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Thread: anyone else receiving a nice bump to their bankroll?

  1. #1
    Thanks SBA for supporting my ventures!

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  2. #2
    This appears to be the loan program that gives you an interest free loan for one year followed by a low interest rate of 2.75% or 3.25% with low payments.

    We have a client who was offered $21500 with payments of only $105 per month after one year of no interest.

  3. #3
    bingo - and it's 30 years too

    hopefully others took advantage of these generous government programs. at the very least, I can put this in an etf and absolutely crush inflation

  4. #4
    Originally Posted by straightandhatingit View Post
    bingo - and it's 30 years too

    hopefully others took advantage of these generous government programs. at the very least, I can put this in an etf and absolutely crush inflation
    Let us know if you really get it.

  5. #5
    they deposited a measly 1k already. reading online, i should get the full amount sometime next week

  6. #6
    I feel like this thread is meant to get a rise out of some here, that don't appreciate all the government "giveaways" associated with this situation.

    If you are entitled to a government loan associated with your business and loss of business and income during this unprecedented situation, that is fine. Good for you. But that money is not supposed to be used for your gambling bankroll, it is supposed to be used for your business interests and to replace lost income.

    Now, I as a professional gambler (self employed) qualify for unemployment benefits under the expanded eligibility included in the CARES act. As of today I haven't seen a penny yet, currently owed 9 back weeks. Nevada seems to be one of two remaining states that has not yet made payments to self employed and gig workers. Nevada seems to have had one problem after another regarding implementing this. I believe there is now a lawsuit against the state and it's unemployment program regarding their incompetence.

    So at some point I should get this money, plus 1 more week before Casinos open. I will not file for any weeks after the casino are open. I personality separate my money, living money for the year, bankroll and personal savings, and consider this unemployment as income that I lost when the casinos shut down, no different than anyone else who was forced out of work. I have an AP friend that believes for a solo AP, it really is one big fund. That all money is the players BR. So if you buy into THAT theory, I guess it is sort of going to my bankroll.
    Last edited by kewlJ; 05-29-2020 at 02:08 PM.
    Dan Druff: "there's no question that MDawg has been an obnoxious braggart, and has rubbed a ton of people the wrong way. There's something missing from his stories. Either they're fabricated, grossly exaggerated, or largely incomplete".

  7. #7
    Originally Posted by kewlJ View Post
    I feel like this thread is meant to get a rise out of some here, that don't appreciate all the government "giveaways" associated with this situation.

    If you are entitled to a government loan associated with your business and loss of business and income during this unprecedented situation, that is fine. Good for you. But that money is not supposed to be used for your gambling bankroll, it is supposed to be used for your business interests and to replace lost income.

    Now, I as a professional gambler (self employed) qualify for unemployment benefits under the expanded eligibility included in the CARES act. As of today I haven't seen a penny yet, currently owed 9 back weeks. Nevada seems to be one of two remaining states that has not yet made payments to self employed and gig workers. Nevada seems to have had one problem after another regarding implementing this. I believe there is now a lawsuit against the state and it's unemployment program regarding their incompetence.

    So at some point I should get this money, plus 1 more week before Casinos open. I will not file for any weeks after the casino are open. I personality separate my money, living money for the year, bankroll and personal savings, and consider this unemployment as income that I lost when the casinos shut down, no different than anyone else who was forced out of work. I have an AP friend that believes for a solo AP, it really is one big fund. That all money is the players BR. So if you buy into THAT theory, I guess it is sort of going to my bankroll.
    For someone who doesn't like this site, you sure do write a lot of essays on every thread.

  8. #8
    Originally Posted by monet View Post
    For someone who doesn't like this site, you sure do write a lot of essays on every thread.
    Mainly to annoy you and a couple other.
    Dan Druff: "there's no question that MDawg has been an obnoxious braggart, and has rubbed a ton of people the wrong way. There's something missing from his stories. Either they're fabricated, grossly exaggerated, or largely incomplete".

  9. #9
    Originally Posted by kewlJ View Post
    I feel like this thread is meant to get a rise out of some here, that don't appreciate all the government "giveaways" associated with this situation.

    If you are entitled to a government loan associated with your business and loss of business and income during this unprecedented situation, that is fine. Good for you. But that money is not supposed to be used for your gambling bankroll, it is supposed to be used for your business interests and to replace lost income.

    Now, I as a professional gambler (self employed) qualify for unemployment benefits under the expanded eligibility included in the CARES act. As of today I haven't seen a penny yet, currently owed 9 back weeks. Nevada seems to be one of two remaining states that has not yet made payments to self employed and gig workers. Nevada seems to have had one problem after another regarding implementing this. I believe there is now a lawsuit against the state and it's unemployment program regarding their incompetence.

    So at some point I should get this money, plus 1 more week before Casinos open. I will not file for any weeks after the casino are open. I personality separate my money, living money for the year, bankroll and personal savings, and consider this unemployment as income that I lost when the casinos shut down, no different than anyone else who was forced out of work. I have an AP friend that believes for a solo AP, it really is one big fund. That all money is the players BR. So if you buy into THAT theory, I guess it is sort of going to my bankroll.
    For once, I feel as if I can ad some insight, from a different perspective, on a topic. Self employment collection for unemployment. I left the mainstream workforce 19 years ago and have been self employed since. Technically, I am semi retired and work five days a month to help a former engineer in the carpentry trade. I also gave a loan to a semi contractor five years ago which allows me to still show that my previous "business" shows an income. My business ended three years ago. Trust me, the loan will not offset the money I could have made in the stock market two of the last three years. Hey, a loan is to help someone to buy a house, not to make money. Pass it on.

    Anyhow, in the yes of the government, I still run a business. I claim the money from both sources. I pay taxes.

    Massachusetts is the number one state for the maximum end of unemployment wage potential. This state was slow in getting the ball rolling, but when they were ready to service self employed individuals, they came through. I just collected my eighth week of unemployment. Legitimately, I have not made any money the last eight weeks (again, remember, I am semi retired).

    I have one piece of advice for everyone who is self employed. Keep notes of your employment between April 1st and July 31st. My friend, who does things by the book, has claimed employment for two days a week for a couple of consecutive weeks. He did work, and probably received some big checks for a completed job. It was interesting to learn that when he amortized two days of work (without a massive end of the job check) he received three days of unemployment and the full $600 of supplement money.

    My belief is that if you claim one day of unemployment in any given week, you collect the full $600 on top of one day of unemployment.

    The system is crazy. I would rather have the government state that my 401K withdrawal is from savings and not income. Because of this, I pay $2,000/month for health insurance (instead of $500/month) and did not receive the stimulus check ($1,200 x two individuals). I took out a considerable amount of 401K money. So much for saving money for retirement, viewing it as true retirement money. Sadly, saving money is a negative when addressing health insurance (forget the stimulus check).

    I had a comprehensive concluding paragraph but after five alterations, enough has been stated. I will only add, that I may request Tasha to keep giving her Florida Lottery Numbers.

  10. #10
    just tryna figure out where i should invest it. bigger spread? higher minimum? hope BTC breaks 10k? make a big negative EV cover play?

  11. #11
    Hookers!

  12. #12
    ive already got a separate BR for that but i like where youre headed

  13. #13
    Such irony

    Masses of low wage earners that are essential going to their supermarket jobs, their Amazon shipment center jobs, their meat packing plant jobs

    The wealthier business owners whose business was shut down bragging about their government handouts checks they cashed

    Just an observation!

  14. #14
    Originally Posted by Darkoz View Post
    Such irony

    Masses of low wage earners that are essential going to their supermarket jobs, their Amazon shipment center jobs, their meat packing plant jobs

    The wealthier business owners whose business was shut down bragging about their government handouts checks they cashed

    Just an observation!
    While I don’t agree with your comments on the lower end workers, you are partially right about the business comment. The bigger fraud was PPP which was used to pay payroll to businesses that stayed open. The vast majority of which would have never closed down during this because their services were in demand. They received 8 weeks of Free Payroll to pay employees that they would have otherwise paid.

    A good example I know is Dominos pizza. They set sales records week after week because they were already a Take Out and Delivery business. There was more demand than ever for their crummy pizza and they hired more drivers. And 100% of their payroll was covered by the government (which of course is us taxpayers). They had no need for PPP but were rewarded by it.

    Other small businesses and restaurants got it as well. And magically increased payroll by adding family and friends to No Show jobs and are splitting their gains.

    It’s a textbook example of government waste and not thinking things out before reacting. It also shows that many Americans will find ways to never miss an opportunity to take advantage of a situation. And have no morals when doing it.

    When the books are written, this event will go down as one of the costliest government failures of all time, if not the most. Regardless of what side you are on, generations will be paying for this forever.

  15. #15
    I assume this is an EIDL loan. I have applied for this on behalf of a number of clients. Although they do verify the active status of the entity depending on what type of entity you applied under, otherwise this loan is mostly based on the personal credit score of the individual business owner.

    The $1000. you got as an advance, for the stronger clients who applied, was paid out almost immediately, at the rate of $1000. per an employee, so maybe you had only one employee (yourself - the business owner). Your application must not have been so strong otherwise you would have received this $1000. immediately, but then there are some who get the grant and not the loan, so at the end of the day the SBA must have liked your application. This $1000. you got is the grant portion of the advance, and does not need to be repaid.

    By law, the EIDL grant or loan must be used for your business, but obviously for a small amount like only twenty-five grand it's doubtful that anyone is going to follow up to make sure. These EIDL loans are pretty much capped at $25,000. (at the moment - earlier we were getting much more, up to $400K for some of my clients), but the PPP loans are coming in at millions.

    A PPP loan is more difficult to get and requires proof of payroll. However, once you get a PPP loan as long as 75% of it is used for payroll within 8 weeks, it does not have to be repaid - which is an almost insurmountable barrier for most small businesses, leading some small businesses to just look to return the money. There is some legislation pending to relax this 75% rule for the PPP.

    No personal guarantees are required for any of these loans, although I suppose if you are applying for a sole proprietorship your business is you, so if your business is on the line so would you be.

    Getting these loans, especially the PPP, approved has as much to do with knowing how to package and present the application, as anything else, which is why people like me are paid the big bucks to get the job done.

    I am also helping self-employed clients with PUA unemployment claims. There is not much money in this for me - just doing it as a service for good clients. It is astonishing to see someone who was making seven figures last year apply for PUA this year, but this is what is happening to some of my clients. In some cases though, with my help and creative juices we are getting two or three checks for PUA incoming per household, maxed out to 450 per week plus the government's 600 per week times multiple household members it adds up.

    It's all legal, just has to be crafted properly, and backed up with properly filed tax returns in case of audit.
    Last edited by MDawg; 05-30-2020 at 09:59 AM.
    I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.

    MDawg Adventures carry on at: https://www.truepassage.com/forums/f.../46-IPlayVegas

  16. #16
    Originally Posted by MDawg View Post
    However, once you get a PPP loan as long as 75% of it is used for payroll within 8 weeks, it does not have to be repaid - which is an almost insurmountable barrier for most small businesses, leading some small businesses to just look to return the money. There is some legislation pending to relax this 75% rule for the PPP.
    pretty sure legislation already went through and it's now 60% and 24 weeks

  17. #17
    Not exactly. The version you and I reference has passed only the House, a different version has passed the Senate, and just like with all bills, must pass through both and be signed into law by the President.
    I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.

    MDawg Adventures carry on at: https://www.truepassage.com/forums/f.../46-IPlayVegas

  18. #18
    Originally Posted by MDawg View Post
    I assume this is an EIDL loan. I have applied for this on behalf of a number of clients. Although they do verify the active status of the entity depending on what type of entity you applied under, otherwise this loan is mostly based on the personal credit score of the individual business owner.

    The $1000. you got as an advance, for the stronger clients who applied, was paid out almost immediately, at the rate of $1000. per an employee, so maybe you had only one employee (yourself - the business owner). Your application must not have been so strong otherwise you would have received this $1000. immediately, but then there are some who get the grant and not the loan, so at the end of the day the SBA must have liked your application. This $1000. you got is the grant portion of the advance, and does not need to be repaid.

    By law, the EIDL grant or loan must be used for your business, but obviously for a small amount like only twenty-five grand it's doubtful that anyone is going to follow up to make sure. These EIDL loans are pretty much capped at $25,000. (at the moment - earlier we were getting much more, up to $400K for some of my clients), but the PPP loans are coming in at millions.

    A PPP loan is more difficult to get and requires proof of payroll. However, once you get a PPP loan as long as 75% of it is used for payroll within 8 weeks, it does not have to be repaid - which is an almost insurmountable barrier for most small businesses, leading some small businesses to just look to return the money. There is some legislation pending to relax this 75% rule for the PPP.

    No personal guarantees are required for any of these loans, although I suppose if you are applying for a sole proprietorship your business is you, so if your business is on the line so would you be.

    Getting these loans, especially the PPP, approved has as much to do with knowing how to package and present the application, as anything else, which is why people like me are paid the big bucks to get the job done.

    I am also helping self-employed clients with PUA unemployment claims. There is not much money in this for me - just doing it as a service for good clients. It is astonishing to see someone who was making seven figures last year apply for PUA this year, but this is what is happening to some of my clients. In some cases though, with my help and creative juices we are getting two or three checks for PUA incoming per household, maxed out to 450 per week plus the government's 600 per week times multiple household members it adds up.

    It's all legal, just has to be crafted properly, and backed up with properly filed tax returns in case of audit.
    Anyone who made more than a million dollars last year and is applying for UC is a Scumball in my book. Period. If they really need $1000 a week they are bad with their money or are just greedy.

    Instead of helping them with applying, teach them your stock system, or better yet how to constantly win at Baccarat. Far more money in both than collecting UC.

    And I’m not sure why you feel the PPP is insurmountable. It’s all about having a good accountant and moving money around if you own your own real estate. Trust me, it’s being done all over the country. Not everyone in the business world is honest when it comes to money.
    Last edited by The Boz; 05-30-2020 at 03:02 PM.

  19. #19
    The PPP requirement is that the money be used for PAYROLL. It's not just a matter of moving money around it would require the cooperation in a fraudulent scheme by every employee on the payroll to receive and pay back the money, with sufficient kept by the recipient to cover taxes at the back end, or by the payor to cover taxes at the front end. And why would all these employees risk their necks for the owner? It's easy to assume that everything may be overcome "with a good accountant and moving money around" - quite another to do it, once you understand exactly what is at stake and would need to be done. Also - the only way to keep a secret is if all but one of the parties are buried with it, and you'd be talking about a lot of possible loose lips.

    This is quite different from a one owner LLC or sole proprietorship receiving an EIDL loan and not using it for his business. One check in - one check out, and no questions asked unless there is an audit.

    In any case, I stick to what is legal and I cannot help anyone with anything illegal.

    As far as high salary individuals receiving multiple PUA unemployment claims for their household, that's perfectly legal as many of them were already dividing the income from their businesses among their families, and if in fact that income has been reduced they are entitled legally to PUA. Keep in mind that high income often goes hand in hand with high expenses, and when that income is cut off such people might be in dire straits more so than a guy with little or no overhead and small income. Plus we're talking not just about $1000. per week but a thousand per week times two, three even four or more members of a household or entity, if it is done right - with my help. All perfectly legal.

    And again, I'll help anyone in trouble or with a need - I just draw the line at violent crime, if I were practicing crim law I wouldn't help violent criminals. This isn't a decision I need to make as I practice white collar business law only these days anyway.
    I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.

    MDawg Adventures carry on at: https://www.truepassage.com/forums/f.../46-IPlayVegas

  20. #20
    Originally Posted by The Boz View Post
    Originally Posted by MDawg View Post
    I assume this is an EIDL loan. I have applied for this on behalf of a number of clients. Although they do verify the active status of the entity depending on what type of entity you applied under, otherwise this loan is mostly based on the personal credit score of the individual business owner.

    The $1000. you got as an advance, for the stronger clients who applied, was paid out almost immediately, at the rate of $1000. per an employee, so maybe you had only one employee (yourself - the business owner). Your application must not have been so strong otherwise you would have received this $1000. immediately, but then there are some who get the grant and not the loan, so at the end of the day the SBA must have liked your application. This $1000. you got is the grant portion of the advance, and does not need to be repaid.

    By law, the EIDL grant or loan must be used for your business, but obviously for a small amount like only twenty-five grand it's doubtful that anyone is going to follow up to make sure. These EIDL loans are pretty much capped at $25,000. (at the moment - earlier we were getting much more, up to $400K for some of my clients), but the PPP loans are coming in at millions.

    A PPP loan is more difficult to get and requires proof of payroll. However, once you get a PPP loan as long as 75% of it is used for payroll within 8 weeks, it does not have to be repaid - which is an almost insurmountable barrier for most small businesses, leading some small businesses to just look to return the money. There is some legislation pending to relax this 75% rule for the PPP.

    No personal guarantees are required for any of these loans, although I suppose if you are applying for a sole proprietorship your business is you, so if your business is on the line so would you be.

    Getting these loans, especially the PPP, approved has as much to do with knowing how to package and present the application, as anything else, which is why people like me are paid the big bucks to get the job done.

    I am also helping self-employed clients with PUA unemployment claims. There is not much money in this for me - just doing it as a service for good clients. It is astonishing to see someone who was making seven figures last year apply for PUA this year, but this is what is happening to some of my clients. In some cases though, with my help and creative juices we are getting two or three checks for PUA incoming per household, maxed out to 450 per week plus the government's 600 per week times multiple household members it adds up.

    It's all legal, just has to be crafted properly, and backed up with properly filed tax returns in case of audit.
    Anyone who made more than a million dollars last year and is applying for UC is a Scumball in my book. Period. If they really need $1000 a week they are bad with their money or are just greedy.

    Instead of helping them with applying, teach them your stock system, or better yet how to constantly win at Baccarat. Far more money in both than collecting UC.

    And I’m not sure why you feel the PPP is insurmountable. It’s all about having a good accountant and moving money around if you own your own real estate. Trust me, it’s being done all over the country. Not everyone in the business world is honest when it comes to money.
    Neither me or wife have applied for anything, but I can't really fault anyone who does. Even if they don't need it.

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