Date: 2020-04-10 22:30:02
While the Payment Protection Program is apparently under funded, the Senate is working on another possible $2 Trillion Stimulus, with potentially more free money coming – enjoy! Add me on Instagram: GPStephan
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Within DAYS of being released…the small business loan program, known as the Payment Protection Plan, which pledged $349 billion dollars worth of forgivable loans for employers to retain employees…saw 178,000 applications. And that meant, very quickly…the available money was drying up, and there wouldn’t be enough left over for everyone who needs assistance.
Now, for anyone who’s unfamiliar with how this works…it’s a loan program for small businesses, who have under 500 employees, to retain their workers during a time where – otherwise – they’d be let go. This loan is given to businesses in the amount of 2.5x their payroll cost, up to $10 million dollars…AND as long as 75% of that money goes towards qualified expenses – like, actually maintaining their payroll, the loan will be forgiven…meaning, you don’t need to pay it back. And that’s where the “Free Money” term comes in.
So, in an effort to relief some of these concerns, to get money to people who were promised relief within 3 days from applying, but got nothing…they’ve expanded on ANOTHER loan program, called the SBA Express Bridge Loan!
Although, I gotta say…given how quickly this is rushed out, it’s kinda no surprise that they’re worried about running out of money, and need to ask for another $250 billion….after all, it’s probably better to have a surplus of too much funding so as not to cause businesses to panic about a lack of funding. HOWEVER, instead of throwing more money at the problem – you’d think it would probably be a much better idea just to use those resources in actually GETTING that money to businesses in need, within the next 5-7 days maximum.
After all, what good is an extra $250 billion dollars if no one gets it? Or, if there’s so much confusion that no one knows when or how much they’re receiving?
So, for anyone wanting an update on their EIDL Loan, or the 2.5 Months worth of “FREE MONEY” from the Paycheck Protection Program…there you go. The good news is that, it looks like they’ll continue funding the program with $250 billion more to make sure there’s enough to go around for everyone…and, Wells Fargo is going to hopefully be accepting applications again…but, who knows when you’ll actually get anything.
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