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04-19-2020, 08:50 AM | #133 |
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04-19-2020, 09:03 AM | #134 |
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Nope. You get just as fucked doing it online.
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04-19-2020, 09:06 AM | #135 |
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Program was never limited to certain types of businesses, other than any specific exclusions (larger companies). It was never publicized as only for mom and pop retailers and restaurants. So while it could be debated whether more stringent qualifications should have been put in place there was also an eagerness to roll it out and was still a clusterfuck without further complexities.
While hedge funds and financial firms raise questions (are they using funds for trading?), I’m not sure why a small law firm should be excluded as indicated in that article. Small law firms and other professional service firms are impacted by a reduction in work and laying off employees too. Restaurants and retailers are hurting, but they are certainly not the only businesses hurting.
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04-19-2020, 09:12 AM | #136 | |
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04-19-2020, 09:14 AM | #137 | |
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04-19-2020, 09:14 AM | #138 |
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If its 1k per employee.....what if I don't have any lol. How do they handle lost rent?
Edit: as I understand you don't just get 10k, you get $1k per each employee up to $10k, correct? So how am I supposed to have my business going if I don't get shit? And why don't they give tax breaks instead to help out? I just got real estate taxes for all properties and have to pay income taxes as well. Last edited by Kolyan2k; 04-19-2020 at 09:34 AM.. |
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04-19-2020, 09:19 AM | #139 |
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its not that god damn complicated, our country is ran by cons and retards... if you want to make this fair-
1) For individual stimulus, if you prove lost wages and make under $200k family income (this was the Obama limit which was already accepted) after 3 months, you get like $2k a month for 6 months... its not much but it helps and is fair 2) Small businesses (under $500k revenue) (if after 3 months), you prove revenue losses, you get a monthly check of some value for up to 6 months... Thats it... it would have been fair... everyone else could go and f themselves.
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04-19-2020, 09:47 AM | #140 | |
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04-19-2020, 10:30 AM | #141 | |
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Also, limiting it to businesses under $500K in revenue would leave out an awful lot of businesses, including most franchisees, most restaurants, hardware stores, dental offices, and on and on.
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04-19-2020, 10:31 AM | #142 | |
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04-19-2020, 10:34 AM | #143 | ||
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04-19-2020, 10:48 AM | #144 | |
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04-19-2020, 10:55 AM | #145 | ||
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The problem here is that shady banks can choose whoever they wish to give the money to by working the docs in their favor... this is fraud of the highest degree and in a major time in need. I seriously hope there is an investigation of all down the road just like there was of the fraudsters after the hurricanes. This is an extremely shady program... what if someone's business was taking a shit prior to Corona? Thats yet another loophole to take advantage of.
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04-19-2020, 11:04 AM | #146 | |
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PPP loans are intended to mitigate unemployment not stop it. There is no way to stop it because the government can’t possibly support every business. Further there was never a guarantee this program will work because if the economic impact continues longer than the funds will last then some of the businesses who got funding with fail. That has been known from the beginning. It’s an attempt to mitigate some of the problems, not solve all of the problems.
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04-19-2020, 11:11 AM | #147 | ||
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04-19-2020, 11:18 AM | #148 | |
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Also $500k in revenue is nothing depending on the business. I had a business that did over a million in revenue and still did not generate enough profit for both me and my partner to work it full time. The margins were shit. As for the PPP I finally got an email from Chase showing the status of my application in the wage verification stage. It also stated the money had ran out so they would continue if/when more money was approved. Now I applied the moment their stupid application was working (because it did not work for a while). My friend who applied through another bank probably or week or more after me already got his approved. |
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04-19-2020, 11:26 AM | #149 | |
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04-19-2020, 12:27 PM | #150 | ||
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04-19-2020, 12:37 PM | #151 |
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If the loans were to be given out after 3 months of losses, there is no way I could have been able to keep all employees on payroll. We have cut shifts of many staff, and scaled it to what our revs are now. Are you suggesting that a small business has the ability to float all employees for 3 months? Mine isn't, and I assure you that prior to this mess it was an incredibly vibrant business. Our payroll was about $30k every 2 weeks pre-covid, last payroll was $12k. No way I would or could front that much with an 80% drop in revs without having cash in hand first from the ppp. I am not a bank, and I would venture a guess that a huge percentage of small businesses are in the same boat.
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04-19-2020, 12:44 PM | #152 | |
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04-19-2020, 12:48 PM | #153 |
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The definition of a small company is too broad. And to me, a company with 500 employees is a large one. I would say a company with less than 50 should be the limit.
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04-19-2020, 12:48 PM | #154 |
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Washington Post (saw on Apple News) reporting deal near to add $300M to PPP program funding.
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