Home |
Search |
Today's Posts |
#1
posted to rec.boats
|
|||
|
|||
Small Business loans
The loans being offered to small businesses as an inducement to keep their employees employed is running into some major problems because of the way Congress wrote the $2T package. One problem is a result of the Dems insistence that unemployment benefits be increased to the point where laid off employees can receive more money in benefits than they earned at their jobs. If a small business owner applies for the loan and he/she can convince the employees to stay employed, the loan becomes a grant. If the employees decide to collect instead, the loan becomes what it is ... a loan that has to be repaid. Another problem is how the money from the SBA is distributed. A certain percentage can be applied to payroll, another percentage towards rent, etc. In high rent areas, there's not enough money to pay both rent and the employee wages. We can thank you know who for this ..... -- This email has been checked for viruses by AVG. https://www.avg.com |
#2
posted to rec.boats
|
|||
|
|||
Small Business loans
Mr. Luddite
The loans being offered to small businesses as an inducement to keep their employees employed is running into some major problems because of the way Congress wrote the $2T package. One problem is a result of the Dems insistence that unemployment benefits be increased to the point where laid off employees can receive more money in benefits than they earned at their jobs. If a small business owner applies for the loan and he/she can convince the employees to stay employed, the loan becomes a grant. If the employees decide to collect instead, the loan becomes what it is ... a loan that has to be repaid. Another problem is how the money from the SBA is distributed. A certain percentage can be applied to payroll, another percentage towards rent, etc. In high rent areas, there's not enough money to pay both rent and the employee wages. We can thank you know who for this ..... -- This email has been checked for viruses by AVG. https://www.avg.com “” Getting paid more NOT to work? Wow. What a dream job not to have. |
#3
posted to rec.boats
|
|||
|
|||
Small Business loans
On 4/8/20 7:25 AM, Mr. Luddite wrote:
The loans being offered to small businesses as an inducement to keep their employees employed is running into some major problems because of the way Congress wrote the $2T package. Not to worry...I'm sure Trump will fire the remaining watchdogs and appoint a few more cronies to make sure everything is on the up and up and the millionaires and billionaires get their fair share. |
#4
posted to rec.boats
|
|||
|
|||
Small Business loans
On Wed, 8 Apr 2020 07:25:06 -0400, "Mr. Luddite"
wrote: The loans being offered to small businesses as an inducement to keep their employees employed is running into some major problems because of the way Congress wrote the $2T package. One problem is a result of the Dems insistence that unemployment benefits be increased to the point where laid off employees can receive more money in benefits than they earned at their jobs. If a small business owner applies for the loan and he/she can convince the employees to stay employed, the loan becomes a grant. If the employees decide to collect instead, the loan becomes what it is ... a loan that has to be repaid. Another problem is how the money from the SBA is distributed. A certain percentage can be applied to payroll, another percentage towards rent, etc. In high rent areas, there's not enough money to pay both rent and the employee wages. We can thank you know who for this ..... The other problem is there is no protection for the bank for fraud so they will have to go through the same qualification regimen as they go through when they are loaning their own money because if the loan blows up, it is their money. This means, if you don't already have a credit line with the bank, they are going to be looking through your books like they would if you just walked in off the street. With the shutdown, that will take a while. |
#6
posted to rec.boats
|
|||
|
|||
Small Business loans
On 4/8/2020 10:57 PM, wrote:
On Wed, 8 Apr 2020 07:25:06 -0400, "Mr. Luddite" wrote: The loans being offered to small businesses as an inducement to keep their employees employed is running into some major problems because of the way Congress wrote the $2T package. One problem is a result of the Dems insistence that unemployment benefits be increased to the point where laid off employees can receive more money in benefits than they earned at their jobs. If a small business owner applies for the loan and he/she can convince the employees to stay employed, the loan becomes a grant. If the employees decide to collect instead, the loan becomes what it is ... a loan that has to be repaid. Another problem is how the money from the SBA is distributed. A certain percentage can be applied to payroll, another percentage towards rent, etc. In high rent areas, there's not enough money to pay both rent and the employee wages. We can thank you know who for this ..... The other problem is there is no protection for the bank for fraud so they will have to go through the same qualification regimen as they go through when they are loaning their own money because if the loan blows up, it is their money. This means, if you don't already have a credit line with the bank, they are going to be looking through your books like they would if you just walked in off the street. With the shutdown, that will take a while. Technically, they are supposed to be government backed loans, similar to a VA loan. -- This email has been checked for viruses by AVG. https://www.avg.com |
#7
posted to rec.boats
|
|||
|
|||
Small Business loans
On Thu, 9 Apr 2020 01:03:14 -0400, "Mr. Luddite"
wrote: On 4/8/2020 10:57 PM, wrote: On Wed, 8 Apr 2020 07:25:06 -0400, "Mr. Luddite" wrote: The loans being offered to small businesses as an inducement to keep their employees employed is running into some major problems because of the way Congress wrote the $2T package. One problem is a result of the Dems insistence that unemployment benefits be increased to the point where laid off employees can receive more money in benefits than they earned at their jobs. If a small business owner applies for the loan and he/she can convince the employees to stay employed, the loan becomes a grant. If the employees decide to collect instead, the loan becomes what it is ... a loan that has to be repaid. Another problem is how the money from the SBA is distributed. A certain percentage can be applied to payroll, another percentage towards rent, etc. In high rent areas, there's not enough money to pay both rent and the employee wages. We can thank you know who for this ..... The other problem is there is no protection for the bank for fraud so they will have to go through the same qualification regimen as they go through when they are loaning their own money because if the loan blows up, it is their money. This means, if you don't already have a credit line with the bank, they are going to be looking through your books like they would if you just walked in off the street. With the shutdown, that will take a while. Technically, they are supposed to be government backed loans, similar to a VA loan. The problem for the bank is there is no accommodation for fraud on the part of the borrower. If the loan defaults and the borrower lied on the loan application, being ineligible, the bank is on the hook for it so they still need to vet the loan, just like they would if it was their money. At least that is the way I heard it described. Using your analogy, it would be like if the borrower presented as a veteran and wasn't. The VA might not figure it out until the loan went into default and the bank came looking for government relief. |
#8
posted to rec.boats
|
|||
|
|||
Small Business loans
On 4/9/2020 1:09 PM, wrote:
On Thu, 9 Apr 2020 01:03:14 -0400, "Mr. Luddite" wrote: On 4/8/2020 10:57 PM, wrote: On Wed, 8 Apr 2020 07:25:06 -0400, "Mr. Luddite" wrote: The loans being offered to small businesses as an inducement to keep their employees employed is running into some major problems because of the way Congress wrote the $2T package. One problem is a result of the Dems insistence that unemployment benefits be increased to the point where laid off employees can receive more money in benefits than they earned at their jobs. If a small business owner applies for the loan and he/she can convince the employees to stay employed, the loan becomes a grant. If the employees decide to collect instead, the loan becomes what it is ... a loan that has to be repaid. Another problem is how the money from the SBA is distributed. A certain percentage can be applied to payroll, another percentage towards rent, etc. In high rent areas, there's not enough money to pay both rent and the employee wages. We can thank you know who for this ..... The other problem is there is no protection for the bank for fraud so they will have to go through the same qualification regimen as they go through when they are loaning their own money because if the loan blows up, it is their money. This means, if you don't already have a credit line with the bank, they are going to be looking through your books like they would if you just walked in off the street. With the shutdown, that will take a while. Technically, they are supposed to be government backed loans, similar to a VA loan. The problem for the bank is there is no accommodation for fraud on the part of the borrower. If the loan defaults and the borrower lied on the loan application, being ineligible, the bank is on the hook for it so they still need to vet the loan, just like they would if it was their money. At least that is the way I heard it described. Using your analogy, it would be like if the borrower presented as a veteran and wasn't. The VA might not figure it out until the loan went into default and the bank came looking for government relief. Don't know how the VA works today for their guaranteed loans. I bought my first house under the GI bill with a VA guaranteed loan but that was over 40 years ago. I know I had to prove that I was a veteran and the VA confirmed with their records but after that it was duck-soup. -- This email has been checked for viruses by AVG. https://www.avg.com |
#9
posted to rec.boats
|
|||
|
|||
Small Business loans
Wrote in message:
On Wed, 8 Apr 2020 07:25:06 -0400, "Mr. wrote:The loans being offered to small businesses asan inducement to keep their employees employedis running into some major problems because ofthe way Congress wrote the $2T package.One problem is a result of the Dems insistencethat unemployment benefits be increased to thepoint where laid off employees can receive moremoney in benefits than they earned at theirjobs.If a small business owner applies for the loanand he/she can convince the employees to stayemployed, the loan becomes a grant.If the employees decide to collect instead, theloan becomes what it is ... a loan that has tobe repaid.Another problem is how the money from the SBAis distributed. A certain percentage can beapplied to payroll, another percentage towardsrent, etc.In high rent areas, there's not enough money topay both rent and the employee wages.We can thank you know who for this .....The other problem is there is no protection for the bank for fraud sothey will have to go through the same qualification regimen as they gothrough when they are loaning their own money because if the loanblows up, it is their money. This means, if you don't already have acredit line with the bank, they are going to be looking through yourbooks like they would if you just walked in off the street. With theshutdown, that will take a while. Check with Fat Harry on that. He is the expert on the fraudulent use of other peoples money. -- .. ----Android NewsGroup Reader---- http://usenet.sinaapp.com/ |
#10
posted to rec.boats
|
|||
|
|||
Small Business loans
On Thu, 9 Apr 2020 13:24:03 -0400, "Mr. Luddite"
wrote: On 4/9/2020 1:09 PM, wrote: On Thu, 9 Apr 2020 01:03:14 -0400, "Mr. Luddite" wrote: On 4/8/2020 10:57 PM, wrote: On Wed, 8 Apr 2020 07:25:06 -0400, "Mr. Luddite" wrote: The loans being offered to small businesses as an inducement to keep their employees employed is running into some major problems because of the way Congress wrote the $2T package. One problem is a result of the Dems insistence that unemployment benefits be increased to the point where laid off employees can receive more money in benefits than they earned at their jobs. If a small business owner applies for the loan and he/she can convince the employees to stay employed, the loan becomes a grant. If the employees decide to collect instead, the loan becomes what it is ... a loan that has to be repaid. Another problem is how the money from the SBA is distributed. A certain percentage can be applied to payroll, another percentage towards rent, etc. In high rent areas, there's not enough money to pay both rent and the employee wages. We can thank you know who for this ..... The other problem is there is no protection for the bank for fraud so they will have to go through the same qualification regimen as they go through when they are loaning their own money because if the loan blows up, it is their money. This means, if you don't already have a credit line with the bank, they are going to be looking through your books like they would if you just walked in off the street. With the shutdown, that will take a while. Technically, they are supposed to be government backed loans, similar to a VA loan. The problem for the bank is there is no accommodation for fraud on the part of the borrower. If the loan defaults and the borrower lied on the loan application, being ineligible, the bank is on the hook for it so they still need to vet the loan, just like they would if it was their money. At least that is the way I heard it described. Using your analogy, it would be like if the borrower presented as a veteran and wasn't. The VA might not figure it out until the loan went into default and the bank came looking for government relief. Don't know how the VA works today for their guaranteed loans. I bought my first house under the GI bill with a VA guaranteed loan but that was over 40 years ago. I know I had to prove that I was a veteran and the VA confirmed with their records but after that it was duck-soup. That still takes time and in this shut down that is longer than the distressed businesses think this should take. That VA thing was a fairly easy thing to prove too. When you are assessing the bona fides of a business you have never heard of, it will take longer. Most of these small businesses probably didn't pay for a Dunn and Bradstreet rating. I would not be surprised if a lot of store fronts in Miami borrow the ten grand and open up down the street with a different name, stiffing the bank. That is how the Medicare (pay and chase) scams seem to work. |
Reply |
|
Thread Tools | Search this Thread |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Forum | |||
Small business surviving Obamanomics | General | |||
Small business health insurance | General | |||
Well known presidential family and highly placed business associates getting into the boat business. (yeah, really!) | General | |||
Small business in the US......... | General |