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SBA loans in stimulus---basically give aways for any business with less than 500 employees
Posted on 3/29/20 at 6:05 pm
Posted on 3/29/20 at 6:05 pm
Regardless of the business and COVID's impact on the business will be able to borrow up to $10 million and the loans will be forgiven by the amount of payroll, utilities, rent and interest they have the next 8 weeks.
For example if the business gets a $1 million loan and pays out $500K in payroll (there are some restrictions not many, $20000 in rent and $10000 in interest they would only have to pay back $470K of the loan.
There are businesses that are making more money because of the virus and they can get this too.
$2 trillion might not fund all the supplemental unemployment and giveaways under this program.
For example if the business gets a $1 million loan and pays out $500K in payroll (there are some restrictions not many, $20000 in rent and $10000 in interest they would only have to pay back $470K of the loan.
There are businesses that are making more money because of the virus and they can get this too.
$2 trillion might not fund all the supplemental unemployment and giveaways under this program.
23
Posted on 3/29/20 at 6:07 pm to I B Freeman
You would have millions of people shooting down the door of your government office if you let millions of small businesses completely fail because of direct orders that you forced upon them
That aint free market or any other kind of market but totalitarian market
That aint free market or any other kind of market but totalitarian market
Posted on 3/29/20 at 6:08 pm to I B Freeman
quote:
For example if the business gets a $1 million loan and pays out $500K in payroll (there are some restrictions not many, $20000 in rent and $10000 in interest they would only have to pay back $470K of the loan.
These businesses have to show there have been hardships, like layoffs and loss of sales.
It’s not a fricking free for all.
Posted on 3/29/20 at 6:08 pm to I B Freeman
Let’s pay for it with China Flu tariffs!
Troll [off]
Troll [off]
Posted on 3/29/20 at 6:08 pm to I B Freeman
Don’t worry, IBChinaman. There will be new tariffs on China and the elimination of our debt to them before a cat can lick its arse.
I have zero qualms about the billionaire business man leading us through this shitshow as a result of the disease created in your beloved country.
I have zero qualms about the billionaire business man leading us through this shitshow as a result of the disease created in your beloved country.
Posted on 3/29/20 at 6:09 pm to I B Freeman
quote:an exceedingly small percentage
There are businesses that are making more money because of the virus
Posted on 3/29/20 at 6:09 pm to I B Freeman
Have you found this in guidance or is this your interpretation based on the bill text? Interested to read it.
Posted on 3/29/20 at 6:10 pm to I B Freeman
Jesus. Your shite is so tiring and old. You have to show you need it and quantify. You then have to show you used it for those purposes.
You are also going through a regular bank. Not a government entity. So they also have to verify.
It’s not free money.
You are also going through a regular bank. Not a government entity. So they also have to verify.
It’s not free money.
Posted on 3/29/20 at 6:11 pm to BamaCoaster
quote:
These businesses have to show there have been hardships, like layoffs and loss of sales.
It’s not a fricking free for all.
I don't think that's the case for the CARE Act loans. That is the case for the ones SBA was putting out in response to the EO and Treasury.
Posted on 3/29/20 at 6:12 pm to I B Freeman
If there’s any “forgiveness” of SBA loans, it must be a new policy with this new legislation.
I assure you that SBA loans traditionally are placed in collection if not paid back timely.
I assure you that SBA loans traditionally are placed in collection if not paid back timely.
Posted on 3/29/20 at 6:12 pm to I B Freeman
IB, it is crazier than the scenario you just presented. The borrower can defer his payments by 6-12 months, defer paying payroll taxes, and the way I read it, there is very little accountability of the remaining 470K. The small business owner could take that money at 3.75% at up to 30 years pour a portion of it into the stock market and the borrower gets a bonanza on ......your money.
Posted on 3/29/20 at 6:13 pm to I B Freeman
Freeman, what's the general outline of an alternative plan you would substitute to address the economy, an economy that's been so extraordinarily influenced and damaged by this unprecedented worldwide crisis? What would you suggest?
Posted on 3/29/20 at 6:14 pm to blowmeauburn
Dude, the guidelines are going to be so lax, it will make your head spin. This will be very much like the residential mortgage debacle.
Posted on 3/29/20 at 6:15 pm to VOR
quote:
If there’s any “forgiveness” of SBA loans, it must be a new policy with this new legislation.
It is.
Posted on 3/29/20 at 6:19 pm to blowmeauburn
Indeed. The very first bullet point in the stipulations of the agreement is to authorize audits to verify the use of funds.
Posted on 3/29/20 at 6:21 pm to blowmeauburn
quote:
It’s not free money.
yes it is
if you keep your payroll as is thru June 1 the loan is forgiven.
I have 10 employees that I would have kept on the payroll regardless. I can not operate without them. However I can apply for this loan and the US treasury will cover my payroll for 3 months
How is that not free money?
Posted on 3/29/20 at 6:21 pm to BamaCoaster
quote:IF it wasn't , you can sign me up. But, you cant just go get free money.
These businesses have to show there have been hardships, like layoffs and loss of sales.
It’s not a fricking free for all.
Posted on 3/29/20 at 6:30 pm to tigerfoot
these businesses are going to have to prove how every penny was spent to get it forgiven and it can only be spent on what was specifically laid out in the bill.
the big corps will have to pay every penny back.
the big corps will have to pay every penny back.
Posted on 3/29/20 at 6:33 pm to VOR
quote:
If there’s any “forgiveness” of SBA loans, it must be a new policy with this new legislation.
It is. There's a specific payroll protection program in place now. Strict requirements to keep employees on the books and what not.
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