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Hundreds of companies that received PPP money have filed for bankruptcy
Posted on 11/17/20 at 9:17 am
Posted on 11/17/20 at 9:17 am
quote:WSJ Article
About 300 companies that received as much as half a billion dollars in pandemic-related government loans have filed for bankruptcy, according to a Wall Street Journal analysis of government data and court filings. Many of the companies, which employ a total of about 23,400 workers, say the funds from the Paycheck Protection Program weren’t enough to keep them going as the coronavirus and lack of additional stimulus payments weighed on their businesses.
That’s like $21,000 of aid per employee, not considering management graft. Seems like the better option would have been to just cut big checks to the American people. Could have helped hundreds of thousands instead of a measley 23,400.
This post was edited on 11/17/20 at 9:18 am
12
Posted on 11/17/20 at 10:39 am to TDFreak
Why not just let everything open back up
Posted on 11/17/20 at 10:42 am to TDFreak
Makes sense, the PPP was suppose to cover 8-10 weeks of payroll, and mortgage costs. Yet, many States still have shutdowns in effect almost 8 months later.
Posted on 11/17/20 at 11:02 am to TDFreak
Just wait, if the northeast cities shut down again (ie no inside dining), restaurants by the thousands will be done - and they were all PPP
Posted on 11/17/20 at 11:08 am to TDFreak
I think everyone can agree that the PPP was not the best possible plan to help the economy, but at the time... the idea was this would all be over in a couple of months.
Posted on 11/17/20 at 11:33 am to LSUFanHouston
quote:
think everyone can agree that the PPP was not the best possible plan to help the economy
The best possible plan was no lock down unless you're in an at-risk group but social media karens and the media made sure that didn't happen by drumming up paranoia.
The medical experts were always going to suggest lockdowns.
Posted on 11/17/20 at 12:07 pm to tiggerthetooth
quote:
The best possible plan was no lock down unless you're in an at-risk group but social media karens and the media made sure that didn't happen by drumming up paranoia.
^
This. The government should be scaring the piss out of people with warnings and advice.
But the government should not be restricting anything other than free flow to "at risk" individials (nursing homes, retirement centers, cancer facilities, etc..)
I say that knowing that I have voluntarily quarantined due to immuno-compromised family.
"We are the government and we are here to help" are the worst words ever uttered. I believe that to my core now more than ever.
Posted on 11/18/20 at 5:40 am to TDFreak
quote:
That’s like $21,000 of aid per employee, not considering management graft. Seems like the better option would have been to just cut big checks to the American people. Could have helped hundreds of thousands instead of a measley 23,400.
Spend some more time on this thought and get back to us....you think the government is more efficient then employers in handing out paychecks...lol.
If the PPP employees were getting paid a lot it’s because well...errr...they earned a lot. Which in turn means they likely spent a lot.
You can’t take an employee earning $100,000 and say that you could have taken his $2,000/ week paycheck (low btw) and give that to 4 other people. Those $100,000/ year employees require a majority of that to live. Bigger mortgages, bigger bills, etc.
And if you think those on welfare earning less would waste it less...even bigger lol.
PPP was a fine program, not good not terrible, the problem was it was meant for 2 months. The government has shut down many businesses and industries for much longer than that. A program designed for 2 months isn’t keeping a business afloat that’s shut down for 6 months
Posted on 11/18/20 at 7:18 am to TDFreak
quote:
Seems like the better option would have been to just cut big checks to the American people.
Hold up... you’re telling me the government wasn’t wise when spending taxpayers’ money? I simply cannot believe this.
Posted on 11/18/20 at 7:39 am to baldona
quote:
A program designed for 2 months isn’t keeping a business afloat that’s shut down for 6 months
this
they’d have been better off doing nothing
PPP for 8 weeks was just flushing money down the commode
Posted on 11/18/20 at 7:57 am to LSUFanHouston
quote:
I think everyone can agree that the PPP was not the best possible plan to help the economy, but at the time... the idea was this would all be over in a couple of months.
At the time, the general objective was to "flatten the curve," but it seems that too many politicians got drunk on power and enamored with shutdowns far beyond good sense.
Posted on 11/18/20 at 8:07 am to tiggerthetooth
quote:
The best possible plan was no lock down unless you're in an at-risk group but social media karens and the media made sure that didn't happen by drumming up paranoia.
Some states did exactly that and are in much better shape now as a result. The Diamond Princess cruise ship was the first perfect petri dish of covid infection. 3700 passengers and crew were quarantined early in the pandemic. It showed exactly who was at risk. Seven people onboard died, all over 70.
It was foolish to waste state resources on people who were very low risk.
LINK Diamond Princess data
Posted on 11/18/20 at 8:09 am to TDFreak
Each voter could have received $3.12. Man what a missed opportunity to cut huge checks to the American people.
Posted on 11/18/20 at 8:25 am to baldona
quote:
Spend some more time on this thought and get back to us....you think the government is more efficient then employers in handing out paychecks...lol.
Trial lawyers got MILLIONS of PPP money! How big are their staffs? How badly were the trial lawyers affected by the pandemic. Please.
If it’s not government inefficiently, its greedy private sector fraud.
There are plenty of stories of small companies that laid off their workers and employed their family members so they collected more PPP money for their own households.
Not accusing any of the fine people on TD. But there are shady people out there.
I just feel that more stimulus, to a broader crowd (I.e. pre-corona income levels), would have been better. Heck, even extending the $600/week to unemployed people would have been better.
Posted on 11/18/20 at 8:35 am to baldona
quote:
If the PPP employees were getting paid a lot it’s because well...errr...they earned a lot. Which in turn means they likely spent a lot.
Many still got pay cuts (or retirement acct cuts) or were simply laid off anyways on staff consolidations, while the VPs salaries remained intact. So, they probably spent less as a whole regardless. I know of instances of this occurring.
quote:
And if you think those on welfare earning less would waste it less...even bigger lol.
It’s not waste. It’s stimulus. The objective is to spend it and keep the economy going. Dare I say that some of this PPP money went into the stock market instead of buying more things at the local store when it goes to higher earners than lower earners.
Look almost everyone is hurting. Our government should try to get the most bang for the buck. And reopen.
Posted on 11/18/20 at 8:56 am to TDFreak
No one saw that coming! Let's do it again and see if anything changes.
Posted on 11/18/20 at 8:58 am to TDFreak
Part of the great reset. They are going to ruin small business.
Posted on 11/18/20 at 9:08 am to el Gaucho
quote:
Why not just let everything open back up
This is the right answer. Take measures in the workplace to be as safe as possible. Let those at risk take the measures they need, and move on with life.
Posted on 11/18/20 at 9:56 am to TDFreak
quote:
I just feel that more stimulus, to a broader crowd (I.e. pre-corona income levels), would have been better. Heck, even extending the $600/week to unemployed people would have been better.
People getting $600/ week sure as hell aren’t stimulating anyone but Walmart and convenience stores. Those stimulating the economy are the middle to mid-upper class making $50,000 to $150,000. Those people, again, are making $2,000 to $4,000/ week in payroll. There’s absolutely no efficient way in doing this.
Yes there was fraud. There’s fraud in welfare, Medicaid, etc too.
This post was edited on 11/18/20 at 9:57 am
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