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Old 06-03-2020, 04:35 PM
 
588 posts, read 198,711 times
Reputation: 1014

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Quote:
Originally Posted by skeddy View Post
not sure. New York accounts for almost a third of the deaths and that can be directly attributed to Cuomo's decision to force elderly people who tested positive into nursing home death traps.
Nursing home death traps are a small part of it

The bigger issue is that it's the most densely populated city in the country, has the most international flights arriving than anywhere else and it shut down too late.

If it shut down earlier we would have saved more lives and done less economic damage

And now somehow protesters and looters are allowed in mass gatherings but small businesses still can't open.Apparently covid doesn't impact protesters only every other large group of people.
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Old 06-03-2020, 07:18 PM
 
1,956 posts, read 1,070,006 times
Reputation: 2810
Quote:
Originally Posted by WIHS2006 View Post
Yep

I was just reading an article about Republican opposition to additional stimulus checks and renewing the PPP and they quoted several Republican senators as outright calling laid off workers lazy and entitled. When Sen. Kenendy of Louisiana was asked if he supported another stimulus check he responded "Well people in hell want ice water too". Talk about callous
That is horrible. That is worse than Lyndsey Graham renewing UE "over our dead bodies" comment. Anyways, with stocks rising again, those hurting people are not going to see a dime. It is my belief that no aid to the UE will be passed as long as stocks are rising. It is a shame for the lower income folks, mostly in the hospitality industry as another poster mentioned.

I also do not believe another stimulus check will be passed as long as stocks are up, despite the high UE numbers we are going to see for awhile.
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Old 06-04-2020, 03:04 AM
 
Location: Oregon Coast
8,022 posts, read 3,225,068 times
Reputation: 10835
Quote:
Originally Posted by skeddy View Post
I'm 67, stay in your basement, beg for government scraps.
I hope you never end up in a long term care facility, and have your life sacrificed for the stock market.
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Old 06-04-2020, 05:56 AM
 
2,600 posts, read 990,345 times
Reputation: 6538
Quote:
Originally Posted by weezerfan84 View Post
When discussing unemployment, it's been mostly in the restaurant and hospitality industries. The bank I work for has seen a significant increase in EIDL funds being deposited into checking accounts. So the two industries that have been hit the hardest will not rehire a good portion of staff, while they continue to survive the ongoing pandemic with PPP and EIDL funds. That's going to be the sad reality for many individuals trying to reenter the workforce.

I don't blame any small business going after EIDL funds, since the rates are insanely competitive and their local financial institution wouldn't fund them for the same $ amount anyways (already too leveraged). The terms are very favorable for the borrower. I've seen a few customers be approved for 3.75% interest and 30 year amortizations. If you paid off a loan that originally had a 15 or 20 year amortization, you can drag that amortization back out and save a small fortune. You can weather a pretty good storm with your savings from refinancing through EIDL funds.

If you get an EIDL below $25k, you don't even have to provide collateral. Also, if you don't have enough collateral to comply with SBA guidelines, they will not decline your loan for lack of collateral (they'll take what they can as collateral).
All of the EIDLs are below $25K. A relative of mine owns a small business in Georgia and applied for the EIDL. A month later the SBA said he was approved — for a whopping $1200. The max payout (based on # of employees) is around $15K with $2K of that forgivable.
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Old 06-04-2020, 06:21 AM
 
11,790 posts, read 13,665,001 times
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Quote:
Originally Posted by mkpunk View Post
SOME people. Mostly those that are say GameStop employees, theme park employees, sit-down restaurant workers or work other service sector jobs. That said i know that only a fraction of workers actually returned to their jobs. Largely due to social distancing measures and reduced demand. I mean why have all waiters and busters when you only have 25% occupancy or as many people at a theme park when occupancy is capped.
^^^^^

A friend runs a small business that is so far unaffected. He had a kid beg for a job (neighbor) and he hired him for $15 an hour ($600 a week). First day was yesterday, kid came in at 8 and had quit by 830! Said he wasn't feeling the job......he was a helper, not really doing much other than answering the phone/cleaning up the shop at the end of the day.

He found out the restaurant he formerly worked at was reopening and they were giving him shifts. So he has fantasies of making $300 a night as a waiter. Fact is the restaurant isn't going to be packed like it is in season and he will be making no money!

The restaurant jobs are coming back but coming back to what $$$ level remains to be seen. I ate dinner last night at a local place. There were 7 customers in the whole place. One bartender, one server, one hostess working the floor. Place probably seats 100-125 people. The owners clearly lost money last night on being open just on the wages/food costs.
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Old 06-04-2020, 07:53 AM
 
4,557 posts, read 3,403,895 times
Reputation: 4411
Quote:
Originally Posted by TimAZ View Post
All of the EIDLs are below $25K. A relative of mine owns a small business in Georgia and applied for the EIDL. A month later the SBA said he was approved — for a whopping $1200. The max payout (based on # of employees) is around $15K with $2K of that forgivable.
The EIDL grant, which is any funds received below $25k, is eligible for forgiveness. However, you can be approved for EIDL funds for $200,000, of which $25k of that will be issued as a grant and eligible for forgiveness. The borrower will be responsible for the remaining $175k (with P&I due monthly). What you are approved for depends on how the SBA determines your hardship and distress levels. I'm unaware on the steps taken for the SBA to determine that.
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Old 06-04-2020, 08:05 AM
 
2,600 posts, read 990,345 times
Reputation: 6538
Quote:
Originally Posted by weezerfan84 View Post
The EIDL grant, which is any funds received below $25k, is eligible for forgiveness. However, you can be approved for EIDL funds for $200,000, of which $25k of that will be issued as a grant and eligible for forgiveness. The borrower will be responsible for the remaining $175k (with P&I due monthly). What you are approved for depends on how the SBA determines your hardship and distress levels. I'm unaware on the steps taken for the SBA to determine that.
The SBA told him that $15K was the maximum Covid relief due to funding limitations. Unlike the Federal Reserve, the SBA has to stay within their budget for the direct loan programs.
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Old 06-04-2020, 08:06 AM
Status: "Daring to hope" (set 26 days ago)
 
Location: Coastal New Jersey
63,026 posts, read 59,808,037 times
Reputation: 75947
Quote:
Originally Posted by mathjak107 View Post
It is crazy ..i only worked One day a week and I am getting 2x what I made from unemployment
Hmmm, now I'm wondering if I should have applied...my part-time job is probably permanently done. It never occurred to me to apply for unemployment.
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Old 06-04-2020, 09:19 AM
 
4,557 posts, read 3,403,895 times
Reputation: 4411
Quote:
Originally Posted by TimAZ View Post
The SBA told him that $15K was the maximum Covid relief due to funding limitations. Unlike the Federal Reserve, the SBA has to stay within their budget for the direct loan programs.
How long ago did your friend apply? I know someone who received $500k in EIDL funds.
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Old 06-04-2020, 09:45 AM
 
2,738 posts, read 1,178,074 times
Reputation: 3081
Quote:
Originally Posted by TMSRetired View Post
They were. Did you see the makes/models of some of those vehicles on line to get free food ?
A lot of people have filed for unemployment and never received a penny yet even though they should qualify. Some of those people had nice jobs and had nice cars.

I went to the food bank yesterday. There was a long line of mostly nice vehicles. A lot of people are out of work around here. Not everyone is receiving the unemployment. Grocery stores still want some form of payment for the food they sell. Some people who are maxing out their credit cards to buy food.
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