Coronavirus (political)

[Chico23231]

Originally Posted by SunnySide

Major U.S. restaurant chains have secured millions in government-backed loans that Congress created to keep small businesses afloat during the coronavirus pandemic.

Under the $349 billion Paycheck Protection Program, which ran out of money last week, Potbelly Corp., the nationwide sandwich shop chain, and Ruth's Hospitality Group, which operates a series of steakhouses, are among the big restaurants that have reported receiving loans. Prior to the virus outbreak, they reported employing thousands of workers.

Congress established the program for businesses that employ fewer than 500 workers in the $2.2 trillion CARES Act. But restaurants and hotels were granted some flexibility in the legislation — so long as they employed no more than 500 workers at any single location, they could apply for the aid.

https://www.foxbusiness.com/money/bi...organ-backlash

Not sure how I view this. Ideally huge companies like Ruth Chris steakhouse wouldn’t get PPP money ... but if they use it to keep employees on the payroll, thousands of employees on the payroll ... doesn’t that mean regular joes and janes are still employed and getting a paycheck vs being laid off?

Perhaps they will just take the super low interest loan and not worry about qualifying for a write off.

I just can’t see Ruth Chris restaurants even being open right now so how could they still employ people if there is no work to do?

Good for shake shack to give back the money.

Also read an article JP Chase didn’t process loans on first come first served as required and “shuffled” the applications giving the biggest loan requests priority bc they got a bigger fee out of it.

If you are talking about a bank that broke the law or business circumvented the application...Thank you to the existing Controls and Regs that are effectively working. I think its Wells Fargo by the way.


Side note:

I cant get over people who are mad the response but want the Government to run healthcare industry.

[Giantone]

Originally Posted by Chico23231

If you are talking about a bank that broke the law or business circumvented the application...Thank you to the existing Controls and Regs that are effectively working. I think its Wells Fargo by the way.


Side note:

I cant get over people who are mad the response but want the Government to run healthcare industry.

chico a little something Pelosi is trying to correct but hey screw it ,right?


https://www.yahoo.com/huffpost/harva...033517131.html

Harvard University, already supported by a massive $41 billion endowment, is getting nearly $9 million in taxpayer aid from the federal Coronavirus Aid, Relief and Economic Security Act, the U.S. Department of Education announced.

Under the terms of the payout from CARES’ Higher Education Emergency Relief Fund, at least half of the $8.7 million earmarked for Harvard must be reserved for emergency financial grants to students, according to the Harvard Crimson, which was the first to report the aid.

But at least some of that money — which could be used to cover tuition payments and course materials — would also end up in Harvard coffers. The funds would also likely be spent on extra technology, food and housing costs that students incurred amid “disruptions in their education” due to COVID-19, according to CARES provisions

[SunnySide]

Originally Posted by Chico23231

If you are talking about a bank that broke the law or business circumvented the application...Thank you to the existing Controls and Regs that are effectively working. I think its Wells Fargo by the way.


Side note:

I cant get over people who are mad the response but want the Government to run healthcare industry.

I’ve been reading about J.P. Morgan chase. They are one of two banks in California getting sued. In addition to Wells Fargo, b of a etc

https://www.usatoday.com/story/money...us/5163654002/

There’s a difference between being mad ... and trying to read and understand an issue.

[sdskinsfan2001]

Originally Posted by SunnySide

I’ve been reading about J.P. Morgan chase. They are one of two banks in California getting sued. In addition to Wells Fargo, b of a etc

There’s a difference between being mad ... and trying to read and understand an issue.

https://www.foxbusiness.com/money/we...-program-loans

Wells Fargo just can't stop fucking up. They manage our 401K at my job. Hopefully their investment practices are better than their banking practices.

[Chico23231]

Originally Posted by SunnySide

I’ve been reading about J.P. Morgan chase. They are one of two banks in California getting sued. In addition to Wells Fargo, b of a etc

https://www.usatoday.com/story/money...us/5163654002/

There’s a difference between being mad ... and trying to read and understand an issue.

SS this doesn’t speak to pelosi holding up the funding or a reason...all these entities qualified appropriately for funding as well as without a known KYC biased based. I think it’s gonna fairly obvious if they misappropriated funds based on approvals ...it was directed as first come for serve...this will be an easy audit to see if their is any bases for the suit.

I didn’t know about chase...Wells Fargo was having issues 3 weeks ago, no surprise there.

[Chico23231]

Originally Posted by SunnySide

I’ve been reading about J.P. Morgan chase. They are one of two banks in California getting sued. In addition to Wells Fargo, b of a etc

https://www.usatoday.com/story/money...us/5163654002/

There’s a difference between being mad ... and trying to read and understand an issue.

SS this doesn’t speak to pelosi holding up the funding or a reason...all these entities qualified appropriately for funding as well as without a known KYC biased based. I think it’s gonna fairly obvious if they misappropriated funds based on approvals ...it was directed as first come for serve...this will be an easy audit to see if their is any bases for the suit.

I didn’t know about chase...Wells Fargo was having issues 3 weeks ago, no surprise there.

[sdskinsfan2001]

Originally Posted by Chico23231

SS this doesn’t speak to pelosi holding up the funding or a reason...all these entities qualified appropriately for funding as well as without a known KYC biased based. I think it’s gonna fairly obvious if they misappropriated funds based on approvals ...it was directed as first come for serve...this will be an easy audit to see if their is any bases for the suit.

I didn’t know about chase...Wells Fargo was having issues 3 weeks ago, no surprise there.

You could say that again!

Edit: And of course this pops up on a new page. Loses its luster from previous page. Not that it had much to begin with.