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PPP Loan Update

8050 Views 78 Replies 17 Participants Last post by  AllenChicago
So April 10th is here and it's the turn for independent contractors to apply.

Unfortunately, almost every bank requires a business relationship or previous loan activity. I have Chase and I cannot apply without a business bank account.

I found a bank that it appears will accept applications without you being a previous customer or having a business account! Best of luck to all of us.

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Requested loan amount is an interesting question.
I think many Lyft/Uber drivers are confusing the PPP program with the EIDL (up to $10k grant) program.

This is the $10K Grant program that can be applied for via the Small Business Administration website.
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If Democrats don't agree to allow an additional 250 billion dollars to be added to the paycheck Protection Program this week, the fund will be exhausted by Friday.
This is not from PPP though. Its from EIDL.

Here we ho again with confusion
I think we're seeing in real-time why Lyft and Uber can treat us like crap and get away with it. Too many drivers are, who they think we are. What a shame...
The small business administration just announced that the funds in the PPP will be exhausted by the end of business today.

Chuck Schumer is refusing to work with Mitch McConnell to replenish the fund with 250 billion dollars.
When the paycheck Protection Program is funded and opens again later this week, make sure you apply as soon as possible, if you want this low interest rate business loan.

The nation's farmers and ranchers will be participating this time.

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Notice: PPP (Paycheck Protection Program) Loans Resumes Monday, April 27, 2020

"The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT."

Source page: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

We can't apply for both PPP & UI????
Illinois attorneys advise you to utilize the PPP first. When that money is exhausted, apply for Unemployment compensation.

Source: https://law-arts.org/unemployment-benefits-and-paycheck-protection-program-loans-faq
It's best to go back to the 2 Illinois unemployment threads you posted your question in. The answers you seek are therein.

Particularly this thread: https://uberpeople.net/threads/looks-like-it-might-be-time-to-apply.393334/ is loaded with guidance and advice from your fellow and lady Illinois drivers.
Another CARES Act related story breaking today, regarding Paycheck Protection Program fraud.

"The U.S. Justice Department has sent grand jury subpoenas to big banks seeking records as part of a broader investigation into potential abuse of a $660 billion emergency loan program to help small businesses hurt by the novel coronavirus, two people with knowledge of the matter told Reuters.

The previously unreported subpoenas issued by the department's Washington fraud division do not necessarily indicate wrongdoing on the part of the banks but will compound growing worries among lenders that they risk being swept up in a federal crackdown on Paycheck Protection Program fraud."

More at: https://fcced.com/us-doj-subpoenas-wall-street-banks-165201740/
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President Trump just said the PPP program would likely be extended an additional 24 weeks... instead of ending after 8 weeks.
Does that mean we can get 24 weeks of pay rather than 8
The President had just completed a meeting with restaurant owners. They wanted to have access to the PPP loan program for an additional 24 weeks, so they could continue paying employees while getting back to profitability.
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