Thread: 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.

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

Ronald Reagan

Originally Posted by kustomizer

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

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.

Originally Posted by Comatose

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.

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

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.

Originally Posted by alphonso

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.


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Think Snow Eh!
Ox

Originally Posted by Scruffy887

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...

Originally Posted by Ox

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?

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


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Think Snow Eh!
Ox

Interesting machine shops living off of government welfare.

Next thing you know cats will be living with dog

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.

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.

Originally Posted by CarbideBob

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!