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Come down off the ledge buddy....however this gets resolved is not going to be the end of the world, and in reality, probably won't have much impact on our lives. I think everyone agrees with you in principle, that one should pay back money they borrow. Reality sometimes results in outcomes that are based on other (political) factors. Lots of debtors, lots of money involved, and probably fair to say lots of loans made to people who should not have been allowed to borrow money for a variety of reasons....it shouldn't be terribly surprising when this is the direction things go. And I would mention in this situation, there is a third party (the schools) that have a good deal of accountability here....marketing to students to attend, encouraging them to take on debt (or certainly not discouraging it), knowing full well what the employment and salary prospects for their students were. In some cases I have read about (certainly not all), I'd suggest that the schools perpetuated frauds against the students making them promises that they knew were BS regarding salaries and employment prospects for their graduates.
all of this is accurate, except there's one issue - we're not telling "Banks" to go f themselves for repayment. You want to tell every other American taxpayer "too bad, *********"
Who said being a major corporation mattered ????? I said companies that didnt need it, got the money and pocketed it.
What makes you think a $2.25 million company whose shares trade for 10 cents (a penny stock that doesn't even trade on the NYSE or NASDAQ) doesn't need a PPP Loan to keep its employees paid during the mass covid shutdowns instead of laying them off?
Student loans are akin to credit cards. They are unsecured, with a hope for future ability to repay. That's it, folks can stop there if they like
People like me, that pay it in full every month, we get the 5.9% promotional rate that Joe Schmo sees and yes, I have to decide whether I use the card enough to justify the $100 annual fee.
Joe Schmo gets his "12 months at 5.9%!" which then becomes 22% on day 366 on any outstanding balance. The CC company requires him to pay $30 per month on his $5,000 balance, and Joe thinks he's being a good little consumer. Joe doesn't realize on day 366 that he owes $4,900 and now his minimum payment shoots up to $90 every month for the rest of his life and he never pays the balance off.
When a corporation borrows money from a Bank (99% of them) or issues bond debt (the "Fortune 500") it's done at a market rate - somewhat specific to that corporation. The best ones get "Prime", the really good ones get Prime +1/2, the good ones P+1, and so on down the line. Banks don't make new loans P+2% or higher because that indicates they don't know if they'll get paid or not. Those companies have to go to the bond market, where the A+ companies get LIBOR+50 rates and the unsecured "don't know if they'll actually pay it back" get LIBOR + 1000 rates.
Status:
"everybody getting reported now.."
(set 22 days ago)
Location: Pine Grove,AL
29,550 posts, read 16,539,320 times
Reputation: 6033
Quote:
Originally Posted by InformedConsent
What makes you think a $2.25 million company whose shares trade for 10 cents (a penny stock that doesn't even trade on the NYSE or NASDAQ) doesn't need a PPP Loan to keep its employees paid during the mass covid shutdowns instead of laying them off?
the valuation of the company is irrelevant to the discussion. they didnt need the money, and both dems and republicans agreed with that.
the valuation of the company is irrelevant to the discussion. they didnt need the money, and both dems and republicans agreed with that.
It is extremely relevant. A penny stock, small cap company that's barely making it most certainly did need a PPP Loan to avoid laying off workers during the mass covid shutdowns. What makes you think otherwise? It's not like we're talking about Apple here for pete's sake.
Status:
"everybody getting reported now.."
(set 22 days ago)
Location: Pine Grove,AL
29,550 posts, read 16,539,320 times
Reputation: 6033
Quote:
Originally Posted by InformedConsent
It is extremely relevant. A penny stock, small cap company that's barely making it most certainly did need a PPP Loan to avoid laying off workers during the mass covid shutdowns. What makes you think otherwise? It's not like we're talking about Apple here for pete's sake.
They werent barely making it, thats why congress sent them the letter. How are you not getting this(well, i know why, LOL). it seems you didnt read the link and the subsequent letter from congress explaining this.
They werent barely making it, thats why congress sent them the letter. How are you not getting this(well, i know why, LOL). it seems you didnt read the link and the subsequent letter from congress explaining this.
More ignorance on display.
Statement of EVO Transportation & Energy Services, Inc. Regarding PPP:
They werent barely making it, thats why congress sent them the letter. How are you not getting this(well, i know why, LOL). it seems you didnt read the link and the subsequent letter from congress explaining this.
More ignorance on display.
Statement of EVO Transportation & Energy Services, Inc. Regarding PPP:
Five Year Averages, Ending 12/31/2021 (Fiscal Year)
Revenue
+2879.96%
Net Income
-51.12%
Cash Flow
-467.55%
They needed the PPP loan to keep employees paid instead of laying them off.
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