visionary Posted March 20, 2020 Share Posted March 20, 2020 To be fair, the numbers are probably changing pretty quickly. Link to comment Share on other sites More sharing options...
PeterMP Posted March 20, 2020 Share Posted March 20, 2020 (edited) 1 hour ago, CousinsCowgirl84 said: I guess we will find out if deficit spending or low interest rates when the economy is doing well matters or not, soon enough. There's almost no way that adding to the deficit BEFORE this happened means that you need to spend that much more to improve the economy. Even the MMT people will agree with that. They'd just say it doesn't matter anyway and so we should just spend. Others would tell you it matters because spending more is going to cause more something else (e.g. inflation) later. Edited March 20, 2020 by PeterMP Link to comment Share on other sites More sharing options...
CousinsCowgirl84 Posted March 20, 2020 Share Posted March 20, 2020 I’m not sure what you are saying in the first sentence. (no snark)... Personally i think we should spend until inflation increases, deficit be damned. Link to comment Share on other sites More sharing options...
TradeTheBeal! Posted March 20, 2020 Share Posted March 20, 2020 Personal anecdote here... As many of you know, I am a minority/almost silent owner of a Mazda dealer in Virginia. Part of a much larger dealer group. Yesterday morning, I spent 3 hours in a conference room with 8 other people...dealers principals and owners, boomers, multi multi-millionaires. Seen this crowd many times before, obv. But this time was very different...lots of personal spacing, you could see the fear in everyone’s eyes. Ostensibly, the meeting was called to hammer out an employee leave/lay off policy, and we did that. But a great deal of time was also spent talking about worst case stuff...losing stores, liquidation, the end. Bottom line. I have to prepare to lose my store. It is quite possible that 30-40% of all dealerships will go under this time around and we are on the block, as they say. Even if we stay open and survive that will likely entail me putting my home or similar assets up as collateral. Depends on the timing... On a personal level, I should be fine. I’ll just have to start over and I’m not sure if I have the energy anymore. I was kinda planning on Mazda being my retirement plan, so to speak. Strange days. 20 Link to comment Share on other sites More sharing options...
CousinsCowgirl84 Posted March 20, 2020 Share Posted March 20, 2020 Hope you make it through... going to be tough for many many businesses. 3 months is an eternity for a small business.... and i’m pretty sure care dealerships are harder to make money at than a lot a businesses... Link to comment Share on other sites More sharing options...
visionary Posted March 20, 2020 Share Posted March 20, 2020 1 Link to comment Share on other sites More sharing options...
visionary Posted March 20, 2020 Share Posted March 20, 2020 1 Link to comment Share on other sites More sharing options...
The Sisko Posted March 20, 2020 Share Posted March 20, 2020 1 hour ago, TryTheBeal! said: Personal anecdote here... On a personal level, I should be fine. I’ll just have to start over and I’m not sure if I have the energy anymore. I was kinda planning on Mazda being my retirement plan, so to speak. Strange days. The top 10 or so % will be OK. It’s the rest of us that are schtupped. I hope it works out for you Bro. 2 Link to comment Share on other sites More sharing options...
TradeTheBeal! Posted March 20, 2020 Share Posted March 20, 2020 24 minutes ago, The Sisko said: The top 10 or so % will be OK. Probably. Maybe. They’re a little shook right now. Believe me. Link to comment Share on other sites More sharing options...
Barry.Randolphe Posted March 20, 2020 Share Posted March 20, 2020 41 minutes ago, visionary said: *tweet of Wilbur Ross* Ah, so this is why a couple weeks ago a Trumper coworker was hyping up how great the coronavirus effecting China and the supply chain was going to be for jobs and our economy .....life comes at you fast 1 Link to comment Share on other sites More sharing options...
zCommander Posted March 20, 2020 Share Posted March 20, 2020 7 hours ago, Larry said: What good's a stimulus check going to do, if we're still out of toilet paper? Might want to break them hundreds into dollar bills then. 1 Link to comment Share on other sites More sharing options...
PleaseBlitz Posted March 20, 2020 Author Share Posted March 20, 2020 14 minutes ago, TryTheBeal! said: Probably. Maybe. They’re a little shook right now. Believe me. Shook like, we may not be able to afford that 3rd vacation villa, or shook like we may have to eat the dog? 4 Link to comment Share on other sites More sharing options...
TradeTheBeal! Posted March 20, 2020 Share Posted March 20, 2020 16 minutes ago, PleaseBlitz said: Shook like, we may not be able to afford that 3rd vacation villa, or shook like we may have to eat the dog? They will absolutely eat the dog before they sell the villa. 1 4 Link to comment Share on other sites More sharing options...
Sacks 'n' Stuff Posted March 20, 2020 Share Posted March 20, 2020 6 hours ago, TryTheBeal! said: They will absolutely eat the dog before they sell the villa. That’s how we got into this mess to begin with. 2 Link to comment Share on other sites More sharing options...
Cooked Crack Posted March 20, 2020 Share Posted March 20, 2020 2 Link to comment Share on other sites More sharing options...
TheGreatBuzz Posted March 20, 2020 Share Posted March 20, 2020 I was supposed to go pick up my new camper that I custom ordered a few months ago. I was picking it up Monday. Dealer just called me and said they are being ordered to close until further notice. Hope I still get the same APR when we get through this. Link to comment Share on other sites More sharing options...
bearrock Posted March 20, 2020 Share Posted March 20, 2020 I don't want to jump the gun too much with false hope, but the small business loan provisions in the GOP senate proposal is pretty robust. I don't think Dems will have a lot of problem with it so I expect to see a pretty good version of that in the final package. Once the final bill takes more concrete shape, I will try to bullet point for everyone here who might be interested (though I'm sure it will flood the news). The cap on the loan is right now proposed to be the lesser of 10 million or various operating costs like payroll, rent, debt, health insurance, etc. Things people can do to prepare ahead of time is to compile the above information for March 2019-March 2020. If your business is seasonal, you can take the average of March 2019-June2019. The loan is slated to cover operation through end of 2020. Again, in all likelihood, some version of this will pass. Link to comment Share on other sites More sharing options...
Fergasun Posted March 20, 2020 Share Posted March 20, 2020 Yes, but how will these loans be paid back if there's no income? Basically, medical experts are treating this virus like a civilization killer. The impact across the whole globe is akin to war in every country. Unlike a physical army, a virus isnt constrained by where it travels. So let's call this "World War 3" and an alien invasion across the globe. I have never seen the impact response that I am seeing now on a global scale.... Link to comment Share on other sites More sharing options...
bearrock Posted March 20, 2020 Share Posted March 20, 2020 1 minute ago, Fergasun said: Yes, but how will these loans be paid back if there's no income? There are some forgiveness provisions in there, but that's really a moving target in these negotiations. At minimum, it allows access to operating funds. Worst case scenario will be bankruptcy at the end of the line, but more likely than not, some forgiveness provision will kick in before bankruptcy Link to comment Share on other sites More sharing options...
Springfield Posted March 20, 2020 Share Posted March 20, 2020 At my shop, a small business In Springfield VA, we are doing everything we can to make sure we can still service our customers. Luckily for us, DHS has deemed the automotive repair industry an “essential” service so we should be able to continue to open during this crisis. We are currently working on a plan to implement some sort of shift work to isolate two separate sections of our crew in the event that one person gets infected. 2 2 Link to comment Share on other sites More sharing options...
Renegade7 Posted March 20, 2020 Share Posted March 20, 2020 Heads up: Just talked to rental place my parents are at and they can't evict people even if they wanted to because the courts are closed. Taking case by case if they even file based on proving how this affected income, expect people to fall behind, but that's where they are right now. This is different answer then I got just a week ago so this is evolving based on what others are doing like HUD. Link to comment Share on other sites More sharing options...
FanboyOf91 Posted March 20, 2020 Share Posted March 20, 2020 (edited) How is this even legal? Edited March 20, 2020 by FanboyOf91 Link to comment Share on other sites More sharing options...
sportjunkie07 Posted March 20, 2020 Share Posted March 20, 2020 1 hour ago, Fergasun said: Yes, but how will these loans be paid back if there's no income? Basically, medical experts are treating this virus like a civilization killer. The impact across the whole globe is akin to war in every country. Unlike a physical army, a virus isnt constrained by where it travels. So let's call this "World War 3" and an alien invasion across the globe. I have never seen the impact response that I am seeing now on a global scale.... We as a global populace, have never been so interconnected, allowing fear to spread (or viruses for that matter) so easily. It's kinda to be expected at this point. Link to comment Share on other sites More sharing options...
FanboyOf91 Posted March 20, 2020 Share Posted March 20, 2020 Link to comment Share on other sites More sharing options...
Larry Posted March 20, 2020 Share Posted March 20, 2020 2 hours ago, TheGreatBuzz said: I was supposed to go pick up my new camper that I custom ordered a few months ago. I was picking it up Monday. Dealer just called me and said they are being ordered to close until further notice. Hope I still get the same APR when we get through this. Of course you will. Your first payment is April 7th. 22 minutes ago, FanboyOf91 said: How is this even legal? They're wearing white collars. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now