PPP second draw. Who has applied?
Close
Login to Your Account
Results 1 to 16 of 16
  1. #1
    Join Date
    Dec 2012
    Location
    Se Ma USA
    Posts
    2,155
    Post Thanks / Like
    Likes (Given)
    175
    Likes (Received)
    1169

    Default PPP second draw. Who has applied?

    I filled out the SBA form in about 15 minutes. But had to apply for an invite from Santander. They sent a 23 page form to fill out. WTF? SBA form not wanted. 2nd Q of 2020 was down 61% so I was fine to apply. Full morning getting the stuff off to them. 2 days later they want more information.
    Curious what others have done.

  2. #2
    Join Date
    Aug 2007
    Country
    UNITED STATES
    State/Province
    Idaho
    Posts
    2,426
    Post Thanks / Like
    Likes (Given)
    1020
    Likes (Received)
    1293

    Default

    The most terrifying words in the English language are: I'm from the government and I'm here to help.

    Ronald Reagan

  3. Likes DrHook, Flute Maker liked this post
  4. #3
    Join Date
    Jun 2003
    Location
    Mebane North Carolina USA
    Posts
    6,915
    Post Thanks / Like
    Likes (Given)
    53
    Likes (Received)
    2120

    Default

    Quote Originally Posted by kustomizer View Post
    The most terrifying words in the English language are: I'm from the government and I'm here to help.

    Ronald Reagan
    Let me correct that

    The most terrifying words in the English language are: I'm from the government and I'm here to help and I brought my friend from the bank

  5. Likes kustomizer, DrHook liked this post
  6. #4
    Join Date
    Feb 2005
    Location
    Akron, OH
    Posts
    1,992
    Post Thanks / Like
    Likes (Given)
    328
    Likes (Received)
    1521

    Default

    After getting jerked around and then let down by PNC in the first round, we switched to a local bank with about 5 branches and got it done pretty painlessly. Second round wasn't any harder, it just needed a quarterly statement from our accounting software.

    Q1 of 2020 was down 80% for us from 2019, so I'm not really in a position to be so proud as to turn down free money. Most of what we make gets exported, so it hit us earlier than the US shutdown.

  7. Likes Joe Miranda, AndyF, 72bwhite liked this post
  8. #5
    Join Date
    Dec 2012
    Location
    Se Ma USA
    Posts
    2,155
    Post Thanks / Like
    Likes (Given)
    175
    Likes (Received)
    1169

    Default

    Quote Originally Posted by Comatose View Post
    After getting jerked around and then let down by PNC in the first round, we switched to a local bank with about 5 branches and got it done pretty painlessly. Second round wasn't any harder, it just needed a quarterly statement from our accounting software.

    Q1 of 2020 was down 80% for us from 2019, so I'm not really in a position to be so proud as to turn down free money. Most of what we make gets exported, so it hit us earlier than the US shutdown.
    One way or another we will all need to pay it back in some way, even if you did not take the "loan". We were shut down for almost 2 months because of quarantined workers. But 2020 $numbers are almost exactly the same as 2019.

  9. Likes Ox liked this post
  10. #6
    Join Date
    Feb 2006
    Location
    Republic of Texas
    Posts
    2,890
    Post Thanks / Like

    Default

    Applied a couple of weeks ago thru my bank. Funded yesterday afternoon. First round was "forgiven" last Monday.

  11. #7
    Join Date
    Jun 2015
    Country
    UNITED STATES
    State/Province
    Texas
    Posts
    694
    Post Thanks / Like
    Likes (Given)
    227
    Likes (Received)
    232

    Default

    My local bank emailed me about second draw. Had the funds in a week. Not much for forms. They are pretty ate up on some stuff, but their SBA liaisons are on it.

  12. #8
    Join Date
    Aug 2002
    Location
    West Unity, Ohio
    Posts
    27,274
    Post Thanks / Like
    Likes (Given)
    7703
    Likes (Received)
    9495

    Default

    Quote Originally Posted by alphonso View Post
    Applied a couple of weeks ago thru my bank. Funded yesterday afternoon. First round was "forgiven" last Monday.

    My chum told me last night that a chum of his was lookin' this all up.
    Your PPP "loan", your corp info (?), who all benefited from the $, and even the races of those individuals is all online now.


    -------------------

    Think Snow Eh!
    Ox

  13. #9
    Join Date
    Feb 2008
    Location
    Orange County, CA
    Posts
    279
    Post Thanks / Like
    Likes (Given)
    52
    Likes (Received)
    75

    Default

    Quote Originally Posted by Scruffy887 View Post
    I filled out the SBA form in about 15 minutes. But had to apply for an invite from Santander. They sent a 23 page form to fill out. WTF? SBA form not wanted. 2nd Q of 2020 was down 61% so I was fine to apply. Full morning getting the stuff off to them. 2 days later they want more information.
    Curious what others have done.
    Got mine-about 2 weeks after applying through my smaller local bank-1st was with same bank-smaller bank & forgiven.On the same day the 2nd PPP hit my account, I looked at my other account from the big boys-aka WFargo-asking me if I wanted one, 1st & 2nd times-I did not even try through the big boys-now If I had a huge company or wallet-I am sure they would have come calling sooner-just the way it is-I heard years ago it's good to have a relationship with a smaller, local bank-sure paid off for me...


  14. #10
    Join Date
    Feb 2005
    Location
    Akron, OH
    Posts
    1,992
    Post Thanks / Like
    Likes (Given)
    328
    Likes (Received)
    1521

    Default

    Quote Originally Posted by Ox View Post
    My chum told me last night that a chum of his was lookin' this all up.
    Your PPP "loan", your corp info (?), who all benefited from the $, and even the races of those individuals is all online now.
    So? What in that information is something I should be hiding? My corporate info is on the Ohio secretary of state's website for all to see, the loan amount is pretty easy to guesstimate from the number of employees we have and nobody is shocked that I'm a middle aged white guy. What's the secret?

  15. #11
    Join Date
    Aug 2002
    Location
    West Unity, Ohio
    Posts
    27,274
    Post Thanks / Like
    Likes (Given)
    7703
    Likes (Received)
    9495

    Default

    Not saying that it is, just letting folks know is all.
    Not that it shouldn't be either.


    ------------------

    Think Snow Eh!
    Ox

  16. #12
    Join Date
    Jan 2007
    Location
    Flushing/Flint, Michigan
    Posts
    10,276
    Post Thanks / Like
    Likes (Given)
    590
    Likes (Received)
    8384

    Default

    Interesting machine shops living off of government welfare.

  17. #13
    Join Date
    Sep 2012
    Location
    California, Ventura county
    Posts
    2,012
    Post Thanks / Like
    Likes (Given)
    897
    Likes (Received)
    886

    Default

    Next thing you know cats will be living with dog

  18. #14
    Join Date
    Feb 2005
    Location
    Akron, OH
    Posts
    1,992
    Post Thanks / Like
    Likes (Given)
    328
    Likes (Received)
    1521

    Default

    I've paid more than 10 million dollars in taxes over the past 15 years. I've paid millions more in regulatory and compliance costs. I don't feel any shame about being a "taker."

    Right now we're idle more days than we run because we use a ton of semiconductors, and the supply chain is an absolute mess. I have some assemblies that I'm not going to be able to ship any more of until September. We're literally scavenging components off of old units that didn't pass final test over the years to be able to ship anything.

    If the government wants to carry some of my payroll costs through it and the trade is I don't reduce headcount, I'm gonna take the money. If that makes me a welfare queen, so be it.

    We have a machine shop, but we aren't a machine shop, so maybe that's directed at someone else.

  19. Likes SRT Mike liked this post
  20. #15
    Join Date
    Dec 2012
    Country
    AUSTRALIA
    Posts
    4,211
    Post Thanks / Like
    Likes (Given)
    20
    Likes (Received)
    1503

    Default

    On the TV finance program.....a business here got $133 million covid jobkeeper benefit,didnt need it ,pays a special windfall dividend to stockholders of $100 million.......A number of businesses have returned the money to the govt where they didnt need it.....but not this one......they also gave execs a windfall bonus of $20 million.

  21. #16
    Join Date
    Dec 2012
    Location
    Se Ma USA
    Posts
    2,155
    Post Thanks / Like
    Likes (Given)
    175
    Likes (Received)
    1169

    Default

    Quote Originally Posted by CarbideBob View Post
    Interesting machine shops living off of government welfare.
    Some shops are, some (me) will use the $ for expansion. Mazak is about 6 weeks out from a signed order. Hell yeah! End of March!


Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •