It's the economy, stupid! (Finance-related news)

[TsingTao]

That's a reasonable quantity of hookers and blow. Nice.

[Salodin]

God damnit thats a lot of free money

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[archibaldcrane]

God damnit thats a lot of free money

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It's only free (forgiven) if spent according to the rules - the rules are what I'm trying to figure out.

I'm the only employee, and I didn't pay myself a large salary last year (most of my income from my company is via disbursement, not payroll), and as the owner-operator I can only get forgiven 8/52nds (8 weeks worth) of my 2019 salary - which is not very much (like $2400 for me). But I think I can also get forgiven other operating expenses in the timeframe, like employee health insurance costs, which would be another few grand in that timeframe. But I also don't know exactly what 8 weeks of timeframe these expenses need to occur in - is it past, future, currently occurring? What starts the date range? Since I'm currently collecting unemployment, paying myself right now (to get the payments forgiven) means I can't collect UI during the time I'm paying myself, which makes it not worth it - but I don't know whether I can wait til August (after the 600/week UI boost is over), then pay myself a lump sum totaling 8/52nds of my 2019 income, and then get that sum forgiven. I don't know how much of my health insurance I can get forgiven - 2 months worth? More? I don't know about other business expenses.

The loan has a 3.75% interest rate, but doesn't have to start being paid back until 12 months from receipt. However I don't know if it accrues interest during those 12 months or not.

I need to find the application for loan forgiveness and work backwards from there I think.

[Andalusian girls]

define your small business

[archibaldcrane]

define your small business

My business provides television editorial services.

A production company subcontracts with my business to obtain television editorial services from my company's employee (me).

(It's just a way to pay less in payroll taxes and justify more business expense writeoffs)

[Andalusian girls]

that's the sexiest thing you've ever said to me

[archibaldcrane]

I don't think I'm going to get even $5000 forgiven out of this.

[archibaldcrane]

that's the sexiest thing you've ever said to me

some people loot in the streets

i like to loot in the spreadsheets

[archibaldcrane]

https://twitter.com/BEA_News/status/...450001924?s=19

The power of stimulus checks and generous unemployment insurance.

[Guitarman]

I'm struggling to wrap my head around the markets reaction to everything going on. I thought the additional 4m unemployment numbers and Trumps speech a bit ago would've gut punched the DOW. I know the market doesn't accurately reflect the economy but i expected some significant losses.

[Yabby]

The market keeps getting blank checks without oversight, they don't give a fuck right now.

[archibaldcrane]

Tying a few threads together

https://twitter.com/jdcmedlock/statu...312570880?s=19

[Mayareira]

The market is valuing a Polyanna-ish optimism right now worldwide, almost in a manner that has never been seen. I think people have witnessed the massive quick earnings in March post-crash and no one wants to be out of the potential rally.

A well managed and a stable aviation company had lost around %75 of its value in March. with its asset structure and financial health I agree it was a panic-sale, definite buy and quickly tripled its value from the dip point. Another firm in the household goods industry with very strong financial indicators lost significant value, that was a "buy" as well and recovered some of its losses rather quickly. For some, similar stories provided dream like earnings and opportunities and people watching these wins simply don't want to be out of the game. I am calling it a game, because we are not talking about a rational risk valuation right now.

Negative interest rates are also channeling investors to the stock markets.

[6souls]

1.877M new unemployment claims

[archibaldcrane]

1.877M new unemployment claims

And continuing claims rose to 21.5M

This is not going to be a quick recovery

[zoobernut]

With changes in how schools work and childcare facilities going out of business so quickly any families are pretty fucked in the long term. For the families that were surviving on two incomes are probably going to be down to one income and the families on one income (single parents) might be down to 0 sources of income for a while.

Either that or this is going to be the least educated generation in a very long time as parents can't keep up with homeschooling and working from home at the same time.

Edit: I imagine that parents are going to stay on unemployment in some form for the absolute maximum amount of time they are able to and then switch to paid family leave after that to extend the support. Not sure what families will do after that point.

[Mayareira]

Workforce has shrunk unimaginably. Currently staying at a large 4 star business hotel that I always do for work(except, this time I drove), restaurant is closed, only a single person takes care of literally all front office work, housekeeping is over except for pre-check in cleaning(and on demand)

I can imagine that around 80% of the employees are either on unpaid leave, or simply out of work.
Local restaurant nearby, which were also rather lively serves around 3-4 tables at lunchtime only.

This is my first trip in months, and watching my behavior things won’t get better anytime soon. Lunch at a restaurant was stressful and for dinner I simply stocked up stuff from supermarket, played switch in hotel room whole evening.

Stimulus and monetary policy support from central banks and government all around the world will be necessary for a while. There is a common misconception that easing restrictions will rescue employment and will end the crisis in economic terms,It will not, common sense will lead a significant amount of people to limit their exposure with bare minimum.

[Guyverarmor]

With changes in how schools work and childcare facilities going out of business so quickly any families are pretty fucked in the long term. For the families that were surviving on two incomes are probably going to be down to one income and the families on one income (single parents) might be down to 0 sources of income for a while.

Either that or this is going to be the least educated generation in a very long time as parents can't keep up with homeschooling and working from home at the same time.

Edit: I imagine that parents are going to stay on unemployment in some form for the absolute maximum amount of time they are able to and then switch to paid family leave after that to extend the support. Not sure what families will do after that point.

I'm a network architect for one of the largest ISPs in the US. I build and maintain all the transport for all businesses serviced by us...so I know I won't be out of a job any time soon.

Wife is a school teacher (specifically a librarian). They have already signed their contracts for next year, so we know she is good for at least the next year and even then...probably won't be let go since she is the librarian for the school.

I think overall my family got out lucky in all of this. Both of us work essential jobs that won't be shuddered any time soon.

[zoobernut]

I'm a network architect for one of the largest ISPs in the US. I build and maintain all the transport for all businesses serviced by us...so I know I won't be out of a job any time soon.

Wife is a school teacher (specifically a librarian). They have already signed their contracts for next year, so we know she is good for at least the next year and even then...probably won't be let go since she is the librarian for the school.

I think overall my family got out lucky in all of this. Both of us work essential jobs that won't be shuddered any time soon.

Well yes I mean I work in IT and I won't be losing my job anytime soon but with a 10yo, 8yo, 3yo, and 7month old on our property the kids all are extremely time consuming and even with my mom living with us and handling the majority of the school work with the kids it is really hard to work part time let alone full time. Usually on a typical day my mom takes three boys and my wife takes the baby and I work. Then as soon as I am done working I help my mom with the boys. It is a crazy amount of effort.

[Roranora]

what if you didn't have grandma?