321–330 of 354 posts
I love that an official SBA/federal release can have a file titled: "PPP loan data key things to keep in mind FINAL- Sunday.pdf". Nothing says "over-it" like all caps "FINAL-Sunday". Also, maybe even funnier, is that the "Ayn Rand Institute" applied for a loan... that's the best thing in the database I've found so far.
https://pppreport.org/company/ayn+rand+institute+center+for+...
Earlier quoted context omitted.
Although ICO purchasers like to imagine they have investments in "not-securities", proper accounting of token sales from the issuer is revenue, and payroll goes to employees. So if they had that revenue and also paid payroll to employees in 2019, they would be eligible. The 2018 ones were screwed though, too far back. They probably exhausted a lot of their runway on marketing and extortionate exchanges. Blockchain co…
> often have good legal help That hasn't been my experience, instead my experience is that many of these companies went through large numbers of lawyers who told them what they wanted to do would be likely found to be illegal before finding some that would sign off on it. > "forever money" for an indefinite time period For the most part this is because they don't deliver anything useful, so they won't get any more (a…
This is continued because nobody can talk about it as they will immediately get delisted, the community will point fingers at the project team, AND the regulators will view the issuer as promising liquidity which further moves their asset into unregistered securities land, opening them to sanctions for the sale and promotion.
Ultimately the token traders and critics have no clue what's going on and think the founders have to be married to a software project with a runway that lasts forever because software development shouldn't be that expensive.
Yes selling tokens is a viable revenue event, but not a recurring revenue event for that project. So launching new projects is the only way to do that, and prior experience is more important to the actual investors providing the bankroll who make a lot of money putting these together. Many people are buying them for the wrong reasons, and there totally could be a market of the same size of people buying them without an expectation of profit.
It is an entirely viable business to make a website with one button that says "purchase button tokens to vote on the CSS color of this button by staking!", which I think should be recognized.
Even the concept of "failed" is misaligned and more often related to exchange rates and volume of the token, more than whether the team did anything.
There is a whole other market of investors bankrolling the parent organizations that are churning out ICOs, because all they see are highly scalable revenues and a multiple of that.
The people buying them need to be more discerning if they want a different result. Token issuance is primarily a game of entertainment and placating a community, and it should be put in that category. Or the community should be an active participant in making the token more useful and valuable.
They certainly do have employees and would be eligible for PPP. If they lied and are in a game of chronic fraud, now featuring the US Treasury, that's pretty risky!
Earlier quoted context omitted.
The issue with this line of thinking is that it doesn't end...until it does. Neither you nor I will likely be alive, but our children may very well be :/
I'm not arguing for unrestricted spending, but a couple trillion to avoid economic collapse, borrowed at effectively 0% interest, seems like a deal worth taking. Would it be better to let the city burn down today because we're worried about a water shortage in 100 years?
Of all types of institutions, why should we be giving the banks the right to decide which businesses should be recession proof or not? Personal opinion but I would have required the applicants of these quasi-forgiveness loans to give up 35% of their businesses to the state/county/federal inclusive of all assets and investments non-dischargeable by bankruptcy. We have 100,000 people dead in this country, million dolla…
This money needed to be added to the economy, and really still does. I think PPP was one such reasonable approach (though much more is needed to save small/medium businesses).
Earlier quoted context omitted.
>I know many households who received $4k+ in stimulus checks that didn't need it. Should they not have taken it? I'd rather have some of the waste money going to families over businesses for once. Families have to worry about loss of income and loss of health during this. Businesses just have to worry about income. Families are more fragile and should be prioritized.
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…
It's a little surprising how many are banks. A few random searches showed about 80% of the companies are banks. On reflection, though, not so surprising.
Maybe you're thinking the lender field is the category of the company?
So 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…