Disqualified? Thank you Politicians!
The Second Round PPP loan and the Targeted EIDL Advance both require businesses to prove their revenue reduced in 2020 from 2019 levels. But many businesses created a smart, creative “Pandemic Pivot” and their revenues are either the same as 2019 or maybe higher. Thus, they are disqualified!
We’re going to see a lot of folks have this problem. Frankly, we’re mad angry at the entire “25% and 30% reduction in revenue” required under the Second PPP and this targeted advance. It was a political compromise for the morons in government who didn’t want to step up and provide proper assistance to American Small Business Owners.
Why should you, or any other Small Business Owner be disqualified from a much-needed program simply because you were smart enough and creative enough to “pivot?”
That doesn’t take away the fact that COVID is ONGOING and the harm to your business—with or without a pivot—is ongoing.
It’s so ridiculous. And, yes, we’ve dedicated this to today’s “Trevor Rant Thursday!”
PPP Application: Who Underwrites The Loan Amount? THE BUSINESS OWNER DOES —> NOT THE BANK!
FYI: the banks, the loan officers, they are NOT supposed to re-underwrite your PPP loan application! They are simply supposed to verify you have submitted all pertinent documentation. Period. This is a common misconception!
The PPP program is a “self-certification” program, including calculating the math to arrive at the loan amount on the application.
Banks make us nuts in oh so many ways.
Schedule a call with us to review what is keeping you confused and possibly up and night wondering how to manage all of this nonsense!