Posted on 04/22/2020 7:06:29 PM PDT by BurgessKoch
Jamie Black-Lewis felt like she won the lottery after getting two forgivable loans through the Paycheck Protection Program.
Black-Lewis saw the $177,000 and $43,800 loans, one for each of the spas she owns in Washington state, as a lifeline she could use for payroll and other business expenses.
She’d halted pay for the 35 employees — including herself — at Oasis Medspa & Salon, in Woodinville, and Amai Day Spa, in Bothell, in mid-March, when nonessential businesses in Washington closed due to the coronavirus pandemic.
When Black-Lewis convened a virtual employee meeting to explain her good fortune, she expected jubilation and relief that paychecks would resume in full even though the staff — primarily hourly employees — couldn’t work.
She got a different reaction.
“It was a firestorm of hatred about the situation,” Black-Lewis said.
The animosity is an unintended consequence of the $2.2 trillion coronavirus relief package enacted last month.
The law, the CARES Act, offered $349 billion in loans for small businesses struggling as a result of Covid-19. Banks, backstopped by the federal government, can fully forgive the loans under certain conditions.
Among them, the bulk of funds must go toward payroll, salaries must remain intact and employee head count must not decrease. Businesses have until June 30 to rehire laid-off or furloughed workers.
Black-Lewis was trying to meet these rules, especially after her bank reiterated she must continue to pay workers for loan forgiveness.
The anger came from employees who’d determined they’d make more money by collecting unemployment benefits than their normal paychecks.
(Excerpt) Read more at cnbc.com ...
Did ya ever get the feeling they are just getting rid of our currency for something else ?
It all doesn’t make sense. Everyone knows that they are firesaling our dollars. Just give it away.
Like it’s not worth anything. We are positioning for a global conflict with Russia and China and if we don’t liquidate and buy durable products then we won’t be ready for WWIII.
I believe that if an employee was on payroll as of a certain date in February, they must be kept on payroll through the two months covered by the PPP loan to qualify for forgiveness.
Once you are out for X number of years (8 for Hussein O.) you are out of the technology change.
Here's the offer if you don't want to work here,2 weeks pay and say goodbye!
You would be money ahead by not wasting money on training,benefits,etc.
This shows how underpaid your employees are? Kind of embarrassing.
How much did you realize when you cashed out?
Why did you lose your business because of Obamacare before Obamacare even passed?
What a stupid comment.
I worked on 4 loans.
The rip off was the private school that lost no revenue, paid the teachers to continue teaching online, and got almost $500,000. They got a windfall.
[My heart bleeds for them. Oh, sorry it doesn’t, it’s US taxpayers paying these assholes.]
Psst, Jaimie, hire you family. Do what the feds do, pay them for no show jobs.
There is a complete lack of oversight in this PPP program.
Her employees should not be allowed to collect unemployment. They’ve already been paid through payroll protection.
If that doesn’t suit them, then fine. Let them stay broke and unemployed with no benefits.
Really. Unemployment benefits sucks. If you make more on UE you had a $hitty job.
“Really? So the people where you live no longer repair their cars?”
Oh, they do - just not at his shop. If he lost his shop, then he had no location to fix cars. See how that works? It’s called business. And sometimes, in business, you can fall so far behind because of a change foisted on you, that your business can’t survive or be restarted. According to some estimates, 80% of restaurants may be forced to close forever because of the shutdowns. That won’t stop people from eating in case you were wondering.
Do you know what the Business is,the prevailing wage in the area for those jobs?
I’m with you. They can take their paycheck or suck on a soupstone for all I care. I’ll bet you my big arse when we went back to work, I’d know who and have a little pink slip waiting.
Again I ask, how is repairing cars where he lives? The average car is 11 years old now. So there is a lot of repairing still going on.
No. That is the point, his post lacks any kind of underlying data to help him with his "problem".
DITTO THAT!
You can quit and collect if you quit due to COVID concerns.
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