PPP and PPE are two separate things – PPP is the Paycheck Protection Program and PPE is the Personal Protective Equipment – two things many of us need these days.
I signed up for the PPP a few weeks ago and Chase Bank has been on top of it. They have emailed me every step of the way to tell me the process is going on, up until the money ran out, because of schmucks like Shake Shack, Harvard University and Ruth Chris’s Steak House.
I know they returned the money, but they are all still schmucks, but I don’t give them business anyway so I can’t boycott them and Harvard, well, whenever I am in Cambridge, which is often, I do visit the Harvard grounds, but next time, hopefully November, I’ll spit on the lawn.
Here locally, ritzy Fisher Island, the most expensive zip code in the U.S., got approval for a $2 million forgiveable loan! It seems that the owners may have taken the board to task and had them not accept the money. The greed in our country is sickening. Dallas hotel chain Ashford, Inc. received $$60 million and they are keeping it, they also put in for more of the newly released batch of money the government set forth. Their goal is to get $126 million! AutoNation was able to receive $77 million but they say they will return it now. These two greedy schmucks are now accounting for a very large part of the money that was released Friday by the federal government.
As for the measly few bucks I am asking for, after all this greedy brouhaha happened, I got another email from Chase telling me that the SBA, Small Business Assoc. turned down my request and Chase gave me a link to reapply. It seems that I left so much out of the first attempt regarding papers and licenses and proof of my business, and I am grateful to be able to reapply with the proper paperwork.
I got another email yesterday from Chase. This one was sort of an admonishment for the greedy millionaires in our country. You can see it here. “New guidance for the PPP.” They are giving these greedy folk a chance to redeem themselves, but unless they get caught do you think they will redeem themselves?
From Chase Bank:
We continue to work hard to prepare as many applications as possible for processing when the SBA begins taking new applications. However, the SBA recently issued new guidance that we want to communicate to customers whose application is in process as well as those who have already received funding.
The new guidance strengthens some of the language regarding qualifications for a Paycheck Protection Program Loan. Specifically, we would like to remind you:
When you applied you certified that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
You have the opportunity to withdraw your application if you do not feel you meet this criteria.
If you’ve already been funded, and you believe you do not meet this criteria, you can repay your loan by May 7, 2020 and the SBA will treat that repayment as being in good faith.
If you cannot certify and want us to stop processing your application or you want to return your funding, you’ll need to follow the instructions at the bottom of this email.
Then it goes on to say that large publicly held businesses cannot apply and that when you apply you are signing into law that you are telling the truth, etc. etc.