Deleted
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Nov 22, 2024 15:23:38 GMT
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Post by Deleted on Feb 5, 2021 16:58:14 GMT
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Post by bianca42 on Feb 5, 2021 17:43:55 GMT
To play devils advocate...
Just because someone "owns" several multi-million dollar properties and a multi-million dollar company, doesn't mean that they have any equity in those properties or enough cash flow to be able to continue payroll when they have to shutter their business.
Wasn't the point to keep people employed and getting a paycheck? I thought that my taking the PPP loan it limits your ability to lay people off.
I'm sure that there were companies who received the loans that didn't need it...just like there are people who got the stimulus payment who didn't need it.
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Post by jlynnbarth on Feb 5, 2021 18:54:49 GMT
I've not paid much attention to who else has gotten PPP loans. I know the small Mom and Pop business that I work for got the first loan and just got approved for the 2nd draw. I'm thankful since it's helped to keep my coworkers and I employed. I have a couple friends that own small businesses that got the loans and have kept their employees working too. Other than that, I haven't been paying attention to others. If people can live with themselves knowingly taking food out of other people's mouths when they don't truly need the loan, then that is on them and they should be ashamed of themselves, but me dwelling on it doesn't do anything but make me bitter and I'm just not willing to go that route. I have enough other issues to worry/think about, like my FIL's burial details and how we are going to handle my SIL visiting from out of state to attend the family ceremony when it takes place.
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Deleted
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Nov 22, 2024 15:23:38 GMT
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Post by Deleted on Feb 5, 2021 21:57:21 GMT
There's no easy answer, but I hope the Biden admin does a better job at helping those who need help DIRECTLY, not through their employers. Then we can see who really needs the income and get it to them DIRECTLY.
The idea that millionaires and billionaires line up w/their hands out the same as the true small business owners who actually need help making payroll is appalling to me.
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Post by hop2 on Feb 5, 2021 23:03:26 GMT
There's no easy answer, but I hope the Biden admin does a better job at helping those who need help DIRECTLY, not through their employers. Then we can see who really needs the income and get it to them DIRECTLY. The idea that millionaires and billionaires line up w/their hands out the same as the true small business owners who actually need help making payroll is appalling to me. yes but, I’d like the government to help the mom & pop businesses they are struggling and we’re mostly shut out of the ppp loans to larger corporations |
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Post by longtimenopea on Feb 6, 2021 1:19:53 GMT
LoveMeg, Myka Stauffer, and some other youtubers got them too.
Looks like some folks got some pretty sweet vacations and stuff out of the deal.
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Post by mnmloveli on Feb 6, 2021 1:31:32 GMT
I wish they would offer higher PPP Loans especially to the smaller businesses. The first loans back at the beginning of Coronavirus were only for 2.5 times your monthly payroll. I can’t imagine what smaller businesses did after that. I haven’t heard if this second round of loans is based on the same 2.5 months.
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Post by Laurie on Feb 6, 2021 1:56:40 GMT
I wish they would offer higher PPP Loans especially to the smaller businesses. The first loans back at the beginning of Coronavirus were only for 2.5 times your monthly payroll. I can’t imagine what smaller businesses did after that. I haven’t heard if this second round of loans is based on the same 2.5 months. They can be the same months or you can use more recent months. |
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Deleted
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Nov 22, 2024 15:23:38 GMT
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Post by Deleted on Feb 6, 2021 4:06:18 GMT
There's no easy answer, but I hope the Biden admin does a better job at helping those who need help DIRECTLY, not through their employers. Then we can see who really needs the income and get it to them DIRECTLY. The idea that millionaires and billionaires line up w/their hands out the same as the true small business owners who actually need help making payroll is appalling to me. Uh. We’re a Mom and Pop who needed the help DIRECTLY and it kept our business afloat, which fed my family DIRECTLY, and the families of my employees, DIRECTLY. Why is this a bad thing? |
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Deleted
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Nov 22, 2024 15:23:38 GMT
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Post by Deleted on Feb 6, 2021 4:32:30 GMT
There's no easy answer, but I hope the Biden admin does a better job at helping those who need help DIRECTLY, not through their employers. Then we can see who really needs the income and get it to them DIRECTLY. The idea that millionaires and billionaires line up w/their hands out the same as the true small business owners who actually need help making payroll is appalling to me. Uh. We’re a Mom and Pop who needed the help DIRECTLY and it kept our business afloat, which fed my family DIRECTLY, and the families of my employees, DIRECTLY. Why is this a bad thing? It's not bad. It's just hard to define "mom and pop" in a way that the millionaires don't come to the front of the line. I want that money to go to the employees DIRECTLY and REAL "mom and pop" DIRECTLY. |
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Deleted
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Nov 22, 2024 15:23:38 GMT
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Post by Deleted on Feb 6, 2021 4:34:43 GMT
Uh. We’re a Mom and Pop who needed the help DIRECTLY and it kept our business afloat, which fed my family DIRECTLY, and the families of my employees, DIRECTLY. Why is this a bad thing? It's not bad. It's just hard to define "mom and pop" in a way that the millionaires don't come to the front of the line. I want that money to go to the employees DIRECTLY and REAL "mom and pop" DIRECTLY. Definitely agree! Thanks for clarifying. |
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Deleted
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Nov 22, 2024 15:23:38 GMT
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Post by Deleted on Feb 6, 2021 5:42:13 GMT
The Catholic Church, With Billions in Reserve, Took More Than $3 Billion in Taxpayer-Backed Pandemic Aid "Here’s a maddening pandemic fact: Catholic dioceses in the U.S. and other institutions backed by the Roman Catholic Church took more than $3 billion in taxpayer-funded government aid as part of the Paycheck Protection Program, according to an investigation by the Associated Press. That appears to make the Catholic Church the single largest beneficiary of the emergency aid program. While availing upon taxpayer-funded payments, designed to keep small businesses afloat and employees in their jobs during economic shutdowns, the AP reports the Catholic Church was sitting on $10 billion in cash, short-term investments, and other available funds. The financial statements of 112 dioceses showed that they—along with the churches and schools they operate—collected at least $1.5 billion in PPP funds, even though, the AP reports, most of those dioceses had enough cash reserves to operate for six months with no revenue coming in at all. The fact that the market quickly recovered—and then grew—meant that many of the dioceses relying on investment vehicles likely made money on the pandemic. The Archdiocese of Chicago, for example, had more than $1 billion in cash and investments as of May, yet its affiliated institutions collected $77 million in paycheck protection funds." slate.com/news-and-politics/2021/02/catholic-church-usd3-billion-taxpayer-backed-pandemic-aid-ppp-paycheck-protection.html?via=rss |
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Gennifer
Drama Llama
Posts: 5,238 
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Post by Gennifer on Feb 6, 2021 6:50:05 GMT
To play devils advocate... I'm sure that there were companies who received the loans that didn't need it...just like there are people who got the stimulus payment who didn't need it. To play devil’s advocate to your devil’s advocate... No one requested the stimulus payment; It literally just showed up in people’s bank accounts or mailboxes. The PPP loan had to be actively applied for, and it wasn’t a simple or particularly easy process. |
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Deleted
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Nov 22, 2024 15:23:38 GMT
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Post by Deleted on Feb 6, 2021 14:04:15 GMT
To play devils advocate... I'm sure that there were companies who received the loans that didn't need it...just like there are people who got the stimulus payment who didn't need it. To play devil’s advocate to your devil’s advocate... No one requested the stimulus payment; It literally just showed up in people’s bank accounts or mailboxes. The PPP loan had to be actively applied for, and it wasn’t a simple or particularly easy process. Good point. Hadn't considered that. |
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Deleted
Posts: 0
Nov 22, 2024 15:23:38 GMT
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Post by Deleted on Feb 6, 2021 15:05:08 GMT
LoveMeg, Myka Stauffer, and some other youtubers got them too. Looks like some folks got some pretty sweet vacations and stuff out of the deal. Can you share a link? Curious what other YTers got one |
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Deleted
Posts: 0
Nov 22, 2024 15:23:38 GMT
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Post by Deleted on Feb 6, 2021 15:05:46 GMT
Also don't they have to pay it back?
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Deleted
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Nov 22, 2024 15:23:38 GMT
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Post by Deleted on Feb 6, 2021 15:08:21 GMT
Also don't they have to pay it back? If you used the money for payroll, rent/mortgage, and utilities, you don’t have to pay it back. There were strict guidelines of how much the business owner could take for his or her own payroll, and what percentage had to be used for what type of expenses but so long as you were in compliance, the loan, or the portion of the loan you used on those things, gets forgiven. |
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Post by maryland on Feb 6, 2021 16:01:11 GMT
LoveMeg, Myka Stauffer, and some other youtubers got them too. Looks like some folks got some pretty sweet vacations and stuff out of the deal. I was just reading about them, and people are pretty upset. I guess LoveMeg said some inappropriate things about covid (not taking it seriously, etc.) so people are unsubscribing. |
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gramma
Pearl Clutcher
Posts: 3,114
Location: Sacramento, Ca
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Post by gramma on Feb 6, 2021 17:02:05 GMT
The loan application process itself was pretty easy (in my opinion). The forgiveness application is another story. I feel bad for the small businesses that don't have very good accounting records.
That being said, the multimillionaires who sprinted to the front of the hand out line and/or used the funding inappropriately should be publicly censured
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Post by bianca42 on Feb 6, 2021 17:02:08 GMT
To play devils advocate... I'm sure that there were companies who received the loans that didn't need it...just like there are people who got the stimulus payment who didn't need it. To play devil’s advocate to your devil’s advocate... No one requested the stimulus payment; It literally just showed up in people’s bank accounts or mailboxes. The PPP loan had to be actively applied for, and it wasn’t a simple or particularly easy process. 100% I agree that companies requested the money that didn't need it and they shouldn't have and that SUCKS. All I'm saying is that just because a business owner has a big company and lots of houses doesn't mean that SOME of them didn't actually need it to keep people employed. |
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Deleted
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Nov 22, 2024 15:23:38 GMT
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Post by Deleted on Feb 6, 2021 17:46:56 GMT
To play devil’s advocate to your devil’s advocate... No one requested the stimulus payment; It literally just showed up in people’s bank accounts or mailboxes. The PPP loan had to be actively applied for, and it wasn’t a simple or particularly easy process. 100% I agree that companies requested the money that didn't need it and they shouldn't have and that SUCKS. All I'm saying is that just because a business owner has a big company and lots of houses doesn't mean that SOME of them didn't actually need it to keep people employed. Seems kind of socialisticky to prioritize people keeing their multi-billion dollar homes (granted, some w/o full equity) while sucking at the public trough for handouts for their business. |
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Post by Darcy Collins on Feb 6, 2021 17:58:15 GMT
There's always a trade off with these programs. The more you try and put in mechanisms to ensure the company "needs" the money, the slower the entire process will be and more likely companies will go under. It's always a balance. And I don't even really know what "millionaire" company means. There are many, many companies that may have assets or even historic sales that are large, but the pandemic absolutely impacted their cashflow and this was supposed to help them keep people employed. One of the big restaurant owners in the nearest city - at least 6 high end restaurants - who I'm sure in normal times would have over a million in assets if not in sales - closed all of their restaurants. Even with PPP loans, it's incredibly difficult for high end restaurants to make the math work. Companies can't exactly start liquidating their hard assets in order to make payroll.
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Deleted
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Nov 22, 2024 15:23:38 GMT
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Post by Deleted on Feb 7, 2021 3:25:10 GMT
The loan application process itself was pretty easy (in my opinion). The forgiveness application is another story. I feel bad for the small businesses that don't have very good accounting records. That being said, the multimillionaires who sprinted to the front of the hand out line and/or used the funding inappropriately should be publicly censured If your loan was under $150k, as was the case with many truly “small” businesses, the forgiveness application was very easy-almost a rubber stamp. The factorial was 2.5 times your monthly payroll. IMO if two and a half months of payroll amounts to more than $150k, you better have a good accountant among that staff. We tried to make it easy on ourselves. As soon as we knew we were going to apply, we opened a separate checking account. We used that account number on the application and ordered hard copy checks. We manually paid payroll, rent, and utilities with those checks, and absolutely no other expenses with them, until it was gone. We can easily show where every penny of that money went, with a paper trail. Bigger companies than we are got more money so obviously it’s harder to spend hundreds of thousands or even millions with checks but as I said, if you’re that big, you should already have a good accountant. |
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sassyangel
Drama Llama
Posts: 7,456
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Post by sassyangel on Feb 7, 2021 3:42:27 GMT
100% I agree that companies requested the money that didn't need it and they shouldn't have and that SUCKS. All I'm saying is that just because a business owner has a big company and lots of houses doesn't mean that SOME of them didn't actually need it to keep people employed. Seems kind of socialisticky to prioritize people keeing their multi-billion dollar homes (granted, some w/o full equity) while sucking at the public trough for handouts for their business. It might be. But making their employees pay for that, seems like endorsing unfettered capitalism. |
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Post by tuva42 on Feb 9, 2021 16:12:04 GMT
I wish they would offer higher PPP Loans especially to the smaller businesses. The first loans back at the beginning of Coronavirus were only for 2.5 times your monthly payroll. I can’t imagine what smaller businesses did after that. I haven’t heard if this second round of loans is based on the same 2.5 months. I wish they would offer higher PPP Loans especially to the smaller businesses. The first loans back at the beginning of Coronavirus were only for 2.5 times your monthly payroll. I can’t imagine what smaller businesses did after that. I haven’t heard if this second round of loans is based on the same 2.5 months. I am one of those small businesses. I did not take the first PPP loan because at the time it was hard to tell if it would be forgiven, you had to keep all your employees and pay them, even though my doors were closed and my staff are all college students who had gone home to their parents when their universities closed. Many of us took advantage of the EIDL advances, which were based on your number of employees, $1,000 per employee. Some of us took advantage of local grants that helped a little more. Then comes this second PPP which which had a better set of rules, and is still based on 2.5 times monthly payroll (though you can choose 2019 or 2020 averages), and most of us are able to have our doors open. We aren't required to retain every employee, just use 60% of the money for payroll. But many of us are still going to go under. When revenues are cut by 50% or more, just getting money to help pay employees for a few months won't keep the doors open. I have to stay open until September when my lease ends, but its going to take a great vaccine rollout to save us then. I don't think it is the goal of those working on stimulus bills to save micro-businesses like mine. I think the goal is to keep individuals happy with checks and large companies afloat with bailouts. |
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kelly8875
Pearl Clutcher
Posts: 4,441
Location: Lost in my supplies...
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Post by kelly8875 on Feb 9, 2021 16:28:02 GMT
Our company received PPP funding in May. It absolutely kept us afloat over the summer as there was zero cash coming in. Our biggest customers didn't allow us to work in their facilities in the Spring as COVID was first hitting, which meant no billings and no cash flow in Summer. We were thankful that the original 8-week time frame was extended to 24 weeks, as were were able to use 100% of the money received. Just because the owners are millionaires does not mean the company didn't qualify. I personally filled out the PPP application for the Company myself, and it was well deserved for us. We were able to keep people employed. We were able to pay healthcare premiums, retirement funds, and utilities. The status of the owners has zero bearing on PPP money. The owners (and myself) did not qualify for stimulus money.
We do not qualify for this current round of PPP funding, because our sales reduction wasn't quite low enough.
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Deleted
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Nov 22, 2024 15:23:38 GMT
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Post by Deleted on Feb 9, 2021 16:35:59 GMT
The status of the owners has zero bearing on PPP money. I think that is the issue. For closely held companies the owner and the business are far more entwined. And many "influencer" businesses (YTers, IGers, etc) put in for tens of thousands in PPP while taking multiple vacations, holding and buying several multi-million dollar properties, etc. It would behoove us to tease out the difference between a true mom-and-pop who are employing dozens, vs. the influencers and YTers who are employing themselves, their husbands, etc. all while holding millions in reserve that they use to carry on as normal while depriving true small businesses of the lifeblood of PPP loans. |
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Deleted
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Nov 22, 2024 15:23:38 GMT
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Post by Deleted on Feb 20, 2021 6:35:55 GMT
Podcast/youtubber breaks down all the "small business" loans that went to YTers and influencers who live the high life while holding out their hands for free money from the government PPP.
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