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Only 4% of employer businesses who applied got denied.
You assume owning a business is some sort of trophy of sorts? What makes you think I (and countless others here) do not, or have not owned businesses?
I Co-owned a business with my ex-wife (she still owns and operates it.) Got ours very easily.
Same with my friends who applied.
And all of this information is public record: federalpay.org A nationwide Federal Reserve survey of businesses with fewer than 500 employees found 20% of nonemployer businesses received none of the PPP funding they sought. Nonemployer businesses, which have no employees other than the owner, make up 81% of all small businesses in the U.S., according to the survey released in August. It also found that 4% of businesses that have at least one employee other than the owner received none of the PPP funding they sought.
So 96% of employer businesses received the loan they applied for.
Sigh. I wish the engineer bro show would take it on the road or outside instead of stalking this thread night and day.
Anyway, the four percent figure doesn't account for those whose applications were pending when the program ran out of money and loans stopped being approved. That was pretty much my point.
Some posters here just don't understand the old adage of getting what you pay for.
Other posters here just don't understand paying for what you get.
If you pay an $8-per-hour-quality employee $20 per hour, you don't get $20 per hour quality. You still get an $8-per-hour-quality job done by someone you're overpaying.
Sigh. I wish the engineer bro show would take it on the road or outside instead of stalking this thread night and day.
Anyway, the four percent figure doesn't account for those whose applications were pending when the program ran out of money and loans stopped being approved. That was pretty much my point.
Where are you getting this?
This doesn't line up with the study referenced in your link, which appears to include these businesses as well.
Last edited by Arcenal813; 04-05-2022 at 02:02 PM..
This doesn't line up with the study referenced in your link, which appears to include these businesses as well.
I think they're talking about loans that were processed before the program ran out of money. And I think there were issues at the lender level that weren't calculated in, either.
The CEO is directly liable for anything to do with the company. If there's a privacy violation... e.g. Walmart gets hacked, and they can determine to even the most minuscule amount that the CEO could have changed this by implementing something or putting more money in the IT department, then the CEO is now liable, and will be directly fined. If there's any scandal that goes on in the company, the CEO is ultimately directly responsible for that risk, and can even face jail time.
I know most will look at this and say... "boo hoo... poor CEO." Honestly, I don't really care about the CEO, but I make this point to emphasize the fact that the people complaining about the CEO have very short-sighted goals.
Most people on here would assume to make that quick "million" (or whatever) and then life a life of luxury. Many people have no concept of ambition or wanting to do something big... they just look at life as unfair and make assumptions as to whether or not they can ever "escape" their place in life.
The CEO position requires significantly more skill than someone who's working the floor. Furthermore, the CEO of a company is usually a part-owner of the company. Many times, the CEO was a member of the board of directors, and then becomes the CEO because the other board members promote him/her for a point in time.
If CEO were actually held accountable, you would have a point. High risk high reward type of thing. But they are not held accountable. Make bad decisions? Government bails you out. Allow one of the largest data breeches? Get a bonus. Remember the Equifax data breach? CEO walked away with 20 million in stock bonuses and a 24 million pension.
Other posters here just don't understand paying for what you get.
If you pay an $8-per-hour-quality employee $20 per hour, you don't get $20 per hour quality. You still get an $8-per-hour-quality job done by someone you're overpaying.
Higher pay for employees leads to better customer service, that's been researched and established.
Hard to say what's to be the expected difference in "quality" from an $8 vs. $20 an hour employee in the food service industry, since there aren't many facets to the job. Most employers would probably be satisfied with dependability and punctuality.
There's a lot of room between the dude flipping burgers or clearing tables at Applebee's and the CEO level. I imagine most folks in this forum still in active employment are somewhere in that middle.
There's a certain built-in logic in the marketplace that makes salaries correspond to each other as companies compete for employees and employees pick jobs. In other words, if you pay the busboy 20$ an hour, you gotta pay the assistant manager more to entice folks to get that job, then you gotta pay the manager more, other jobs recruiting from the same employee pool need to pay more as well etc.
Inflation and increased COL ends up negating a large chunk of that supposed pay increase for everyone involved. So everyone ends up the same as where they started? Not quite. Folks on fixed pensions and benefits actually end up worse. Middle-class savings slowly but surely evaporate.
If CEO were actually held accountable, you would have a point. High risk high reward type of thing. But they are not held accountable. Make bad decisions? Government bails you out. Allow one of the largest data breeches? Get a bonus. Remember the Equifax data breach? CEO walked away with 20 million in stock bonuses and a 24 million pension.
As did the Wells Fargo Exec who presided over the biggest scandal in the bank's history.
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