Scorp unemployment

They are straight up blowing smoke up our #####. Call the number to check on the status of your grant....wait 1 hour and 20 minutes being number 112 in line......they tell you that know nothing and that you will receive a call from a loan officer and that they have no idea when that will be. This is all phoney baloney IMO. Unemployment for independents is still not up with no sign of it being up......house of cards, smoke and mirrors, doom and gloom.....come to mind.

 

received this email today from a SBA bank:

Hello All,

We are receiving emails from our graduates and other brokers indicating there is a lot of press about the number of loans successfully processed. As of now, we are told by our lenders that they don’t know one business that has actually seen the money deposited into an account.

The SBA did send an email to lenders on Saturday the 4th indicating the SBA was working on technical issues, including the crash of the online system CAFS, which is the wider on-line portal that e-trans is a part of. The amount of volume has overwhelmed the system. The CAFS system usually processes approx. 60,000 loans per year, which is a drop in the bucket compared to the volume expected and received based on Fridays activity.

The other challenge that may be worth mentioning is the lack of guidance from the SBA as to what qualifies as a complete documentation package . As we understand it, the SBA still needs to provide more concrete information to lenders as it relates to the “buyback” provisions. The buyback of these PPP loans is a major issue for lenders, as they have no interest in maintaining 1% interest loans on the books for a business that currently has no revenue (and/or is closed), included an application without a credit report, no collateral or a personal guarantee.

I tried to apply myself at Celtic, Chase, Key, Wells and B of A and was either directed to a registration page or told I didn't qualify (only actual reply was B of A). The banks are trying to do a smaller number of loans initially to see if the process is working or not.

There is a ton of misinformation out there and the real truth about this process hasn't hit main street yet. We are staying in touch with our SBA lenders but at the moment our lenders are not taking apps right now and awaiting further information from the SBA.

All of these stresses occurring at the same time created chaos. The issues noted above are short-term and will be resolved, but it will take time. I would expect to see some stabilization in the coming days to perhaps as much as a week.

 

Man these politicians are sooo full of ####!!! None of this is working.....Ohio still has no unemployment set up for contractors. Everyone is going broke and no money is coming in at all.

What they have done to our country is disgusting and I can't believe business owners aren't saying F U and opening! I expect waaaay more from AMERICANS! Everyone out now with fingers in the air!!! Back to work!!

That is how I feel....sorry!

 

construction work is not impacted yet, as it is considered essential. Unless you are meaning Contractor drivers.

 

Businesses that violate the order would be hit with fines/jail time not to mention if a bunch of customers ended up contracting the virus and it was linked to that business they would have major lawsuits brought against them.

 

If the government wasn’t trying to make “contractors” available for unemployment would you be eligible for unemployment?

I’m self employed and have to pay into unemployment insurance every quarter and under normal circumstances not eligible. They say I am now under the Care act but the state has no way of signing us up.

However, I am home and plan on staying home for at least 4 weeks. I am NOT however “sitting around going broke.” I’ve filed for everything I’m available for at this point. I know better than waiting around for the government to come to the rescue.

If any of it works out great. If none of it works out, I will carry on without going broke.

I rely on myself and my resources first.

Government is like 5 or 6 on the list.

 

No I would not be but the gov did this to me and they have to make you whole if they shut you down. That is the way it works. Even all of my conservative radio show hosts agree!

Ohio just launched a new branch that will deal with contractor unemployment. Will I starve? No. Am I losing as ton of money because flatbed loads fell off the face of the earth due to a overreaction and over reaching government action? Yes. Am I a 1099 contractor? Yes.