- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: SBA loans in stimulus---basically give aways for any business with less than 500 employees
Posted on 3/29/20 at 6:53 pm to SSpaniel
Posted on 3/29/20 at 6:53 pm to SSpaniel
quote:
There's a specific payroll protection program in place now. Strict requirements to keep employees on the books and what not.
Right.
My understanding is if you keep people on payroll for the 8 week period, the loan amount for those costs, plus other overhead (rent utilities) WILL be forgiven. Whether you suffered a loss or would have fired them otherwise is irrelevant.
So, if you were going to be business as usual for the next 2 months, you can get a loan for that amount and essentially pocket that money.
3
Posted on 3/29/20 at 7:15 pm to udtiger
quote:
So, if you were going to be business as usual for the next 2 months, you can get a loan for that amount and essentially pocket that money.
that is correct
it is in every conceivable way “free money”.
what’s worse is this free money is not coming from anywhere...it is being conjured up out of thin air
Posted on 3/29/20 at 7:22 pm to udtiger
quote:
Right.
My understanding is if you keep people on payroll for the 8 week period, the loan amount for those costs, plus other overhead (rent utilities) WILL be forgiven. Whether you suffered a loss or would have fired them otherwise is irrelevant.
So, if you were going to be business as usual for the next 2 months, you can get a loan for that amount and essentially pocket that money.
Walk me through this please
What you’re saying is ......
Keep 10 employees on payroll next
9 weeks(2 months) at $8000/wk or $72,000 + WC $12,500
Plus overhead of $10,000
Then I get free check of $95,000 to keep?
Is that what you’re saying?
Posted on 3/30/20 at 8:01 am to udtiger
quote:
So, if you were going to be business as usual for the next 2 months, you can get a loan for that amount and essentially pocket that money.
Thanks UD, thats the point. Its obvious the first few months going forward your business is going to suck.
Posters on here pretend you open your business tomorrow and suddenly your sales are what they were before this.
I doubt many will "profit" from it, and just may save many small businesses.
Id be curious how many on here have actually owned a substantial business during an economic downturn, or actually understand the economics of running a business with a substantial number of employees.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News