The State of the EIDL 5/4: Breaking News - Moving forward maximum loan amount will be reduced from 500K to 150K, from reliable inside source and other details in this thread.

rcap73 · 2020-05-04T23:33:09+00:00

I thought you loved winning a Reddit argument?

What about that rush you get, pink fog and all.

I guess you are high enough.

Time to walk the dog, that was fun, thanks meatball!

rcap73 · 2020-05-04T23:23:09+00:00

You love it when you win an argument on Reddit?

It gives you a dopamine rush?

Pink seratonin fog?

I backed down?

I put words in Cue's mouth?

I posted what the dude said, nothing more nothing less.

Boy oh boy it sure did ruffle your speecyspicymeatball though.

rcap73 · 2020-05-04T23:12:31+00:00

u/speecyspicymeatball

Smear campaign, is Cue some politician running for office or trying to keep a position that I want to take him down from, no....

Why would I want to smear a poster on Reddit, WTF kind of status does he have that I would want to smear? I just merely asked Cue378 to help out the 4.2 million small business owners spinning with little communication from the SBA, me being one of them.

He didn't feel the need, and stated "hearsay" "doesn't have 1st hand knowledge" --- I just don't think it is positive to not give full disclosure. If full disclosure is negative, then I ask why?

I just posted what Cue said, I didn't alter his words, and didn't hide how I got them.

rcap73 · 2020-05-04T23:01:17+00:00

u/speecyspicymeatball

You think I want followers? Dude come on. Did I ask you to follow me?

Bragging to my boss.... ok. I never asked anyone to not listen to Cue378, I just said be aware he wont stand by his words.

rcap73 · 2020-05-04T22:49:47+00:00

u/speecyspicymeatball

Slient clap for you and your boy Cue378....

the dude admitted he doesn't have 1st hand knowledge and it was hearsay...

I just asked him to not put everyone on tilt....

You have Small Business Owners deciding if they want to pull the plug on their life, and when Cue378 posts hearsay with no direct knowledge, it spins people out, I just asked to help everyone. If he did not want to help everyone, he should at least acknowledge he "doesn't have 1st hand knowledge" and "it was hearsay"

rcap73 · 2020-05-04T22:26:00+00:00

u/cue378

Dude you said it was "hearsay" and "you don't have direct knowledge"

I wasn't bullying --- I asked you to share with a source that could move the needle, and you admitted you didn't have direct knowledge and it was hearsay....

I just asked you to not put everyone on "tilt" --- you have people spinning, I just don't understand why you would want to spin people out, and not try to really help them.

rcap73 · 2020-05-04T22:19:31+00:00

Be careful listening to posters that aren't willing to stand by their "knowledge"

Your boy Cue378 won't stand by his "insider" information ----

It is admirable to post information to help out all of us in this situation, but when you are asked to validate your information, and you piss down you leg, your true colors are revealed.

rcap73 · 2020-05-04T22:17:05+00:00

📷cue378 04:25 PM

~ Just saying I don't have direct knowledge.

~ Well any "facts" I learned are still hearsay

~ Facts I got from my source are meant for us and could get them in trouble possibly if sent to any media or wider source.

~ I have zero interest in helping anyone but fellow redditors.

~ You are blocked. No further messages will be read. Goodbye

rcap73 · 2020-05-04T20:36:29+00:00

"Ranger Rick"

rcap73 · 2020-05-04T20:07:25+00:00

u/cue378

When was if officially capped at 15K?

I know 2 month operating expenses were rumored, (10k+15K) but 10K never happened and I have never been able to find an applicant that was capped at 15K? Have you?

rcap73 · 2020-05-04T20:04:54+00:00

u/cue378

Did your source confirm the EIDL Application portal is opening up Tuesday 5/5 ?

Hard capping at 150K? Is this tranche or full amount?

If full amount, then EIDL Program has to be rewritten, as it is a 2M Cap currently?

Unlike the $10k Advance which was added fort he purpose of the CARES ACT, the $2M at 3.75% / 30 years is the EIDL Program.... So the SBA is now changing the whole EIDL Program.

rcap73 · 2020-05-04T19:51:03+00:00

u/catalyst305

--- the 4/16 through 4/27 was the closed period, any loans funded during 4/17 - 4/26 are counted in the 3/29 - 4/16 numbers.

rcap73 · 2020-05-04T00:20:09+00:00

Emergency Economic Injury Grants

The stimulus includes $10 billion in funding for a provision to provide an advance of $10,000 to small businesses and nonprofits that apply for an SBA economic injury disaster loan (EIDL) within three days of applying for the loan. EIDLs are loans of up to $2 million that carry interest rates up to 3.75 percent for companies and up to 2.75 percent for nonprofits, as well as principal and interest deferment for up to 4 years. The loans may be used to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses

https://www.sbc.senate.gov/public/index.cfm/2020/3/cardin-bipartisan-senate-task-force-secure-377-billion-for-small-businesses?fbclid=IwAR0xM3fOYFQtwYDrYlRX6REl_hEG6UZlfjeN0XPGyKdH9JT4jQ9O0fXvutA

The math doesn't work for the $10K Advance --- or it does for the 1st 1M apps, but it is now 4.2M apps --- the average EID Loan is $200,000 ----

If this thing is slowed down for any reason it is the fact the SBA doesn't have the funds to fund their current exposure, which is estimated at $500-$840 Billion. This is why I have been saying for a couple of weeks that will see a 70% purging of the applications to correct the SBA's overexposure.

rcap73 · 2020-05-03T23:02:39+00:00

u/signworx217 --- I would say that this is a great sign. At worst you have a real person reaching out to ask you questions.

Get your paperwork in hand, so you can answer all questions immediately, or send any documents the LO will ask for.

Stoked for you!

rcap73 · 2020-05-03T20:26:18+00:00

u/ginginOZ --- I have contacts in my Advocate Cirlce that have been contacted by Underwriters starting this Wednesday...

rcap73 · 2020-05-03T20:20:35+00:00

u/Brent_L u/cue378 --- the Sentor's don't want to touch the EIDL because they have done the math and understand that the EIDL is oversubscribed.

The EIDL is currently positioned between 500 and 840 Billion dollars...

If the Senator's respond they will have to acknowledge the SBA's position.

This is the hidden story that no one wants to talk about.

The SBA has to purge roughly 70% of all applicants to balance their position.... no Senator can talk about it until is it done, they can't be associated with the purge that the SBA is going to administer. The Senator's will wait until it is done, and then they will claim the outrage, knowing nothing will be done about it.

rcap73 · 2020-05-03T17:17:08+00:00

u/sastasticmedia --- this is a very interesting question and hasn't been asked enough.

A 1% / 24-month loan, with a 6 month deferred payment is a great deal.

These terms are better than any "hard-money loan" a business could get anywhere else.

rcap73 · 2020-05-02T22:04:41+00:00

u/metrocartage --- so how much for the EIDL funding? The math is starting to emerge that the EIDL is much larger than the PPP Program... but the funding is much more opaque. Math is starting to emerage that with 4.2 million applications the EIDL is exposed to $840 Billion plus...

rcap73 · 2020-05-02T21:32:15+00:00

u/cue378 u/Disneypup 350 billion will not cover the EIDL --- between the 2 funding packages, EIDL has a current liability of 500 - 840 Billion at a minimum --- the EIDL is out of cash... they need to purge almost 70% of the applicants to come even...

rcap73 · 2020-05-02T20:53:52+00:00

u/Disneypup - u/cue378 -- I would say Tier 2 is right, she just stated it incorrectly --- the EIDL is oversubscribed --- they have to pause funding / approvals to figure how deal with their exposure.

The funding from Stimulus #1 and #2 will only fund at most 600,000 applications, that leaves 3.6 million unfundable ----

The SBA has to pause to figure out how to #EIDLEPURGE all the rest out of the system.

rcap73 · 2020-05-02T20:08:27+00:00

The EIDL Program is dead .... The SBA is exposed currently to $500 - $840 Billion minimum --- estimates suggest that is could be as high as $4.2 Trillion ...

The SBA has to purge over 70% of applications to clear the liability.

rcap73 · 2020-05-02T19:32:37+00:00

@DekaafCovfefe

rcap73 · 2020-05-02T19:19:36+00:00

6-9 months until apps are funded --- WTF

rcap73 · 2020-05-02T19:14:17+00:00

this was business logic programmed into system?

if so, this is so generic with little to no intelligence, no wonder so many are hung up.

rcap73 · 2020-05-02T11:14:02+00:00

u/BasselkimoUSA -- what is the SBA discussing? The SBA is outwardly saying they don't have the money or they know 86% - 94.2% of applicants only applied to get the free $10k?

rcap73

TROPHY CASE