This was a pretty rushed summation of the conversation, but I was asked to start a new thread, so here it is.
So from what they said, they too are very concerned with the “big small” businesses taking up the funds and are trying to rewrite the next funding to eliminate that possibility. They stated that this is on the forefront of Democrat’s minds.
They also stated that the talks they are having would include more restrictions on the SBA and the banks for future funding regarding the “first come, first served” and not favoring applicants based on loan history.
They also stated that they know that banks are holding applications in order for the next round of funding so people should not lose hope. The funds will be coming and your place in line should be saved.
They also stated about the issue with the 8 weeks “at loan origination” is kind of still up for debate within Congress and they are hoping that clarification regarding this would be applied to past applicants as well. They said if you need to wait to apply to meet your 8 weeks, you could wait as they are confident in future funding.
They had no idea that the SBA is not going on first come, first served basis and they are not following any sort of pattern, and they said their team will be investigating this immediately. Especially regarding the first round of applicants prior to the 3/30 streamlined app. They were not aware that it seems that all long form apps were basically pushed back due to the streamlined apps.
There’s more, but I’m trying to collect all my thoughts. I will update soon.
Basically, -very concerned about Ruth’s Chris and the cheesecake ass, franchises and big guys taking all the funds and how they will be using them.
-aware that SBA and banks need clearer guidelines and oversight
-confident in additional funding coming quickly
-recommended trying to keep employees on unemployment for as long as possible (unless open or close to reopening). Or try to put them on part time and use PPP to make up the difference. Wasn’t sure the implications of this, however.
-sole proprietors are getting especially f-Ed and need special considerations
-guidelines should be clarified soon and they will let me know when they hear of any
Please don’t come at me about any of this. I’m just a messenger who also has their life on the line.