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Small business owners brace for pain
when $310B loan program opens Monday

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Posted By: Pluperfect, 4/26/2020 4:31:14 AM

The Small Business Administration will begin OK’ing a second round of loans to struggling businesses on Monday — a process that will be closely watched by hoards of mom-and-pop owners who say they were excluded from the stimulus program the first time around. The second round of Paycheck Protection Program loans kicks off April 27 at 10:30 am with $310 billion in funding. “We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously,” SBA chief Jovita Carranza and US Treasury Secretary Steven Mnuchin said in a joint statement on Friday.

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Reply 1 - Posted by: tootall 4/26/2020 8:36:35 AM (No. 391957)
My experience was exactly the same as in the article. I applied on the first day Independent Contractors were allowed to (4/10/20) through an electronic portal with no response until the 22nd, when I received the same form letter to three email requests for progress. Fortunately, my branch manager and the representative I deal with had enough and decided they needed to get involved on Friday. There seemed to some things going on, as I received some emails back and forth, but I'm not certain it will get done. I'll tell you this.....if the evidence shows that this self inflicted destruction of the World Economy was based on woefully inaccurate projections, and then prolonged because 'better safe than sorry', there needs to be some serious consequences. Serious consequences! Even if I do get the money! The time is more important to me at my age. This will set back my golden years by several (several is more than three) at best, because the next chapters are hard to see.
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Reply 2 - Posted by: MickTurn 4/26/2020 9:27:59 AM (No. 392010)
IT seems all the 'RICH' large companies had their lawyers at the ready and stole the majority of benefits. Everything the government TOUCHES turns to CRAP! That is a guarantee written in STONE!
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