My business did apply for the SBA loan/grant money from the government. We found out through back channels that [our bank] had technical issues for the first week and did not process any applications. The second week was back and forth to get all of the necessary paperwork together. After two and a half frustrating weeks, we received the following from [our bank].
David DeGerolamo
~~~~~~~~~~~~~~~~~~~
Thank you for reaching out to us and for your patience as we’ve tried to assist you and your business during this difficult time. While [our bank] has made every attempt to work diligently with our customers to help them access funds through the SBA’s Paycheck Protection Program, we were just informed that the funding available through this program has run out given the significant demand for these loans. Unfortunately, we were not able to process and obtain approval from the SBA for all of the customer applications we received before the funding ran out, and your application was one of these. We’re very sorry we were unable to accommodate your loan request and know this is a stressful and frustrating time.
As you may know, Congress is considering the approval of another $250 billion for the program, so more cash may be coming. If that’s the case, [our bank] will continue to process applications while that funding lasts (businesses will not have to reapply). We hope to learn more later this week.
Again, I’m very sorry. We continue to be here for you and would like to explore other relief options through our more conventional [our bank] products or those options available directly through the SBA. [Below is a brief description of SBA options available; more information is available at www.sba.gov.]
In addition to traditional SBA funding programs and the Paycheck Protection Program, the CARES Act established several other temporary programs* to address the COVID-19 outbreak:
- SBA Express Bridge Loans
- SBA Debt Relief
Help me better understand your current business needs. What other ways can we assist you at this time?
I grew up in very rural Vermont form 1936 to 1954. I only recall two incidences of serious illness other than the usual childhood diseases of measles, mumps, etc. which we all had at least one of. Vaccines did not come in until the late ’50’s. The way it worked was that the family doctor would make the diagnosis, put a yellow quarantine tag on your door and you would quarantine until you were over it. Schools did not close and businesses stayed open.
A neighbor boy got the croup. My mother was a nurse and bartered medical care for milk and other things we did not grow or raise. She put the boy in a moisturized home made tent and probably saved his life. He was blue when she started.
A school mate lost the use of his left arm to polio.
The same neighbor boy eventually died of leukemia.
So one death, two serious illnesses, 18 years. Schools did not close, businesses stayed open. Folks took care of themselves and did not rely on the ;government.
Take a look at the Federal Reserve Balance sheet from when this began at the end of March.
Over TWO TRILLION dollars shoveled overnight to cover the bad bets of the hedge funds, not even at par, but at a profit. Compared to a lousy $250 billion in “loans” to business. Yeah, it’s a club, and you ain’t in it.
This country needs to burn and flush itself down the toilet so that something better may rise from the ashes. This might be a great buying opportunity for stock in companies that make guillotines.
I wonder if the technical issue revolved around “Tea Party” designation?
No, it was just incompetence or IT issues. Probably both.
[…] Now they aren’t getting any help from the government. Unemployment checks aren’t going out. Small businesses can’t get the loans they were promised. Happy, fat and content people aren’t prone to violence. Lean and Hungry people will fight to feed […]