2nd round of PPP loans, are you applying?

The difference in this downturn and the PPP is that prior downturns like in 2008 for example, the bailouts were limited to Banks and Publicly traded companies. They showered them with freshly printed cash and told independents good luck.

I was really happy to see this downturn under Trump and Steven Mnuchin's Treasury, they made sure to point the spigot at the independent business sector. JB putting Yellen, the former FED chair in charge of Treasury is a sign of a less Wall Street centric FED & Treasury moving forward and I think that is a really good thing. It's crazy how bad the left treats that man, but they jump right on his coattails and follow his lead.

 

Has anybody actually have gotten their ppp loan forgiven?

 

Nope bluevine is holding back.

 

If your talking about the 1st round then yes. Mine was finally. I didn’t get the second round so can’t speak to that.

 

A one truck owner buddy of mine just got approved for 20k that his banker pushed thru for him and he had big plans....until I pointed out what this money could be legally spent on and I don't qualify.
I think some people are gonna their arses in wringer if they get audited .
My buddy thought it was a cheap loan and was going to pay his taxes and credit cards off with it .

 

If it is the SBA you can use it for regular exspensses. Just reimburse yourself for diesel. Then it's washed.

 

Ppp has very specific things you can use it for. As long as your accounting can cross reference the the same or greater value for those purposes within the appropriate timeline your fine.

EIDL loan you can use for a much broader range of uses. That money is a low interest long term SBA loan.