Spaceman Spiff Posted April 9, 2020 Share Posted April 9, 2020 The jobs are on "pause" but how long can that really last? I'm also a bit wary of the SBA loan. I don't trust that it's being handled by the banks. I don't trust that somewhere down the line that the banks won't come calling for that to be repaid, some how, some way. This probably isn't possible but 6 months ago no one would have thought that the current situation we're in would be possible....but they should just not collect taxes (gasp, I know) for the next 6-8 months. Easy to legislate, easy to do...the government wouldn't have to do anything, they wouldn't have to work with the banks, there wouldn't have to be any oversight on whether or not businesses have used 75% of the money given for payroll. There wouldn't be a massive backlog of paperwork to dig through. Businesses and employees would just simply keep the money they have. 1 Link to comment Share on other sites More sharing options...
BatteredFanSyndrome Posted April 9, 2020 Share Posted April 9, 2020 2 minutes ago, Spaceman Spiff said: I'm also a bit wary of the SBA loan. I don't trust that it's being handled by the banks. I don't trust that somewhere down the line that the banks won't come calling for that to be repaid, some how, some way. To my understanding, the forgiveness guarantee is only for keeping employees on the payroll. Everything else is a straight up loan. If I'm a small business owner, running on slim margins already, I don't want anymore debt. If I'm the employee in a sub $50K salary job, unemployment pays me the same if not more. 1 Link to comment Share on other sites More sharing options...
EmirOfShmo Posted April 9, 2020 Share Posted April 9, 2020 2 minutes ago, BatteredFanSyndrome said: To my understanding, the forgiveness guarantee is only for keeping employees on the payroll. Everything else is a straight up loan. If I'm a small business owner, running on slim margins already, I don't want anymore debt. If I'm the employee in a sub $50K salary job, unemployment pays me the same if not more. That's consistent with what I've read about the loans. I'm a sole proprietor. I'm not sure there's anything in the bailout for us. Hmmm...maybe I get the loan, pay myself, & it will all be forgiven since I kept myself on the payroll! Unemployment benefits depend on where you live - Florida maximum is $275/week (currently). I remember seeing something about an additional $400-600/week being added as part of the bailout. Not sure what made it to the final bill. Link to comment Share on other sites More sharing options...
Spaceman Spiff Posted April 9, 2020 Share Posted April 9, 2020 18 minutes ago, BatteredFanSyndrome said: To my understanding, the forgiveness guarantee is only for keeping employees on the payroll. Everything else is a straight up loan. If I'm a small business owner, running on slim margins already, I don't want anymore debt. If I'm the employee in a sub $50K salary job, unemployment pays me the same if not more. From what I understand, 75% of the guarantee had to be used for payroll. But correct, everything else is a loan. And I agree with you, I wouldn't want any additional debt, either. 1 Link to comment Share on other sites More sharing options...
BatteredFanSyndrome Posted April 9, 2020 Share Posted April 9, 2020 (edited) 1 hour ago, EmirOfShmo said: That's consistent with what I've read about the loans. I'm a sole proprietor. I'm not sure there's anything in the bailout for us. Hmmm...maybe I get the loan, pay myself, & it will all be forgiven since I kept myself on the payroll! Unemployment benefits depend on where you live - Florida maximum is $275/week (currently). I remember seeing something about an additional $400-600/week being added as part of the bailout. Not sure what made it to the final bill. Unemployment should begin being +$600 in the very near future I believe. Graham got raked over the coals for his statements regarding that part of the bill. While I didn’t agree that it will create any long term employment problems, in the short term the lower paid ‘essential’ workers get screwed. Imagine if you work in a grocery store, making $12 an hour, I’d rather be laid off collecting unemployment at double my salary. The flat +$600 just creates a scenario where you’d rather be laid off than have to go to work and risk your life for less money. That said, the unemployment system is archaic and I can’t imagine they’d be able to institute an equitable scenario in such a short period of time. People will be lucky to see the flat +$600 anytime soon. Edited April 9, 2020 by BatteredFanSyndrome 2 Link to comment Share on other sites More sharing options...
CousinsCowgirl84 Posted April 9, 2020 Share Posted April 9, 2020 1 hour ago, Spaceman Spiff said: The jobs are on "pause" but how long can that really last? probably not too long. I think underemployment is going to be a huge thing... 1 hour ago, Spaceman Spiff said: I'm also a bit wary of the SBA loan. I don't trust that it's being handled by the banks. I don't trust that somewhere down the line that the banks won't come calling for that to be repaid, some how, some way. the banks will get the forgiven money from the government but I’m sure the loan says if the government rejects your claim you are responsible for the loan. That said my bank told me they’d get back to me in a week. Luckily I’m not desperate, but I’m sure there are plenty of people who are and the long delays are no good. 1 hour ago, BatteredFanSyndrome said: To my understanding, the forgiveness guarantee is only for keeping employees on the payroll. Everything else is a straight up loan. If I'm a small business owner, running on slim margins already, I don't want anymore debt. If I'm the employee in a sub $50K salary job, unemployment pays me the same if not more. Utilities, interest payment, and rent are also forgiven. The SBA debt is very low interest. So even if it isn’t forgiven, you could use that money to buy 100k worth of inventory or equipment or whatever and instead of having to pay 13 percent or whatever the going rate is you only have to pay 1 percent. A lot of businesses use debt, so the loan would allow them to use debt for cheaper. 2 Link to comment Share on other sites More sharing options...
TheGreatBuzz Posted April 9, 2020 Share Posted April 9, 2020 How does that percentage of people filing for unemployment compare to during a depression? Does the UE number even factor in to declaring a depression? Link to comment Share on other sites More sharing options...
CousinsCowgirl84 Posted April 9, 2020 Share Posted April 9, 2020 (edited) 4 minutes ago, TheGreatBuzz said: does the UE number even factor in to declaring a depression? Nope, it’s just GDP. Peak was 29 percent unemployment. Edited April 9, 2020 by CousinsCowgirl84 Link to comment Share on other sites More sharing options...
Larry Posted April 9, 2020 Share Posted April 9, 2020 Was just feeling sad that odds are, I'm not going to be able to go to Disney for a while. Maybe not this year. (And simultaneously telling myself that, if that's the worst impact this thing has on me, then I should STFU.) Decided to go check out their stock page, since I assume they're being devastated by this thing. (I think Parks and Cruises represent like 33% of their corporate profit.) And they're not down as much as I expected. Looks like they picked a great time to come out with Disney+. 1 Link to comment Share on other sites More sharing options...
RedskinsFan44 Posted April 9, 2020 Share Posted April 9, 2020 5 minutes ago, Larry said: Was just feeling sad that odds are, I'm not going to be able to go to Disney for a while. Maybe not this year. (And simultaneously telling myself that, if that's the worst impact this thing has on me, then I should STFU.) Decided to go check out their stock page, since I assume they're being devastated by this thing. (I think Parks and Cruises represent like 33% of their corporate profit.) And they're not down as much as I expected. Looks like they picked a great time to come out with Disney+. Yeah, I started to wonder about their fate for a second but they are so heavily into media my guess is they're better off than their competitors in destination travel by miles. Still has to hurt though, can't imagine what it costs to maintain Disneyworld. Link to comment Share on other sites More sharing options...
Springfield Posted April 10, 2020 Share Posted April 10, 2020 You know, after seeing how Trump ran his businesses, I’m shocked to find out that it’s exactly how he chose to run the economy. Shocked. 1 1 Link to comment Share on other sites More sharing options...
Larry Posted April 10, 2020 Share Posted April 10, 2020 Observing that a lot of companies 1) Took advantage of the Great Recession to just lay off a bunch or workers (and dump their work on the remaining.) 2) And to then, when the economy recovered, refuse to hire back the workers they laid off, unless they agreed to take large pay cuts. And to then fight to prevent wages from getting back to what they were before. Don't be surprised if a whole bunch of people discover that, if they want to get back to work, they're going to have to do it for 20% less than they were making. 3 1 Link to comment Share on other sites More sharing options...
Renegade7 Posted April 10, 2020 Share Posted April 10, 2020 Interesting take 3 Link to comment Share on other sites More sharing options...
FanboyOf91 Posted April 13, 2020 Share Posted April 13, 2020 1 3 Link to comment Share on other sites More sharing options...
Cooked Crack Posted April 13, 2020 Share Posted April 13, 2020 Link to comment Share on other sites More sharing options...
twa Posted April 14, 2020 Share Posted April 14, 2020 On 4/9/2020 at 9:38 AM, BatteredFanSyndrome said: To my understanding, the forgiveness guarantee is only for keeping employees on the payroll. Everything else is a straight up loan. If I'm a small business owner, running on slim margins already, I don't want anymore debt. If I'm the employee in a sub $50K salary job, unemployment pays me the same if not more. which is a problem, unless you are collecting. Link to comment Share on other sites More sharing options...
skinsmarydu Posted April 14, 2020 Share Posted April 14, 2020 28 minutes ago, twa said: which is a problem, unless you are collecting. You're doing it again. Please stop. A vast majority of our population wants to earn their way, ****, I wanna get BACK TO WAITING TABLES AT 54 . Just stop. 2 1 Link to comment Share on other sites More sharing options...
LadySkinsFan Posted April 14, 2020 Share Posted April 14, 2020 (edited) Any of you on Social Security or relatives on Social Security, the COLA for 2021 is forecasted by Kiplinger at less than 1%, down from 2020 of 1.6% and 2019 of 2.8%. Trump's ruining Social Security. https://finance.yahoo.com/news/social-security-cola-2021-020109981.html The Kiplinger Letter is forecasting that the 2021 Social Security cost-of-living adjustment will be below 1%. The COLA, which will be officially set in October 2020, is down from the 1.6% COLA increase retirees and other beneficiaries received at the start of 2020. That was itself a drop from 2019, when the COLA increase was 2.8%. Edited April 14, 2020 by LadySkinsFan Link to comment Share on other sites More sharing options...
NoCalMike Posted April 14, 2020 Share Posted April 14, 2020 My stimulus money went in today. Anyone else? Link to comment Share on other sites More sharing options...
Simmsy Posted April 14, 2020 Share Posted April 14, 2020 9 hours ago, skinsmarydu said: You're doing it again. Please stop. A vast majority of our population wants to earn their way, ****, I wanna get BACK TO WAITING TABLES AT 54 . Just stop. I was actually considering going on vacation before all of this happened. I was still going to go on vacation when plane tickets plummeted and this was still just the "flu". Obviously, I won't be going anywhere anytime soon, but I eventually decided to quarantine. My vacation money is now my quarantine money and I'm perfectly happy with that. I don't care if I ever go back! That isn't out of laziness, its more out of a hatred for my crap job. I don't need a stimulus check, I can sit at home for another 3 months easy. However, is that orange moron wants to try and buy my vote...so be it. 5 hours ago, NoCalMike said: My stimulus money went in today. Anyone else? No, my last name starts with an "S", you? Link to comment Share on other sites More sharing options...
EmirOfShmo Posted April 14, 2020 Share Posted April 14, 2020 9 minutes ago, Simmsy said: No, my last name starts with an "S", you? Mine starts with "B"...nothing yet. Link to comment Share on other sites More sharing options...
Renegade7 Posted April 14, 2020 Share Posted April 14, 2020 3 Link to comment Share on other sites More sharing options...
Simmsy Posted April 14, 2020 Share Posted April 14, 2020 8 minutes ago, EmirOfShmo said: Mine starts with "B"...nothing yet. I had three friends get theirs, their last names start with "A", "D", and "T". I'm not sure how this order is supposed to work, but I heard someone mention alphabetically. Link to comment Share on other sites More sharing options...
skinsmarydu Posted April 14, 2020 Share Posted April 14, 2020 9 minutes ago, EmirOfShmo said: Mine starts with "B"...nothing yet. I thought about that...are they going alphabetically or by SS #? Link to comment Share on other sites More sharing options...
PeterMP Posted April 14, 2020 Share Posted April 14, 2020 On 4/9/2020 at 12:18 PM, CousinsCowgirl84 said: Nope, it’s just GDP. Peak was 29 percent unemployment. There actually is no formal definition of a depression. The term depression was coined by Hoover as a way to make things seem not so bad (instead of calling things a panic, as what had done before). Then things like the Long Depression have retroactively referred to as a depression. Recessions are generally considered when there has been negative GDP growth for 2 consecutive quarters, though some economists will use unemployment as a metric instead. But even there it is over 2 quarters. So technically, we aren't even in a recession yet. 2 Link to comment Share on other sites More sharing options...
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