The Paycheck Protection Program has been a complete disaster. Most businesses haven't even been able to apply, let alone receive the funds, the program is already out of money, and Congress sent itself home (the Senate until April 20). No one's paycheck was protected at all.
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Our political class is so incompetent that they can't even figure out how to give away free money.
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Did they tell you why? The CARES act language is so broad that pretty much everyone qualifies for PPP.
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Many banks are either not accepting apps yet; doing phased rollouts (smaller, single owner businesses first); or accepting, but not processing applications.
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The ones at head of line are those w/ existing credit relationships, which is not necessary bad thing, but so many affected businesses (think contractors or non-cap intense biz) run on cashflow only, and no financing.
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Filed within hours of the applications being accepted. Got word that the lender ran out of funds almost immediately and is awaiting on new guidance from the government.
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Chase opened their web app yesterday afternoon. I worked it to the last page. Error! Start over. Work to last page. Error! I see faint text under error pane. It’s an overlay. Chrome debugger, “display:none”. The form appears! Tick 6 more boxes and “success”, confirmed by email.
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Now awaiting the consequences. They possibly didn’t receive the payroll doc upload. There’s no support, the branches can’t help, it’s all coming from a hermetically sealed IT operation.
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My mom requested
$x, banker said "ask for 3x!", but then the next day "just kidding, we're out of money, you can have 1/3x".Thanks. Twitter will use this to make your timeline better. UndoUndo
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Saturday my husband applied within minutes of the app opening. (He has been prepping numbers for days prior) He found out today he was approved and hopefully will be funded on Friday.
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