The Economic Stimulus

[Rufus T. Firefly]

People that have garnishment orders wont get their money.If direct deposit took place.

Well, one of the pre-supposed uses of the stimulus money was to pay your bills,

Someone will get the money,

Yes and they won't be buying toy trains with it....

Some over on OGR intend to do just that,

[HONDO74]

Well, one of the pre-supposed uses of the stimulus money was to pay your bills,

Someone will get the money,

Yes and they won't be buying toy trains with it....

Some over on OGR intend to do just that,

Same on other train forums. As of today there is no cure for an addiction to toy trains. Same as some other hobbies.

Right now I'm addicted to staying at home and protecting my TP supply.

[up148]

I was so depressed last night thinking about COVID-19, the economy,
wars, jobs, my savings, Social Security, retirement funds, etc., I
called the Suicide Hotline. I got a call center in Pakistan, and when
I told them I was suicidal, they got all excited and asked if I could
drive a truck.

[Rufus T. Firefly]

Right now I'm addicted to staying at home and protecting my TP supply.

One must have their priorities in the proper.....ahem....place.

[HONDO74]

Applications for small-business loans were like 'stampede through the eye of a needle'
https://news.yahoo.com/small-business-l ... 21530.html

Much of the $350 billion in the Small Business Administration's emergency coronavirus relief fund was effectively spoken for within the first minutes of launch, according to senior banking executives.

"We didn't even get through the first five minutes of applications," a JPMorgan Chase senior banking executive said.

The bank received over 60,000 applicants for the Paycheck Protection Program within those first five minutes, a senior executive at Chase said. When funds ran dry after less than two weeks, only 27,000 loans had ultimately been approved, Chase said.

After reports revealed details about which companies had been successful in securing emergency funding, small-business owners across America were angry about having never made their way to the front of the line.

But according to some large lenders, there was no time for a line. The CEO of an independent bank said it was like “a stampede through the eye of a needle.”

A senior Bank of America executive said that, on the first day alone, the bank received over 10,000 applications per hour. The bank had just "thousands" of those approved by the SBA, CEO Brian Moynihan said during an earnings call last week.

Separately, Wells Fargo said the SBA had approved a total of 1,051 applications for $120 million. Over 170,000 "expressions of interest" were filed with the bank within just the first two days.

The bank said the high demand outstripped penalty restrictions on its ability to lend that were imposed by federal regulators two years ago following a fake account scandal. Wells Fargo's participation in the SBA coronavirus loans program was initially capped at $10 billion, but on April 8, the Federal Reserve allowed a temporary relief from those limits.

Overall, since the emergency fund was “first come, first served,” only small-business owners who got their applications in at the earliest possible moment were likely to get funded.

[Rufus T. Firefly]

No surprise - the majority of the money went to the least in need or deserving.

[HONDO74]

Small Business Administration
https://en.wikipedia.org/wiki/Small_Bus ... nistration

https://www.sba.gov/about-sba/organization

Column: The PPP is letting our small restaurants and businesses die
https://news.yahoo.com/column-ppp-letti ... 14102.html

Restaurants are among the hardest-hit businesses during the coronavirus shutdown. The National Restaurant Assn. estimates that 3 million restaurant employees lost their jobs in March, a month in which restaurants lost about $45 billion in revenue. The industry is bleeding out.

But while the airlines enjoy a $25-billion bailout, the CARES Act — a federal stimulus package for businesses and individuals affected by the coronavirus pandemic — and its centerpiece, the Paycheck Protection Program, is the equivalent of a Band-Aid — one of the small ones that goes around your finger.

It’s leaving local restaurants and other small business owners wondering: Where’s the money? In the meantime, large chains like Ruth’s Chris Steak House and Potbelly Sandwich Shop are allowed to suck the fund dry, having been granted multimillion-dollar loans.

The PPP is a Small Business Administration loan program designed to give small businesses financial relief. Businesses can apply for up to 250% of their monthly payroll: If your payroll is $100,000 per month, you can apply for a $250,000 loan. The loans are forgiven if 75% of the money is used to pay employees.

[robert.]

I'm used my stimulus check to invest in stock. I found semi precious metal to be a good choice. go ahead keep the booze stores closed

[HONDO74]

Why is that sitting in front of an outhouse.

[robert.]

Why is that sitting in front of an outhouse.

My two best sellers. booze and TP.

[healey36]

Liquor stores are open in Maryland...they're essential!

[robert.]

they open tomorrow in pa. Only in a few locations. Governor must have felt the pinch of lost tax.

[HONDO74]

Why is that sitting in front of an outhouse.

My two best sellers. booze and TP.

What you don't have some old Sears catalogs or corn cobs. If you booze them up with home brew they won't know the difference.

[HONDO74]

they open tomorrow in pa. Only in a few locations. Governor must have felt the pinch of lost tax.

I think all governors are feeling the pinch of lost tax revenue. Especially New York. No stimulus money to bail out the states. Not yet but I can see that coming.

[robert.]

All states get money from the cares act
Provides $150 billion to states, territories, local and tribal governments to use for expenditures incurred due to the public health emergency with respect to COVID-19 in the face of revenue declines, allocated by population proportions.
Distribution is based on population. No state shall receive a payment for fiscal year 2020 that is less than $1.25 billion