There really wasn’t anything earthshattering to report on this week. There are a lot of things that may happen, but nothing really did happen.
Let’s start with PPP. The House voted to extend the PPP deadline to May 31. Now it goes to the Senate for them to consider. When something happens, I’ll let you know.
As of March 14, 2.7 million loans have been made for a total of $181 billion. That’s an average loan size of $67,000. Folks, we still have about another $100 Billion left in the tank. So if you know someone that has NEVER received a PPP loan, now is the time to jump into the pool assuming they don’t drain the pool at the end of the month.
I think the deadline will be extended, but if it isn’t, today is pretty much your last day to apply for anyone – they just can’t get done that fast.
Bank Updates on PPP Applications
US Bank – No longer accepting and today is the last day to submit additional loan request documentation
Bank of America – They stopped back on March 9 with their last documentation date of 2:00 p.m. today
Chase – Many of their customers will tell you they never really got going but amazingly they are accepting them until 3/26, mainly because they know they can decline it for missing information by the 31st. Yes, I’m a little testy when it comes to Chase and PPP
Wells Fargo – They are done at 5 p.m. tomorrow
If you are a theatre or entertainment venue that relies on the talent for revenue, this is for you. The Shuttered Venue Operator Grant that can replace half of your revenues. That portal will open up on April 8. The rules are somewhat nebulous and there are a lot of them, but if your income relies on the entertainment you hire, you should check into the program. Consequently, I will be reading up on the FAQs.
According to Kiplinger, 23% of the US population has received at least one vaccine shot, with 67% of folks age 65 and up having been vaccinated. Memorial Day weekend is going to be a party! If I recall, I think it was last year as well.
12 days until the Easter Bunny gets here.