04-05-2020, 10:10 AM
(04-05-2020, 09:44 AM)GMDino Wrote: And getting forms out in a couple weeks wasn't the hard part IMHO, giving guidance to everyone was. Like I said the form the boss filled out Thursday (that he got from our bank) was different than the one we had to electronically file Friday afternoon. Only slightly, but still different.
It's gonna be a wild ride.
The SBA released a paper application early last week, but each bank had to develop their own electronic application. The SBA opened the application process Friday at 12:00am, but banks couldn't do most of the work needed for their online application until the SBA finalized everything - which was at the Friday at 12:00am release. Banks are doing 100% of the process and the handling of the paperwork evidence for the loan forgiveness. All the SBA is doing from here on out is providing the funding to banks when they make a request that they are ready to disburse loan funds.
The program is not intended to keep businesses profitable or replace lost revenue. It's intended to keep employees getting paid and cover rent/mortgage/utilities expenses on businesses' structural property so they don't get evicted. Any money used for those purposes is forgivable. Funds not used for those purposes have to be repaid as a loan. The APY on the loan was originally capped at 4$, but I think I saw yesterday they lowered it to 1% - so it's still a really cheap loan.
![[Image: Cz_eGI3UUAASnqC.jpg]](https://pbs.twimg.com/media/Cz_eGI3UUAASnqC.jpg)