OP

Quoted from pookycade:

So I have to just document my truly craptacular experience that is the Payroll Protection Program, and the SBA for that matter. Sorry, vent about to commence so look away if you must.
First I applied for the EIDL program thru SBA.gov the moment my state opened up for that. At the time lovely words about how we can grant loans up to $2M depending on collateral for 30 years, low interest rate.
Next try to apply for the Payroll Protection Program, Bank of America won't let me apply because I have a business account with them but not a credit card
A day later the rules change, now I CAN apply with them, and I do so. It says be ready to submit bank statements and such
Three days later they inform me that some documents are needed to document my payroll. Now my first year 2019 I paid via 1099 rather than W-2, but its all good, 1099 included and submit. Waiting for check.
One day later, I'm thanked for my EIDL application by SBA, BUT if I want to be eligible to receive the one time $10K advance I NEED TO COMPLETELY REAPPLY. I do so.
Two days later informed that I need to refill the documents out because the rules changed. 1099 no longer allowed, they have to file themselves as independent contractors. BUT they are now on my W-2 payroll, how are they supposed to do that ? I am supposed to provide as documentation my 2019 IRS form 940. Umm there isn't one. No bank statements required now though I already submitted them. So by the rules of calculating how much of a Payroll Protection Program loan I can have, we basically come up with ZERO. I wrote a letter as part of the application explaining the rather large crack we fall into, and that I am still paying my employees and have been doing so for the last 5 weeks even though we aren't open. I can guess with government bureaucracy how far thats gonna get me.
One day later I go to check on my original EIDL application. Hmm, all mention of 30 year loans up to $2M disappeared from site. Can't even pull up original application. NOTE THIS IS A MONTH AFTER I FILED IT without them contacting me at all.
Today start reading to figure out WTH is actually going on. Its NOT GOOD. First that lovely $10K payment, umm too many people applied, they are reducing it to $1K per employee. Second, that EIDL loan ... well funny thing, they have a total of $7.3B to fund the entire program for the entire year for all affected businesses. Forgot to fund that in the bill. Its gone because the money is gone. Possible $2M has now turned into a loan of $15K max, maybe until thats gone too. And I suppose that is if you talk to them nicely. And the allotted PPP program money. In 7 days (on a first come first serve basis mind you) half the entire $350B allocated is already gone.
SOOOO our wonderful government who rang up a $2.2 TRILLION DEBT and patted themselves on the back, handed so little of that to small businesses that they can't handle the applications and can't even fund the damn program with enough money to do pretty much anything. 50% of people are employed by small businesses (well ... not anymore). And out of $2.2 TRILLION DEBT they gave 16% of the funding total. Because hey why not throw small businesses a bone here finally. So the companies that keeps half of you employed, the same companies that have pretty much received almost no actual dollars so far due to a completely uncoordinated incompetent response, and the same companies that are trying to madly dash for a small foodbowl with not enough food in it, got 16% of the total funding designed to help pay every employee who was affected by this (which I can guarantee you disproprotionately fell on small businesses who have no reserve ... well except if you were unfortunate enough to work for morally bankrupt Hobby Lobby or their ilk who have the money but just don't want to give any of it to you).
This is a total joke. I mean complete and total joke. And meanwhile the markets soared last week because the stimulus package had propped the economy back up. Whose economy ? Not any economy I recognize supported by small businesses.
RANT OFF.