Drudge publishes report about “small business” loans that defy explanation.

https://apnews.com/6c5942eec36cc43b25ad5df5afebcfbd

So who is minding the store?

There is a list of companies that were losing money long before COVID19 came to be, or are too big, or that have a huge surplus of cash and still qualified for money from the stimulus bill. Many for the maximum amount of $10 million each.

I guess the key to avoiding being smeared as a parasite by the right is to get big handouts from taxpayers. The average wage earner might get spoiled if his unemployment checks actually cover the bills.

“Senators Lindsey Graham, Ben Sasse, Rick Scott and Tim Scott said the provision, giving workers an additional $600 per week in unemployment benefits for four months, would give employers an incentive to lay off some employees and encourage laid off workers to stay out of the job force.”

https://www.detroitnews.com/story/news/politics/2020/03/25/gop-revolt-stimulus-unemployment-benefit/111464232/

Why do conservatives have such disdain for American workers?

6 thoughts on “Drudge publishes report about “small business” loans that defy explanation.

  1. In minor defense of Scott, he wants the next deal, agreed to by the administration and Congress, to include protections from those corporations receiving any monies.

    https://thehill.com/homenews/senate/493894-gop-senator-proposes-amendment-to-paycheck-protection-program

    “Scott’s proposed changes to the program would require a business to demonstrate a “substantial reduction in revenue” due to the coronavirus in order to qualify for the Paycheck Protection Program, which was intended to provide loans and grants to businesses with fewer than 500 employees.”

    And to be perfectly honest, I thought that was part of the deal the first time. My boss had to provide the info on his loan application showing the over 50% drop year-to-year for the month of March. It would have been beneficial if the bank hadn’t lost his application. And they damn sure better have him towards the front of the first come first served line.

    I offered to continue working without pay until things rebound a bit. He and the family members here are taking a 50% pay cut so they can continue to pay the rent, utilities, and the hourly employee. (Singular). I have been friends with this man for 27 years. He has assisted me and my family in many ways over that time. The least I can do is continue to offer his customers my customer service to help keep the doors open. I know he would take care of me when business rebounded.

    Besides, I don’t want to sit around the house all day having the wife tell me what to do all day. She gets her chances in the evenings and on the weekends. And I pay her for that privilege.

    Liked by 1 person

  2. Great post. Your boss is fortunate to have you on the payroll.

    I ran a tiny business (if 500 employees is a small one) for over 40 years. Lean times meant I was the first in line for a pay cut. Good assistants are hard to find in my business. So it was worth the investment. Plus loyalty is a two way street.

    Liked by 2 people

  3. “Why do conservatives have such disdain for American workers?”

    Why do liberals have such disdain for Americans working?

    The purpose of the paycheck protection plan in stead of unemployment checks was to preserve the relationship between employers and employees and to assure they would have jobs to go back to. It is a damned good idea.

    If some large companies found a way to get in on the funds meant for small businesses, or companies that were failing anyway took advantage of the measure intended for businesses in trouble through no fault of their own, the we should fix the plan in the future and go after those who abused it, but the plan itself remains the best way to get us through this and recover quickly when we can.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s