I'm wondering why Saas companies like "CODA PROJECT INC" are on that list. I would have assumed they are not effected by the corona crisis. I thought they would benefit from it.
Searchable PPP Loan Data
291–300 of 354 posts
Re: Searchable PPP Loan Data
#292Earlier quoted context omitted.
There is money left because people were scared shitless after the SBA threatened criminal prosecution for misleading certifications. The problem is that issued a statement redefined the certification after the fact and made it much more strict and than when they were initially released. All of the sudden a bunch of people thought accepting the PPP funds would land them in Jail. Go to the reddit PPP or small business…
> They have since back tracked and issued a blanket protection from audit for loans under $2M anything I can read about that?
Re: Searchable PPP Loan Data
#293Earlier quoted context omitted.
>I don't know anyone who's had even a single dollar forgiven yet. This is what I meant by political couching: Do you know any one who has paid back a single dollar? >These are loans. Fine care to loan me $1M and I'll pay you back 20% with interest.
Loans always have delayed payment terms, you're being willfully obtuse.
What are you talking about? Every loan I've ever taken out (car, mortgage), except for school, had a payment due the first month after I took out the loan.
Re: Searchable PPP Loan Data
#294So many complaints here. Based on the comments I think there is some misunderstanding about the nuts and bolts of this program. These are loans. They are two year low interest loans. They have to be paid back unless some or all is forgiven. Forgiveness requires documentation on employees retained, wage history, and is capped at $20k/employee maximum. And of course a piece of that comes back to the government in terms…
> Should they not have taken it? I seriously considered not cashing my stimulus check until I talked to multiple well off people that cashed their dead relative's checks. There just isnt a cultural expectation in the US that you wouldn't take what you're given. EDIT: Rethinking my comment I'm giving myself too much credit. Since I never got a physical check, I couldn't have "not cashed it" if I wanted to.
And this, ladies and gentlemen, is why universal healthcare, free college, basic income, and general socialism won’t work in the American culture. It may work in other cultures like nordic countries where people usually don’t take what isn’t theirs.
Re: Searchable PPP Loan Data
#295I think PPP saved the economy. We can scapegoat and find problems. But don’t ignore what would have happened in its absence. Companies would reduce spending at the very least or go out of business at the worst. We would have entered a self reinforcing cycle of reduced spending and purchasing creating a depression.
depends on your definition of "the economy" -- the average american and small businesses are suffering quite a bit, but the stock market is definitely doing well. it would be interesting to see how many jobs were saved by PPP.
Re: Searchable PPP Loan Data
#296I'm wondering why Saas companies like "CODA PROJECT INC" are on that list. I would have assumed they are not effected by the corona crisis. I thought they would benefit from it.
If their customers have significantly reduced income due to the pandemic, SaaS companies will get hit as well, even if they work from home, and their immediate customers (other businesses) do so as well.
Re: Searchable PPP Loan Data
#297Earlier quoted context omitted.
So will your employer be paying the "loan" back?
Most of the loan isn't designed to be paid back. So what are you getting at?
Some people - and the companies they operate - will, given the option, on principle, not take money which they have not earned.
In the event that they did/do accept said money they did not earn, and that money was applied effectively and literally saved their asses in an emergency that they were not properly prepared for - they would never forget it and do whatever it took to repay this money that saved their life because they are grateful.
These examples do exist, I know personally know of some and maybe you do too...or not? But that's what I am getting at: everyone has different morals and values. Further, it's helpful to know what those are (when manifested into the form of a corporation) because then we get to make informed choices about who want to work for and with based on value systems. We vote every day with our feet, our dollars, and our attention.
Would I rather work for an employer who did what it took to navigate the Covid shitstorm on their own dime or the one who needed a lifeline and didn't even have the decency to pay back what was never theirs to begin with? Obviously.
Why do you think people are so interested in this data set? Many are acting on this intel in more ways than you think!
Re: Searchable PPP Loan Data
#298Earlier quoted context omitted.
"but we can now keep an eye on those who did not really need it." Who's to say?
The invisible hand of the market. Of course the people of the "we can't improve anything" mindset don't need to participate.
How does the invisible hand of the market determine "those who did not really need it" ?
Re: Searchable PPP Loan Data
#299Earlier quoted context omitted.
"It's far too political to introduce/enforce anything that makes unemployment numbers worse. It's like a "too big to fail" on a much larger order of magnitude." Yes and ?
It makes the overall premise of the rules moot. There are no incentives for any business NOT to take advantage; thus creates a zero sum game provided by tax payers that enhances the rich. In other words, it's just kicking the can down the road for the poor to pick up the pieces.
You're not wrong
Re: Searchable PPP Loan Data
#300Earlier quoted context omitted.
I am not necessarily disagreeing with you but a lot of small businesses in the US survive on thin margins and the owners also don't make a lot of money necessarily. So it is not always the case that a company only has to worry about income. They have to worry about paying employees, ensuring they can meet payroll (which in turn helps families of those workers), keep liabilities in check and many other issues. I am to…
The outrage is that the money didn't go to small businesses, but rather large ones who had the means to cheat the system.
While that could possibly be true, it's worth noting that the database this thread is about can't really help support that claim as it exclusively contains data for loans over $150k (which might still cover some smallish businesses, but definitely not the smallest).