Coronavirus job losses could total 47 million, unemployment rate may hit 32%, Fed estimates

ElCubano · Apr 2, 2020

newwurldmn said:
So I’m actually applying for these loans in order to protect a few hundred jobs.

I’ve been studying it. The offering is being refined virtually very few hours to enhance the impact and intent of the program. There might be some fraud. There always is, but I think it will keep 10s of millions out of unemployment.

And the decentralized nature of the loans - being issued by banks and the onus is on the companies to provide evidence for forgiveness solves the manpower issue.

With these loans many employers can rehire employees.

I have friends Biz owners already approved under this program. It’s a good option I agree with you. Good luck man!!! Hope you get approved and survive this onslaught.

ElCubano · Apr 2, 2020

Sig said:
So many people in the gunning for that title in the last 2 weeks!

There’s a new name out there hahaha

Covidiots!!!

newwurldmn · Apr 2, 2020

ElCubano said:
I have friends Biz owners already approved under this program. It’s a good option I agree with you. Good luck man!!! Hope you get approved and survive this onslaught.

I don’t know how they are approved as the SBA hasn’t started doing approvals and banks aren’t sure how to process the applications. Applications came out yesterday.

Unless you are talking about the disaster loans: the first 10k is automatic, but the rest requires a review and it’s unclear when that will start.

ElCubano · Apr 2, 2020

SBA paycheck protection plan is what I’m referring to. Maybe they got pre approved through local bank. I’m not certain they got monies yet so ill go with what you say since you are in he actual trenches.

Sig · Apr 2, 2020

ElCubano said:
SBA paycheck protection plan is what I’m referring to. Maybe they got pre approved through local bank. I’m not certain they got monies yet so ill go with what you say since you are in he actual trenches.

There's actually several programs out there. One allows you to just not submit as much in SS and employee withholdings, which you can do as soon as your next pay cut. The other involves a forgivable loan, which is probably not quite ready to go with most banks (and there are actually 2 versions of the loan as well!). Luckily I won't have to deal with any of them, at least so far!

newwurldmn · Apr 2, 2020

ElCubano said:
SBA paycheck protection plan is what I’m referring to. Maybe they got pre approved through local bank. I’m not certain they got monies yet so ill go with what you say since you are in he actual trenches.

Approval process hasn’t been set up for for paycheck protection plan.

But I suspect approval process will be easy.

It’s a pretty smart program.

Sig · Apr 2, 2020

newwurldmn said:
Approval process hasn’t been set up for for paycheck protection plan.

But I suspect approval process will be easy.

It’s a pretty smart program.

To be honest the whole thing is actually pretty smart, even though I was skeptical given the time they had to throw it together. There are several clauses that exclude high wage earners (as it should, otherwise I'd just pay myself a massive salary this month for free) and it requires a significant drop from last year's revenues, both things I thought they'd screw up. A few people may slip through the cracks (for example my revenue last year happened to be concentrated in Q1 and is spread out over all 4 quarters this year, so technically I'd qualify even though COVID isn't impacting us at all), but overall it will be pretty hard to take advantage of if you didn't really need it.

newwurldmn · Apr 2, 2020

Sig said:
To be honest the whole thing is actually pretty smart, even though I was skeptical given the time they had to throw it together. There are several clauses that exclude high wage earners (as it should, otherwise I'd just pay myself a massive salary this month for free) and it requires a significant drop from last year's revenues, both things I thought they'd screw up. A few people may slip through the cracks (for example my revenue last year happened to be concentrated in Q1 and is spread out over all 4 quarters this year, so technically I'd qualify even though COVID isn't impacting us at all), but overall it will be pretty hard to take advantage of if you didn't really need it.

Yeah. And after they announced it, they’ve been tweaking it as they find loopholes.

Turveyd · Apr 2, 2020

newwurldmn said:
So to be clear:

you understand the death toll relationship to the hospital capacity.
And you understand that this virus spreads fast and easily.

And you are still advocating that this isn’t a big deal.

Social distancing earlier would have helped a lot. But you and a few others (people who love the word snowflake) kept and keep saying it’s not a big deal and we don’t need to “social distance.”

You have beaten dozu for the stupidest person on elitetrader.

Yes fully 100% aware don't worry.

You not spotted even lock down has very little effect.

People die from Flu when health services gets swamped just the same, nobody cares then.

I just don't think it's as bad as you think it will be.

wrbtrader · Apr 2, 2020

Sig said:
To be honest the whole thing is actually pretty smart, even though I was skeptical given the time they had to throw it together. There are several clauses that exclude high wage earners (as it should, otherwise I'd just pay myself a massive salary this month for free) and it requires a significant drop from last year's revenues, both things I thought they'd screw up. A few people may slip through the cracks (for example my revenue last year happened to be concentrated in Q1 and is spread out over all 4 quarters this year, so technically I'd qualify even though COVID isn't impacting us at all), but overall it will be pretty hard to take advantage of if you didn't really need it.

I don't qualify for anything in the two countries I'm a citizen and the one country I'm a legal resident.

Yet, I do have children (young know it all teenagers)...maybe there's something there for families.

If they mistakenly send me a check...I think I'll keep it (don't cash it) and frame it on the wall as a souvenir. Not sure what I'll do if I get a direct deposit...maybe buy shirts for all active ET members with a picture of Baron (shirtless) doing pullups and below the picture...

ET Covid-19 Survivor

On the flip side, I now have time to buy tickets to the Olympic Games (e.g. rowing, judo, track & field) considering its delayed by one year.

wrbtrader