SBA PPP and EIDL Small Business Loans (some money is forgivable)

[YesThatsMe]

Right, my bad. At 1-5% the banks are making a killing. JPMC’s ROI on this one must be epic.

Back of the envelope figures of 74% of loans under $150K and average loan of $206K yields around $11B in lender fees. On a risk free note as good as a T-Bill. And tradeable tomorrow morning.

Who doesn’t see 2008esque bank bailout in this all over again....?

[ilherman]

Not sure what your accountant told you, but one of the strict laws of S Corp is that you must take a reasonable wage compared to others in your field.

but he said that the first year or 2 you can get away with it.

[hvaces42]

Back of the envelope figures of 74% of loans under $150K and average loan of $206K yields around $11B in lender fees. On a risk free note as good as a T-Bill. And tradeable tomorrow morning.

Who doesn’t see 2008esque bank bailout in this all over again....?

Neil Barofsky of 2008 fame called it before CARES Act was even signed! When you look at 2008 you see how much was written off on the banks books and how much toxicity the Maiden Lane vehicles took off the Banks hands its no wonder they were showing HUGE profits over the last decade. Every loan that they had written off and then foreclosed upon went straight to their bottom line. Pure profit. This will do that for them again. 

[TBD]

Btw the bankers dont have anything else what to do, as loans arent getting approved...
The only other options for them is answering phone calls for mortggage forbearance and delaying cc payments....

[Dan]

https://www.bloomberg.com/amp/news/articles/2020-04-19/shake-shack-potbelly-among-big-chains-tapping-small-biz-funds

[mgarfin]

At this point shouldn't banks and governments be able to figure out what amount of money is needed to fund this for all businesses

Chase seems to have a number It still needs to cover 26b

[ExGingi]

At this point shouldn't banks and governments be able to figure out what amount of money is needed to fund this for all businesses

Chase seems to have a number It still needs to cover 26b

ROTFLMAO

[mgarfin]

Pretty sure you are not allowed to apply at more than one bank (and the application asks).

https://www.inc.com/brit-morse/paycheck-protection-program-loans-multiple-lender-fraud-scams.html

[Mordyk]

How can i know of I'm scheduled to receive the eidl up to $10k grant?

[AsherO]

How can i know of I'm scheduled to receive the eidl up to $10k grant?

I applied and got a mass-mailed update to applicants that didn’t have anything substantial in it. It seems they are no longer accepting new EIDL applications and the ones they received are being processed on a first-come-first-served basis. I’m not holding my breathe.

[shapsam]

I applied for the EIDL grant about 2 weeks ago and just got a hard pull on Experian from the SBA. I did not apply for PPP btw.

[YossieW]

Update from Cross River Bank

https://www.crossriversba.com/

We are now accepting and reviewing new applications, with the goal of having them be ready for submission to SBA. In anticipation of increased demand, we have partnered with Kabbage to serve as many as possible.

We are also continuing to review existing applications, so that they will be ready for submission to SBA if the PPP Program resumes.

[jackofall]

Not sure what to think of CrossRiver. They obviously got some people approved, I wonder how many with no prior relationship. But they completely oversold themselves. They should have never opened themselves up to the public because they had no chance of processing even a  fraction of those applications and ppl relied on them.

I am retracting this. Apparently they did a lot better job than I first heard. Kudos to them.

[ExGingi]

CARES Act funds given to Columbia University: $12,830,199

Columbia university President’s salary:

$3,900,000

Columbia University endowment:

$10,900,000,000

Columbia university tuition:

$71,460, up 15,6% from 2019-2020

— Oilfield Rando (@Oilfield_Rando) April 18, 2020

Click on tweet to Read thread.

[Shua]

CARES Act funds given to Columbia University: $12,830,199

Columbia university President’s salary:

$3,900,000

Columbia University endowment:

$10,900,000,000

Columbia university tuition:

$71,460, up 15,6% from 2019-2020

— Oilfield Rando (@Oilfield_Rando) April 18, 2020

Click on tweet to Read thread.

Wow. Some Yeshivas did really well.

BMG: $5,899,593
Yeshiva Viznitz $1,198,248
Torah Voddas $459,637
Touro: $7,558,879
YU: $2,479,795

It's all on this website. Click on Allocations

https://www2.ed.gov/about/offices/list/ope/caresact.html

[ExGingi]

https://www.bloomberg.com/amp/news/articles/2020-04-19/shake-shack-potbelly-among-big-chains-tapping-small-biz-funds

https://www.cnbc.com/amp/2020/04/20/burger-chain-shake-shack-to-return-10-million-government-loan.html

[Shmobaum]

Wow. Some Yeshivas did really well.

BMG: $5,899,593
Yeshiva Viznitz $1,198,248
Torah Voddas $459,637
Touro: $7,558,879
YU: $2,479,795

It's all on this website. Click on Allocations

https://www2.ed.gov/about/offices/list/ope/caresact.html

Is this a loan or a grant??

[Shua]

Is this a loan or a grant??

Grant

[Yef]

Can you apply to more than one bank in the hope that the at least one will be accepted? Or will it cause problems?

[mgarfin]

To further provide broader access to #PPP from lenders that serve #SmallBusiness I am asking @USTreasury to limit the amount of #PPPloans any single lender is able to make to no more than 5% of the new funds being approved.

— Marco Rubio (@marcorubio) April 19, 2020