The COVID Thread

[izzyandsue]

This is from this morning, my firm should be in the sweet spot, but nothing. We have relationships with 2 small banks and BoA, neither of the small banks is doing the PPP, they claim too risky, BoA was it.

SBA touts $250 billion loan approvals, but there’s little evidence small businesses are seeing cash

The Small Business Administration said that banks have approved nearly $250 billion in emergency lending to American small businesses, but there is scant...

www.marketwatch.com

 

[JohnJB]

This is from this morning, my firm should be in the sweet spot, but nothing. We have relationships with 2 small banks and BoA, neither of the small banks is doing the PPP, they claim too risky, BoA was it.

SBA touts $250 billion loan approvals, but there’s little evidence small businesses are seeing cash

The Small Business Administration said that banks have approved nearly $250 billion in emergency lending to American small businesses, but there is scant...

www.marketwatch.com

I suppose Emily's company just got lucky. It's aggravating to hear of hold ups because this money is a much needed lifeline. Congress also needs to ensure the program stays funded without lapse. Given what we do know, the additional funds need to be signed into law before the end of the week to ensure this doesn't happen as there's little doubt it will only create further delay.

Nevermind when you get the money, it's still extremely opaque as to the guidelines that are required for full or even partial forgiveness. There are certain business decisions that are currently being put on hold until that guidance is hopefully elucidated. You can read 3 different biz journal articles along with the CARES Act and come away with ump-teen different interpretations.

 

[NCFJ]

Heather applied the day it was available and nothing yet but excuses from the bank(s). She has spoken with quite a few smaller business owners all having the same response. Seems as though the bigger of a small business that you are the faster and more money you get. A good friend of mine has a buddy that owns 10 McDonalds and employs nearly 500 people total received 1.8 million 3 days after he applied.

Its the Federal government, my view is they cater more to those that will cater to them more down the line. Us poor peons in the middle just get to pay for it all. I read that CA is looking to give $500 each it illegals. Who the hell knows what is actually happening as you hear three sides to each story.

 

[JohnVee]

...until that guidance is hopefully elucidated.

That is literally the first time that word has been used in the ONSC forum. Two pages of results for a site-wide search, though. Still, bravo!

 

[roadstr6]

That is literally the first time that word has been used in the ONSC forum. Two pages of results for a site-wide search, though. Still, bravo!

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View attachment 2274761

Good word! Oh, and I like the derivatve, elucidatory. Now THAT is a $10 word. Gotta figure out how I can work that one in conversationally.

 

[jamesurq]

I call fake news - that search thing is obviously broken......

 

[JohnVee]

I think you're correct...broken.

 

[afgman786]

Small Business owners, has anyone been given any of the PPP (the big, beautiful, yuge, like no one has ever seen before program) money or is it all smoke and mirrors again? Just wondering, we applied seconds after it opened with Bank of America, and our banker is telling us nothing is moving.

Our pub is still waiting on the money too.. keep getting the run around as to why its not here yet.

 

[lumbee1]

My haircuts come about 16 to a pack for around $12.

My haircuts cost me $60 over 28 years: two sets of Wahl clippers and a cheap pair of shears. I used to do my own fades but it took a lot of time and effort and just wasn't worth it. I still trim the back of my neck using the double mirror method.

 

[NCFJ]

This morning's news is that the PPP is out of funds already. Re funding is the new political football. Dems want to re fund it along with some non related issues thrown in there to be funded and Repubs want funding included for hospitals (those that charge us $300 for an aspirin) and government. Meanwhile, truly small businesses are going broke or already there because they kept workers on at half pay etc counting on this program, promised this program, spending more than they would have had they not counted on this program.

I mentioned above a multi millionaire that owns 10 McDonald's received 1.8 million within three days. He has to spend that money in 60 days on employees, inventory and oh yeah, he is allowed a percentage of that for PROFIT! Don't be surprised when 25-35% of the small business in your area do not come back from this. Just like in 08, Big business got the bale outs, CEOs thrived, big money investors bought up smaller weaker companies at pennies on the dollar. Same thing, different cause. The separation between rich and poor grows wider and the middle class slowly disappears.

 

[izzyandsue]

Got the news last night from our banker, "BOHICA for you". But they love us as we pay all the taxes....

 

[S4Cruiser]

 

[AJR]

View attachment 2275797

This is by far the most accurate information I’ve seen to date.

 

[uzj100]

View attachment 2275797

spot on

 

[Fort Knox]

This is by far the most accurate information I’ve seen to date.

It's pretty consistent with everything I've read. Combined.

 

[Pick]

When we all get through this, you can wear this with pride...

 

[pawwright]

When we all get through this, you can wear this with pride...

View attachment 2275863

can't wait for the license plate version......

 

[izzyandsue]

Dr. Phil and Dr. Pepper said we can reopen schools again.

 

[onemanarmy]

I've (re)learned that the vast majority of the world's population are brain dead sheep and lack the ability for the most basic levels of critical thinking and that the government from the top down is completely incompetent and corrupt.

Good to get a reminder.

 

[uzj100]

I've (re)learned that the vast majority of the world's population are brain dead sheep and lack the ability for the most basic levels of critical thinking and that the government from the top down is completely incompetent and corrupt.

Good to get a reminder.

100 percent accurate.