/biz/ - Business & Finance

>>18501827
so its still gonna take a full year from now for housing prices to go down right?

>>18501827
show puts

Stocks go up 3% tomorrow. Priced in.

>not applying in the first two hours of the first day it was available

>>18501843
over a year possibly, I have an "essential job" so I'm going to be hoarding my money and wait for investment opportunities. bull run retards are going to get burned badly in the coming months, we can't recover quickly from 22 million americans unemployed and millions of small business shops closing.

>>18501896
why are you on biz

>>18501827
That looks incredibly bullish.

>>18501896
based small business anon, I hope you stay open and survive this depression we're in. best of luck buddy.

>>18501827
wtf, is that like 20 billion a day?

>>18501904
fuck yeah fellow wendy's manager

>>18501957
actually a shift manager at Dollar General. Comfy job, very easy, everyone here got laid off except us and the subway in town.

>>18501933
you mean there should only be neets on biz?

>>18501950
>Signs that the program was reaching critical capacity first came on Wednesday, when the SBA said the aid may be nearing a ceiling for loan commitments, with more than 1.3 million loans given approval at a value of more than $296 billion.
So a $220k bailout per company per month. Fucking insane

>>18501993

>>18501950
>>18501993
the article also says that 75% of the loan is forgivable. fucking crazy shit.

>>18501896
I just started my business and it's not profitable yet. Really could have used some of that but I would have had to fudge some numbers.

>>18501827
>Open the economy
>jobs start flooding and businesses start working again.
HMMMMMMMMMM.... ?

>>18501827
I wonder if Trump will accept more immigrants next year.

>>18502145
>Open the economy
>Small businesses that were struggling that can't afford to reopen can't rehire their employees
>the countless months of rent unpaid fall on the landlords if the bank refuses to bail them out. thus the banks kicking people out of their homes onto the street to settle the mortgage the landlord owed.
>COVID deaths rise again and the country is put back in lockdown until October/November

its coming, better get your shit straight now

>>18502222
priced in
and checked

Many of these people will be returning to work in May. The economy is shut down right now, so temp workers have no choice but to file like there's no tomorrow.

>>18502174
he'd be an idiot not to. imagine how the economy would sky-rocket.

>>18502145
>NOOOOOOOOOO None of these people will ever find work again and the robots are going to takeoverinoooo.

>>18502076
It's all about your actual payroll for the payroll protection act. I guess it's over now anyway.

I have to spend it on payroll otherwise its a loan I have to pay back

>>18501827
https://www.youtube.com/watch?v=2mKDv3_ac6c&feature=youtu.be

Chuck Schumer and various (((friends))) took it all straight away. Like they apparently did in 2008

Where did all that money go?
>”We’re a collection of small businesses,” said Mr. Recknagel, who says he will seek the maximum loan of $10 million.
https://archive.is/gEub4

>>18502623
The audio feels like it might be a larp, but there's no way all of these loans are being properly audited. I can't feel like this program isn't just a major scam

Reminder, all the money went to start ups and not actual useful small businesses

>>18502764
You misspelled fast food franchises

>>18502764
Btw the language in the bill that allowed that was written by a senator that owns like 60 McDonalds kek. America gets what it deserves.

>>18502710
wtf? Isn't fast food considered "essential" anyways over here? I swear that all the McD's are still open. This is so hilariously insane

I got approved but still don't have the money. Maybe tomorrow they say?

>>18502867
Same shit as always. Washington and Hamilton pumped a massive real estate bubble in the 1790s and when that went bust, John Adams passed a massive bankruptcy forgiveness bill explicitly for real estate speculators and investors. "Progressive" senators of the 1910s through 1930s that gave massive loans to all the farmers also were founders or major owners of farm equipment companies. This shit never fucking ends except for the rare once-in-a-century Andrew Jackson.

>>18502623
Fake and gay.

>>18502939
Lol, I missed this one yesterday. The guillotine meme is pretty gay but we need an old hickory and some violence
https://www.bloomberg.com/amp/news/articles/2020-04-14/hedge-fund-managers-are-claiming-bailouts-as-small-businesses

>>18501827
BHAHAHAHAHAHHAHAAA
https://youtu.be/yP4rodsK41E

Well, I applied April 5th... Guess I can go fuck myself.

>>18502939
Where did you learn that? I would be interested in reading that bit of history.

>>18504151
Taxpayer money to reduce the default risk of their loan portfolios, nice.
>”p-please don’t be a bunch of jerks?”
https://mobile.twitter.com/marcorubio/status/1246098553350610944

>>18502222
Cute story. Small businesses also got reliefs, grants and loans to survive. If they can't pay employees AFTER the economy is open then the business isn't that great. It should die and will be replaced by a better one.

Most rents are being paid. It's not like 2008 when the most prestigious rated mortgage securities were junk and were defaulting for years before everything crashed.

For Covid19, when less people have it, it becomes easier to contain. It's also harder to spread when millions of people, some who didn't show symptoms got it and won't be able to get it again for a while.


Wasted quints.

>>18501993

Some companies ate up more than others. I personally took $30k even though I run a shit business. Paid off my "company" card with it, lmao. Now I took my 20% interest and turned it into 1%, with most of that being forgiveable. Feels good.

>>18504387
What percent of rents and mortgages are unpaid?

>>18504387
Zoom out

>>18504435
Not sure on mortgages but rents are close to 30%. That seems a lot but when we compare last year, it was around 18% unpaid. It's been doubled temporarily this was before Trumpbux being paid. So it seems like a lot of them will be just late payments. It's not a depression. It looks like a short recession due to government forced closure of businesses. People who think it's a depression just listen to Peter Schiff too much.

>>18504676
>So it seems like a lot of them will be just late payments.

Not sure people will spend it on rent rather than other essentials and bills.

I was supposed to apply for this, but the wait time and likelyhood of hearing back was very slim.
Decided to go for unemployment which is more consistent and will give me some backpay from the date I had to stop working due to State mandated emergency stoppage.
Might try to talk to CPA see about applying in the future, but for now just unemployment so I at least get something.
At the end of the day lot of small businesses are not gonna get anything people gonna get screwed like always so I am going with the option that at least gives me something
>.t independent controls engineer making ~13k a month, would have been able to get ~32K loan with most of it forgiven but going for getting ~1k a week in unemployment instead

>>18504222
I haven't found a super-thorough book on either in that context, it's more a mix of various things that seem to tell a story in full. Here are just some wiki links for a quick overview, you'll find decent historical sources in them though not much that contextualizes how much of it is relevant even to today.

The bubble and panic itself, which is dependent on the formation of Hamilton's beloved First Bank and an unsustainable influx of foreign capital, in theory supposed to go to
https://en.wikipedia.org/wiki/Panic_of_1796-97

Which was led largely by James Greenleaf, a wealthy elite that ingratiated himself with the Washington administration and secured bargain-bin land deals for himself:
https://en.wikipedia.org/wiki/James_Greenleaf

To deal with the massive defaults everywhere, Adams signed the bankruptcy act that only forgave speculators:
https://en.wikipedia.org/wiki/Bankruptcy_Act_of_1800

Ironically, Aaron Burr (the supposed evil villain of the Founding Fathers, who also happened to be an early mentor of Andrew Jackson) was a leading populist in stalling the Bankruptcy Act, arguing primarily for "the extension of the Bankrupt system to all classes of people". You won't find this one in Wikipedia because the source itself is actually an anti-Burr campaign book, which ironically makes him look better today, see pic.

>>18505541
Regarding agriculture

Where it all started to go wrong was in 1916 under Wilson. Farmers were struggling a bit since high competition and cheaper food prices cut into their abilities to pay loans. Therefore, Wilson offered them even bigger loans to product even more food, which helped with the war effort of WW1 but unsurprisingly led to massive downhill problems.
https://en.wikipedia.org/wiki/Federal_Farm_Loan_Act

The results in the 1920s:
https://www.mnopedia.org/agricultural-depression-1920-1934

Second bill was vetoed by Coolidge, ghostwritten by the founders of the massive Moline Plow Company, submitted by two revolving-door farm lobbyists. McNary was a founder of multiple farming associations, while Haugen was an Iowa land speculator. Henry Cantrell Wallace died before that version of the bill, but was Secretary of Agriculture under Harding and also a propagandist on behalf of the Iowa lobbies.
https://en.wikipedia.org/wiki/McNary%E2%80%93Haugen_Farm_Relief_Bill

Hoover supported a slightly rewritten version once he was president, which gave massive loans to farmers to help deal with over-production, which naturally only caused more overproduction.
https://en.wikipedia.org/wiki/Agricultural_Marketing_Act_of_1929

Hoover had a disgraced presidency, but then FDR came along and sealed the deal with the Agriculture Adjustment Act, which was later ruled unconstitutional. McNary played a substantial role in its passage, as did both Henry Agar Wallace (son of Henry Cantrell Wallace, also FDR’s Secretary of Agriculture who was also the founder and owner of Hi-Bred Inc.). That allowed the government to arbitrarily dictate the terms of all farm sales, and while it had the initial illusion of helping small farmers, it forced them to destroy their own crops and caused sharecroppers to sell their farms, often at a loss.
https://en.wikipedia.org/wiki/Agricultural_Adjustment_Act
So it was something that extended across both parties, over three decades.

>>18504387
You need to go back.

>>18501896

>>18501896
You lucky fuck my bank wouldn't even let me apply. I had to go on a waitlist to even apply. And now it's all gone.

>>18501843
It’s actually effective immediately dumb ass. Boomers won’t be able to sell their homes for what they think it’s worth— nobody is buying or working

>>18501933
>Why is the business owner on the business forum?
Hmm I wonder?

>>18505541
>>18505570
interesting stuff thanks for the good posts

>>18504387
If a business closes after accepting the bailout/loan money they won’t have to pay it back. Trust the plan though right?

>>18506240
This is what I got

>>18506339
Most businesses aren't going around closing after bailout/loans.

>>18506469
Truist?

>>18504427
this is what i thought. people just taking free money/.

I don’t get it. Put the money in the hands of wagies/coonsomers and let them decide what businesses survive and fail

>>18501896
What bank? Local/regional right?

>>18502939
The United States of America is a literal pump and dump scam

>>18509018
Chase but I have a real business with a few employees - pretty much exactly what this program was designed for

I applied hours before it ran out of money, except the website timed out. Bank I had to redo my application.

Hopefully the fund gets replenished.

I'll just leave this here:

https://sbacsr.podbean.com/e/sba-csr-agent-breaks-down-sba-false-hope-1586489786/

>>18502623
And here's how they did it, anon.

>It has also been brought to our attention that thousands of nonprofits in Puerto Rico may be ineligible under the 501(c)(3) eligibility standard included in the Paycheck Protection Program. The issue is that Puerto Rico’s nonprofits register their status locally and not with the IRS, which technically means they are not 501(c)(3). This runs against Congress’ intent for most charitable nonprofits, with up to 500 employees, to qualify for this program. Nonprofits in our territories cannot be left out of this program because of this technicality. The SBA should consider evidence in determining 501(c)(3) eligibility that considers nonprofit organizations or entities that are organized or doing business under State law. Will the SBA address this issue in guidance?


https://www.sbc.senate.gov/public/index.cfm/2020/4/cardin-schumer-sanders-and-coons-call-on-sba-to-quickly-implement-cares-act-programs-designed-to-help-small-businesses-and-nonprofits-stay-afloat-amid-public-health-crisis

>>18501886
Like that fucking matters now

>>18502764
It literally went to jewish non-profits like the ADL and SPLC.

>>18506068
No you. He’s right.

>>18502145
>people are magically going to be able to consume at the same levels after nonths without pay

>>18501827
Nothing in the American market makes any sense