Discussion New PPP Round loophole

[Reveal1]

My banker just called to let me know my first round PPP was forgiven. (He actually said 'you are forgiven'!) Asked if I might be applying for second round. I thought it was available to businesses experiencing a 25% 2020 sales drop, but apparently the geniuses in DC wrote it so you only have to show a year-to-year drop in a single 2020 quarter. Although I ended '20 almost even and profits UP, my second quarter was almost nothing, so I may actually qualify for more free gub'mt money! Anyone else have any info? Government freebies are like crack and I'm feeling the urge.

 

[Chriswagner92]

My banker just called to let me know my first round PPP was forgiven. (He actually said 'you are forgiven'!) Asked if I might be applying for second round. I thought it was available to businesses experiencing a 25% 2020 sales drop, but apparently the geniuses in DC wrote it so you only have to show a year-to-year drop in a single 2020 quarter. Although I ended '20 almost even and profits UP, my second quarter was almost nothing, so I may actually qualify for more free gub'mt money! Anyone else have any info? Government freebies are like crack and I'm feeling the urge.

You realize they are just giving us our money back temporarily, right?

 

[MikePro]

yeah, but better to get the money and get it taken-back.... than to not get the money, and still get lumped into those able to pay it back.

 

[Stacey K]

That's interesting. I'm in the same boat, 2nd quarter was down, not by much. Not sure if I will take the money but when are they starting the application process? I've had a couple people ask me, I have no answers on anything for anyone LOL

 

[binki]

We are drifting to zero in the pipeline. California has a major lockdown of just about everything including almost all of our customers.

 

[Reveal1]

Just found this on NFIB site...

 

[Reveal1]

You realize they are just giving us our money back temporarily, right?

More accurately, they would be giving us money that is 'printed' (well, not really printed in the conventional sense) to support the program. That has the result of adding to the national debt for an ever decreasing taxpayer base, and devaluing the currency for everyone in the future.

 

[Stacey K]

I found on some site around January 13. I signed up for the emails from my bank so check your bank websites for details

 

[Texas_Signmaker]

Out of the blue I just got notice my PPP loan was forgiven. Balance is $0!

 

[SameDay Signs]

Out of the blue I just got notice my PPP loan was forgiven. Balance is $0!

Did you turn in your information for it? I had square and they notified me to fill out application and turn in to be forgiven

 

[Texas_Signmaker]

Did you turn in your information for it? I had square and they notified me to fill out application and turn in to be forgiven

Yea, I did back in September... just now out of the blue got the e-mail.

I have to submit another application for our church which I'm doing today... we'll see how that long takes.