[michaelh]

I have seen multiple changes to the application and it just occurred to the SBA today they do not have the owners information on the applications. But the Bigger question is why is all of this happening. They are asking business's to get copies of 941, and 1099's and all of the payroll documents for last year and submit all of this with the application and then start a whole process that could take weeks to process. The facts are simple - the IRS has all the information already filed and stored by FEIN number/ All of this was required by law to be filed before January 31, 2020 for 2019.

All that has to happen is the IRS runs an electronic report by FEIN of last years payroll by FEIN number and give the SBA the Bank account of the customer. Yes the IRS also has these.
You run the report and send out half the payment immediately. You do this by sending this same tape to the FDIC and start sending money out.

In 48 hours you have dispersed 175 Billion dollars into small business's.

You then look for the Business to submit its banking information to verify the accounts. Or the other way is to have the business sign in online and enter their FEIN number and create an account and upload a voided check and then send the money - let them review the IRS's information and send the money.

Either way this is an example of government Incompetence.

Mike

[MCA]

Agreed 100%, problem is Govt, they will find a way to screw anything up. Sad they can't figure this out, when so many are in need to survive.