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In the news.
A small spa business with about 35 employees had to lay them off due to lack of customers.. She was one that received one of the small business loans/grants form the feds. One of the requirements was most of the money has to be used for payroll.
She had a conference call with all the employees to give them the good news.
Turns out most where mad at her. They wanted to be laid off and not paid. Because they would get so much more money that way compared to their regular pay.
That's not entirely the whole context there, though. As the state still has non-essential business closed, it's not like the spa owner is paying the employees to come in to work. For all intents and purposes, they'd still be "laid off," just getting paid by the employer's "loan"/grant instead of UI. As those that perform spa services are generally heavily reliant on tips, it's very likely that the pay being offered by the spa owner is not only less than UI but also less than those employees would typically be making.
I don't fault the owner for doing what she needs to do/thinks is best for her business. But, it is a bit disingenuous for her to insist that she's trying to help her employees there. No, she's trying to save her business. Nothing wrong with that, but there's nothing really wrong with employees being miffed about it either.
Curios if you would tell your local gas station or grocery store the same thing as Landlords?
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I would. They should have a fund when things go bad, it's a smart part of doing business. Those who have it will survive, those who can't even last 2 months until they can get a loan or grant they may not get right away will fail.
I would. They should have a fund when things go bad, it's a smart part of doing business. Those who have it will survive, those who can't even last 2 months until they can get a loan or grant they may not get right away will fail.
I would. They should have a fund when things go bad, it's a smart part of doing business. Those who have it will survive, those who can't even last 2 months until they can get a loan or grant they may not get right away will fail.
Both renters and landlords should have at least 6 month fund, but landlords can not rely on renters they have to rely on themselves because they are the ones who risk losing their property.
So my answer was yes I would say the same thing to everyone and people chose to take it like I was insulting them.
I have money in my bank account, enough to cover 10 years of a vacancy. I expect people to still pay their rent, especially now that people are getting their bailout stimulus checks. Renting a property is utilizing a product, that should be paid for.
Dipping my toe into this discussion . . .
Those saying that landlords/property owners should expect a risk in investment - I understand that notion, but disagree with the argument that tenants should occupy a property for free. Property owners' risks should be vacancy, loss of property value, not nonpaying tenants that can't be evicted.
Seems to me that the equitable practice for now is for a tenant to vacate, and the landlord to bear the costs of a vacant rental property. (This would be analogous to a retailer not selling any goods, as opposed to giving away their goods.) Landlord agrees to waive early termination penalties.
Forgive my ignorance on the legalities and technicalities (e.g. eviction laws) of the issue.
I'm hoping that banks make their lending restrictions permanent after all this. Many are already starting to make 20% down the standard. I also think mortgages should only be given on owner occupied properties.
I have money in my bank account, enough to cover 10 years of a vacancy. I expect people to still pay their rent, especially now that people are getting their bailout stimulus checks. Renting a property is utilizing a product, that should be paid for.
Who said it shouldn't?
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