Mega-Rich corporations/institutions getting "relief"

[bugatti]

Optically it is bad. However, who's to say the servers at Ruth's Chris are less entitled to help than the servers at the local diner? At the granular, employee level, I don't see how you can value one over the other. Ultimately, that's where most of the PPP is going.

It is not about the servers, but these companies (presumably) have the means to pay their employees without assistance. That's the beef. Pardon the pun.

[rjs4470]

It is not about the servers, but these companies (presumably) have the means to pay their employees without assistance. That's the beef. Pardon the pun.

 

But do they? Really, they didn't pay them to begin with....servers income is mostly based on tips. And again, the question is why should those who work for large companies not be able to get the same aid that those who work for small companies get? Whether you are a large company or small, if you're business has been mandated to close, you won't be making enough to cover payroll.

[bugatti]

But do they? Really, they didn't pay them to begin with....servers income is mostly based on tips. And again, the question is why should those who work for large companies not be able to get the same aid that those who work for small companies get? Whether you are a large company or small, if you're business has been mandated to close, you won't be making enough to cover payroll.

I am not debating with you, just the problem people have with it all. If you are eligible, you are eligible.

[sportsfan41]

If they are eligible to receive what they were given then they should receive their money promised to them.

 

That's where I'm at. As long as they qualify and use it as required. Would seem like a poor choice for them not to try to take advantage of the help.

[rjs4470]

I am not debating with you, just the problem people have with it all. If you are eligible, you are eligible.

 

I’m more asking questions than debating. At first glance, I get why people are upset. But The more I think about it, the more I fall on the side of being ok with those companies getting a piece of that pie.

[4 Quarters]

As a banker, it’s been a fight to get every penny for our customers. The SBA site has been awful... I worked 14 hours yesterday to get 21 businesses money. The process should normally take about 5 minutes per customer.

 

Wow, If it only takes 5 minutes to get money from your bank, everyone should came and see you.

[TheDeuce]

Wow, If it only takes 5 minutes to get money from your bank, everyone should came and see you.

 

Loan applications where I work are pretty quick as well, assuming the person applying for them has their stuff together.

[theguru]

I think everyone is making excellent points in this thread. Like a lot of things in life it is easy to be conflicted on some issues.

 

Personally, I am not thrilled but I understand. BGP does not qualify for any relief and we are a true mom and pop business. Furthermore, all of our revenue is electronic meaning the IRS knows everything whereas I strongly assume employees of Ruth's Chris Steak House only report a fraction of their income to the IRS.

 

Coming full circle in my personal example, a true mom and pop business that pays all its taxes does not qualify for a penny yet some businesses that don't report everything to the IRS qualify for relief.

 

Finally, the NBA makes a lot of money from their partnership with China and they qualify for relief but again many of us do not. I just shake my head. But then again, I shake my head at a lot of things anymore...

[PurplePride92]

Cold world. Cold game. Save your chicken.

[TheDeuce]

I think everyone is making excellent points in this thread. Like a lot of things in life it is easy to be conflicted on some issues.

 

Personally, I am not thrilled but I understand. BGP does not qualify for any relief and we are a true mom and pop business. Furthermore, all of our revenue is electronic meaning the IRS knows everything whereas I strongly assume employees of Ruth's Chris Steak House only report a fraction of their income to the IRS.

 

Coming full circle in my personal example, a true mom and pop business that pays all its taxes does not qualify for a penny yet some businesses that don't report everything to the IRS qualify for relief.

 

Finally, the NBA makes a lot of money from their partnership with China and they qualify for relief but again many of us do not. I just shake my head. But then again, I shake my head at a lot of things anymore...

 

Every small business shouldn't qualify.

[theguru]

Cold world. Cold game. Save your chicken.

 

I agree @PurplePride92 my accountant told me yesterday to hoard my cash.

[PurplePride92]

I agree @PurplePride92 my accountant told me yesterday to hoard my cash.

 

I know I am.

[theguru]

Every small business shouldn't qualify.

 

I don't believe the government should be picking winners and losers again.

 

Personally speaking I am a triple loser here. Business is way, way down, I do not qualify for relief, and I have to do my part in paying all that federal relief debt back.

[TheDeuce]

I don't believe the government should be picking winners and losers again.

 

Personally speaking I am a triple loser here. Business is way, way down, I do not qualify for relief, and I have to do my part in paying all that federal relief debt back.

 

Business being down, by itself, shouldn't qualify a business for the loans. Business is down everywhere except Amazon and Lysol (as an example). The purpose of the PPP wasn't to continue profits, it's to fund payroll for employees during the pandemic. If a business doesn't have payroll, it shouldn't qualify.

[theguru]

Business being down, by itself, shouldn't qualify a business for the loans. Business is down everywhere except Amazon and Lysol (as an example). The purpose of the PPP wasn't to continue profits, it's to fund payroll for employees during the pandemic. If a business doesn't have payroll, it shouldn't qualify.

 

I hear you and I actually do have a pretty big payroll but my "employees" are many and almost all fall under the 1099 threshold. In other words, those expenses do not go away for me, they just don't qualify for relief.