ford_428cj Posted July 8, 2020 Share Posted July 8, 2020 16 minutes ago, Highmark said: That was round one. The article is from April 16th. The recent extension was to use up the remaining. https://www.journalofaccountancy.com/news/2020/jul/senate-approves-5-week-ppp-extension.html Trump signs 5-week PPP extension By Jeff Drew July 1, 2020 Updated: July 6, 2020 The extension keeps a source of funding open to struggling small businesses while Congress works on a second, more targeted funding program. The PPP, which has approximately $129 billion in funding remaining, was launched in early April as the COVID-19 pandemic battered the U.S. economy and forced many Your company take the loan? Quote Link to comment Share on other sites More sharing options...
1jkw Posted July 8, 2020 Share Posted July 8, 2020 1 hour ago, Highmark said: Historically speaking it always does. Now we have to be a bit honest here in saying this "pandemic" is something that we've never seen before regarding the impact on America's economy. Yes. True, but we have had recessions, global ones and the spending wasn't anywhere near what it is today. The big difference is the economy and banking system weren't broke before the pandemic, ( although it was debt driven) as one guy put it, it was the difference between having a car with a blown engine and just shutting the car off. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted July 8, 2020 Platinum Contributing Member Share Posted July 8, 2020 5 minutes ago, ford_428cj said: So there were two rounds scheduled off the bat? No I believe that added funding and opened it back up. I guess that's why I called it 2 rounds. In either case there is $129 billion left. Pretty hefty chunk. You also have to realize many choose not to take it so their workers would get more than they could pay them. Quote Link to comment Share on other sites More sharing options...
ford_428cj Posted July 8, 2020 Share Posted July 8, 2020 1 minute ago, Highmark said: No I believe that added funding and opened it back up. I guess that's why I called it 2 rounds. In either case there is $129 billion left. Pretty hefty chunk. You also have to realize many choose not to take it so their workers would get more than they could pay them. Ahh gotcha ... yea that is a hefty chunk. Not understanding ....can you explain that? Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted July 8, 2020 Share Posted July 8, 2020 Just now, ford_428cj said: Ahh gotcha ... yea that is a hefty chunk. Not understanding ....can you explain that? in some cases workers were better served with being on unemployment as it was more than their pay. With the PPP at the start having big restrictions on it being used for wages for some companies it was not worth doing. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted July 8, 2020 Platinum Contributing Member Share Posted July 8, 2020 (edited) 25 minutes ago, ford_428cj said: Your company take the loan? Once more funding was made available we did and 100% will go out to the workers. We've been on 32 hr weeks since and will likely be so thru the end of the year. They are being paid full 40 hr weeks. Its a bit of a worry them getting use to full pay and 3 day weekends for the better part of a year. We had a significant impact on sales from suppliers switching over to ventilator components which meant they couldn't supply us ours. It lost us some important sales because we couldn't have product available. That is the definition of being impacted by the so called pandemic. If the funding wasn't available we would have done it different and been forced to do some layoffs. If I calculate it out what we took in PPP might end up being less than the full UI +$600 a week in the long run. So you could say I saved the govt money. Edited July 8, 2020 by Highmark Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Skidooski Posted July 8, 2020 Platinum Contributing Member Share Posted July 8, 2020 Just started the work share program where I work. 4 days a week on payroll then one day of $672 from the government Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted July 8, 2020 Platinum Contributing Member Share Posted July 8, 2020 3 minutes ago, ford_428cj said: Ahh gotcha ... yea that is a hefty chunk. Not understanding ....can you explain that? In Iowa max unemployment is $511 week. Add in $600 a week from the Feds and it makes for $27.76 an hour. Layoffs due to covid did not impact your UI tax factor so why not just lay them off if they earn more? To some you were doing them a favor. Quote Link to comment Share on other sites More sharing options...
ford_428cj Posted July 8, 2020 Share Posted July 8, 2020 26 minutes ago, Angry ginger said: in some cases workers were better served with being on unemployment as it was more than their pay. With the PPP at the start having big restrictions on it being used for wages for some companies it was not worth doing. 24 minutes ago, Highmark said: Once more funding was made available we did and 100% will go out to the workers. We've been on 32 hr weeks since and will likely be so thru the end of the year. They are being paid full 40 hr weeks. Its a bit of a worry them getting use to full pay and 3 day weekends for the better part of a year. We had a significant impact on sales from suppliers switching over to ventilator components which meant they couldn't supply us ours. It lost us some important sales because we couldn't have product available. That is the definition of being impacted by the so called pandemic. If the funding wasn't available we would have done it different and been forced to do some layoffs. If I calculate it out what we took in PPP might end up being less than the full UI +$600 a week in the long run. So you could say I saved the govt money. Good man HM What kind of components? 23 minutes ago, Skidooski said: Just started the work share program where I work. 4 days a week on payroll then one day of $672 from the government What's that? 21 minutes ago, Highmark said: In Iowa max unemployment is $511 week. Add in $600 a week from the Feds and it makes for $27.76 an hour. Layoffs due to covid did not impact your UI tax factor so why not just lay them off if they earn more? To some you were doing them a favor. Very nice paid Vac for a lot of people. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted July 8, 2020 Platinum Contributing Member Share Posted July 8, 2020 Just now, ford_428cj said: Good man HM What kind of components? What's that? Very nice paid Vac for a lot of people. Our fuel tank suppliers supplier of pick up tubes switched to ventilator tubes and components. Small customers like us got put on the shelf for 3 months. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted July 8, 2020 Platinum Contributing Member Share Posted July 8, 2020 (edited) 4 minutes ago, ford_428cj said: Good man HM What kind of components? What's that? Very nice paid Vac for a lot of people. So is full pay shortened weeks with 3 day weekends for 8+ months all while carrying full bennies. Trust me.....NOBODY is complaining. Edited July 8, 2020 by Highmark Quote Link to comment Share on other sites More sharing options...
old indy Posted July 8, 2020 Share Posted July 8, 2020 (edited) 2 hours ago, Ez ryder said: yep a few of my good buds took advantage of the scam . none got rich but 1 who I ride with a lot was able to pay his guys for 1.5 mo with the tax payer money . freeing up enough cash for him to order a new fully loaded Logan coach toyhauler 5th wheel .total bullshit fleecing of America similar story here. a buddy i ride with got about 140k for his tree business not being able to work . yyyyyah,,,,,,,,,,, he was slammed with work and still is. never even got a second look from anyone for working thru. he paid his guys for what time they did have off and then some. bought a shitload of new gear AND he just bought a CVO glide. its being done up now. pin striping, lowered, crazy tunes, etched bars ect. ect... over 56k so far. admittedly he got a bit of a problem.. hes already got a 19 roadglide, a 17 ultra, an 82 FLH, a 00 custom sporty. Edited July 8, 2020 by old indy Quote Link to comment Share on other sites More sharing options...
ford_428cj Posted July 8, 2020 Share Posted July 8, 2020 1 hour ago, Highmark said: Our fuel tank suppliers supplier of pick up tubes switched to ventilator tubes and components. Small customers like us got put on the shelf for 3 months. Ah yea ... 1 hour ago, Highmark said: So is full pay shortened weeks with 3 day weekends for 8+ months all while carrying full bennies. Trust me.....NOBODY is complaining. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Skidooski Posted July 8, 2020 Platinum Contributing Member Share Posted July 8, 2020 1 hour ago, ford_428cj said: What's that? I am Furloughed one day a week for the month of July. Government pays me for that one day a lump sum of $672 which is t600 from fed and state kicks in 72. All this is set up by my employer and not my choice. Probably their way of saving money. Quote Link to comment Share on other sites More sharing options...
ford_428cj Posted July 8, 2020 Share Posted July 8, 2020 1 minute ago, Skidooski said: I am Furloughed one day a week for the month of July. Government pays me for that one day a lump sum of $672 which is t600 from fed and state kicks in 72. All this is set up by my employer and not my choice. Probably their way of saving money. 672 for one day? Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Skidooski Posted July 8, 2020 Platinum Contributing Member Share Posted July 8, 2020 Just now, ford_428cj said: 672 for one day? Untaxed yes Quote Link to comment Share on other sites More sharing options...
ford_428cj Posted July 8, 2020 Share Posted July 8, 2020 Just now, Skidooski said: Untaxed yes Damn that's pretty good! Is that only thru July? Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted July 8, 2020 Share Posted July 8, 2020 1 minute ago, ford_428cj said: 672 for one day? beauty of the $600 government bump, it is all or nothing. i think both my kids should have put in for it, NH unemployment would have denied them but feds would have paid out. too late now though. Quote Link to comment Share on other sites More sharing options...
ford_428cj Posted July 8, 2020 Share Posted July 8, 2020 Just now, Angry ginger said: beauty of the $600 government bump, it is all or nothing. i think both my kids should have put in for it, NH unemployment would have denied them but feds would have paid out. too late now though. Off for one day & still get, is something. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted July 8, 2020 Share Posted July 8, 2020 Just now, ford_428cj said: Off for one day & still get, is something. cut of hours allows people to collect. Quote Link to comment Share on other sites More sharing options...
ford_428cj Posted July 8, 2020 Share Posted July 8, 2020 1 hour ago, Highmark said: So is full pay shortened weeks with 3 day weekends for 8+ months all while carrying full bennies. Trust me.....NOBODY is complaining. You could probably do that deal too right for the guys at your place? Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted July 8, 2020 Platinum Contributing Member Share Posted July 8, 2020 Just now, ford_428cj said: You could probably do that deal too right for the guys at your place? Ummm.....that's what we have been doing. Quote Link to comment Share on other sites More sharing options...
ford_428cj Posted July 8, 2020 Share Posted July 8, 2020 2 minutes ago, Angry ginger said: cut of hours allows people to collect. Crazy the money the gov't is throwing out ... Quote Link to comment Share on other sites More sharing options...
ford_428cj Posted July 8, 2020 Share Posted July 8, 2020 Just now, Highmark said: Ummm.....that's what we have been doing. Oh - I thought you were paying them for 40? Quote Link to comment Share on other sites More sharing options...
ford_428cj Posted July 8, 2020 Share Posted July 8, 2020 1 minute ago, Highmark said: Ummm.....that's what we have been doing. Skidooski works 32 - then collects the unemploy for one day if I read that right Quote Link to comment Share on other sites More sharing options...
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