Coronavirus (NO POLITICAL OR SOCIAL COMMENTARY PLEASE)

[ctujackbauer]

Originally Posted by Lacit170

if they received the small business relief loan, they werent allowed to lay off workers or furlough anyway without having to pay the loan back. so, those employees are getting paid still and might as well have some working if possible.

Not true if you're referring to the PPP loan, the big "small business savior" heralded by Congress, with funds administered by the SBA, and loans processed through banks. A small business gets to decide where to deploy capital as long as it used for rent, utilities, or payroll.

The best example of this (aside from Shake Shack or other publicly traded corporations) is Junior's Cheesecake, whose CEO went on CNBC two days in a row trying to convince viewers and CNBC anchors why he's still furloughing employees and not using PPP funds for payroll continuance. See both videos on CNBC article:

https://www.cnbc.com/2020/04/14/juni...kers-back.html

All of the store employees are still on unemployment in New York.

[Moe Szyslak]

PPP seems incredibly flawed

[bruceames]

Originally Posted by MifuneFan

Was just looking at the data for Sweden. Aside from the fact that their daily numbers are climbing, it appears that more females are being infected there than males. More than 2,000 more cases of females than male. That goes against everything we've seen with this virus, where men are more likely to be infected, as well as die from it. I thought it might be because of demographics, but the ratio of male to female is just about even (slightly more males). Anyone have any idea why this may be the case?

Gender equality is higher there than anywhere in the world, so my guess is that women are just as likely to get infected because they are equally likely to be in the higher risk areas as men. I would think that both men and women are equally likely to get infected if they get the same amount of exposure.

[Scarface32]

I haven’t had a manicure or pedicure in a long time.

[Lacit170]

Originally Posted by bruceames

For the loan to be entirely forgiven, 75% of it has to be used on payroll and the rest on mortgage/rent or utilities. I applied for a PPP loan myself on Monday, but not too optimistic that I'll ever see it, since the bigger companies are better at getting theirs muscled through first. We're busy here and haven't had to lay anyone off, but I could really use the extra cash flow (especially since I wouldn't have to pay it back), since fewer orders have been coming in.

yea i know, wasnt getting into the details, just generally speaking. we received our loan already from the first relief package that went out. but i have other friends who have yet to receive theirs for their businesses

make sure to follow up with your bank and get paperwork in immediately upon approval.

[bruceames]

Originally Posted by Lacit170

yea i know, wasnt getting into the details, just generally speaking. we received our loan already from the first relief package that went out. but i have other friends who have yet to receive theirs for their businesses

make sure to follow up with your bank and get paperwork in immediately upon approval.

I already submitted all the paperwork so it's just a matter of hoping it gets approved before the money runs out again.

[Lacit170]

Originally Posted by ctujackbauer

Not true if you're referring to the PPP loan, the big "small business savior" heralded by Congress, with funds administered by the SBA, and loans processed through banks. A small business gets to decide where to deploy capital as long as it used for rent, utilities, or payroll.

The best example of this (aside from Shake Shack or other publicly traded corporations) is Junior's Cheesecake, whose CEO went on CNBC two days in a row trying to convince viewers and CNBC anchors why he's still furloughing employees and not using PPP funds for payroll continuance. See both videos on CNBC article:

https://www.cnbc.com/2020/04/14/juni...kers-back.html

All of the store employees are still on unemployment in New York.

as bruce mentioned, 75% of the loan HAS to go to payroll while the remaining 25% can be used for rent etc.

so that goes into what i said, if its in a businesses best interest to take the loan or to ride it out and not pay employees and keep the doors shut is ultimately up to them. and if a business furloughed or laid off employees, they wouldnt be eligible for the loan without having to pay it back

[Member-222782]

Saw a sign at a local deli that's been closed for a month near my job that they're opening for takeout starting Monday. I don't shop there very often but I was still happy to see the sign. It's a glimmer of hope

[Lacit170]

Originally Posted by bruceames

I already submitted all the paperwork so it's just a matter of hoping it gets approved before the money runs out again.

i assume you are referring to the 2nd package going out? did you not apply for the first round?

i really have no idea how the loans are being distributed but luckily we have a very good relationship with our bank and was able to get in line quickly. submitted paperwork Friday day 1 and received it very quickly. but others have not been so lucky

[bruceames]

Originally Posted by Lacit170

i assume you are referring to the 2nd package going out? did you not apply for the first round?

i really have no idea how the loans are being distributed but luckily we have a very good relationship with our bank and was able to get in line quickly. submitted paperwork Friday day 1 and received it very quickly. but others have not been so lucky

I didn't apply for it because I wasn't aware of the terms. I have a good relationship with my bank, but I've never obtained a loan from them before. Just a business checking and personal account with merchant card services. Got an email from them this morning saying all my documents are complete so it's just a matter of waiting and hoping.

[Lacit170]

Originally Posted by bruceames

I didn't apply for it because I wasn't aware of the terms. I have a good relationship with my bank, but I've never obtained a loan from them before. Just a business checking and personal account with merchant card services. Got an email from them this morning saying all my documents are complete so it's just a matter of waiting and hoping.

good luck! it will come through eventually

[ctujackbauer]

Originally Posted by Lacit170

as bruce mentioned, 75% of the loan HAS to go to payroll while the remaining 25% can be used for rent etc.

so that goes into what i said, if its in a businesses best interest to take the loan or to ride it out and not pay employees and keep the doors shut is ultimately up to them. and if a business furloughed or laid off employees, they wouldnt be eligible for the loan without having to pay it back

Ok yes the first sentence is right. (granted I probably should have expanded on that)

Your third sentence isn't quite. You can furlough or lay off employees, and still qualify for the forgivable loan portion, as long as by June 30 you have the same number of employees as you did on Feb 15 and salaries/wages are 75% of what they were on Feb 15. The caveats for that: they don't have to be the same employee that you let go (just the same number of employees), and you can still get a portion of the PPP loan forgiven if you hired back a portion of that number.

https://home.treasury.gov/system/fil...Fact-Sheet.pdf

[Lacit170]

Originally Posted by ctujackbauer

Ok yes the first sentence is right. (granted I probably should have expanded on that)

Your third sentence isn't quite. You can furlough or lay off employees, and still qualify for the forgivable loan portion, as long as by June 30 you have the same number of employees as you did on Feb 15 and salaries/wages are 75% of what they were on Feb 15. The caveats for that: they don't have to be the same employee that you let go (just the same number of employees), and you can still get a portion of the PPP loan forgiven if you hired back a portion of that number.

https://home.treasury.gov/system/fil...Fact-Sheet.pdf

im sure there are tons of loop holes and that would be pretty shitty of a company to lay off, then rehire on june 29th in order to stay in line with the rules. i just know, we are keeping everyone on board and will reassess come July

[ctujackbauer]

Originally Posted by Lacit170

im sure there are tons of loop holes and that would be pretty shitty of a company to lay off, then rehire on june 29th in order to stay in line with the rules. i just know, we are keeping everyone on board and will reassess come July

That's the way to go, honestly.

By way of background, I used to process/administer (whatever you want to call it) assistance loans for a previous US Treasury program in the last recession, well years after the last recession. Congress allocated out funds to the states, states decided who qualified for the assistance loans (you would think there would be clear-cut rules with no loopholes, and you would be dead wrong) . I worked loans with a state that was years behind on processing these loans, about 3 to 4 years after the Lehman Brothers 2008 panic/recession.

These were people that were suffering immediately, small businesses and unemployed that were suffering immediately, and here I was trying to give out funds 3 or 4 years after the fact. The only savior was that they were mortgages in a judicial foreclosure state, which gave a time-delay of when you were kicked out of your house, so some people were able to be saved. But not everyone.

As much as I like to crap on, or at least make fun of, the current administration; the current Treasury programs were actually better run than the last go-round (in terms of time and impact) post 2008 panic.

There are still all sorts of major issues like The Lakers (come on now, lol) or Shake Shack (publicly traded companies, who had to return PPP funds due to public outcry) and having the mega-banks processing loans for small businesses without a loan account (to say nothing of the snails pace which cost many small businesses their lives). And the state-run unemployment systems that can't seem to handle a sole proprietor who "isn't in the system" and who unfortunately probably still isn't to this day 2 months later.

tl;dr I know, I know...

[Moe Szyslak]

In Philadelphia....

"Construction activity may resume in the City on May 1 within strict limitations appropriate to the situation and
the need to limit the spread of COVID-19."

[Pondosinatra]

Originally Posted by Pondosinatra

"France is the latest in a growing number of countries and areas where no direct link between China and local outbreaks could be established."

https://www.scmp.com/news/china/scie...tly-china-gene

Propaganda?? So hard to tell what's real these days (from any source).

Apparently this is for real...

https://nationalpost.com/news/politi..._autoplay=true

[Pondosinatra]

Damn, not even one of the world's most sparsely populated places is infection free anymore.

https://nationalpost.com/news/canada...-in-pond-inlet

[Batman1980]

Couple of complaints from today's daily trip out that started with a 6 mile run by the former brother-in-law's house

Did in-store pick-up at Target. Employee was either ill-trained or a moron because he couldn't figure out how to scan my store pick-up bar code. Then he asked for my name and I told him and he couldn't figure it out so I had to show him my ID. Then he finally brought me the item. Final complaint about him is he clearly doesn't understand what social distancing means, the last time I did in-store pick-up I put my phone down, the guy scanned it and then put the product on the shelf so I could get the product without getting close to him.

Then I went to Wells Fargo to deposit the cash my former relative gave me to cover the eBay purchase he asked me to make for him. Some old idiot in front of me made like 10-15 attempts to enter his PIN for his card and failed every time. Then he walked up to the door where other old idiots were also staring at the door, despite the clear signage that says you cannot go inside without an appointment. An employee even came outside and told them to go away and they still kept standing there.

[IndyMLVC]

A friend got an email from his doctor that they were doing the antibody test...and it is for free. He previously had been unofficially diagnosed via a telehealth session but wanted to see if it was correct.

Well, he got the results back today and they, indeed, were positive. He said he felt a huge sense of relief that, theoretically, he's had it and it's done. And the test was free for us, with insurance.

I'm very much tempted to go and do it myself.

[Eye Candy]

Originally Posted by Lee A Stewart

Having trouble with the IRS site? Try all caps — yes, really


https://www.msn.com/en-us/money/taxe...cid=spartandhp

I don't have to anymore play around with the IRS "Where's My Payment" site to see if it's got a status for me....

My Stimulus money was direct deposited into my bank yesterday. The same account I get my monthly SS payments deposited to.