Anyone get that stimulus check yet?

I figure when a big mac cost 12 trillion dollars we'll just hand them 2 and tell them to be sure and split that 1.8 billion ways.

 

You're correct, but read your table again.

 

Exactly a week. I put in the application last week Monday, and it hit my account today.

Apparently my bank is a preferred SBA lender so they make the decisions in-house. I don't know if that's them patting themselves on the back or not, but that's what they told me.

 

Well that was fast, hoping for similar timing here. Put in for the PPP last Tuesday. Fingers crossed.

 

So they should have sent my broke ass a check almost a month ago....

 

Thanks. Apparently mine just got through the bank process and was submitted this morning... Hoping there's still going to be something left before round 1 runs out.

 

We're one of those companies in a weird situation where we're not liquidity constrained so trying to push funding back as far as we can to get maximum forgiveness.

Weird incentive structure they crafted with this bill.

 

Future generations are paying for this.

 

Everyone is paying for this. Your purchasing power has just been reduced.

 

Tomorrow me is different from today me.

 

Can you elaborate on your strategy of pushing out some for me?

 

Sent you a PM.

 

According to the terms of the bill:

500 billion is to fund the loan program to assist struggling industries. Some of that is in the form of loans which would ostensibly have to be paid back.
100 billion is a grant to health care providers primarily to help offset the lost revenues from delaying elective surgeries and other procedures to focus on the outbreak.
58 billion directly to airlines, half as loans and half as grants. Half of the money is for continuing to pay employees.
150 billion is granted to state and local governments to assist with losses as tax revenues plummet due to only essential businesses being open but infrastructure still must be serviced.
10 billion goes to the Pentagon, partly to cover deployment of the National Guard and vaccine research
10 billion is a loan to the Postal Service
25 billion for food stamp assistance
24 billion for farmers and ranchers
30 billion for schools (including some colleges and universities)

From what I read it is not clear how much was earmarked for payroll-retention incentives for small business, but considering how much it costs to make payroll each month for the average business, and considering how many small businesses have been shut down due to being considered non-essential one can imagine this number extending into the hundreds of billions very quickly. The bill also provides for $600/month of increased unemployment benefits, something that is likely to skyrocket with unemployment claims rising into the stratosphere.

Other not-so-well-defined amounts were earmarked to: Health Care Insurance companies, unsure of what their losses would be like; Telemedicine assistance; distilleries (especially those who are picking up the slack by providing alcohol for hand sanitizer).

There are also provisions for administrative costs specifically for this package:

I tend to be as cynical as the next person when it comes to stuff like this. It feels like opportunities abound for fraud. The 500 billion line item at the top of the list seems ripe for the plundering.

I guess we shall see what we shall see.

 

It was $349 billion to SMBs for payroll retention (with a large part of that forgivable if certain hurdles were met).

 

I got a straight 2.5x monthly payroll. Maybe larger companies have other options.

It just seems like moving money around. One of the requirements is that you don't reduce staff. In essence they're just taking the burden off of the unemployment fund and transferring it to the business, then funding it through the back end.

 

Well... that went off into the ditch pretty quickly.

 

It's not just payroll - it's also employee benefits, medical, retirement, etc.

But yes, our 4 week average for those costs was about $1.2 million, which (increased by 2.5) resulted in a loan amount of $3 million.

 

You should read the bill really carefully. If there were staff reductions, you get forgiveness for them if you bring back employees by a certain time.