5 ms·

It's a mess, we have 10+ employees and are trying to get ~250K via Chase. We got in early, but the whole process is opaque, and now they're run out of money bef

It's a mess, we have 10+ employees and are trying to get ~250K via Chase. We got in early, but the whole process is opaque, and now they're run out of money before our application was approved. Can probably survive another 4-6 weeks before layoffs, so hopefully they approve more cash early next week.

chrischen 7y ago
The bill seems ill-thought out since as a general stimulus there was not enough to go around. For the amount they offered they should have targeted those that needed it or increased it so that it actually has an impact. Even the EIDL which was meant for affected businesses ran out and there was a paltry amount in there too.
- s_y_n_t_a_x 7y ago
  Democrats have blocked a quick re-up of the funding. They're using it as leverage for funding elsewhere and more restrictions on lenders. IMO they should allow the funding now and give Republicans an olive branch like Republicans gave them with the last phase. It's really not the time for politics and playing the leverage game looks bad. I don't see why no one is mentioning this. It's wrong when both sides do things like this.
  - dashundchen 7y ago
    Plenty of people are mentioning it, it's all over the news. There was also plenty given to Republicans, when in the Senate they managed to include yet another tax giveaway costing $90 billion for 2020 alone. The benefits will almost entirely be received by millionaires and billionaires. https://www.washingtonpost.com/business/2020/04/14/coronavirus-law-congress-tax-change/ https://www.washingtonpost.com/business/2020/04/14/coronavir... Personally I see it hard for Democrats to want to just up the amount in the fund without a strategy for distribution. Add in the executive branch immediately doing everything they can to undermine congressional and Inspector General oversight over these funds, we will have a repeat of TARP where large corporations were able to find all the bailouts they needed while SMBs were hung out to dry.
    - s_y_n_t_a_x 7y ago
      I meant mentioning it here. I don't care about what sides did what when. I care that this program that was successfully lending money out has been allowed to dry up and is being used as leverage. Up the fund once more because it's being distributed too well, then start working on any restrictions you'll need on the future funding.
      - jeromegv 7y ago
        "I don't care about what sides did what when." This is the opposite of accountability. And when politicians know that you won't keep them accountable and that they can keep doing whatever shit they want because "you don't care about which side does what", well, don't be surprised if things don't end up the way you want them to be.
        s_y_n_t_a_x 7y ago
        Who cares what the Republicans did a week ago, who cares what the Dems did a week ago. I care the Dems are blocking the funds to a program that was helping small businesses. I'm holding them accountable right now. Do you agree with their stance?
        deleted 7y ago
        [deleted]
        shard972 7y ago
        He just told you why politics doesn't do anything for people like yourself, take the hint.
        icebraining 7y ago
        > I'm holding them accountable right now. Why should they care? They just have to wait a week.
        s_y_n_t_a_x 7y ago
  - chrischen 7y ago
    It takes two to block, and I've heard that Trump is actually OK with the extra funding from the Democrats...
    - s_y_n_t_a_x 7y ago
      It takes one to extort. It's perfectly reasonable to criticize the Democrats for using this as an opportunity to exert political pressure. Yes the Republicans could cave to their demands, but that doesn't mean the Dems aren't extorting the situation.
  - WoahNoun 7y ago
    There is no evidence the program was successful because the administration gutted the IG and oversight. All we know is that a lot of tax payer money was given out with no accountability. I hope the Democrats don't give out another blank check with no accountability. The Trump admin ignored oversight in the first bill; why give this administration another blank check for graft and corruption?
tolas 7y ago
Once we saw chase was moving so slow we switched our application to smaller bank and got approved right before they ran out of funds. We were lucky to get our money, but the process seemed to be a mess.
- exclusiv 7y ago
  Yes we listened to the SBA about not applying to multiple banks and it screwed us. Was your smaller bank a local bank? Regional? Credit union?

chrischen 7y ago

The bill seems ill-thought out since as a general stimulus there was not enough to go around. For the amount they offered they should have targeted those that needed it or increased it so that it actually has an impact. Even the EIDL which was meant for affected businesses ran out and there was a paltry amount in there too.

s_y_n_t_a_x 7y ago
Democrats have blocked a quick re-up of the funding. They're using it as leverage for funding elsewhere and more restrictions on lenders. IMO they should allow the funding now and give Republicans an olive branch like Republicans gave them with the last phase. It's really not the time for politics and playing the leverage game looks bad. I don't see why no one is mentioning this. It's wrong when both sides do things like this.
- dashundchen 7y ago
  Plenty of people are mentioning it, it's all over the news. There was also plenty given to Republicans, when in the Senate they managed to include yet another tax giveaway costing $90 billion for 2020 alone. The benefits will almost entirely be received by millionaires and billionaires. https://www.washingtonpost.com/business/2020/04/14/coronavirus-law-congress-tax-change/ https://www.washingtonpost.com/business/2020/04/14/coronavir... Personally I see it hard for Democrats to want to just up the amount in the fund without a strategy for distribution. Add in the executive branch immediately doing everything they can to undermine congressional and Inspector General oversight over these funds, we will have a repeat of TARP where large corporations were able to find all the bailouts they needed while SMBs were hung out to dry.
  - s_y_n_t_a_x 7y ago
    I meant mentioning it here. I don't care about what sides did what when. I care that this program that was successfully lending money out has been allowed to dry up and is being used as leverage. Up the fund once more because it's being distributed too well, then start working on any restrictions you'll need on the future funding.
    - jeromegv 7y ago
      "I don't care about what sides did what when." This is the opposite of accountability. And when politicians know that you won't keep them accountable and that they can keep doing whatever shit they want because "you don't care about which side does what", well, don't be surprised if things don't end up the way you want them to be.
      - s_y_n_t_a_x 7y ago
        Who cares what the Republicans did a week ago, who cares what the Dems did a week ago. I care the Dems are blocking the funds to a program that was helping small businesses. I'm holding them accountable right now. Do you agree with their stance?
        deleted 7y ago
        [deleted]
        shard972 7y ago
        He just told you why politics doesn't do anything for people like yourself, take the hint.
        icebraining 7y ago
        > I'm holding them accountable right now. Why should they care? They just have to wait a week.
        s_y_n_t_a_x 7y ago
- chrischen 7y ago
  It takes two to block, and I've heard that Trump is actually OK with the extra funding from the Democrats...
  - s_y_n_t_a_x 7y ago
    It takes one to extort. It's perfectly reasonable to criticize the Democrats for using this as an opportunity to exert political pressure. Yes the Republicans could cave to their demands, but that doesn't mean the Dems aren't extorting the situation.
- WoahNoun 7y ago
  There is no evidence the program was successful because the administration gutted the IG and oversight. All we know is that a lot of tax payer money was given out with no accountability. I hope the Democrats don't give out another blank check with no accountability. The Trump admin ignored oversight in the first bill; why give this administration another blank check for graft and corruption?

tolas 7y ago

Once we saw chase was moving so slow we switched our application to smaller bank and got approved right before they ran out of funds. We were lucky to get our money, but the process seemed to be a mess.

exclusiv 7y ago
Yes we listened to the SBA about not applying to multiple banks and it screwed us. Was your smaller bank a local bank? Regional? Credit union?