21–30 of 128 posts
"Bold and significant" eh? Kind of like the "bold and significant" test kits that never materialized, or the "bold and significant" quarantine process we should've instituted as soon as the first patient was discovered.
The US was quarantining americans returning from covid countries with CDC quarantine orders (federally enforceable) since Jan 31?
Trump straight up lied about freezing student loan interest. Just like he did about the "google" website, and testing availability. I know from multiple people who have called their loan providers and they've told them it's not implemented and there's no plan currently.
If they called "loan providers" they have private student loans and were never covered by Trump's promise in the first place. Trump can only waive interest for federal student loans, and all of those are serviced by Navient and provided by the Department of Education.
Loans, even cheap ones, are a very shity way of "helping" small businesses and individuals. For example, a local restaurant where I live, will have to shut down for good in the next few days as they won't be able to afford their lease. If they get a loan for the lease, they'll be on the hook for that money with no guarantee of being able to pay it back and with way too much uncertainty in terms of when they'll be abl…
> Now, the Trump administration is asking Congress for roughly $1 trillion in new economic relief as lawmakers begin work on the next phase. And there's growing consensus among Republicans and Democrats that direct payments to Americans will be needed, but how much and when that could happen remains to be seen.
> On Tuesday, Treasury Secretary Steven Mnuchin met with Republican senators and said he was working with Trump on the economic package. They are discussing payments to small businesses, loan guarantees for industries like airlines and hotels, and a stimulus package for workers.
From a quick skim: - $61M to the FDA for various uses relevant to COVID-19 response. - $20M to the Small Business Administration for admin expenses incidental to carrying out the disaster loan program. - $2.2B to Department of Health and Human Services for preparations/preventions/responses to COVID-19; Not less than $950M to be used for grants or co-op agreements with states, tribes, etc. Minimum of $475M to be allo…
Loans, even cheap ones, are a very shity way of "helping" small businesses and individuals. For example, a local restaurant where I live, will have to shut down for good in the next few days as they won't be able to afford their lease. If they get a loan for the lease, they'll be on the hook for that money with no guarantee of being able to pay it back and with way too much uncertainty in terms of when they'll be abl…
The alternative is to close immediately and stop paying their workers. If that were my business, I'd take the loan, especially since it's federally guaranteed.
Also, what does a business with < 50 employees have to do to get exempt? Is there a deadline to apply? Or will we have to wait to get sick only to find out that we're given the middle finger and can't take it because our company is going to exempt itself?
with very little information of what this new bill actually does, and no links for further information. dissapointed.
As with most massive bills. You can read what's in it after it passes. The only ones that any idea of specifics are the staffs to members of Congress.
Loans, even cheap ones, are a very shity way of "helping" small businesses and individuals. For example, a local restaurant where I live, will have to shut down for good in the next few days as they won't be able to afford their lease. If they get a loan for the lease, they'll be on the hook for that money with no guarantee of being able to pay it back and with way too much uncertainty in terms of when they'll be abl…
Really disagree on this point. The primary value of a business is their assets, brands and expertise. All of those things will be just as valuable after the pandemic as they were before. Assets don't just disappear because they're not used.
This is just as true for small businesses as it is for big business. Any business that was profitable on Dec 31, 2019, will very likely be profitable on Jan 1, 2021. The biggest challenge for those businesses is surviving operating cash flow losses over the next three months. This is extra challenging in the current environment because financial markets are freezing up.
Yes, business owners will eat some loss to their personal wealth. Regardless of what happens there's no way to make up for the fact that the economy is shrinking this quarter. At an aggregate level, we'll all be slightly poorer then we expected to be. The point of a well-structured bailout isn't to make sure that nobody anywhere ever loses money. It's to prevent otherwise healthy businesses from permanently failing due to a temporary disruption in credit markets.
If a small business owner loses a year of income it sucks. If an entire small business capsizes, that has widespread economic impact because the economy incurs distress costs and loses its organizational and competitive expertise.
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The US didn't really need a nudge. The White house and speaker of the house have said they were going to do this since last week. The US is ahead of other countries, given that our hospitals are not overrun already, and we've already started planning financially.
Trump straight up lied about freezing student loan interest. Just like he did about the "google" website, and testing availability. I know from multiple people who have called their loan providers and they've told them it's not implemented and there's no plan currently.
> I know from multiple people who have called their loan providers If they called "loan providers" they have private student loans and were never covered by Trump's promise in the first place. Trump can only waive interest for federal student loans, and all of those are serviced by Navient and provided by the Department of Education.