RedHeadedStepChild
Proudly wearing my MC1R mutation!
By definition 1/2 of all people are below average.
The COVID Thread
- Thread starter JohnVee
- Start date
This site may earn a commission from merchant affiliate
links, including eBay, Amazon, Skimlinks, and others.
That depends on your perspective. You could also argue that 1/2 of all people are above average, but then who’s average?
NCFJ
Supporting Vendor
<-----sharper than the average river stone
I am brighter than a half empty box of crayons. Not many of them were delicious LOL
NCFJ
Supporting Vendor
Beaches are opening. Lets all go and knock around the Virus ball!
NCFJ
Supporting Vendor
Ruth Chris gets $20 million I cant get a grand
Not to mention what JP Morgan Chase makes off that deal, I know one small business owner that got PPP funds, roughly $330k. His bank was paid $7800 in processing and application fees by gubernment.
Yep many millionaires got a 1.7 million dollar tax loophole and we got $1200 (haven't even got that yet). Many small businesses can't get a loan but Ruth Chris got 30 mil and many other big businesses got a bite of the small business bailout.
I go back n forth on certain businesses. Some are franchises of larger business, which would qualify them as small businesses. It would be interesting to see if the money goes to the mother corporation, or directly to the franchisees. I guess its all in the way that the fine print is laid out.
NCFJ
Supporting Vendor
Heather has been researching the hell out of the available government programs trying desperately to keep her little family of employees solvent and together. Through this research of programs and how they work and who is getting money some interesting statistics are coming to light.
-Brick and mortar banks are making fewer loans at huge amounts of money. They get paid on a percentage basis. So fewer loans, less work, more profit. They are accustomed to in person loans to high value customers. That is how they continue to make loans.
-On line banks are making far more loans at far lesser totals. Average loans are around $83K. They are accustomed and set up to make loans to people they do not know in locations they may not even be able to find on a map. There is no emotion involved and no high value customers to "service"
What this translates to is, business as usual. You have to have money to borrow money, even when the money being borrowed is public relief from the US government and is really meant to be a grant. The government stipulates how this money is to be spent, profit for the borrowing company being a line item.
My wife keeps fighting to keep her business and employees alive. I keep going out in the shop and working on the jobs I have, hoping the phone rings soon with another job or two to fill in behind the jobs I have now. My plans to expand the shop and the business are on hold until that occurs. Anyone want a RestoMod built?
-Brick and mortar banks are making fewer loans at huge amounts of money. They get paid on a percentage basis. So fewer loans, less work, more profit. They are accustomed to in person loans to high value customers. That is how they continue to make loans.
-On line banks are making far more loans at far lesser totals. Average loans are around $83K. They are accustomed and set up to make loans to people they do not know in locations they may not even be able to find on a map. There is no emotion involved and no high value customers to "service"
What this translates to is, business as usual. You have to have money to borrow money, even when the money being borrowed is public relief from the US government and is really meant to be a grant. The government stipulates how this money is to be spent, profit for the borrowing company being a line item.
My wife keeps fighting to keep her business and employees alive. I keep going out in the shop and working on the jobs I have, hoping the phone rings soon with another job or two to fill in behind the jobs I have now. My plans to expand the shop and the business are on hold until that occurs. Anyone want a RestoMod built?
I love the little things that restore my faith in humanity.
For the past month every Monday I've been doing grocery and supply shopping for the elderly and at risk people in my community. Last week I used my last bottle of hand sanitizer and wipes making sure everything I dropped off to them was completely clean.
I posted up on the community board that i needed some more for the safety of these people and within 30 minutes another guy posted up that he had lots of it and not only that when he found out I was still working while doing this he offers to do the runs for me since he has been furloughed but at 100% pay. Not only that 10 more people offered to do the same thing, which was good.because there were more on the board needing help that I just didn't have the time to get to.
Looks like I get some extra garden time and the ones in our community city that need it still get what they need.
For the time being my faith in humanity has been restored.
For the past month every Monday I've been doing grocery and supply shopping for the elderly and at risk people in my community. Last week I used my last bottle of hand sanitizer and wipes making sure everything I dropped off to them was completely clean.
I posted up on the community board that i needed some more for the safety of these people and within 30 minutes another guy posted up that he had lots of it and not only that when he found out I was still working while doing this he offers to do the runs for me since he has been furloughed but at 100% pay. Not only that 10 more people offered to do the same thing, which was good.because there were more on the board needing help that I just didn't have the time to get to.
Looks like I get some extra garden time and the ones in our community city that need it still get what they need.
For the time being my faith in humanity has been restored.
RedHeadedStepChild
Proudly wearing my MC1R mutation!
So was #6 originally beer and now it is stark raving lunacy? I’m at #6 with regerts.
The number of <500 people businesses adds up to A LOT of people.
The businesses that are getting 10-20 million are required to pay the employees, so they can pay the rent and buy food. The CEO isn't pocketing it.
Of course a larger biz with a everyday working relationship with the bank will get better treatment.
Its not perfect, but its run by the government.
So lets open it up.
The businesses that are getting 10-20 million are required to pay the employees, so they can pay the rent and buy food. The CEO isn't pocketing it.
Of course a larger biz with a everyday working relationship with the bank will get better treatment.
Its not perfect, but its run by the government.
So lets open it up.
It's been a long while since I've been on here. I just read this entire thread and it's a relief to see that this group remains level-headed. Ya'll keep staying safe and taking care.
S4Cruiser
SILVER Star
Read an article regarding the PPP deal and how some of these larger corps (aka Shake Shack and Ruth's Chris) are receiving funds. The program was designed in a way where franchise holders of a brand could receive funding provided each business location didn't have more than 500 employees. Unfortunately that created a loophole (there always are in almost every law) where the parent corp became eligible for the program and individual locations (e.g. Shake Shack) were corporate owned vs a franchisee. This definitely wasn't in the spirit of the program but we all know 'doing the right thing' is interpreted many different ways.
I'm sure the above loophole and likely public shaming was the main driving reason Shake Shack is giving back their PPP funds.
I'm sure the above loophole and likely public shaming was the main driving reason Shake Shack is giving back their PPP funds.
