Earlier quoted context omitted.
It depends on the salary levels from last year.
So... last year's average salary was $357,142 per employee? :)
That must be what they claimed I guess
Searchable PPP Loan Data
301–310 of 354 posts
Re: Searchable PPP Loan Data
#302Earlier quoted context omitted.
The outrage is that the money didn't go to small businesses, but rather large ones who had the means to cheat the system.
Why would there be outrage? There is $130b+ in PPP remaining for small businesses and it's incredibly easy to apply now.
Why would there be outrage at the government handing billions of taxpayer dollars to people who are already billionaires while only giving $1200 to everyone else? My guess is because the government is handing billions of dollars to people who are already billionaires while only giving $1200 to everyone else.
Re: Searchable PPP Loan Data
#303Just looking through my home town for businesses I know about... A fair number of them I know carried on with business as usual and had no financial problems (one I used to work for). Seems wrong when there are lots of people in the same town lining up outside the unemployment office every day...
Not sure why this comment is being downvoted. I just searched my local city and noticed that our (for profit) ambulance service received a loan: > DIAZ MEMORIAL AMBULANCE SERVICE INC I definitely don't think they saw the number of ambulance rides go down. And also don't think their profits suffered.
Business activity and profits don't matter here. You don't have to prove you actually need the money to receive a loan.
Re: Searchable PPP Loan Data
#304So 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…
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Re: Searchable PPP Loan Data
#305Earlier quoted context omitted.
Not all businesses shutdown. The issue is that a bunch of businesses took the free money who didn’t need it. We made a choice not to take it because we are booming during crisis. The stimulus checks had criteria to receive them and most people who are doing very well did not get a stimulus check. PPP could easily had a requirement that it had to be paid back if sales/rev increased during 2020 tax year. Instead the mo…
There's a strong case to be made that, given our position as the world's reserve currency (without any clear challenger) and our dirt-cheap borrowing costs, the national debt is pretty close to free money. It's not like we're ever going to roll up our sleeves and pay it off, or even down. We'll just inflate it away. I'm not arguing for unrestricted spending, but a couple trillion to avoid economic collapse, borrowed…
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 :/
Re: Searchable PPP Loan Data
#306Earlier quoted context omitted.
> unless some or all is forgiven. RIPE for favoritism, aka, corruption.
Huh? There are rules that if followed allow for forgiveness. The rules will presumably be applied fairly and equally to everyone. That's about the exact opposite of favoritism.
I don't see why @IG_Semmelweiss comment here is dead, it's not wrong...banks were incentivized to provide capital to their highest debtors / longest clients who otherwise were at greater risk of default and loss to the bank shareholders. It's not complicated, they acted in their best interest because there was by design nothing stopping them.
Re: Searchable PPP Loan Data
#307Earlier quoted context omitted.
It is, yes. If you keep the same headcount and use at least 60% of it for payroll (not exactly clear how you prove that since money is fungible), it is essentially a stimulus check
It shouldn't be too hard to prove. Every time a company writes a payroll check the government knows exactly how much it was for and who got it. Seems like simple math.
Simple math, except it might take years for them to compute it... That's why you generally want to keep your tax records for at least 3 years.
Re: Searchable PPP Loan Data
#308Earlier quoted context omitted.
There's a lot of weirdness lately about people expecting companies to not take the money. The virus wasn't any company's fault. The choice to respond to the virus by shutting down the economy wasn't any company's fault. Previous epidemics in human history have been dealt with by simply accepting a death rate that modern society, via government policy, has chosen to not accept. This was an unprecedented response that…
I agree with this. Any argument about moral hazard is out the window. Any argument about this being like “too big to fail” is misapplied. Banks in 2008 created the crisis and their risky loan portfolios and balance sheets. No company created Covid or state shutdowns. Let’s come together with a spirit of generosity and cooperation. Not petulance and resentment.
Those things didn't cause covid, but they did cause the companies to be unable to handle the crisis. The outrage is mostly centered around companies who are wildly profitable and/or spend tons of money on stock buybacks and dividends instead of planning for an inevitable disaster.
Look at this: in 2019 Delta Airlines spent around $2b buying their own stock [1]. They also spent $300m buying their own stock in March 2020. In April 2020 they received $5b in government assistance [2]. What if instead of spending billions of dollars to improve their stock price, they saved some of that money in case they ever had a crisis to deal with?
It's not like this is the first time the airlines have been bailed out before, either. 9/11 wasn't that long ago.
[1] https://ycharts.com/companies/DAL/stock_buyback
[2] https://finance.yahoo.com/news/major-u-airlines-accept-gover...
Re: Searchable PPP Loan Data
#309Earlier quoted context omitted.
Actually there is promised compensation in hurricane emergencies in the form of SBA EIDL (economic injury disaster loans). The existence of imminent domain proves my point, there are circumstances where tax payers owe An obligation to property owners and their actions are restricted by that obligation. Now we can argue about whether this specific act is a taking but I destroyed your blanket argument that tax payers d…
In imminent domain if your property is taken you receive compensation, here many businesses closed and didn’t get PPP money, the government picked winners and losers. Again feel free to cite any law supporting your argument: 1) the shutdown orders were a government taking of private property; And 2.) compensation for a temporary taking. You missed the entire point of hurricanes, before any damage occurs governments o…
> You missed the entire point of hurricanes, before any damage occurs governments order shutdowns and evacuations, there is no taking and there is no compensation for those shutdown and evacuation orders.
The time between evacuation order and landfall is at most four days. The economic damage from that phase is minor.
There are businesses in some parts of the US that are in their fourth month of being forcibly closed. The situation is not in any way, shape, or form comparable to a hurricane evacuation.
Re: Searchable PPP Loan Data
#310Earlier quoted context omitted.
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 be…
We're VC backed, dude, that "money we haven't earned" ship sailed a loooong time ago.
On the flip side, the way you "pay it back" to your Noble Investors is to keep the ship afloat and deliver a ROI with a healthy and competent team.
Increasing shareholder value and also doing the right thing and coming up with a way to give our furloughed teammates health benefits during a pandemic was, I suspect, an easy decision for senior staff to make. I'm a lowly scientist, I don't get to make those calls -- but you won't hear me complaining about this course we chose, either.