Treasury Secretary Steven Mnuchin Discusses Payroll Protection Program…

Treasury Secretary Steven Mnuchin appears via phone on Fox Business News to discuss the small business payroll/paychecks program. Ms. Bartiromo claims her network of friends in the business community want to use the free government money for themselves; but the Treasury is forcing small businesses to use the money to retain payroll.

Obviously Ms. Bartiromo runs with a very self-centered network of friends incapable of accepting a government program structured to help the workforce they employ (75%). Instead, Ms. Bartiromo’s tribe wants to exploit the angles, fund ways to game the system, use grants to line their own pockets, and operate their own corrupt schemes.

Treasury Secretary Mnuchin informs Bartiromo the loan program (with complete repayment forgiveness) is entirely purposed to pay the employees. It was never designed to replace revenue; only cover all payroll expense and offset 25% of other operating costs. If her friends in businesses don’t like that, too bad.

.

Ms. Bartiromo needs to find a better tribe.

This entry was posted in Bailouts, Big Government, CDC, Coronavirus, Legislation, media bias, President Trump, Typical Prog Behavior, Uncategorized, US Treasury, USA. Bookmark the permalink.

127 Responses to Treasury Secretary Steven Mnuchin Discusses Payroll Protection Program…

  1. HellInAHandbasket says:

    No one is exempt from their own exposure.
    . . . and it is good.
    #MAGA

    Liked by 11 people

    • Mo says:

      Sorry Suspicious Cat Maria we love you but you got this one wrong–do better Dear.

      Liked by 8 people

      • The Boss says:

        After trying to bite off Mnuchin’s head, Maria was arguing with Dagen McDowell. MB either had a bug in her butt this morning, or she needed to cough up a hair ball.

        Liked by 5 people

        • GB Bari says:

          I think she was influenced by the accountant’s letter and had not stepped back to regard that letter in the context of the narrowly-scoped intentions of the Administration as defined in the guidelines for the PPP Loans.

          As usual, when the government gives something away, a very loud portion of the recipients (usually a minority) will caterwaul that it isn’t enough. It’s never enough.

          Liked by 5 people

      • John17milw says:

        Just listened and Maria is spot on with her concerns. Labor is frequently not 75% of the overhead for a business. Paying workers to stay home when their state government ordered them out will leave a business high and dry when there is no place for these workers to come back to. Small business cannot afford this shutdown. The original 15 days was tolerable because most states took a while to nationalize and close businesses. The added 30 days will not be tolerated by many.

        Liked by 1 person

      • Hello Kitty says:

        Maria grew up in a “restaurant family”.
        Her family’s situation is probably what she is referencing.

        Like

  2. Reserved55 says:

    Liked by 6 people

    • Perot Conservative says:

      And $2.2 Trillion becomes $2.45 Trillion.

      Is it worth another $2, $3, $4 Trillion – on top of this – in Pork, to ensure Trump gets re-elected & names the RBG SC teplacement?

      Like

      • Eaglet says:

        So you want a different person to run for President other than President Trump?

        Liked by 5 people

      • simplewins says:

        Short answer, YES.

        Liked by 2 people

      • YeahYouRight says:

        Is that a serious question?

        Like

      • I think what the businesses are saying is payroll is not 75 % of their costs
        ( Restaurants 35 to 40 or so)
        Fixed not flexible expenses are more than 25 %.
        Example you get 10000 , employees get 7500
        Fixed expenses are 5000 ,you are still down 2500 you got to come up with

        Like

        • BigTalkers says:

          That’s true, but it’s a lot better than nothing at all.

          My suggestion would be to talk to Nancy & Co if you’d prefer a different split.

          Like

      • TradeBait says:

        Your name says “Perot” Conservative. That says balanced budget amendment. How has that worked out since he (and many others) have promoted it?

        After the Fed is abolished your Perot vision of a balanced budget can happen, including having surpluses. So do you think these wild sums of debt being placed on the Fed through SPV’s and quantitative easing that the Treasury controls this time around per the CARES Act (as compared to the Fed last time with Soetoro), might be a clue? Abolish, bankrupt and audit the Fed. If and when that happens the entire world changes dramatically.

        If our fellow citizens are smart enough to give PDT/GOP complete control your vision can be accomplished. But it’s just a fantasy until then.

        Liked by 1 person

      • Robert Smith says:

        Yes.

        Like

        • VoteAllIncumbantsOut says:

          Poor Marie, she just doesn’t understand that Keynesian economics is dead!

          This is very similar to the 1913 Federal Reserve Act where it was designed to support the economy by buy corporate paper, not government bonds and… not Wall Street.

          Like

      • glissmeister says:

        Let liquidity and employment evaporate from your community and just watch what happens to the things you own and treasure.

        You should consider a rethink on what it means (and what it costs) to tear the social fabric of peaceful community. You might think more deeply about what it takes (and what it costs) to put Humpty Dumpty back together again.

        The is the cheapest money our government has ever “wasted” in loans intended to be forgiven. There are no better monies spent given the genuine crisis at hand, no matter how we might later argue fault or excess. Immediate access to liquidity, access to cash, is everything.

        Never has cheaper money been more provincially “wasted” more quickly for a better purpose, of purchased more for the society from which it comes. This ain’t pork. This ain’t Spam. This is the lifeblood of our economy on which our nation’s families depend.

        I think G_d everyday for President Trump and his team. They know what matters most. Pray for liquidity and that it sustains through the arc of this crisis. The rest will sort itself out over time.

        Frugal is wise. Cheapness is a vice. Cheapness is no virtue.

        Let wisdom, mitzvah and timely action be the order of the day.

        Liked by 7 people

      • trialbytruth says:

        Well yes as a matter of fact.

        Trump 2024

        Liked by 2 people

      • sunnyflower5 says:

        And take back the House to boot.

        Liked by 3 people

      • GB Bari says:

        Seriously Perot, the Dementocrats will spare not a single dime much less a few trillion to get back in power. They are the ones who pumped the first bill up to $2.2T anyway, and you know they wanted far more.

        I know you are fiscally quite concerned, as was your namesake in 1992 and 1996. I think everyone else here in the Treehouse is too.

        But I am unwilling to risk President Trump losing in November to the Communists because we complain and “nitpick” dollar amounts while huge numbers of Americans are out of work and need financial help because of a (possibly questionable) government-mandated reaction to a viral pandemic.

        Liked by 2 people

  3. Perot Conservative says:

    She was giving us inside info. I guess the Govt will check # of employees from last year to this year?

    Like

    • Nick the Deplorable says:

      Regions bank is requiring the following to apply for the loan.
      What You Need to Apply

      2019 Payroll Cost and YTD Payroll Cost through February 15, 2020
      Number of employees as of December 31, 2019
      Number of employees as of February 15, 2020
      Industry or business classification (NAICS Code which can be found on tax return)
      IRS Form 940 Employers Annual Federal Unemployment Tax Return (FUTA)
      IRS Form 941 Employer’s Quarterly Federal Tax Return
      Payroll Summary Report 2019 with corresponding bank statements
      W2 Summary
      List of employees earning more than $100,000 in compensation (salary, wages, commission and tips)
      1099 Summary
      Breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.)
      All owners with at least 20% interest will be required to sign SBA attestation
      Once the application is complete, visit loanstatus.regions.com/cares to upload PPP documentation

      Liked by 3 people

      • Nick- thanks for this info. Do you have any good links to the latest forms?

        Like

        • trialbytruth says:

          Seneca your bank will create many of there own forms. Most banks are only serving their customers. Check your personal bank website it should all be there. I just got feedback back from my bank I missed an.in house form that they had labeled and when the file name was trunkated it appeared that it was a form for 100,000 earners none of those on my payroll so I’ll have to resubmitting. Still no one has a clue when the cash flows and unfortunately. I can assume I get approved and pay non workers. I am however offering pay advances to be taken out a little at a time. When and if I get the loan I’ll start paying and forgive what advances I can.

          Liked by 3 people

    • John17milw says:

      The application requires documenting employees on February 15. Loan forgiveness will require documenting their continued employment or re-hiring by June 30.

      Liked by 3 people

  4. JohnCasper says:

    Life is really quite simple, but we insist on making it complicated.

    The simple solution would be to just tell shut-downer Fauci to go to hell.

    Liked by 6 people

    • FrankieZee says:

      Another 2 more weeks of this BS and people are going to go bat shit crazy. A huge portion of working families don’t even have 2 weeks of savings in the bank. How much longer do you think they can hold out. People are going to rack up huge credit card debt just to get by, then how the hell are they going to pay them off. How many USELESS Gov employee are laid off?

      Liked by 4 people

      • Eric C. says:

        Another 2 weeks???

        More like, another 2 minutes 😷

        Like

      • Lady in Red says:

        I’m already going bat shit crazy.

        Liked by 3 people

      • thefurnaceguy says:

        Exactly, where the hell is the money?? I own a small business and have only gotten the run-around from 3 different lenders. Why fund $350 billion more when nobody has any other the $2.2 trillion yet!! Did they steal the $2.2 trillion already and now they feel quilty and are going to flip us a few billion to keep us happy?

        Like

      • wodiej says:

        Apparently many of you have not been adversely affected by past financial downturns. But I have-twice. No one padded my unemployment check. I just had to get out there and do whatever odd jobs I could find because there were no real jobs available. The government did not give businesses loans to cover expenses. If you had a solid business you would get through it.

        Liked by 1 person

      • GB Bari says:

        It’s a great point about increasing debt. The Gubmint ought to order credit card banks that they cannot charge interest on consumer debt – both existing and newly incurred – balances between Feb. 15 and whenever the Federal and State-mandated restrictions end that permit businesses to re-open and resume operations.

        Like

    • chooseamerica says:

      Here’s all the proof you need. Fauci pictured with George Soros. We’ve already seen his love letters to Hillary.

      https://patriotssoapbox.com/politics/breaking-shocking-image-surfaces-of-dr-fauci-with-george-soros-bill-gates-sr-david-rockefeller-more/

      Liked by 2 people

    • thetrain2016 says:

      Fauci is not a decision maker, but a “salesman” toward the enemy media and the Democrats. And -like it or not- what Fauci is saying about how to stop the spread of the virus, correct. The virus spreads through contact. Avoiding contact make it impossible for the virus to spread.

      Like

      • Malatrope says:

        It is also airborne, which extends the hit range to 30 feet. The six-foot rule does not guarantee freedom from contamination. The media doesn’t want that information widely spread, but multiple studies have shown this, as well as some widely spread situations such as choral groups practicing in a closed building, without violating the six-foot rule, and with hand sanitation, where 75% were infected at the event.

        It is also not widely appreciated that “flattening the curve” will ultimately result in more cases, because it slows the development of herd immunity.

        Fauci is a grand-stander and a power-hungry fool. I would say he is a cad and a bounder as well, but that would make a serious problem seem less dangerous. That said, I wouldn’t put it past him to engage in experiments with his pet hamsters. After all, he’s never actually had the chance to be a practicing doctor.

        Like

      • butch cassidy says:

        We have a moron democrat gov here in Michigan, she would like to see the state closed until June. Fortunately we have a republican house and senate and they voted no to that. The auto companies are looking to start back up May 4th and our legislatures are already talking about companies can start back up in that time frame as well.

        This crisis was a world wide event, and Trump will have us poised to get back to where we were. For all the non believers I guess we’ll see soon enough. I know one fact, you don’t know and the man in charge has done it before.I like my odds.

        As far who started this virus, who fudged the numbers and all that crap, Trump has proven in the past that he will get to the bottom of it and expose it for all to see. Trump doesn’t look backwards, it doesn’t do any good. How many times have some of you fair weathered supporters(and the media) claimed he’s done and he’s comeback stronger? Too many times to count. I’m not trying to pick up any of your spirits, I couldn’t careless what the naysayers think or post, your not running the country, and thank GOD for that.

        Liked by 1 person

    • glissmeister says:

      The entire public health bureaucracy is plagued by a Vaxxer cult of true believers who are little more than Eugenicists. The worst are polite but hardened supremacists and hopelessly corrupted with the culture and neo-theology of 19th Century Phrenology and the failed Victorian mindset of rational materialism that brought the world nearly 200 million Democides during the 20th Century.

      The obsession with double-blind and peer reviewed studies is red flag. The pathology is the obsession; the concretization of what the process is supposed to do.

      That the scientific evidence demonstrated by practicing medical professionals was trivialized amidst a crisis of this proportion demonstrates the damaged personalities and warped philosophies of these fundamentalist practitioners of a neo-religion based in rational materialism and scientific socialism of the mid-19th Century.

      Trump needs to clean house. They universities need to be purged and the entirety of these Victorian throwbacks need a good old fashioned ass kicking to bust them free of their decades of sleep walking.

      Stuck on stupid needs to stop before more people needlessly die from the hubris and paralytic concretizations of these provincial Victorian dinosaurs.

      It’s not a profession. It’s a cult. It’s on display for all to see amidst the current crisis.

      Pope Soros, Cardinal Gates and Bishop Buffet got themselves some kind of racket going on. Few things are more pernicious, more dangerous to the well being of society than a secular religion championed by heavily monied true believers.

      Liked by 2 people

  5. So, Small Businesses will receive “Loans that will be forgiven.”

    IOW: The government will be paying workers to REMAIN on payrolls RATHER THAN going on unrmployment, and this money will not have to be repaid. (a “rebranded unemployment insurance”) AND the business owners get to use 25% to pay their bills (free money to keep businesses alive until the Social Distancing lockdown is eased)

    And ALL THIS digital “Money” was created from thin air by a few keystrokes.

    This all sounds TOO EASY.

    Liked by 1 person

    • Publius2016 says:

      the money is actually the cash flow for one and half months…the banking system would’ve exploded without it…

      entertainment hotels restaurants bars etc…all discretionary income sucked out of system due to state and city lockdowns…remember the “15 days to slow the spread” followed 30 day mandatory state and city lockdowns…”30 days to slow the spread” followed June 1 state and local orders…at each step, Dimms raise the bar like Drs. FaucIiI and Brix…the idea is to “extend the curve” to the 2020 Election…

      I believe in Easter Miracles! the therapeutics are working!!

      Liked by 5 people

  6. TwoLaine says:

    The 1st day it started a bz owner called in to Rush’s show and said he was all excited, he’d gotten in to get signed up and now he was pissed because it asked for all kinds of things. Things that a normal business/gubt loan might request, and this is one loan that is possibly up to 125% forgiveable.

    Rush didn’t bite. He says, So you’re going to give it to them right?! The conversation went nowhere from there.

    Liked by 7 people

  7. Disappointed in Maria , her friends want to add to PPP money to THEIR bottomline and steal it from employees – Hollywood accounting.

    Liked by 5 people

  8. Tom! says:

    Our democrat blackface governor in Virginia seems Incapable of instituting the unemployment part of this act. Talking to family members where the payroll protection loans are very hard to get and unemployment is impossible. Of course they are working on the problem.

    Liked by 2 people

    • Reserved55 says:

      The Trump administration warned that the States wouldn’t be able to handle the volume of unemployment applications.

      Liked by 7 people

    • You dont understand 25 % will not. pay the fixed expenses
      Example the employees pay for the month is 7500
      They can only get 10000
      The 2500 will not cover the fixed expenses
      They get the choice of taking the money and going in the hole to pay expenses or closing
      Not a good choice.
      You have to remember ,they were ordered shutdown , that is taking of their property.they must be compensated.
      Going from a viable business to the choice of a loss or closing is not equitable

      Like

      • simplewins says:

        Thats incorrect. The disaster relief loan program is $10,000. That is NOT PPP. This is based on your payroll of last year. There isn’t a cap.

        Like

      • Muthaucker says:

        Buck up buddy. It’s not governments purpose to protect businesses from scenarios where they have a temporary loss of revenue. Even if caused by government policies. Those small businesses should have mitigated risk by either having a rainy day fund or business revenue insurance.

        Liked by 1 person

        • Mojo56 says:

          What a crock! The government tells me I CAN’T operate my business and I’m supposed to buck up? My rainy day fund is being depleted by fixed costs (utilities, insurance, etc. Thank God my mortgage holder moved 3 months payments to the end of our loan). I’m trying to get through this by opening 4 nights a week (small bar & grill) selling takeout but it is a losing proposition that is slowly bleeding me.

          Let me guess. You’re a government employee or are retired so you don’t really give a shit about the businesses that are getting screwed by this lock down. Here’s an idea. NOBODY gets a check until the lock down is lifted. Cops? Sorry pal. Doctors? Nope. Teachers? It’s a paid vacation. No way. Politicians? Oh hell no. Social Security? Too bad Pops. It’s only a temporary loss of income. You’ll be fine in a few months. Maybe more. Let’s see how quickly this lock down gets lifted then.

          p.s. I checked with my insurance company the day after the shit hit the fan. They don’t cover a loss of revenue for instances like this. Nice try though.

          Like

          • bkrg2 says:

            Agreed.
            This is a bad time to be a small business owner. the PPP was a decent idea if this shutdown was only 2-3 weeks. I think many small businesses could have survived that.

            Since the shutdown will be minimum of 6 weeks AND the rampup won’t be instant, an entirely new strategy is needed. I wish I had the answer because its totally unfair to all the small business owners that service over half the country…

            Big business is not going to suffer as badly as small, but it will suffer, especailly travel, leisure, and entertainment.

            Like

  9. Reserved55 says:

    I lost count, was it fourteen times Mnuchin had to clarify what the program is?

    Liked by 5 people

  10. suburbanwoman says:

    Small business owner here. Looked into PPP for our business. Decided not to apply for it because we only employ PT seasonal employees. Sometimes we have employees that work for us during the winter, but not every year. Just going to hope and pray my Lord carries me through this walk on the beach in the sand.

    After reading the details on this Fact Sheet I found on the Treasury Dept’s website at https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf I felt a bit of fear of applying.

    I know PT and his task force have small businesses’ best interest at heart and have NO intention of hurting small business. However, I’m fearful of just WHO in the bureaucracies involved later down the road will be determining just whose applications were all filled out correctly and legally without any fraud.

    Scroll down to the next to the last FAQ on page 3 of the pdf file at that link to see this:

    “Do I need to personally guarantee this loan? No. There is no personal guarantee requirement. ***However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against you.***”

    Tea Party and IRS comes to mind. 😦

    Liked by 2 people

    • WSB says:

      I only requested to have only my paroll covered. I am sure you could have requested only your spring payroll included.

      Liked by 4 people

      • suburbanwoman says:

        I didn’t realize you can request just for your payroll. I may go back and give it another look.

        My business rent and utilities monthly average is far more than my average monthly payroll so that seemed to throw a wrench in it for me.

        Another issue is that we are VERY near retirement and I don’t want to go into retirement with a business loan that I may possibly have to pay back hanging over my head.

        Liked by 1 person

        • WSB says:

          And I have th opposite issue. Mine are so small, I would have to splice a lot of paperwork.

          My Banker, who was on her local phone with me as I filled out the internet application, agreed with me to just try the payroll.

          There was a second quesrion to add backup for those other items, and the digital form would not let me proceed without uploading more documents, so I just uploaded my W-9 again and was easily able to finish the application completely with a confirmation number.

          Try it. It will certainly be some income for you. Let me know how it worked.

          Like

      • Spring roll is what got us here.

        Liked by 1 person

      • simplewins says:

        Correct. I did the same. Of course if you commit fraud the feds will get you, and I’m glad.

        Liked by 1 person

    • This is exactly the point I heard on the radio yesterday. Radio talk show host teaches how to get out of debt. Caller was small business person. Host said do not take money for the reasons you note above. Administrations change, etc and they will find a way to make you pay back.

      Like

    • Trump Train says:

      I already submitted one. Pretty simple and with the correct documentation, segregating of funds along with clarity in the forgiveness program pretty hard to commit fraud

      Like

    • Eric C. says:

      If you employ people and pay them, you don’t have to fear being charged.

      If you take the money and fund an illegal gambling operation and don’t pay your employees, but say you do – then you might need to worry.

      Liked by 1 person

  11. Robert Schecter says:

    These patches are worth little. Things won’t improve till we re-open the economy

    Liked by 1 person

  12. John17milw says:

    There are a couple of loopholes for abuse. Also, there is a significant risk in using the loan. When a company has to lay off employees because the state has shut down income producing operations, there is a $600 per week federal bump in their unemployment compensation. The PPP loan lasts for 8 weeks and requires rehiring the laid off employees. Can I rehire them for income producing operations or can I only rehire them to sit at home? That uncertainty is the rub. Should I trust the governor of Wisconsin? Did you see his shenanigans over today’s primary vote? I have to keep up with fixed expenses–rent, utilities, insurance.The federal unemployment subsidy makes unemployment attractive for my guys. Whether it is safe to call them back does not depend so much on the virus as it does on state government preventing businesses from doing their job. What if I can’t call them back to actually work? Then I have to repay a loan in two years at 1% interest. If I can call them back for productive work, the loan is a bonus for the business. For me, the sooner the state gets out of the way, the better. If they stay in the way, I’ll massage the numbers as well as I can, and pay back the rest.

    Liked by 2 people

    • lilann2012 says:

      What if the business is still waiting for their customers to get back on their feet? It’s a trickle down affect. We might not be able to produce until after our customers get their businesses back. Is any of that taken into consideration?

      Like

    • WSB says:

      From what I understand, this is to keep your employes hired. So if you have any
      cleaning, organizing, support operations or other non-client functions, or need to rotate at half staff, that is up to you.

      If I had staff other than myself, I would have them all overhauling the library right now, updating the database, making marketing calls, getting in touch with clients to fnd out how they are doing, and cleaning computer files, etc.

      Liked by 5 people

  13. logicforoneandall says:

    She is correct in some instances. They encourage ALL businesses with less than 500 employees to apply if I understand correctly. Lets assume you have a business which has not been affected by the shutdown and continue to operate as normal. The money you received for payroll would actually not be needed?? Since your operating as normal? I don’t think any of the applications ask how the shutdown affected you?

    Liked by 3 people

    • John17milw says:

      In my application to our bank, a statement of how we are affected is required

      Like

      • logicforoneandall says:

        The application I saw was 2 pages. Needed to document all owners of 20% or more. Supply 941’s and 940 from 2019. 941 for 1st quarter of 2020. Figure average monthly income x 2.5. Then about 8 yes or no questions. Back page is about 8 statements to be initialed by person filling out application. Signature. This was for applicant to take to bank. I dont know how many papers the bank needed to fill and what questions

        Like

  14. fanbeav says:

    Wish Mnuchin would communicate with the banks and instruct to have better communication with applicants for these loans. We entered our application on Friday 4/3 and we didn’t get confirmation for two days that they were working on it. Since it is first come first serve, it’s vital that companies are communicated with so they know status of their loans!.

    Liked by 2 people

    • gda53 says:

      So you’re p*ssed because they didn’t work on it Sat & Sun?

      No confirmation for 2 whole days? Are you suggesting this isn’t sarcasm?

      Like

  15. RJ says:

    This program will definitely help the small 30 employee company I work for.

    Liked by 1 person

  16. WSB says:

    I just want to clarify what I heard when filling out my application.

    Mortgage interest (to make sure you keep paying your bank), rent and utilities will be covered as part of the grant up to 25% of the total, ncluding payroll…not only covering 25% of these costs.

    So, if you have a high payroll and keep your basic operating costs at 25% or under, all of those costs wil be covered.

    Now, when do we hear back?

    Liked by 3 people

  17. Was Maria just “reporting” what her tribe is doing/wants to do or did she come out in “favor” of it. Big difference.

    Liked by 1 person

    • Excellent point. When Maria goes 1-on-1 with a guest(s) she asks the right questions and gets to the issues her guest(s) were invited to discuss.

      SD, “Ms. Bartiromo needs to find a better tribe.“ so true. Most of the blame goes to globalist Kaputo who is her boss.

      Like

  18. msdollie says:

    What’s so hard to understand? The small business owner pays employees (presumably including self) salaries and benefits weather they work or not.

    The smart business person will pay them to prepare the business for a “Grand Re-Opening” that the world will not soon forget.

    Liked by 1 person

  19. Comrade Mope says:

    With all due respect, I don’t think Maria articulated the problem well here. The loan is to keep employees employed. The employer receives the money from the bank after jumping thru the banks hoops. Once you get the money 75% must go to the employees even if they produce nothing during the “social distancing”. That’s great and noble.The employer is basically taking out a loan to give the employees a bonus, and if the Is and Ts are not dotted correctly, the employer eats the money. The remaining 25% of the loan is to keep the lights on while we see how this pans out. Even if the 25% is not enough to keep the lights on, the place has to stay open while the public stays home.
    Why involve the business? just send the money directly to the employee. For many businesses this is just another hassle by the government, and certainly not worth the effort or risk.
    Sounds like Questionable Capitalism to me.

    Like

    • Publius2016 says:

      thats only if you want forgiveness…some small businesses will default and us e the money to open something else…

      Like

  20. Sue says:

    I was very disappointed in Maria B. this morning. She was very rude to Mnunchin and the other panelists this morning. Usually, her show is interesting and well-done. Not today.
    She just kept arguing and arguing. (I watched the Weather Channel after a few minutes). Maria just wouldn’t give it up. Maybe her bosses at Fox put her up to this today.

    Like

  21. 4EDouglas says:

    Ok some do not understand this is a Wartime footing. WW3? well China is going to pay for this one way or another. So is the MSM and the Dems-they are on the same side. Repubs. have better consider this and Ithink a lot have. Presdient Trump is a Wartime, not recession, depression, but Wartime. We are at war . he’s trying along with his cabinet. to save US and
    quite frankly I am glad he’s doing. Not try, DO.

    Liked by 2 people

  22. Reserved55 says:

    Liked by 1 person

  23. thedoc00 says:

    It would have been easy for me to accept had a very public attempt been made by the President’s team to make a formal reprogramming request of the pork built into the original legislation, after appealing to the crying governors for support to do so.

    Granted the same $250 Billion would still be requested but not after a very public display of by congress and governors of defending a pork BBQ at the tax payers expense.

    Liked by 1 person

    • GB Bari says:

      Completely agree!

      But we lost that argument to the Swampocrats and Swamplicans. Mitch tells us how great his team did knocking it back to only $2.2T…! (yeah Mitch…terrific job… 😦 )

      So we are now here looking at adding yet another quarter of a trillion instead of back still arguing the $2T bill, so we have to move forward…

      Like

  24. Sharon says:

    This is another illustration of the fact that stresses and crises do not always initiate what’s going on with people but the pressure can reveal a great deal and, in the long run, that’s helpful

    “Know thyself”…..yes. But it’s also good to recognize and know the embedded enemy, and recognize the influence “the enemy” has had on those we perceive as Not Enemies. It is not safe to conclude that just because we generally agree with someone we can therefore take hook, line, and sinker everything they say. They are pretty much accustomed to choosing what they say, concealing what they don’t want people/their clients/their base to see. Times of crisis with rapidly developing situations make it more difficult to sustain that.

    Some of the “news” these days has the function of the MRI or the CAT scan as the details slice things thin enough that murky stuff becomes clear. And that’s helpful, both short term and long term..

    Like

  25. Vegas Guy says:

    Spoke to my son earlier today & he says that some banks are still not accepting any applications. He deals with Capitol One & they just keep referring him back to The SBA. Their website says to just keep signing back in to see if / when they will be processing apps…LOL

    Cap one tells my son that despite being 3 business days into the process, they don’t have guidelines from the Treasury as to how they should proceed. Mind you other Banks ARE processing apps as fast as they can…

    This is not going well & many small business are attempting to get through this in time for this upcoming Fri. Payroll. My son’s Company, in business for 18 years with revenues of around $6 – $7 Mil annually, employs about 50 people with a payroll average of about $15000 per week. He says he will need around $150K to keep his people on board for the next 2 months or so.

    So despite all the encouraging words coming from the Administration, this cluster fluck just isn’t working as smoothly as it was touted….. At the rate apps are being processed by Banks that have their sh!t together, most of the money available will be gone in about a month. Kinda getting the feeling that small business with >500 employees are getting preferential treatment over those with <100.

    Add in that the stimulus checks are in a chaotic state also & it should be evident that we are in for a long & bumpy ride with no end in sight. A lot of business are nit going to make it through this I am sorry to say….

    Like

  26. namberak says:

    “Instead, Ms. Bartiromo’s tribe wants to exploit the angles, fund ways to game the system, use grants to line their own pockets, and operate their own corrupt schemes.” I had to laugh at that one because not more than five minutes before I read it, my wife and I were discussing the situation with the taxpayer payments and how that was going to work out for us. At some point she sighed and said, “Well, if everyone else is dipping into the till I suppose we should too.” 🙂

    Liked by 1 person

  27. Joshua2415 says:

    If you sleep with dogs, you get fleas.
    I offer that same warning to Ms. Bartiromo, and anyone looking for “a loan” from the federal government.

    Like

  28. jimrockfish says:

    You know, people are always going to try to take advantage of the system. As a sole proprietor who is currently unemployed due to COVID-19 hysteria, it disgusts me even more. My son was also laid off today from his job.

    I am trying to get set up with unemployment under the CARES act and an SBA disaster loan. Already seeing the red tape and hoop jumping coming at me. I hate asking anybody for help with anything, especially the government. I pay my taxes and the less I have to do with the government, the better. But they have forced my hand in this case so I am asking for assistance. Have doubts I will get it. And having to compete with scammers for the dollars is shitty. For all of us who need some help.

    Realize I have posted a lot about myself and my predicament yesterday and today. But what bothers me most is I know there are lots of other great Americans who are struggling way worse than I am. I feel so bad for them and what this has done to them. I need to be grateful more. Thank you my fellow Treepers.

    Liked by 1 person

  29. Maria wasn’t hostile, but confused She was making a circular argument it seemed to me.

    Liked by 2 people

    • WSB says:

      I think her point was that there are other expenses businesses have outside payroll, mortgage interest, and utilities.

      However, what she did not seem to realize is that between the PPP and SBA, all other expenses can be covered at a .5% loan.

      So, theoretically, one can have a loan to stay afloat. The only question becomes any length in lag of business upon reopening, and tips.

      Like

  30. AnotherView says:

    What new surprises await borrowers this time? What new conditions will they impose. The globalists don’t want this country up and running. They’re going to completely eviscerate us so only the big companies manage to survive. These loans don’t mean a thing in the grand scheme of ‘saving’ small businesses. Furthermore, this country won’t reopen by April 30. No way. They’ll manufacture another “crisis” before then to keep us shut down. I’m betting we’ll stay closed till June. Democrats want more time to pack the next bill with the goodies they didn’t get last time.

    Like

  31. Lady in Red says:

    Has anyone had luck with Chase? They are a mess. I think PDJT complimented them yesterday, but they don’t deserve it. I think he is not being told the truth about some of the big banks and PPP (I hear BofA is okay).

    Like

  32. iconoclast says:

    Aww come on, Sundance ! I like the Money Honey !

    Liked by 1 person

  33. billrla says:

    The PPP program is a stopgap measure to help small businesses keep employees on-payroll for an eight-week period. The loan requirements are quite clear and the documentation is simple for any properly managed company to produce quickly. The information is easily found within a company’s bookkeeping software and payroll records. Yes, banks are overloaded. Yes, some banks, especially the Too-Big-to-Fail banks, are lousy.

    Investigate all other alternatives simultaneously and do not rely on the PPP.

    Like

    • jimrockfish says:

      I had a look at both my banks PPP pages earlier. Had decided it wasn’t a good fit for me previously but wanted to see if they had improved since the last time I looked.

      Both Wells Fargo and BBVA Compass had statements that they had already taken enough applications to use up their funds so no more would be taken.

      Like

  34. I am a paralegal and work for a small firm with 3 attorneys – I am the only “salaried” employee and the owner of the firm and senior attorney is my boss, though I do work for the other 2 attorneys. We are in a state that is shut down by order of the governor. When I received my paycheck on the 31st he recommended that I immediately apply for unemployment, so I did. I will insert here that I am “working” from home as much as possible – I have all lines forwarded to my cell phone and am monitoring emails and drafting or editing documents from home as needed using “go to my pc”. I have no idea whatsoever, nor can I find any information from any of our state’s websites, about how the federal unemployment works, but I can say that my state (Louisiana) has THE lowest weekly benefit amount in the country at $247/week max. I filled out my certification and because I worked 2 days of the 1st week I was disqualified for that week, so lost 3 days of pay. They said that my 2 days or compensation were considered “excessive”. It is unreal. Anyway, he let me know yesterday that he is intending to get the money and hinted (went as far as to say he didn’t want to talk about it over the phone) he may want me to collect unemployment, still. The unspoken message was he will just pocket the money – but not sure how that would work. I am in a dilemma because I NEED my job. The economy was bad here before covid-19 and I am well compensated. I cannot believe people are trying to take advantage of a system intended to help the very people who keep their businesses running and profitable. It’s disgusting.

    Liked by 1 person

  35. spren says:

    My wife and I saw that interview this morning and we’ve never seen Maria like that before. She was unhinged and raving like a mad dog. To his credit, Mnuchin maintained his cool and tried to talk her down off the ledge.

    Liked by 1 person

  36. Burzell says:

    Ha good one SD,, but it’s too late – she married into the tribe!

    Liked by 1 person

  37. Stephanie says:

    This is good. I’m sure there are many small business owners looking at how they can get that money and screw over their employees at the same time. This will put an end to that mess! Unless they want a fraud charge, end up having to pay back the money, and then get fined I’m sure. This will call out many devious business owners that they better think twice in their finagling plans. And they can’t leave their employees hanging; they either furlough them and let them get unemployment or they pay them their usual pay.

    Like

  38. Stephanie says:

    It’s kind of hilarious in a way….many of the business are used to taking 75% and giving their workers 25%, the tables have turned and well, they don’t like it. Lol

    Like

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