We’re not pitching accounting services today, hell, you might not be open next month if you don’t get some cash coming in. Today, we’re getting you money from the next round of PPP funding so you can keep your business open.
Do you want to keep fighting and keep your business alive? Then read on fitness pro.
If you’d rather listen, we’ve recorded the 20 minute YouTube Video Here:
Want to skip ahead? We get it:
- · There Will be More PPP Funds, Will You Get Them?
- · Why I’m Pissed About PPP and You Should Be Too
- · Corporate Bailouts and Screwing Over Small Business Owners
- · Hold My Beer
- · Get Off Your Ass and Get Those PPP Funds
- · Your Next Action Steps to Get Your PPP Money are Here
There Will be More PPP Funds, Will You Get Them?
Let’s cut to the chase. Funds for the PPP program ran out within 13 days of the program being launched. But additional funds will be allocated to the PPP program. It’s possible the senate may pass another bill as soon as Tuesday April 21st. From there, the Senate bill goes to the House of Representatives and then to the President. As soon as Wednesday, additional funding of $300-$500 Billion is projected to be added to the program, but it could easily be another week while politicians sort their differences.
[UPDATE April 21, 2020 5pm MT – the Senate passed the bill. Now it moves onto the house for voting on Thursday. If it goes smoothly, the president could be signing as early as Friday. It could also take a few more days if the House doesn’t agree on the bill entirely. Now is the critical window to get your application for PPP in, update, and finalized with your lender]
So, how do you get some of that cash to help your struggling business? Read on or Skip to Your Next Action Steps to Get Your PPP Money are Here.
Why I’m Pissed About PPP and You Should Be Too
If you are among the 96% who applied and did not get funds you may be feeling a flood of emotions – from angry and confused to sad and resigned to never receiving funds.
Do NOT give up! This is not a cheerleading session.
We’re going to show you how to get in the next phase of PPP funds and get the money you deserve.
But let me clear: I am pissed off and I’m angry. My blood pressure is high and my wife has asked me to stop yelling obscenities at the computer more than once. And fair warning, this email contains more than a few choice words. If that might bother you, you should stop reading now… because I’m really fucking pissed.
Corporate Bailouts and Screwing Over Small Business Owners
Small businesses have been robbed by congress and big business via the Paycheck Protection Program. Let me say it again, your money has been stolen in a planned and orchestrated attack. Why do you think politicians involved the bankers to disperse funds rather than the SBA? Because it was faster? Riiiiiight. I’m not a conspiracy blogger so let me stick to the facts:
- · Over 70 publicly traded companies worth millions and billions who have access traditional markets received funds.
- · PotBelly received $10 Million and made 20 Million in earnings last year
- · Shake Shake received $10 Million and earnings were $70 Million last year alone! (And has since returned their funds to avoid a Public Relations nightmare)
- · Ruths Chris has $86 Million in cash reserves, 5,000+ employees and received $20 Million from the PPP Program
- · You can’t even get more than $10 Million per company and you can’t give it to companies with more than 500 employees. But they have subsidiaries and multiple location exceptions worked into the CARES Act because of extensive restaurant lobbying.
Hold My Beer
Are you pissed yet? If not, hold my beer and let me show you why this is socialism for the rich, and capitalism for true small business owners.
- · Over 44% of the funding was to provide amounts of $2 million or more. Nearly HALF! That means nearly half of the money went to companies who have nearly $1 million dollars in payroll per month. Does that sound like a small business to you?
- · Loans of $2 million or more made up nearly 28% of the total, and those of at least $5 million accounted for 9%
- · 25% of the total pot went to fewer than 2% of the firms that got relief
- · Intensive lobbying by the restaurant and hotel industries during the weeks leading to the passage of the $2.2 trillion Cares Act permitted separate subsidiaries and locations to apply as businesses, even if they were part of a national or international chain.
- · Executives at larger chains often do and certainly will continue to receive multimillion-dollar annual compensation packages following this crisis. And you’ll be left figuring out how to pay back rent for years to come.
- · This legislation does not require the Small Business Administration to disclose the recipients, even though the agency typically discloses the name, address and executives for loans received. Gee… I wonder why that is?
This is when you and every one you know needs to write your representatives and tell them what small business is. Small business is <25 employees. Heck, even <50 employees. And we won’t be so blatantly lied and stolen from.
This is the 2008’s TARP money all over again. I knew we were going to get screwed, but I at least thought $349 Billion (a measly 15.9% of the entire $2.2 Trillion) was going to actually be for smaller business owners.
Get Off Your Ass!
You cannot sit idle. Get to work and get yourself some damn PPP funds. You deserve it.
How you ask? Read on… we’ve put together a guide of your next action steps for getting your PPP money depending on where you are in the PPP process.
Here are the next steps you must take in order to increase your chances of securing Paycheck Protection Program (PPP) funds depending on where you are in the process:
Which part of the PPP lending process are you at?
- · Need To Apply
- · Applied and No Response
- · Applies and Lender Needs More Information
- · Approved but No SBA Number
- · Have SBA Number but No Funds
- · SBA & Bank Approved but No Funds
- · Funds Have Arrived
You Need To Apply
Ask a Direct Question
We hope this has helped to answer some of your questions. If you still have specific questions you’d like answered, we invite you to submit them anonymously here. We’ll round up all of the questions, and answer them fully in our next Q&A (If you aren’t on our mailing list, you can sign up here.)
In the meantime, check out our COVID-19 Resource Hub where we’ve compiled our latest blog posts & YouTube videos along with third-party resources that we find valuable. There is some great stuff in there.
As always, we’re here to help. If none of the above helps you out – feel free to send us a message here. We’ll get back in touch in 24 hours.
Fitness is such a big part of who I am. Maintaining a healthy lifestyle, eating well (mostly paleo), hiking, backpacking, mountaineering, practicing yoga and Crossfit are all important cornerstones of life. But I love ice cream and cookies too much to say no!
I love helping owners make sense of their business and finding ways to grow it. It’s an honor to help you see situations, scenarios and opportunities from all sides so you can make informed decisions.