Displaying items by tag: PPP
“While PPP has gotten the bulk of media attention, millions of small business owners are just as upset about EIDL Advance payments”, says Duncan MacDonald-Korth, co-creator of COVID Loan Tracker. “The problem was so bad that we decided to build a tracking tool to help small business owners understand where their application stood”.
COVID Loan Tracker, which started last month to help small business owners find out when and where PPP money was flowing, says that the SBA has not been paying EIDL Advances on the “first come first serve” basis that they promised. “We have mountains of evidence showing that the SBA is not paying these in the order they were received”.
EIDL Advances were supposed to be $10,000 paid to each applicant within three business days. Fast forward around seven weeks and most have still not received it, and those who do only get $1,000 per employee.
As a response, COVID Loan Tracker has built a tracking tool that helps small business owners see where they are in the SBA’s process. In particular, it shows whether others who applied at the same time have been paid, or if those who applied later have been paid ahead of you.
Instructions for the EIDL Advance Tracker:
1. Fill out the survey
2. Refresh the page
3. Enter your application number into the tracker and it will automatically show results (note: you may have to wait 10 seconds or so for the tracker to reflect your survey submission)
Dear readers, like you we are concerned for the longevity of small businesses across the country and are eager to receive the Payment Protection Program (PPP) loans and EIDL grants that hundreds of thousands of small business owners have applied for across the US. Seemingly everyone who has applied is frustrated and confused because of all the issues that the SBA, lenders, and the government are having in issuing the loans. We know thousands of financial advisors are also small business owners and have applied for these loans. Because of this, we have started a site – covidloantracker.com – to track the application and issuance of PPP and other loans. This will help business owners understand when and how many loans are actually being paid and will hold media and the government accountable to provide the aid they have promised. Our aim to is to share this site with as many small business owners as possible and then share results with the media on a daily basis as a way to track what percentage of applicants have received their loans.
Please visit covidloantracker.com and fill out the 60 second form.
A lot of financial advisors are small business owners, and thousands of them are likely looking for the government’s Payment Protection Program assistance right now. As anyone involved in applying for the program knows, things have been very frustrating and uncertain, with that stress exacerbated by the fact that it is a first come-first serve program. However, there is some potential good news on the horizon. The White House and Senate leader Mitch McConnell are trying to get another $250 bn of loans approved by Congress, which would add to the $349 bn that is already being deployed (apparently it is already being deployed).
FINSUM: It appears as though demand is exceeding supply, so this additional funding is likely to be very necessary.