6 of the most conspicuous businesses that got PPP loans

[Voice of Reason 10,298]

4 hours ago, laylalex said:

You missed my point which is "conspicuous" has no objective meaning here, so it can mean whatever the author and reader agree or disagree that it means.

 

That's all.

No, I didn't miss the point.  You made it very clear.

 

3 hours ago, laylalex said:

Oh yeah, for sure. Except the lobbying firms run by old Obama staffers, of course. And I don't really think we can pigeonhole Kanye as anything. After all, none of us can see inside his head, even Kim K, who would know best if there were holes in it you could see into.  

 

All this googling about what Kim said about Kanye is making me get way too many Kardashian stories in my Google news feed on my phone.  I do not need to know about Kendall and Kylie being in a tiff, or Khloe going back to her ex. But I clicked ("klicked"?) anyway so I guess I'm the fool.

Didja happen to see the millions upon tens and hundreds of millions of dollars that other companies (which have no obvious political affiliation) received?

Shake Shack... Auto Nation... Ashford Hospitality Trust...

 

But whatevs floats anyone's personal political boat, I guess.  Me, I think there should be some repercussions against these large companies stealing money from smaller companies, as well as against those who approved the loans.

 

Another part of me says... good on them.  I know people who have taken a pay cut due to covid, have filed for underemployment, and made more money sitting at home.  Shameful, IMO.  But if you're not cheating, you're not trying, right?

 

 

 

[Nature Boy 2.0 8,370]

One thing for sure. When this is all over, if they start picking random organizations and auditing them for compliance.  There is going to be a lot of people in trouble with the feds 

[Voice of Reason 10,298]

9 minutes ago, Nature Boy 2.0 said:

One thing for sure. When this is all over, if they start picking random organizations and auditing them for compliance.  There is going to be a lot of people in trouble with the feds 

I hope you're right.

[OriZ 3,157]

6 hours ago, beloved_dingo said:

I work for a small family law firm (less than 12 employees) and we were not successful the first time applying for PPP (the money ran out SO fast) but they were able to get a loan during the second round of loans. 

 

All of our courthouses here in Alabama were shut down completely for nearly 2 months, so our business came to a complete standstill during that time. We're very thankful we managed to get that loan, because it allowed the partners to make sure we were all still getting paid - even our hourly part-time employees. 

 

Also, I don't know if this applies to all of the loans, but ours is forgivable as long as various conditions are met (such as retaining employees, maintaining rate of pay, not misusing the funds, etc). 

Yup, same terms for everyone. 

 

6 hours ago, Burnt Reynolds said:

I really hope forgiveness is extremely limited, especially to large corporations. I hear the interest on these are like 1% annual, which might explain why so many that don't need it might be taking it anyways. Because why not? If you can't pay it, its "forgiven". If you can, and stay in business, 1% is a sweetheart deal and a huge boost to revenue generating assets. With the taxpayer as your business collateral, and a better loan than you'd likely find on the market, you'd be stupid not to.

PPP is 1% and EIDL is 3.75%, however, whereas you have 6 months to start paying off the PPP loan(if it's not forgiven) and two years to pay it off completely, you have a whole year before you have to pay EIDL off, and you pay it over 30 years. It's like a sweet mortgage deal without buying a house. Get a $40k loan pay less than 200 back a month. And now they're even talking about reducing EIDL rates down to 1% as well, from the 3.75% it currently is. And to top it all off, you can get up to a $10k grant($1k per each employee) simply by applying, even if your loan isn't approved. Everyone keeps talking about PPP, but if you ask me, the real sweet deal is with the EIDL.