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why are we calling stimulus small business "loans" when they are hand outs?
Posted on 3/25/20 at 8:06 pm
Posted on 3/25/20 at 8:06 pm
I am fine with helping restaurants and bars, however it is misleading to call these "loans" when they will not be repaying the government.
LINK
LINK
quote:
Loan forgiveness
Businesses with 7(a) loans guaranteed between March 1 and June 30, 2020, would be eligible for loan forgiveness equal to the amount of maintaining payroll continuity during that time period.
Payroll costs would include:
Compensation of an individual employee in excess of $33,333 from March 1 to June 30, 2020
Qualified sick leave and family leave wages allowed under the Families First Coronavirus Response Act
The loan-forgiveness amount couldn’t exceed total payroll costs incurred from March 1 to June 30, 2020. The amount would be reduced if the business cuts staff during that time period or reduces employee pay by more than 25 percent. The reduction is calculated from a formula, which changes if a business is a seasonal employer or employs tipped workers.
To apply for loan forgiveness, a business would have to submit documentation and make a good faith certification that the uncertainty of the current economic conditions justify the loan request.
The lender would have to make a decision within 15 days of receiving a loan forgiveness application.
This post was edited on 3/25/20 at 8:07 pm
10
Posted on 3/25/20 at 8:08 pm to 3morereps
because it's a loan idiot.
Posted on 3/25/20 at 8:09 pm to 3morereps
It’s a nicknack paddywhack give Covid a loan
Posted on 3/25/20 at 8:09 pm to 3morereps
Why are we calling them loans or handouts when we're the ones who gave the government that money in the first place?
Posted on 3/25/20 at 8:12 pm to SidewalkTiger
I am not getting a check, just another example of punishing our nation's top producers. Affordable care act, progressive income tax system and these bullshite hand outs are all unjust
Posted on 3/25/20 at 8:12 pm to 3morereps
They will repay the government eventually in the form of taxes.
The government always gets theirs.
The government always gets theirs.
Posted on 3/25/20 at 8:13 pm to 3morereps
Helping out people because of a world wide shut down isn't a handout
Posted on 3/25/20 at 8:14 pm to 3morereps
Don’t worry, the peasants that are getting the stimulus money don’t know how to manage money and they’re going to just blow it all on shite like lottery tickets and it will be gone from their hands before they even realize it
Posted on 3/25/20 at 8:14 pm to dawgfan24348
it is a backstop. why should the government take risk out of the equation for business owners?
Posted on 3/25/20 at 8:15 pm to 3morereps
Likely a loan to be paid back by the middle class in the form of taxation....
Posted on 3/25/20 at 8:15 pm to Salmon
quote:
They will repay the government eventually in the form of taxes.
be real, 2/3 of restaurants do not make any money
Posted on 3/25/20 at 8:15 pm to 3morereps
quote:
these bull shite hand outs are all unjust
Werent you required to have paid taxes in 2018 to get anything?
Failing to see how this is a handout still.
Posted on 3/25/20 at 8:16 pm to 3morereps
You do realize what happens if those businesses can't stay afloat right
Posted on 3/25/20 at 8:17 pm to SidewalkTiger
i am talking about the small business loans where the debt can be forgiven if it is used for certain business expenses. I am not a fan of the stimulus checks either. we have an unemployment benefit for those who were laid off
Posted on 3/25/20 at 8:18 pm to 3morereps
quote:
unemployment benefit for those who were laid off
And we're about to have a shite ton more people who will need it
Posted on 3/25/20 at 8:18 pm to dawgfan24348
maybe they should have saved up for a rainy day and not took on so much leverage. their void would be filled
Posted on 3/25/20 at 8:19 pm to 3morereps
quote:
I am not a fan of the stimulus checks either.
Any day taxpayers are getting more of their money back is a good day.
Posted on 3/25/20 at 8:19 pm to 3morereps
If the employer keeps the same payroll in that amount of time then it’s a grant and doesn’t have to be repaid. If the employer fires employees during that time period and goes below their initial number then it becomes a “loan” and has to be repaid in full.
It’s a way to keep money in people’s pocket to “stimulate” the economy. That’s my understanding
It’s a way to keep money in people’s pocket to “stimulate” the economy. That’s my understanding
Posted on 3/25/20 at 8:20 pm to 3morereps
quote:
I am not getting a check, just another example of punishing our nation's top producers. Affordable care act, progressive income tax system and these bullshite hand outs are all unjust
A. You aren't a "top producer"
B. So if you're fortunate enough not to have this pandemic impact you, no one feeling the impact should receive help?
C. You're a shitty American. Wave your flag, say the pledge, take your hat off for the anthem, blah, blah, blah...at the end of the day, you're no patriot. You're a selfish bitch.
Posted on 3/25/20 at 8:20 pm to SidewalkTiger
I do not disagree. I am under impression that one can receive stimulus without paying 18 income taxes. is this true?
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