dose is needed for full efficacy.

www.fox13now.com

It's not surprising. As has been said vaccines are about 95% effective. That means there is still a chance that it doesn't work for aome people. I am not surprised by this nor the occasional severe reaction to the vaccine. It's inevitable.

 

[anderson750]

It's not surprising. As has been said vaccines are about 95% effective. That means there is still a chance that it doesn't work for aome people. I am not surprised by this nor the occasional severe reaction to the vaccine. It's inevitable.

I agree also. Tell me to take my tinfoil hat off if you want, but I see this heading down the road of more government control over our daily lives. There is already talk of certification of vaccination or a recent negative test to do things such as attend concerts, travel, etc. At what point does this madness stop? Maybe when we go from an overall 98.3% survival rate to 99%?

Interesting fact from the CDC website.

• 18-29 year olds make up the highest infection rate as an age with 22.9% group but make up only 0.5% of the deaths
• 50-64 year olds are 2nd at 20.6% and make up 14.5% of the deaths
• 85+ year olds are 2.6% of the infections but make up 32.8% of the deaths
• The 65+ groups together make up 14.8% of cases but are 68.9% of the deaths

Would somebody please logically explain to me what the F&@k is going on with our people in country buying into the narrative that it is going to kill us all......even if you are not hight risk. Why are so many parents not speaking up about schools being closed? Our kids have fallen even further behind than what they already were with our crappy education system.

Before anybody in education comes after me with pitch forks, my reference is not about teachers, but just the educational system that does nothing to hold kids accountable and just shuffles them through.