PPP Increase Only 250 Billion Means PPP III Will Be Needed!

[JimofPennsylvan]

The next corona-virus relief bill should increase the lending limit by $350 billion not $250 billion on the SBA Payroll Protection Program and likewise double the accompanying grant program by an additional ten billion dollars. The existing PPP lending limit of $350 billion was reached this past Thursday with 1.7 million loans approved. Pursuant to America's 2019 Small Business Profile issued by the SBA, America has at least 5.9 million small businesses that have an employee, pursuant to Senator Marco Rubio the SBA already has 800,000 pending applications, Banks across America still have an abundance of small businesses that are interested in applying for a PPP loan. It was no one's fault and really understandable the state of this program because there was such a need for this loan program during this Covid 19 crisis; nevertheless, the application process was unfair, bigger businesses and businesses with close bank relationships got to go to the front of the line so many small businesses could not get a bank to process their application or timely do so, hell the SBA in part designed it this way not approving financial technology companies being able to issue loans for a week after the start of the program. If Republicans don't agree to double the loan limit here it will be an unconscionable act considering the many Americans employed by small businesses left on the side of the road because the program ran out of money. Michael Minnis, an accounting professor from the University of Chicago who did a study on the program has said the program will need to be $720 billion in size to accommodate the potential small business demand. It is not like raising the limit by an additional 100 billion is spending an additional $100 billion it's a lending limit and if I recall correctly the program is shut down at the end of June of this year. I'll tell you Republicans for Americans old enough to be adults back when President Ronal Reagan was in office, we know what President Reagan would do he would be adamant that his administration would fully replenish this program that under his watch this unfairness would not be permitted to stand were taking care of all America's small businesses that need this helping hand!


Washington should do a better job at getting food to people who have had their life turned upside down by the economic fallout of the corona-virus crisis. Washington did a great job with the Cares Act in so far as expanding Unemployment Insurance and providing enhanced benefits for the claimants; though for a lot of people the money they are getting from this program isn't enough these Americans cannot pay all their bills especially their grocery bill. America has seen the videos and pictures from Texas to California to Pennsylvania lines of cars of Americans waiting to get a box of groceries from a food bank. In America a very prosperous country people shouldn't have to go hungry especially those put in their circumstances by a viral pandemic. I don't think the way to go with this relief effort is to expand the food stamp program because I think for a lot of these struggling Americans it is too much an affront to their dignity to get on the food stamp rolls. Wisdom seems to me to call for using the same channels that exist today to help these people local food banks and local food pantries. The challenge I see for the Federal Government is how to help these outlets without incurring large scale fraud and abuse which I think might happen if the government just starts sending out checks to these distributors. Why doesn't the Federal Government give each of these Food Banks and Pantries a debit card which can be loaded on a monthly basis with monies for these organizations to buy food to distribute to the needy. The Federal government because of the enhanced unemployment program knows where these twenty-two million Americans that are recently unemployed live and based on that data and the location data of the food banks and pantries they can determine a real helpful and prudent dollar amount to put on these distributors debit card. The further value of the debit card approach is that its use can be monitored and if the money on the card is being spent improperly the card can be shut down so it offers a great protection against fraud. If the experts are right that the country's economy is not going to recover like turning on a light switch people are really going to be hurting and desperate for food for many many months it behooves Congress and the President with the next Corona-virus relief bill to address this problem with a great response!

 

[okfine]

The next corona-virus relief bill should increase the lending limit by $350 billion not $250 billion on the SBA Payroll Protection Program and likewise double the accompanying grant program by an additional ten billion dollars. The existing PPP lending limit of $350 billion was reached this past Thursday with 1.7 million loans approved. Pursuant to America's 2019 Small Business Profile issued by the SBA, America has at least 5.9 million small businesses that have an employee, pursuant to Senator Marco Rubio the SBA already has 800,000 pending applications, Banks across America still have an abundance of small businesses that are interested in applying for a PPP loan. It was no one's fault and really understandable the state of this program because there was such a need for this loan program during this Covid 19 crisis; nevertheless, the application process was unfair, bigger businesses and businesses with close bank relationships got to go to the front of the line so many small businesses could not get a bank to process their application or timely do so, hell the SBA in part designed it this way not approving financial technology companies being able to issue loans for a week after the start of the program. If Republicans don't agree to double the loan limit here it will be an unconscionable act considering the many Americans employed by small businesses left on the side of the road because the program ran out of money. Michael Minnis, an accounting professor from the University of Chicago who did a study on the program has said the program will need to be $720 billion in size to accommodate the potential small business demand. It is not like raising the limit by an additional 100 billion is spending an additional $100 billion it's a lending limit and if I recall correctly the program is shut down at the end of June of this year. I'll tell you Republicans for Americans old enough to be adults back when President Ronal Reagan was in office, we know what President Reagan would do he would be adamant that his administration would fully replenish this program that under his watch this unfairness would not be permitted to stand were taking care of all America's small businesses that need this helping hand!


Washington should do a better job at getting food to people who have had their life turned upside down by the economic fallout of the corona-virus crisis. Washington did a great job with the Cares Act in so far as expanding Unemployment Insurance and providing enhanced benefits for the claimants; though for a lot of people the money they are getting from this program isn't enough these Americans cannot pay all their bills especially their grocery bill. America has seen the videos and pictures from Texas to California to Pennsylvania lines of cars of Americans waiting to get a box of groceries from a food bank. In America a very prosperous country people shouldn't have to go hungry especially those put in their circumstances by a viral pandemic. I don't think the way to go with this relief effort is to expand the food stamp program because I think for a lot of these struggling Americans it is too much an affront to their dignity to get on the food stamp rolls. Wisdom seems to me to call for using the same channels that exist today to help these people local food banks and local food pantries. The challenge I see for the Federal Government is how to help these outlets without incurring large scale fraud and abuse which I think might happen if the government just starts sending out checks to these distributors. Why doesn't the Federal Government give each of these Food Banks and Pantries a debit card which can be loaded on a monthly basis with monies for these organizations to buy food to distribute to the needy. The Federal government because of the enhanced unemployment program knows where these twenty-two million Americans that are recently unemployed live and based on that data and the location data of the food banks and pantries they can determine a real helpful and prudent dollar amount to put on these distributors debit card. The further value of the debit card approach is that its use can be monitored and if the money on the card is being spent improperly the card can be shut down so it offers a great protection against fraud. If the experts are right that the country's economy is not going to recover like turning on a light switch people are really going to be hurting and desperate for food for many many months it behooves Congress and the President with the next Corona-virus relief bill to address this problem with a great response!

Do you think a business with 5000 employees is small? Those that size are who got their mits on the 1st $350B.
Such a deal. A friend, who needs help with his business said it like this... "Park 1/10th of those employees in a parking lot. That's 500 cars. Now does that look like the employees parked at a small business?"

 

[OldLady]

The next corona-virus relief bill should increase the lending limit by $350 billion not $250 billion on the SBA Payroll Protection Program and likewise double the accompanying grant program by an additional ten billion dollars. The existing PPP lending limit of $350 billion was reached this past Thursday with 1.7 million loans approved. Pursuant to America's 2019 Small Business Profile issued by the SBA, America has at least 5.9 million small businesses that have an employee, pursuant to Senator Marco Rubio the SBA already has 800,000 pending applications, Banks across America still have an abundance of small businesses that are interested in applying for a PPP loan. It was no one's fault and really understandable the state of this program because there was such a need for this loan program during this Covid 19 crisis; nevertheless, the application process was unfair, bigger businesses and businesses with close bank relationships got to go to the front of the line so many small businesses could not get a bank to process their application or timely do so, hell the SBA in part designed it this way not approving financial technology companies being able to issue loans for a week after the start of the program. If Republicans don't agree to double the loan limit here it will be an unconscionable act considering the many Americans employed by small businesses left on the side of the road because the program ran out of money. Michael Minnis, an accounting professor from the University of Chicago who did a study on the program has said the program will need to be $720 billion in size to accommodate the potential small business demand. It is not like raising the limit by an additional 100 billion is spending an additional $100 billion it's a lending limit and if I recall correctly the program is shut down at the end of June of this year. I'll tell you Republicans for Americans old enough to be adults back when President Ronal Reagan was in office, we know what President Reagan would do he would be adamant that his administration would fully replenish this program that under his watch this unfairness would not be permitted to stand were taking care of all America's small businesses that need this helping hand!


Washington should do a better job at getting food to people who have had their life turned upside down by the economic fallout of the corona-virus crisis. Washington did a great job with the Cares Act in so far as expanding Unemployment Insurance and providing enhanced benefits for the claimants; though for a lot of people the money they are getting from this program isn't enough these Americans cannot pay all their bills especially their grocery bill. America has seen the videos and pictures from Texas to California to Pennsylvania lines of cars of Americans waiting to get a box of groceries from a food bank. In America a very prosperous country people shouldn't have to go hungry especially those put in their circumstances by a viral pandemic. I don't think the way to go with this relief effort is to expand the food stamp program because I think for a lot of these struggling Americans it is too much an affront to their dignity to get on the food stamp rolls. Wisdom seems to me to call for using the same channels that exist today to help these people local food banks and local food pantries. The challenge I see for the Federal Government is how to help these outlets without incurring large scale fraud and abuse which I think might happen if the government just starts sending out checks to these distributors. Why doesn't the Federal Government give each of these Food Banks and Pantries a debit card which can be loaded on a monthly basis with monies for these organizations to buy food to distribute to the needy. The Federal government because of the enhanced unemployment program knows where these twenty-two million Americans that are recently unemployed live and based on that data and the location data of the food banks and pantries they can determine a real helpful and prudent dollar amount to put on these distributors debit card. The further value of the debit card approach is that its use can be monitored and if the money on the card is being spent improperly the card can be shut down so it offers a great protection against fraud. If the experts are right that the country's economy is not going to recover like turning on a light switch people are really going to be hurting and desperate for food for many many months it behooves Congress and the President with the next Corona-virus relief bill to address this problem with a great response!

Do you think a business with 5000 employees is small? Those that size are who got their mits on the 1st $350B.
Such a deal. A friend, who needs help with his business said it like this... "Park 1/10th of those employees in a parking lot. That's 500 cars. Now does that look like the employees parked at a small business?"

Yet that's 500 people who didn't have to be laid off. They'd be going to unemployment instead if they had been, and the business might not have come back if it had to stop entirely.
This is a no win situation.

 

[okfine]

The next corona-virus relief bill should increase the lending limit by $350 billion not $250 billion on the SBA Payroll Protection Program and likewise double the accompanying grant program by an additional ten billion dollars. The existing PPP lending limit of $350 billion was reached this past Thursday with 1.7 million loans approved. Pursuant to America's 2019 Small Business Profile issued by the SBA, America has at least 5.9 million small businesses that have an employee, pursuant to Senator Marco Rubio the SBA already has 800,000 pending applications, Banks across America still have an abundance of small businesses that are interested in applying for a PPP loan. It was no one's fault and really understandable the state of this program because there was such a need for this loan program during this Covid 19 crisis; nevertheless, the application process was unfair, bigger businesses and businesses with close bank relationships got to go to the front of the line so many small businesses could not get a bank to process their application or timely do so, hell the SBA in part designed it this way not approving financial technology companies being able to issue loans for a week after the start of the program. If Republicans don't agree to double the loan limit here it will be an unconscionable act considering the many Americans employed by small businesses left on the side of the road because the program ran out of money. Michael Minnis, an accounting professor from the University of Chicago who did a study on the program has said the program will need to be $720 billion in size to accommodate the potential small business demand. It is not like raising the limit by an additional 100 billion is spending an additional $100 billion it's a lending limit and if I recall correctly the program is shut down at the end of June of this year. I'll tell you Republicans for Americans old enough to be adults back when President Ronal Reagan was in office, we know what President Reagan would do he would be adamant that his administration would fully replenish this program that under his watch this unfairness would not be permitted to stand were taking care of all America's small businesses that need this helping hand!


Washington should do a better job at getting food to people who have had their life turned upside down by the economic fallout of the corona-virus crisis. Washington did a great job with the Cares Act in so far as expanding Unemployment Insurance and providing enhanced benefits for the claimants; though for a lot of people the money they are getting from this program isn't enough these Americans cannot pay all their bills especially their grocery bill. America has seen the videos and pictures from Texas to California to Pennsylvania lines of cars of Americans waiting to get a box of groceries from a food bank. In America a very prosperous country people shouldn't have to go hungry especially those put in their circumstances by a viral pandemic. I don't think the way to go with this relief effort is to expand the food stamp program because I think for a lot of these struggling Americans it is too much an affront to their dignity to get on the food stamp rolls. Wisdom seems to me to call for using the same channels that exist today to help these people local food banks and local food pantries. The challenge I see for the Federal Government is how to help these outlets without incurring large scale fraud and abuse which I think might happen if the government just starts sending out checks to these distributors. Why doesn't the Federal Government give each of these Food Banks and Pantries a debit card which can be loaded on a monthly basis with monies for these organizations to buy food to distribute to the needy. The Federal government because of the enhanced unemployment program knows where these twenty-two million Americans that are recently unemployed live and based on that data and the location data of the food banks and pantries they can determine a real helpful and prudent dollar amount to put on these distributors debit card. The further value of the debit card approach is that its use can be monitored and if the money on the card is being spent improperly the card can be shut down so it offers a great protection against fraud. If the experts are right that the country's economy is not going to recover like turning on a light switch people are really going to be hurting and desperate for food for many many months it behooves Congress and the President with the next Corona-virus relief bill to address this problem with a great response!

Do you think a business with 5000 employees is small? Those that size are who got their mits on the 1st $350B.
Such a deal. A friend, who needs help with his business said it like this... "Park 1/10th of those employees in a parking lot. That's 500 cars. Now does that look like the employees parked at a small business?"

Yet that's 500 people who didn't have to be laid off. They'd be going to unemployment instead if they had been, and the business might not have come back if it had to stop entirely.
This is a no win situation.

Shitty deal for the real small businesses who were to get $10K and end up with Zero. You know, those that are the backbone of this country.
Hardly a small business:

"The burger chain received $10 million from the federal loan program on April 10, according to its Securities and Exchange Commission filing. And while Shake Shack reportedly has more than 6,000 employees across the country, it still qualifies for this small business loan because the PPP applies to companies that don’t hire more than 500 people in one location."

"Ruth’s Chris Steakhouse, which has a location in Midtown, was another big national chain that recently announced that it received $20 million through the PPP. Sandwich chain Potbelly has also received $10 million. The loan has a one percent interest rate, but that is forgiven if the funds go largely toward paying employees, one of the reason some small restaurants say they won’t really benefit from the program because of other large costs like rent."

Shake Shack Gets $10M Federal Loan For Small Businesses Affected by COVID-19

While a few big chains have reported getting federal loans for small businesses, some small restaurants in NYC are still waiting on their funds

ny.eater.com

 

[OldLady]

The next corona-virus relief bill should increase the lending limit by $350 billion not $250 billion on the SBA Payroll Protection Program and likewise double the accompanying grant program by an additional ten billion dollars. The existing PPP lending limit of $350 billion was reached this past Thursday with 1.7 million loans approved. Pursuant to America's 2019 Small Business Profile issued by the SBA, America has at least 5.9 million small businesses that have an employee, pursuant to Senator Marco Rubio the SBA already has 800,000 pending applications, Banks across America still have an abundance of small businesses that are interested in applying for a PPP loan. It was no one's fault and really understandable the state of this program because there was such a need for this loan program during this Covid 19 crisis; nevertheless, the application process was unfair, bigger businesses and businesses with close bank relationships got to go to the front of the line so many small businesses could not get a bank to process their application or timely do so, hell the SBA in part designed it this way not approving financial technology companies being able to issue loans for a week after the start of the program. If Republicans don't agree to double the loan limit here it will be an unconscionable act considering the many Americans employed by small businesses left on the side of the road because the program ran out of money. Michael Minnis, an accounting professor from the University of Chicago who did a study on the program has said the program will need to be $720 billion in size to accommodate the potential small business demand. It is not like raising the limit by an additional 100 billion is spending an additional $100 billion it's a lending limit and if I recall correctly the program is shut down at the end of June of this year. I'll tell you Republicans for Americans old enough to be adults back when President Ronal Reagan was in office, we know what President Reagan would do he would be adamant that his administration would fully replenish this program that under his watch this unfairness would not be permitted to stand were taking care of all America's small businesses that need this helping hand!


Washington should do a better job at getting food to people who have had their life turned upside down by the economic fallout of the corona-virus crisis. Washington did a great job with the Cares Act in so far as expanding Unemployment Insurance and providing enhanced benefits for the claimants; though for a lot of people the money they are getting from this program isn't enough these Americans cannot pay all their bills especially their grocery bill. America has seen the videos and pictures from Texas to California to Pennsylvania lines of cars of Americans waiting to get a box of groceries from a food bank. In America a very prosperous country people shouldn't have to go hungry especially those put in their circumstances by a viral pandemic. I don't think the way to go with this relief effort is to expand the food stamp program because I think for a lot of these struggling Americans it is too much an affront to their dignity to get on the food stamp rolls. Wisdom seems to me to call for using the same channels that exist today to help these people local food banks and local food pantries. The challenge I see for the Federal Government is how to help these outlets without incurring large scale fraud and abuse which I think might happen if the government just starts sending out checks to these distributors. Why doesn't the Federal Government give each of these Food Banks and Pantries a debit card which can be loaded on a monthly basis with monies for these organizations to buy food to distribute to the needy. The Federal government because of the enhanced unemployment program knows where these twenty-two million Americans that are recently unemployed live and based on that data and the location data of the food banks and pantries they can determine a real helpful and prudent dollar amount to put on these distributors debit card. The further value of the debit card approach is that its use can be monitored and if the money on the card is being spent improperly the card can be shut down so it offers a great protection against fraud. If the experts are right that the country's economy is not going to recover like turning on a light switch people are really going to be hurting and desperate for food for many many months it behooves Congress and the President with the next Corona-virus relief bill to address this problem with a great response!

Do you think a business with 5000 employees is small? Those that size are who got their mits on the 1st $350B.
Such a deal. A friend, who needs help with his business said it like this... "Park 1/10th of those employees in a parking lot. That's 500 cars. Now does that look like the employees parked at a small business?"

Yet that's 500 people who didn't have to be laid off. They'd be going to unemployment instead if they had been, and the business might not have come back if it had to stop entirely.
This is a no win situation.

Shitty deal for the real small businesses who were to get $10K and end up with Zero. You know, those that are the backbone of this country.
Hardly a small business:

"The burger chain received $10 million from the federal loan program on April 10, according to its Securities and Exchange Commission filing. And while Shake Shack reportedly has more than 6,000 employees across the country, it still qualifies for this small business loan because the PPP applies to companies that don’t hire more than 500 people in one location."

"Ruth’s Chris Steakhouse, which has a location in Midtown, was another big national chain that recently announced that it received $20 million through the PPP. Sandwich chain Potbelly has also received $10 million. The loan has a one percent interest rate, but that is forgiven if the funds go largely toward paying employees, one of the reason some small restaurants say they won’t really benefit from the program because of other large costs like rent."

Shake Shack Gets $10M Federal Loan For Small Businesses Affected by COVID-19

While a few big chains have reported getting federal loans for small businesses, some small restaurants in NYC are still waiting on their funds

ny.eater.com

As Mom used to say, that's how the rich get richer. They're hogging the money REALLY small businesses could use. Around here small businesses are small, and that's pretty much all there is. I hope most of them got their applications in before the funds ran out.

 

[okfine]

The next corona-virus relief bill should increase the lending limit by $350 billion not $250 billion on the SBA Payroll Protection Program and likewise double the accompanying grant program by an additional ten billion dollars. The existing PPP lending limit of $350 billion was reached this past Thursday with 1.7 million loans approved. Pursuant to America's 2019 Small Business Profile issued by the SBA, America has at least 5.9 million small businesses that have an employee, pursuant to Senator Marco Rubio the SBA already has 800,000 pending applications, Banks across America still have an abundance of small businesses that are interested in applying for a PPP loan. It was no one's fault and really understandable the state of this program because there was such a need for this loan program during this Covid 19 crisis; nevertheless, the application process was unfair, bigger businesses and businesses with close bank relationships got to go to the front of the line so many small businesses could not get a bank to process their application or timely do so, hell the SBA in part designed it this way not approving financial technology companies being able to issue loans for a week after the start of the program. If Republicans don't agree to double the loan limit here it will be an unconscionable act considering the many Americans employed by small businesses left on the side of the road because the program ran out of money. Michael Minnis, an accounting professor from the University of Chicago who did a study on the program has said the program will need to be $720 billion in size to accommodate the potential small business demand. It is not like raising the limit by an additional 100 billion is spending an additional $100 billion it's a lending limit and if I recall correctly the program is shut down at the end of June of this year. I'll tell you Republicans for Americans old enough to be adults back when President Ronal Reagan was in office, we know what President Reagan would do he would be adamant that his administration would fully replenish this program that under his watch this unfairness would not be permitted to stand were taking care of all America's small businesses that need this helping hand!


Washington should do a better job at getting food to people who have had their life turned upside down by the economic fallout of the corona-virus crisis. Washington did a great job with the Cares Act in so far as expanding Unemployment Insurance and providing enhanced benefits for the claimants; though for a lot of people the money they are getting from this program isn't enough these Americans cannot pay all their bills especially their grocery bill. America has seen the videos and pictures from Texas to California to Pennsylvania lines of cars of Americans waiting to get a box of groceries from a food bank. In America a very prosperous country people shouldn't have to go hungry especially those put in their circumstances by a viral pandemic. I don't think the way to go with this relief effort is to expand the food stamp program because I think for a lot of these struggling Americans it is too much an affront to their dignity to get on the food stamp rolls. Wisdom seems to me to call for using the same channels that exist today to help these people local food banks and local food pantries. The challenge I see for the Federal Government is how to help these outlets without incurring large scale fraud and abuse which I think might happen if the government just starts sending out checks to these distributors. Why doesn't the Federal Government give each of these Food Banks and Pantries a debit card which can be loaded on a monthly basis with monies for these organizations to buy food to distribute to the needy. The Federal government because of the enhanced unemployment program knows where these twenty-two million Americans that are recently unemployed live and based on that data and the location data of the food banks and pantries they can determine a real helpful and prudent dollar amount to put on these distributors debit card. The further value of the debit card approach is that its use can be monitored and if the money on the card is being spent improperly the card can be shut down so it offers a great protection against fraud. If the experts are right that the country's economy is not going to recover like turning on a light switch people are really going to be hurting and desperate for food for many many months it behooves Congress and the President with the next Corona-virus relief bill to address this problem with a great response!

Do you think a business with 5000 employees is small? Those that size are who got their mits on the 1st $350B.
Such a deal. A friend, who needs help with his business said it like this... "Park 1/10th of those employees in a parking lot. That's 500 cars. Now does that look like the employees parked at a small business?"

Yet that's 500 people who didn't have to be laid off. They'd be going to unemployment instead if they had been, and the business might not have come back if it had to stop entirely.
This is a no win situation.

Shitty deal for the real small businesses who were to get $10K and end up with Zero. You know, those that are the backbone of this country.
Hardly a small business:

"The burger chain received $10 million from the federal loan program on April 10, according to its Securities and Exchange Commission filing. And while Shake Shack reportedly has more than 6,000 employees across the country, it still qualifies for this small business loan because the PPP applies to companies that don’t hire more than 500 people in one location."

"Ruth’s Chris Steakhouse, which has a location in Midtown, was another big national chain that recently announced that it received $20 million through the PPP. Sandwich chain Potbelly has also received $10 million. The loan has a one percent interest rate, but that is forgiven if the funds go largely toward paying employees, one of the reason some small restaurants say they won’t really benefit from the program because of other large costs like rent."

Shake Shack Gets $10M Federal Loan For Small Businesses Affected by COVID-19

While a few big chains have reported getting federal loans for small businesses, some small restaurants in NYC are still waiting on their funds

ny.eater.com

As Mom used to say, that's how the rich get richer. They're hogging the money REALLY small businesses could use. Around here small businesses are small, and that's pretty much all there is. I hope most of them got their applications in before the funds ran out.

Shake Shack is hardly a small business. It has shareholders.

"Shake Shack became a publicly-owned company through an initial public offering (IPO) in early 2015 and now commands a market capitalization of $1.63 billion, as of March 2020."

The Story Behind Shake Shack's Success

Learn how a humble Madison Square Park hot dog stand grew to become a gourmet casual food powerhouse named Shake Shack in a classic American success story.

www.investopedia.com

 

[OldLady]

Shake Shack is hardly a small business. It has shareholders.

"Shake Shack became a publicly-owned company through an initial public offering (IPO) in early 2015 and now commands a market capitalization of $1.63 billion, as of March 2020."

Yes, I got that. Do you have some other point, beyond the obvious?

 

[DrLove]

The next corona-virus relief bill should increase the lending limit by $350 billion not $250 billion on the SBA Payroll Protection Program and likewise double the accompanying grant program by an additional ten billion dollars. The existing PPP lending limit of $350 billion was reached this past Thursday with 1.7 million loans approved. Pursuant to America's 2019 Small Business Profile issued by the SBA, America has at least 5.9 million small businesses that have an employee, pursuant to Senator Marco Rubio the SBA already has 800,000 pending applications, Banks across America still have an abundance of small businesses that are interested in applying for a PPP loan. It was no one's fault and really understandable the state of this program because there was such a need for this loan program during this Covid 19 crisis; nevertheless, the application process was unfair, bigger businesses and businesses with close bank relationships got to go to the front of the line so many small businesses could not get a bank to process their application or timely do so, hell the SBA in part designed it this way not approving financial technology companies being able to issue loans for a week after the start of the program. If Republicans don't agree to double the loan limit here it will be an unconscionable act considering the many Americans employed by small businesses left on the side of the road because the program ran out of money. Michael Minnis, an accounting professor from the University of Chicago who did a study on the program has said the program will need to be $720 billion in size to accommodate the potential small business demand. It is not like raising the limit by an additional 100 billion is spending an additional $100 billion it's a lending limit and if I recall correctly the program is shut down at the end of June of this year. I'll tell you Republicans for Americans old enough to be adults back when President Ronal Reagan was in office, we know what President Reagan would do he would be adamant that his administration would fully replenish this program that under his watch this unfairness would not be permitted to stand were taking care of all America's small businesses that need this helping hand!


Washington should do a better job at getting food to people who have had their life turned upside down by the economic fallout of the corona-virus crisis. Washington did a great job with the Cares Act in so far as expanding Unemployment Insurance and providing enhanced benefits for the claimants; though for a lot of people the money they are getting from this program isn't enough these Americans cannot pay all their bills especially their grocery bill. America has seen the videos and pictures from Texas to California to Pennsylvania lines of cars of Americans waiting to get a box of groceries from a food bank. In America a very prosperous country people shouldn't have to go hungry especially those put in their circumstances by a viral pandemic. I don't think the way to go with this relief effort is to expand the food stamp program because I think for a lot of these struggling Americans it is too much an affront to their dignity to get on the food stamp rolls. Wisdom seems to me to call for using the same channels that exist today to help these people local food banks and local food pantries. The challenge I see for the Federal Government is how to help these outlets without incurring large scale fraud and abuse which I think might happen if the government just starts sending out checks to these distributors. Why doesn't the Federal Government give each of these Food Banks and Pantries a debit card which can be loaded on a monthly basis with monies for these organizations to buy food to distribute to the needy. The Federal government because of the enhanced unemployment program knows where these twenty-two million Americans that are recently unemployed live and based on that data and the location data of the food banks and pantries they can determine a real helpful and prudent dollar amount to put on these distributors debit card. The further value of the debit card approach is that its use can be monitored and if the money on the card is being spent improperly the card can be shut down so it offers a great protection against fraud. If the experts are right that the country's economy is not going to recover like turning on a light switch people are really going to be hurting and desperate for food for many many months it behooves Congress and the President with the next Corona-virus relief bill to address this problem with a great response!

Do you think a business with 5000 employees is small? Those that size are who got their mits on the 1st $350B.
Such a deal. A friend, who needs help with his business said it like this... "Park 1/10th of those employees in a parking lot. That's 500 cars. Now does that look like the employees parked at a small business?"

Yet that's 500 people who didn't have to be laid off. They'd be going to unemployment instead if they had been, and the business might not have come back if it had to stop entirely.
This is a no win situation.

Shitty deal for the real small businesses who were to get $10K and end up with Zero. You know, those that are the backbone of this country.
Hardly a small business:

"The burger chain received $10 million from the federal loan program on April 10, according to its Securities and Exchange Commission filing. And while Shake Shack reportedly has more than 6,000 employees across the country, it still qualifies for this small business loan because the PPP applies to companies that don’t hire more than 500 people in one location."

"Ruth’s Chris Steakhouse, which has a location in Midtown, was another big national chain that recently announced that it received $20 million through the PPP. Sandwich chain Potbelly has also received $10 million. The loan has a one percent interest rate, but that is forgiven if the funds go largely toward paying employees, one of the reason some small restaurants say they won’t really benefit from the program because of other large costs like rent."

Shake Shack Gets $10M Federal Loan For Small Businesses Affected by COVID-19

While a few big chains have reported getting federal loans for small businesses, some small restaurants in NYC are still waiting on their funds

ny.eater.com

As Mom used to say, that's how the rich get richer. They're hogging the money REALLY small businesses could use. Around here small businesses are small, and that's pretty much all there is. I hope most of them got their applications in before the funds ran out.

Shake Shack is hardly a small business. It has shareholders.

"Shake Shack became a publicly-owned company through an initial public offering (IPO) in early 2015 and now commands a market capitalization of $1.63 billion, as of March 2020."

The Story Behind Shake Shack's Success

Learn how a humble Madison Square Park hot dog stand grew to become a gourmet casual food powerhouse named Shake Shack in a classic American success story.

www.investopedia.com

Saw on the news this morning that Shake Shack was shamed into giving the 10 million they vultured from honest to God Mom & Pops back. They have 100 million in CASH on hand!

Shake Shack returning $10 million government loan meant for small businesses

With the Paycheck Protection Program already out of money, the burger chain says other restaurateurs need its loan more than it does.

www.nbcnews.com

They're not the only ones either. Several huge restaurant chains pulled the same BS by claiming each location was a separate entity. Other vultures included large law firms, hedge fund managers, and the uber-wealthy who put their yachts and private jets into LLC's. They all must be publicly shamed.

 

[DrLove]

The next corona-virus relief bill should increase the lending limit by $350 billion not $250 billion on the SBA Payroll Protection Program and likewise double the accompanying grant program by an additional ten billion dollars. The existing PPP lending limit of $350 billion was reached this past Thursday with 1.7 million loans approved. Pursuant to America's 2019 Small Business Profile issued by the SBA, America has at least 5.9 million small businesses that have an employee, pursuant to Senator Marco Rubio the SBA already has 800,000 pending applications, Banks across America still have an abundance of small businesses that are interested in applying for a PPP loan. It was no one's fault and really understandable the state of this program because there was such a need for this loan program during this Covid 19 crisis; nevertheless, the application process was unfair, bigger businesses and businesses with close bank relationships got to go to the front of the line so many small businesses could not get a bank to process their application or timely do so, hell the SBA in part designed it this way not approving financial technology companies being able to issue loans for a week after the start of the program. If Republicans don't agree to double the loan limit here it will be an unconscionable act considering the many Americans employed by small businesses left on the side of the road because the program ran out of money. Michael Minnis, an accounting professor from the University of Chicago who did a study on the program has said the program will need to be $720 billion in size to accommodate the potential small business demand. It is not like raising the limit by an additional 100 billion is spending an additional $100 billion it's a lending limit and if I recall correctly the program is shut down at the end of June of this year. I'll tell you Republicans for Americans old enough to be adults back when President Ronal Reagan was in office, we know what President Reagan would do he would be adamant that his administration would fully replenish this program that under his watch this unfairness would not be permitted to stand were taking care of all America's small businesses that need this helping hand!


Washington should do a better job at getting food to people who have had their life turned upside down by the economic fallout of the corona-virus crisis. Washington did a great job with the Cares Act in so far as expanding Unemployment Insurance and providing enhanced benefits for the claimants; though for a lot of people the money they are getting from this program isn't enough these Americans cannot pay all their bills especially their grocery bill. America has seen the videos and pictures from Texas to California to Pennsylvania lines of cars of Americans waiting to get a box of groceries from a food bank. In America a very prosperous country people shouldn't have to go hungry especially those put in their circumstances by a viral pandemic. I don't think the way to go with this relief effort is to expand the food stamp program because I think for a lot of these struggling Americans it is too much an affront to their dignity to get on the food stamp rolls. Wisdom seems to me to call for using the same channels that exist today to help these people local food banks and local food pantries. The challenge I see for the Federal Government is how to help these outlets without incurring large scale fraud and abuse which I think might happen if the government just starts sending out checks to these distributors. Why doesn't the Federal Government give each of these Food Banks and Pantries a debit card which can be loaded on a monthly basis with monies for these organizations to buy food to distribute to the needy. The Federal government because of the enhanced unemployment program knows where these twenty-two million Americans that are recently unemployed live and based on that data and the location data of the food banks and pantries they can determine a real helpful and prudent dollar amount to put on these distributors debit card. The further value of the debit card approach is that its use can be monitored and if the money on the card is being spent improperly the card can be shut down so it offers a great protection against fraud. If the experts are right that the country's economy is not going to recover like turning on a light switch people are really going to be hurting and desperate for food for many many months it behooves Congress and the President with the next Corona-virus relief bill to address this problem with a great response!

Do you think a business with 5000 employees is small? Those that size are who got their mits on the 1st $350B.
Such a deal. A friend, who needs help with his business said it like this... "Park 1/10th of those employees in a parking lot. That's 500 cars. Now does that look like the employees parked at a small business?"

Yet that's 500 people who didn't have to be laid off. They'd be going to unemployment instead if they had been, and the business might not have come back if it had to stop entirely.
This is a no win situation.

Shitty deal for the real small businesses who were to get $10K and end up with Zero. You know, those that are the backbone of this country.
Hardly a small business:

"The burger chain received $10 million from the federal loan program on April 10, according to its Securities and Exchange Commission filing. And while Shake Shack reportedly has more than 6,000 employees across the country, it still qualifies for this small business loan because the PPP applies to companies that don’t hire more than 500 people in one location."

"Ruth’s Chris Steakhouse, which has a location in Midtown, was another big national chain that recently announced that it received $20 million through the PPP. Sandwich chain Potbelly has also received $10 million. The loan has a one percent interest rate, but that is forgiven if the funds go largely toward paying employees, one of the reason some small restaurants say they won’t really benefit from the program because of other large costs like rent."

Shake Shack Gets $10M Federal Loan For Small Businesses Affected by COVID-19

While a few big chains have reported getting federal loans for small businesses, some small restaurants in NYC are still waiting on their funds

ny.eater.com

As Mom used to say, that's how the rich get richer. They're hogging the money REALLY small businesses could use. Around here small businesses are small, and that's pretty much all there is. I hope most of them got their applications in before the funds ran out.

They also had banking relationships that enabled them to be first in line. Your local restaurant owners, beauticians and gift shop owners got screwed because they don't have armies of attorneys and accountants, or those tight relationships with their banks.

 

[okfine]

Shake Shack is hardly a small business. It has shareholders.

"Shake Shack became a publicly-owned company through an initial public offering (IPO) in early 2015 and now commands a market capitalization of $1.63 billion, as of March 2020."

Yes, I got that. Do you have some other point, beyond the obvious?

As in and got what?

 

[okfine]

Shake Shack is hardly a small business. It has shareholders.

"Shake Shack became a publicly-owned company through an initial public offering (IPO) in early 2015 and now commands a market capitalization of $1.63 billion, as of March 2020."

Yes, I got that. Do you have some other point, beyond the obvious?

You obviously dismiss the fact it is not a small business. Get it now?