Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 232728 times)

Online zh cohen

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2013
  • Posts: 1079
  • Total likes: 854
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #120 on: April 20, 2020, 06:11:04 PM »
Why not have a person to speak to?

I hear. Regarding your question, anecdotally it seems that CrossRiver did a good job (Kabbage loans are from CrossRiver)

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3391
  • Total likes: 790
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #121 on: April 20, 2020, 06:13:05 PM »
its only highet education institutions. Yeshiva gedoilas, kollelim, not regular schools
It's just a matter of finding the list...

https://eab.com/research/strategy/resource/cares-act-higher-education-faq/

Any recipient of GEERF aid, including states, K12 agencies, and higher education institutions, are expected to maintain their payrolls and make payments to their current contractors. However, like other Education Stabilization Program stipulations on payroll, this is not a binding legal mandate.

How much total funding is available to institutions? 
$12.56B

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3391
  • Total likes: 790
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #122 on: April 20, 2020, 06:25:39 PM »
United Talmudical Seminary
$4,482,702
Talmudical Seminary Of Bobov
$949,733
Talmudical Seminary Oholei Torah
$538,150
Seminar L'Moros Bais Yaakov
$644,413
Rabbinical College Bobover Yeshiva Bnei Zion
$751,000
Rabbinical College Of Ohr Shimon Yisroel
$460,264
Kehilath Yakov Rabbinical Seminary
$334,422
Central Yeshiva Tomchei Tmimim Lubavitz
$743,134
If you check out the last column you'll see they have to give a chunk of that as Grants and FA to sstudents.Parents should bang the doors down demanding to see that applied to their tuition.

Online Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 3769
  • Total likes: 695
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Some of this and some of that.
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #123 on: April 20, 2020, 07:41:55 PM »
If you check out the last column you'll see they have to give a chunk of that as Grants and FA to sstudents.Parents should bang the doors down demanding to see that applied to their tuition.
I saw that.  I doubt it will happen.
#TYH

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1062
  • Total likes: 131
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #124 on: April 20, 2020, 08:03:09 PM »
Not sure if this has been posted before but this grant can be incredibly helpful for many here and has not been spoken about much
https://savesmallbusiness.com/
APPLICATIONS HAVE CLOSED

We appreciate your interest in the Save Small Business grant program. Due to overwhelming interest in this grant program, we have reached our capacity and we are not accepting new applicants at this time. We know these are difficult times, and we wish we could help everyone who needs it. You can find additional resources to help guide your business through this challenging time here.

Offline tzifanya54

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jan 2012
  • Posts: 5542
  • Total likes: 141
  • DansDeals.com Hat Tips 1
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #125 on: April 20, 2020, 08:35:01 PM »
Not sure if this has been posted before but this grant can be incredibly helpful for many here and has not been spoken about much
https://savesmallbusiness.com/
Did anyone get in?

Offline yzj

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Feb 2012
  • Posts: 594
  • Total likes: 339
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: usa
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #126 on: April 20, 2020, 08:41:18 PM »
I'm appalled. Instead of putting teachers and Rebbeim on unemployment, where they can receive $600+, (a huge bonus for many PT employees in the chinuch field) they're making out like bandits.

Before you make wild accusations, you have the wrong program buddy. The cares act is a separate program providing funding to help all colleges and students that gets automatically deposited in the account of each college or university without anything to apply for on the colleges end , a portion of which is to go to the students, based in part on prior pell. This has zero to do with the unemployment. How about calling each of the above institutions and asking mechila for badmouthing them without bothering to check your facts?
« Last Edit: April 20, 2020, 08:56:31 PM by yzj »

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1062
  • Total likes: 131
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3391
  • Total likes: 790
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #128 on: April 20, 2020, 08:56:34 PM »
Before you make wild accusations, you have the wrong program buddy. The cares act is a separate program providing funding to help all colleges and students that gets automatically deposited in the account of each college or university without anything to apply for on the colleges end , a portion of which is to go to the students, based in part on prior pell. This has zero to do with the unemployment. How about calling each of the above institutions and asking mechiras for badmouthing them without bothering to check your facts?
Whoa. Let me clarify.
Institution of higher learning are getting these grants based on their payroll. It is suggested that they use it to pay their employees, but not obligatory.
My outrage is based on the fact that I spoke to several teachers over the last week or so, and while they've all seen a reduction in hours, and have not received paychecks since after Purim, they've been told that they have not been laid off, and should not apply for unemployment. Capiche?

Offline S209

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2016
  • Posts: 5934
  • Total likes: 2129
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
    • Gowns By Shevy
  • Location: Lakewood, NJ
  • Programs: Marriott Gold, SPG Gold, Ritz Carlton Gold, *G, Hyatt Explorist, Hertz PC, National EE, Rock Royalty Wild Card, Wyndham Diamond, MLife Gold, Total Rewards Diamond, Hilton Diamond, Uber VIP, IHG Platinum Elite, DDF Prez Platinum Elite, AmEx Platinum
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #129 on: April 20, 2020, 09:04:35 PM »
I'm appalled. Instead of putting teachers and Rebbeim on unemployment, where they can receive $600+, (a huge bonus for many PT employees in the chinuch field) they're making out like bandits.
1) What does this have to do with unemployment? Also, they are continuing classes so why would they put someone on unemployment? They need the teachers to continue working.

2) Itís for higher education institutions and based on PELL. There is a chance this will end up as an advance for the PELL they would have received.

3) Most of the funds are complicated to receive and need to be used for highly specific purposes, which they will be used for. We donít know what they are yet. Perhaps they will be sending checks to students? Nobody has yet received the funding, let alone allocated the money, yet youíre already appalled with their use of it?

4) What is ďmaking off like banditsĒ even supposed to mean? These are non-profit schools that generally need to fundraise to balance their books. The head of each mossad makes a salary, usually a paltry one at that. Nobody is lmaking off like a banditĒ.
Gowns By Shevy
732-806-1136
info@gownsbyshevy.com

Offline yzj

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Feb 2012
  • Posts: 594
  • Total likes: 339
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: usa
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #130 on: April 20, 2020, 09:07:47 PM »
Whoa. Let me clarify.
Institution of higher learning are getting these grants based on their payroll. It is suggested that they use it to pay their employees, but not obligatory.
My outrage is based on the fact that I spoke to several teachers over the last week or so, and while they've all seen a reduction in hours, and have not received paychecks since after Purim, they've been told that they have not been laid off, and should not apply for unemployment. Capiche?

You are thoroughly confused. You are mixing this up with the wrong program. This has nothing to do with payroll or  employees in any way. These amounts are the CARES program. It has zero to do with employees. Zero.
Capish?
United Talmudical Seminary
$4,482,702
Talmudical Seminary Of Bobov
$949,733
Talmudical Seminary Oholei Torah
$538,150
Seminar L'Moros Bais Yaakov
$644,413
Rabbinical College Bobover Yeshiva Bnei Zion
$751,000
Rabbinical College Of Ohr Shimon Yisroel
$460,264
Kehilath Yakov Rabbinical Seminary
$334,422
Central Yeshiva Tomchei Tmimim Lubavitz
$743,134

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3391
  • Total likes: 790
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #131 on: April 20, 2020, 09:09:08 PM »
You are thoroughly confused. You are mixing this up with the wrong program. This has nothing to do with payroll or  employees in any way. These amounts are the CARES program. It has zero to do with employees. Zero.
Capish?
Did you read through how the grant is calculated? Definitely based on payroll.

Offline S209

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2016
  • Posts: 5934
  • Total likes: 2129
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
    • Gowns By Shevy
  • Location: Lakewood, NJ
  • Programs: Marriott Gold, SPG Gold, Ritz Carlton Gold, *G, Hyatt Explorist, Hertz PC, National EE, Rock Royalty Wild Card, Wyndham Diamond, MLife Gold, Total Rewards Diamond, Hilton Diamond, Uber VIP, IHG Platinum Elite, DDF Prez Platinum Elite, AmEx Platinum
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #132 on: April 20, 2020, 09:09:19 PM »
Whoa. Let me clarify.
Institution of higher learning are getting these grants based on their payroll. It is suggested that they use it to pay their employees, but not obligatory.
My outrage is based on the fact that I spoke to several teachers over the last week or so, and while they've all seen a reduction in hours, and have not received paychecks since after Purim, they've been told that they have not been laid off, and should not apply for unemployment. Capiche?
These grants are NOT based on payroll, they are based on PELL received. The teachers you spoke to were from accredited institutions of higher education? Anecdotally, my wife HAS received a regular paycheck from her school. Itís possible some schools (like businesses) are waiting on PPP funding to pay teachers but that is hardly them being greedy. Not to mention they havenít got the money yet.

Again, no business/school will send an employee to unemployment when they are going to be working/teaching. Itís not exactly greedy to be paying staff instead of sending them to unemployment anyway..

Amazing how the Zalis got $4.48M when you compare it in size to BMG
It is based on student enrollment and PELL funding
Gowns By Shevy
732-806-1136
info@gownsbyshevy.com

Offline S209

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2016
  • Posts: 5934
  • Total likes: 2129
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
    • Gowns By Shevy
  • Location: Lakewood, NJ
  • Programs: Marriott Gold, SPG Gold, Ritz Carlton Gold, *G, Hyatt Explorist, Hertz PC, National EE, Rock Royalty Wild Card, Wyndham Diamond, MLife Gold, Total Rewards Diamond, Hilton Diamond, Uber VIP, IHG Platinum Elite, DDF Prez Platinum Elite, AmEx Platinum
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #133 on: April 20, 2020, 09:10:34 PM »
Did you read through how the grant is calculated? Definitely based on payroll.
Youíre talking about the PPP grant. This is a different grant administered by the Department of Education. I will link to the website where they explain the method of allocation.

ETA: Here you go https://www2.ed.gov/about/offices/list/ope/caresact.html
Gowns By Shevy
732-806-1136
info@gownsbyshevy.com

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3391
  • Total likes: 790
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #134 on: April 20, 2020, 09:12:16 PM »
1) What does this have to do with unemployment? Also, they are continuing classes so why would they put someone on unemployment? They need the teachers to continue working.

2) Itís for higher education institutions and based on PELL. There is a chance this will end up as an advance for the PELL they would have received.

3) Most of the funds are complicated to receive and need to be used for highly specific purposes, which they will be used for. We donít know what they are yet. Perhaps they will be sending checks to students? Nobody has yet received the funding, let alone allocated the money, yet youíre already appalled with their use of it?

4) What is ďmaking off like banditsĒ even supposed to mean? These are non-profit schools that generally need to fundraise to balance their books. The head of each mossad makes a salary, usually a paltry one at that. Nobody is lmaking off like a banditĒ.
1) part of the grant is an encouragement for them not to lay off employees. Too many unemployment applications from an institution will raise red flags, hence them not laying off officially. Classes are reduced by enough hours so that teachers would qualify for partial unemployment.
2) did you see the clause where it's encouraged but not mandated to be used for approved purposes?
3) see #2
4) ummm. Might be true for smaller mosdos, but beyond that, not so much...

Offline yzj

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Feb 2012
  • Posts: 594
  • Total likes: 339
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: usa
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #135 on: April 20, 2020, 09:14:38 PM »
1) part of the grant is an encouragement for them not to lay off employees. Too many unemployment applications from an institution will raise red flags, hence them not laying off officially. Classes are reduced by enough hours so that teachers would qualify for partial unemployment.
2) did you see the clause where it's encouraged but not mandated to be used for approved purposes?
3) see #2
4) ummm. Might be true for smaller mosdos, but beyond that, not so much...


ďThe CARES Act stipulates a funding formula to divide these funds among institutions. The formula has two distinct parts:

75% of the funds will be awarded based on the institutionís fulltime in-person Pell grant recipients as a share of the national total.
25% of the funds will be awarded based on the institutionís fulltime in-person enrollment who are not Pell Grant recipients as a share of the national totalĒ

Offline S209

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2016
  • Posts: 5934
  • Total likes: 2129
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
    • Gowns By Shevy
  • Location: Lakewood, NJ
  • Programs: Marriott Gold, SPG Gold, Ritz Carlton Gold, *G, Hyatt Explorist, Hertz PC, National EE, Rock Royalty Wild Card, Wyndham Diamond, MLife Gold, Total Rewards Diamond, Hilton Diamond, Uber VIP, IHG Platinum Elite, DDF Prez Platinum Elite, AmEx Platinum
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #136 on: April 20, 2020, 09:14:57 PM »
1) part of the grant is an encouragement for them not to lay off employees. Too many unemployment applications from an institution will raise red flags, hence them not laying off officially. Classes are reduced by enough hours so that teachers would qualify for partial unemployment.
2) did you see the clause where it's encouraged but not mandated to be used for approved purposes?
3) see #2
4) ummm. Might be true for smaller mosdos, but beyond that, not so much...

Quote
The CARES Act stipulates a funding formula to divide these funds among institutions. The formula has two distinct parts:

75% of the funds will be awarded based on the institutionís fulltime in-person Pell grant recipients as a share of the national total.
25% of the funds will be awarded based on the institutionís fulltime in-person enrollment who are not Pell Grant recipients as a share of the national total.
Gowns By Shevy
732-806-1136
info@gownsbyshevy.com

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3391
  • Total likes: 790
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #137 on: April 20, 2020, 09:18:51 PM »


ďThe CARES Act stipulates a funding formula to divide these funds among institutions. The formula has two distinct parts:

75% of the funds will be awarded based on the institutionís fulltime in-person Pell grant recipients as a share of the national total.
25% of the funds will be awarded based on the institutionís fulltime in-person enrollment who are not Pell Grant recipients as a share of the national totalĒ

"Any recipient of GEERF aid, including states, K12 agencies, and higher education institutions, are expected to maintain their payrolls and make payments to their current contractors."

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3391
  • Total likes: 790
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #138 on: April 20, 2020, 09:22:25 PM »
These grants are NOT based on payroll, they are based on PELL received. The teachers you spoke to were from accredited institutions of higher education? Anecdotally, my wife HAS received a regular paycheck from her school. Itís possible some schools (like businesses) are waiting on PPP funding to pay teachers but that is hardly them being greedy. Not to mention they havenít got the money yet.

Again, no business/school will send an employee to unemployment when they are going to be working/teaching. Itís not exactly greedy to be paying staff instead of sending them to unemployment anyway..
It is based on student enrollment and PELL funding
Agreed they are not based on payroll, but it is recommended that institutions maintain their payroll.
The ones I spoke to were from various institutions, both K-12 and higher learning. I'm happy for your wife. Wonder if that's the rule or the exception.

If you can't afford to pay your employees right now, the right thing is to allow them to go on unemployment. PPP can't be backdated anyway, and you can rehire everyone once those funds are received.

Offline S209

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2016
  • Posts: 5934
  • Total likes: 2129
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
    • Gowns By Shevy
  • Location: Lakewood, NJ
  • Programs: Marriott Gold, SPG Gold, Ritz Carlton Gold, *G, Hyatt Explorist, Hertz PC, National EE, Rock Royalty Wild Card, Wyndham Diamond, MLife Gold, Total Rewards Diamond, Hilton Diamond, Uber VIP, IHG Platinum Elite, DDF Prez Platinum Elite, AmEx Platinum
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #139 on: April 20, 2020, 09:23:06 PM »
"Any recipient of GEERF aid, including states, K12 agencies, and higher education institutions, are expected to maintain their payrolls and make payments to their current contractors."
The funding amounts upthread were not referring to the GEERF. That is a state-administered fund for which no guidance has been received as of yet.
Gowns By Shevy
732-806-1136
info@gownsbyshevy.com