I see no help coming from the government for all the small businesses.
I have talked with friends who have applied and waiting for help since they have nothing coming in
I told them they will get no help at all, they are holding out hope
I told them they are small and do not matter to their banks for ppp and the rest has been bungled by the government
Some of them have no idea what they are going to do since they have no to little money to operate moving forward for the next 3, 6, 9 months
I see lots of bankruptcy and already around here some restaurants and businesses have already said they will not reopen at all
I have talked with friends who have applied and waiting for help since they have nothing coming in
I told them they will get no help at all, they are holding out hope
I told them they are small and do not matter to their banks for ppp and the rest has been bungled by the government
Some of them have no idea what they are going to do since they have no to little money to operate moving forward for the next 3, 6, 9 months
I see lots of bankruptcy and already around here some restaurants and businesses have already said they will not reopen at all
This is one of the reasons we should have never shut down. Government programs no matter how well intended are always clusterfucks, especially if they need to be rolled out on short notice.
My soul bleeds for all the small businessmen and their help and families who may lose their dreams and livelihood because of government cluelessness and overreach.
Just a typical government operation, just as fucked up as Obamacare and Medicare and the Great Society
glad someone got it but don't call them floodgates as every biz I know, that used PNC Bank to process PPP, was sent the same rejection letter I got on Saturday. Every single one...
details have shown that 5000 companies were awarded at least 5M each and they are largely and restaurant franchises like Potbellies, Ruths Chris, etc. … you know, the companies that have their corporate office (Darden Hospitality, MGM Group, etc) lobbying congress on a daily basis. They are not truly small businesses like you or I, they are like if your firm was a franchise spun off of Ernst and Young. It's estimated these 5000 "small businesses" took up as much as half of the 350B. It was also reported that big banks (like my PNC Bank) pushed their largest "small businesses" to the top of the pile and it was never a first come, first served program at all.
Ruths Chris' parent company, Ruth's Hospitality Group with 6k employees, made 50M in profits last year and spent 150M in stock-buybacks to sweeten their stock price and just got 20M out of the PPP fund. Same with Ritz Carlton, Dave & Busters, Marriott, McDonalds, J Alexanders, and thousands of other huge corporations...they packaged together the franchises and took the majority of the available money and then will take another massive amount through the other stimulus package offered up to large businesses.
But Congress who, don't forget, gave themselves a $25M raise know they will get back some of this money through the lobbyists. Hey it's an election year
Yea, it's looking like the PPP program was intended to save "small" businesses, but was poorly planned in the rush of the moment.
Huge companies are skirting the intent by putting up individual franchises as qualifiers. That includes most of the large restaurant / fast food chains. They are not only sneaking in where they were never intended but the banks are of course favoring them which is leaving little to no money for the truly small businesses for which this program was designed.
The President has caught on and wants additional funding for this program but in order to get it Congress must pass a bill allowing it.
Guess who controls the legislation? Well none other than Nancy Pelosi who sits home in San Fran instead of getting back to Washington to get this legislation passed. Those who designed the program have been aware of the need for more funding since the middle of last week. But Nancy sits home while small businessmen and their employees twist in the wind. Pathetic and unconscionable.
Huge companies are skirting the intent by putting up individual franchises as qualifiers. That includes most of the large restaurant / fast food chains. They are not only sneaking in where they were never intended but the banks are of course favoring them which is leaving little to no money for the truly small businesses for which this program was designed.
The President has caught on and wants additional funding for this program but in order to get it Congress must pass a bill allowing it.
Guess who controls the legislation? Well none other than Nancy Pelosi who sits home in San Fran instead of getting back to Washington to get this legislation passed. Those who designed the program have been aware of the need for more funding since the middle of last week. But Nancy sits home while small businessmen and their employees twist in the wind. Pathetic and unconscionable.
glad someone got it but don't call them floodgates as every biz I know, that used PNC Bank to process PPP, was sent the same rejection letter I got on Saturday. Every single one...
details have shown that 5000 companies were awarded at least 5M each and they are largely and restaurant franchises like Potbellies, Ruths Chris, etc. … you know, the companies that have their corporate office (Darden Hospitality, MGM Group, etc) lobbying congress on a daily basis. They are not truly small businesses like you or I, they are like if your firm was a franchise spun off of Ernst and Young. It's estimated these 5000 "small businesses" took up as much as half of the 350B. It was also reported that big banks (like my PNC Bank) pushed their largest "small businesses" to the top of the pile and it was never a first come, first served program at all.
Ruths Chris' parent company, Ruth's Hospitality Group with 6k employees, made 50M in profits last year and spent 150M in stock-buybacks to sweeten their stock price and just got 20M out of the PPP fund. Same with Ritz Carlton, Dave & Busters, Marriott, McDonalds, J Alexanders, and thousands of other huge corporations...they packaged together the franchises and took the majority of the available money and then will take another massive amount through the other stimulus package offered up to large businesses.
But Congress who, don't forget, gave themselves a $25M raise know they will get back some of this money through the lobbyists. Hey it's an election year
Rejection until funds added, I think many more smaller businesses start to get it this time around, emphasis on "think"
And I'm not defending the process, already pointed out the flaws
Congress will sign in another $250-300B to fund PPP tomorrow....
1st question to Munchkin Man was how will you ensure that the money is actually going to go to true small businesses this time and not to chains under huge company umbrellas. His answer? deflect and ask for a next question
He later said this was all effective and fully transparent. and then explained that it was a House oversight committee that is keeping this open and transparent. (insert throat clear)
so expected to get another fist lodged in your backside for round 2 of PPP
1st question to Munchkin Man was how will you ensure that the money is actually going to go to true small businesses this time and not to chains under huge company umbrellas. His answer? deflect and ask for a next question
He later said this was all effective and fully transparent. and then explained that it was a House oversight committee that is keeping this open and transparent. (insert throat clear)
so expected to get another fist lodged in your backside for round 2 of PPP
https://www.cnbc.com/2020/04/21/cor...s-484-billion-small-business-relief-bill.html
There are some details
There are some details
