2nd Round of PPP only for businesses in low income areas....what?!

FrancisK

Kingfisher
Gold Member
I didn’t take advantage of any of the first round of handouts simply because I didn’t need them. It wasn’t a moral thing and I’m sure as heck not more virtuous than anyone else I just didn’t need it so I didn’t bother, maybe I didn’t put it together that it was pretty much just a giant cash grab. Well after all the smoke cleared a lot of people in much better positions than me who actually increased their income during covid made out like complete bandits. I said screw it next round I’m taking advantage, I get killed by Uncle Sam every year like nobody else I know so it’s my money anyway, might as well get a little back and see what my country can do for me instead of the other way around like usual.

Well got the notice and it only applies to businesses in “low income areas”....come on who actually thought of this and how does this make any sense?! So the location of your business somehow determines if you were impacted by Covid, is that a real determination someone made with a straight face? So pretty much the second round is just more welfare funded by me....outstanding.

Do I have this right?
 

Gimlet

Kingfisher
I received an email from my bank today regarding applying for PPP. It does not say anything about low income areas. I clicked through to the SBA PPP guidance site which does not say anything about it either. From there I clicked through to the Federal Register site that lists the changes to the PPP program, but I did not see that there either.

Of course, there are even more click throughs which I have not gotten through and am not sure I have the time to do so. I'd like to not waste my time, so can you quote the relevant passage regarding low income areas only? Like you I did not take out a PPP loan but today I figured why not join the cash grab. Where on the SBA or other federal site did you read that?
 

FrancisK

Kingfisher
Gold Member
Interesting, perhaps it was something that changed because they realized how ridiculous it is. I swear I’m not crazy, I will pull up the official email tomorrow in my office.
 

FrancisK

Kingfisher
Gold Member
Alright so I didn’t need to pull up the email, apparently the low income requirement only applied for the first few days. Don’t you love how we constantly give every advantage to broke losers and they still complain?

Anyway, yea funny because the official email I received from the SBA spoke nothing of this it just said the low income area was a requirement....thanks again government.


I’ll get rolling on it tomorrow and report back, maybe it will help someone!
 

kel

Ostrich
A guy I know took PPP for his business and then gave it back because there was a trend of doing that at the time as a kind of virtue signal, to leave it there. He runs a startup that deals with the public - a consumer facing business you might say - and the risk of bad publicity for having taken that money wasn't worth it for the small amount.
 

Gimlet

Kingfisher
Alright so I didn’t need to pull up the email, apparently the low income requirement only applied for the first few days. Don’t you love how we constantly give every advantage to broke losers and they still complain?

Anyway, yea funny because the official email I received from the SBA spoke nothing of this it just said the low income area was a requirement....thanks again government.


I’ll get rolling on it tomorrow and report back, maybe it will help someone!

Can you remove your email address and post this email? I have never seen such a thing.
 

Enoch

Hummingbird
Yea I’ll get a screenshot later today
I believe there was a time period where the SBA was prioritizing applications for business in low income (black) areas but that has passed.

My business received a 1st and 2nd draw PPP loan. I had the same thoughts as you but eventually said fuck it, if the government will steal my money through taxes and inflation I'm going to get mine.

If you need any help with the PPP stuff feel free to PM me.
 

Papaya

Peacock
Gold Member
FYI...Under the CARES Act you can retro actively amend business returns and fully deduct a whole slew of additional expenses. I did 10 years worth and got enough back to buy a two engine plane (dont want anymore real estate). As always finding the right CPA is critical

I have no moral qualms about this, In fact I consider my duty to deprive this evil , illegitimate "government" of every penny I possibly can

BTW Im looking into grants to get my flying lessons paid for

Cant beat clown world so may as well get a ride in the clown car and see how far I can get a free ride
 
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FrancisK

Kingfisher
Gold Member
Alright so turns out it was for the EIDL, now broke losers that never contributed anything anyway get up to 10k free....lovely.

Really happy I made this thread and I'm going to get cracking on the PPP and report back maybe it will help someone. I've been paying into a system since I was a kid that just distributes it to people who contribute nothing, as Papaya said I have no qualms about getting whatever I can at this point.
 

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maybe I didn’t put it together that it was pretty much just a giant cash grab.

If the government and banks are involved you don't need to guess...it's a giant cash grab. I know plenty of businesses and nonprofits who just took it to stick it in the bank. Then they managed to fire people anyway, although I can't recall what loophole they used to get around some percentage going to keeping employees on. Many did this.
 

eradicator

Peacock
Gold Member
Alright so turns out it was for the EIDL, now broke losers that never contributed anything anyway get up to 10k free....lovely.

Really happy I made this thread and I'm going to get cracking on the PPP and report back maybe it will help someone. I've been paying into a system since I was a kid that just distributes it to people who contribute nothing, as Papaya said I have no qualms about getting whatever I can at this point.
I want to say it’s 1000$/employee and you are only eligible for eidl if you did not accept ppp.

I accepted the ppp loan and took the max forgivable amount as it was quite a bit higher than the 1000$ offered by eidl.
I went through blue acorn for the ppp.
 

Kona

Crow
Gold Member
FYI...Under the CARES Act you can retro actively amend business returns and fully deduct a whole slew of additional expenses. I did 10 years worth and got enough back to buy a two engine plane (dont want anymore real estate). As always finding the right CPA is critical

I have no moral qualms about this, In fact I consider my duty to deprive this evil , illegitimate "government" of every penny I possibly can

BTW Im looking into grants to get my flying lessons paid for

Cant beat clown world so may as well get a ride in the clown car and see how far I can get a free ride

This is the truth.

There are so many whackadoo deductions and credits that didn't exist last year. Get a good accountant.

Not enough for a two engine plane, but I may be getting enough for a single engine Ferrari.

I'm still mad that I didn't get any stimuli or one of these ebt cards with the happy flowers, but I'm coming around.

hawaii-ebt-card.jpg


Sadly "EBT" for my custom Ferrari license plate is taken.

Aloha!
 

FrancisK

Kingfisher
Gold Member
Just an update, I applied through blueacorn the same day I made this thread and the free money is already on it's way. They also have a big banner on their site saying they have lots of cash set aside for the PPP so don't hesitate if you qualify. Why should crackheads in the hood and gigantic greedy corporations get all the free money just because they have someone to do all the paperwork for them....silly.
 
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