I don’t know. But this is the game. They start out private with an endowment. Then they start giving “medals” to people of influence. Then those people of influence lobby for government funding. Then they get $25 million, regardless of how much cash they have or how little in taxes they pay while the bars and restaurants all around them are shut down and have to borrow money from the SBA to survive.
Is there even anything in this provision that requires the KC to put all their employees back on the payroll? Or maybe they were never let go. Except of course the private contractors like the cleaning crew, repair and maintenance, vendors etc. They are still shafted.
Congress has no clue how the economy really works. Let’s see the unemployment numbers tomorrow. I’m ‘betting’ over 4 million. (I have no bet, not short any stocks or market). And the week after tomorrow, probably 5 million more. Those are my over/under numbers and I’m ‘betting’ over on both. Stock market could hit new 5 or 10 year lows in the next few weeks. This bill Congress passed, it has a few good things, but the money targeting small businesses is totally off the mark.
I’m ‘betting’ that Congress will be back in 2-3 weeks with a 3rd stimulus bill to fix the deficiencies in the current bill. Nobody laid off is going back to work soon. Nobody is going to the SBA to borrow money to hire employees that have no work to do. Going into debt when you have no income is economic suicide.
Don’t kid yourself.....people are itching to go back to work. People don’t like isolation.
PA alone came out with 500k unemployment applications yesterday, so I too am looking over 4m.