Should we run up credit before they pull it?

[Notarealsignguy]

Its up to the banks to vet the customer and ensure that they will use the money properly. Its not automatically forgiven either. At the end, you have to give records to the banks and they have to prove to the SBA that the money was used as outlined. There will be many unhappy people at the end that misuse the funds and banks dont forgive it. The one gray area is with employees. There is nothing that specifically says you cant fire all of your employees and hire your wife and kids but thats also something that the bank could deny you for. We will see

 

[Texas_Signmaker]

I serve on the board of a small church that owns a daycare. We were forced to shut down and had to lay off all 6 teachers. No money is coming in from parents because understandably, we're not watching their kids.
We are trying to get PPP $$ to keep the employees paid. We gave what little was left to them but it's been gone for weeks. Church donations are down because no one comes to our building, it's all online.

If a business that is booming and looking at hiring gets applies for and gets PPP money, and 6 very kind hearted, low paid daycare teachers can't, I have to define that that person as a greedy pig.

 

[Notarealsignguy]

I serve on the board of a small church that owns a daycare. We were forced to shut down and had to lay off all 6 teachers. No money is coming in from parents because understandably, we're not watching their kids.
We are trying to get PPP $$ to keep the employees paid. We gave what little was left to them but it's been gone for weeks. Church donations are down because no one comes to our building, it's all online.

If a business that is booming and looking at hiring gets applies for and gets PPP money, and 6 very kind hearted, low paid daycare teachers can't, I have to define that that person as a greedy pig.

Flip side is that you never know whats around the corner. Our largest customer reassured us that we were safe and they had enough to keep us busy for 6 months. A week later they called and said every job was canceled or on hold. They have about 80 employees cleaning the shop now.
I do agree with what youre saying. In fairness to everyone, you cant tell the guy who saves that he gets nothing because he has money and give it to the guy that blew all of his and poorly runs his business. Maybe a regular low or no interest loan would have been a better idea?

 

[Johnny Best]

That is not very Christian calling someone a "greedy pig". Does not that fall under "render unto Caesar the things which are Caesar's and unto God the things that are God's."

 

[binki]

We have contacted all of our creditors for relief. Some are better than others and all have waived late fees and some have reduced interest and even one set the interest at 0.00% for a year. Most of our vendors are not bugging us for payment on net accounts and only one has frozen our account until we pay it. We have also applied for emergency funding with our business bank and the SBA but are still waiting. That is pretty much all we can do at this point.

Rather than running up your credit I would suggest you contact them. Some let you do it via the website, others you have to call which is next to impossible right now. What we did was not pay the bill and after about a week they call and ask for payment. At that time we asked for the extension and waivers have received them. After all, there is no need to lie about it. Their actions will remain the same in limiting access to credit. We have already seen banks stopping all new HELOC loans and reductions in limits on credit cards. This is going to go on for a lot longer than you think. Maybe another year before the recovery even starts.

 

[netsol]

am i the only one, at all grounded in reality?
our government has no money.
trump will run the printing presses probably to the tineof $5Trillion (obama stimulus x 2)

the only thing saving us from being like venuzuela is that the dollar is the reserve currency for the world. if they make the chinese yuan the reserve currency for the world the decline the democrats wish on us has begun

 

[Notarealsignguy]

am i the only one, at all grounded in reality?
our government has no money.
trump will run the printing presses probably to the tineof $5Trillion (obama stimulus x 2)

the only thing saving us from being like venuzuela is that the dollar is the reserve currency for the world. if they make the chinese yuan the reserve currency for the world the decline the democrats wish on us has begun

Obama stimulus x 2? Hahaha It just started. At least he setup loans for the automakers and got repaid. I think it was a terrible ill thought out plan but thats what happens when you put people in charge that do not understand economics or are not able to make tough decisions and say no. Everyone that I know who got PPP money is slammed with work so it is essentially pure profit. It isn't a partisan issue either, both sides are yelling give give give. A deferred interest or low interest loan would have made sense, then only businesses that need it would sign up but it wouldn't it be unfair to those that did not either.

 

[Jeremiah]

Is someone saying Person who have been laid off from work because of corona gets : unemployment , money from their boss (while not working) in order to keep their job , and the 1200.00 deposit in their bank because they are not working. Then the owner of the company does not need to use the profit from the past 15 years to pay his own bills, because the government is also paying the owner too
Wow.

 

[Texas_Signmaker]

Is someone saying Person who have been laid off from work because of corona gets : unemployment , money from their boss (while not working) in order to keep their job , and the 1200.00 deposit in their bank because they are not working. Then the owner of the company does not need to use the profit from the past 15 years to pay his own bills, because the government is also paying the owner too
Wow.

Yes