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Originally Posted by dreamingat30fps
I applied with Chase as soon as their online app was working. Not a word. I got a voicemail from someone at chase (local branch I'm guessing) asking if I had any questions about my account or the PPP loans. I immediately called back and got their voicemail, left a message, haven't heard back from them either.
The whole thing was very poorly handled by Chase and people online are saying they are having to wait for hours on hold to get anyone on the phone about account related things.
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Quote:
Originally Posted by cmyx6go
Does this qualify? Can't blame the bank, but the rule makers.
Large restaurant chains have gobbled up $30 million in federal loans meant to shore up small businesses during the coronavirus crisis.
The companies behind Potbelly Sandwich Shop and Ruth’s Chris Steak House each got sizable loans under the feds’ Paycheck Protection Program, the $349 billion small-business aid package that ran out of money Thursday.
Florida-based steakhouse operator Ruth’s Hospitality Group inked deals April 7 for $20 million in loans administered by the US Small Business Administration under the $2.2 trillion coronavirus stimulus bill passed last month, records show.
And Chicago-based Potbelly Corporation got a $10 million loan from the program on April 10, the company said in a regulatory filing. Both firms said they received the money through JPMorgan Chase Bank.
The so-called PPP loans were aimed at helping companies with up to 500 employees cover payroll and overhead costs. But lawmakers expanded eligibility for restaurants so that companies could apply as long as they had no more than 500 workers at any single location.
Seriously? A friend of mine's boss didn't qualify because they have over 500 employees spread throughout the country but a huge restaurant chain is OK because they don't exceed 500 employees at ONE location.
https://nypost.com/2020/04/17/potbel...mall-business/ |
This definitely seems to go against the 'spirit' of the PPP, however
IF the money is used as it is supposed to be then it would be fine. We will find out that (maybe in these specific cases, maybe not) this money is not going to the wait staff, bartenders and bus boys, it will be going to pay rent on the buildings that are owned by the executives of the corporation, or the corporation itself.
People who are in the business of making money will easily out smart a hastily piece of legislation, and they already have lobbyists and bankers on speed dial, for all we know Chase is a major lender to the corporations and therefore has a serious interest in 'helping' them along, or a stock holder.
I do agree that these chains are a very important part of the economy, they have many vendors and customers. This program is about protecting the workers paychecks, I just don't see that happening in this case.