Posted by: SuiteMadameBlue1976
Posting time: 8 months ago on 4/21/2020 12:35:44 PM
Last edit time: never edited.
Archived on: 7/21/2020 10:00:00 AM
Views: 48
SCP: 2
2 upvotes, 0 downvotes (100% upvoted it)
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Archived My personal experience with the PPP (whatever)
submitted 8 months ago by SuiteMadameBlue1976
I contacted my local community bank about the PPP days before the April 3rd roll out. The lady informed me that they would email out the applications April 3rd to small businesses that were interested but informed me that they were already working with businesses that had existing loans with their bank and that those businesses applications would be processed first. I told her that it doesn't seem right to do that and to me it sounds like the bank is using the Payroll Protection Program as a Loan Protection Program. Federal misappropriation of funds if you ask me.
Anyway flash forward 2 weeks and my app got processed but I was only approved for half of what I should have been using the formula (Months Payroll x 2.5) in the application. I refused the loan on 4/17 and appealed for the whole calculated amount and have yet to hear back from them. Fuck banks and bankers.
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[–] SuiteMadameBlue1976 [S] 0 points 1 point 1 point (+1|-0) 8 months ago
Preach it
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[–] SuiteMadameBlue1976 [S] 0 points 1 point 1 point (+1|-0) ago
Preach it