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

[D44kpunk]

The chick in the Biden attack ad also got $22k from the Trump small business loans.

What a time to be alive

[Anoat]

Mitch McConnell is saying he wants to limit the next round of stimulus checks to people who make $40k a year or less.

[Buffy]

Mitch McConnell is saying he wants to limit the next round of stimulus checks to people who make $40k a year or less.

Probably too low but not unreasonable.

[archibaldcrane]

Question is based on what? Pre-virus 2019 tax returns, or expected 2020 income?

[Odesseiron]

Probably too low but not unreasonable.

Whole lotta people gonna be upset about that. Some people are just scraping by in certain cities due to cost of living in the area. I'm doing okay, but another $1200 would definitely help me pad my account. I am still on furlough from my part time job and it's expected to last til September. I'll get by just fine, but I still feel the hit from it.

[Jaybar]

Probably too hard to distinguish cost of living from place to place. Many metro areas vary wildly in both directions. Rural and homogeneous suburban regions might be easier to evaluate.

[Outlaw]

New York (CNN Business)NPC International, the operator of 1,200 Pizza Hut and nearly 400 Wendy's restaurants in the United States, has filed for bankruptcy.
The franchisee has been dealing with a perfect storm of problems that led to its Chapter 11 filing on Wednesday, including coronavirus-related shutdowns, a massive debt burden of nearly $1 billion and rising labor and food costs. Pizza Hut, of which NPC is the company's largest franchisee, has also been struggling with sales recently.

https://www.cnn.com/2020/07/01/busin...tcy/index.html

I wonder if KFC and Taco Bell will be next..

[Salodin]

Ehhh, that's a franchisee not the brand themselves. Still bad, especially for the hut, but they ain't dead yet

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[Anoat]

Pizza Hut ain’t dying during a pandemic, pizza delivery places might be one of the safest businesses during all this. Sounds like a bad run of luck for that franchise owner.

[6souls]

More loan recipients (some repeats because I'm feeling lazy)

https://www.cnbc.com/2020/07/06/coro...-released.html

• The law firm Boies Schiller Flexner, whose chairman David Boies has represented powerful clients such as former Vice President Al Gore in the Bush v. Gore Supreme Court case, received between $5 million and $10 million.
• Transportation Secretary Elaine Chao’s family’s business, Foremost Maritime, got a loan valued at between $350,000 and $1 million. Chao is the wife of Senate Majority Leader Mitch McConnell, R-Ky.
• Perdue Inc., a trucking company co-founded by Agriculture Secretary Sonny Perdue, was approved for $150,000 to $350,000 in loan money. A spokesperson for the Agriculture Department said Perdue Inc., a trucking service, said the loan was for about $182,000 and supported 27 jobs. Perdue’s adult children are 99% stakeholders in a trust that indirectly owns the company, and the secretary did not have any influence on the SBA’s loan decisions or the company’s decision to apply for aid, the spokesperson said.
• Restaurant chains P.F. Chang’s China Bistro and Chop’t received aid of between $5 million and $10 million.
• TGI Fridays, which is backed by private equity firm TriArtisan Capital Advisors, received at least $5 million. The private equity firm tried to take the restaurant chain public in a deal with a special purpose vehicle, but that was terminated in April amid market volatility due to the pandemic.
• The Archdiocese of New York got a loan valued at between $5 million and $10 million, while the Catholic Charities of the Archdioceses of San Francisco, Washington, D.C., New Orleans and Boston, among others, all received assistance valued at more than $2 million.
• The Ayn Rand Institute, named for the objectivist writer cited as an influence on libertarian thought, was approved for $350,000 to $ 1 million.
• Joseph Kushner Hebrew Academy in New Jersey, which is named after Trump’s son-in-law and advisor Jared Kushner’s grandfather, got a loan in the range of $1 million to $2 million. Jared Kushner’s parents’ family foundation supports the school, NBC News reported.
• Niche movie theater chain Alamo Drafthouse received a loan of at least $5 million. Theaters have been closed while new film releases have been delayed or pushed to streaming platforms.
• Numerous news organizations received PPP loans: Forbes Media got at least $5 million; The Washington Times got at least $1 million; The Washingtonian got at least $350,000; The Daily Caller received at least $350,000 and The Daily Caller News Foundation got at least $150,000; The American Prospect received at least $150,000.
• Political organizations also received loans: The Ohio Democratic Party got at least $150,000 and the Florida Democratic Party Building Fund got at least $350,000, while the Women’s National Republican Club of New York got at least $350,000, the Black Republican Caucus in Florida got at least $150,000.

[Day]

i mean that's what the loans were for right, i dont follow the sense of shaming these releases seem to be doing

[archibaldcrane]

Who

Cares

[Salodin]

The loan was meant for small businesses to help keep them afloat.

Partners of politically connected law firms shouldn't be qualifying, especially if its to pay those same lawyers hundreds of thousands,, if not millions, of dollars. They can weather the storm. Tens of thousands of small businesses can't, and its absolutely fair game to criticize that, especially when all you need to do to qualify for loan forgiveness is...give yourself and your friends most of the money you were given for free.

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[Salodin]

"Omg why are you criticizing stimulus money for small businesses that went to a lot of politically connected people when local businesses couldn't even get a loan cause they didnt do enough 'business' with this one private bank even though its free federal money"

Idk guys, why do you think people are irate lol

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[Jaybar]

I'd be upset that billionaires took some money instead of using their own cash reserves to protect its employees. Not sure that is the case looking at the list? (Edit: that is the case)

I'm still really upset that taxpayers need to bail out companies to protect their job, but if an individual finds themselves out of a job, society expects them to already have a safety net to tide them over these rough times. Thank god for UI benefits I guess.

[Kaslo]

The loan was meant for small businesses to help keep them afloat.

Partners of politically connected law firms shouldn't be qualifying, especially if its to pay those same lawyers hundreds of thousands,, if not millions, of dollars. They can weather the storm. Tens of thousands of small businesses can't, and its absolutely fair game to criticize that, especially when all you need to do to qualify for loan forgiveness is...give yourself and your friends most of the money you were given for free.

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As a lawyer, I think this has some misunderstanding. Generally, while lawyers have kept working clients have stopped paying. I have a lot of Tribal Clients and businesses who simply couldn't (some still can't) pay our bills because their casinos and businesses are shut down. We also have a lot of employees who aren't high-earning lawyers, people like paralegals, secretaries, interns. As well as expenses that continue to occur. So it's not just "these high powered lawyers shouldn't get bailouts."

[Salodin]

High powered politically connected lawyers shouldn't get 5-10million in federal loans. I have no problem saying that.

Unless there was a lot more money available of course. But that wasn't the case here.

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[Day]

wasnt there separate money for small and large businesses?

[Salodin]

Not that I'm aware of, no. Separate funds for businesses and "everything else" tho which is what was passed out to states to pay for that $600 UI among other things I think

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[Lokus]

wasnt there separate money for small and large businesses?

It was a big 'first come first serve' fund.