California Small Businesses Struggle While Waiting for Stimulus Aid - Los Angeles The Paycheck Protection Program (PPP)
This is a forgivable loan of up to $10 million with a 1% interest rate. “The max amount a business can apply for is 2.5x the business’s average monthly payroll costs, not exceeding $10 million. Under specific circumstances, PPP Loans can be forgiven. The amount a business spent on payroll, rent, utilities and other eligible costs within the 8-week period upon receiving the loan is forgiven. The remaining amount turns into a fixed-rate loan with the SBA,” adds Lieberman.
Economic Injury Disaster Loan (EIDL)
Businesses can receive as much as $2 million in assistance from the federal government. This is a fixed-rate loan with a 3.75% interest rate for small businesses and a 2.75% interest rate for private non-profits. “However, applicants are also eligible for a $10,000 forgivable advance on the loan immediately after applying, even if the business does not ultimately receive the loan,” said Rebecca Lieberman, Policy Advisor and Research Manager with the San Diego Regional Chamber of Commerce. The SBA has also stopped processing new EIDL loans, citing a lack of funding.
California COVID-19 Small Business IBank Loan Program
Earlier this month, Gov. Gavin Newsom announced $50 million in loan guarantees for small businesses that may not be eligible for federal relief. The State is also allowing small businesses to defer payment of sales and use taxes of up to $50,000, for up to 12 months. In a move said to help workers and small businesses, people receiving unemployment benefits are temporarily being paid an extra $600 on top of their weekly amount.
California City level COVID-19 Small Business Aid
Small business owners in San Francisco are being encouraged to apply for the San Francisco Hardship Emergency Loan Program (SF HELP). The loans have a 0 percent interest rate and are administered by Main Street Launch in partnership with the city of San Francisco. Small businesses can make loans of up to $50,000 for terms of up to six years.
Additionally, through the City of Los Angeles Small Business Emergency Microloan Program, businesses and microenterprises in Los Angeles that are responsible for providing low-income jobs can apply for emergency microloans in an amount between $5,000 and $20,000. Reese hopes Congress reaches an agreement to fund the loan programs soon and that more applications in the queue are approved. In the meantime, three days a week she and her scaled-down team cook M’dears signature soul food for about 50 seniors who are shut-in during this pandemic.
The emergency meal delivery program was launched by LA City Councilmember Marqueece Harris-Dawson. Reese says compensation for the heartwarming cause has been slow. In fact, on the Friday leading into the Easter holiday weekend, Reese couldn’t afford to pay some of her staff. “Up to today, we have provided 300 meals and haven’t gotten a penny for it,” she said, “You wanted me to keep them on staff to do this, but you’re not giving me the money to pay them, so I can’t pay them.”
The National Restaurant Association has launched RestaurantsAct.com to share the latest COVID-19 relief information.
Only one-fifth of loan applicants have received any money under the federal Paycheck Protection Program (PPP), according to the advocacy group —and unless relief arrives by the end of next month, half expect to go under.
The Senate approved a third economic stimuluspackage on April 21 that includes an additional $310 billion for the PPP to help small businesses. The legislation, which would provide loans of up to $10 million for businesses with 500 or fewer employees, is expected to go to a House vote this week.
“We don’t believe $300 [billion] and some change is enough,” NFIB California Director John Kabateck told The Epoch Times.
“We believe $400 billion would be a more sufficient amount, just to cover the needs that exist right now. And we believe $200 billion ought to be dedicated specifically to businesses with 20 or fewer employees.”
Over 1.6 million applications for aid were approved before the initial funds ran out, according to the Treasury Department.
But even though the program was established to help small businesses, 25 percent of the funds were given to 2 percent of the companies that applied, including big businesses with thousands of employees that took advantage of the program, Kabateck said.
A recent analysis by Morgan Stanley shows that over $243 million of the total went to publicly traded companies.
“We don’t disparage a job creator of any size that is struggling to keep people on the books and their doors open, but it’s ridiculous that policymakers and financial institutions have placed those larger businesses and corporations in the front seat while small businesses are starving in the back row,” Kabateck said.
Thanks @imstilla.grandma for summarizing the various loan programs promoted by the government.
We know Congress has been behind closed doors for more than a week replenishing the PPP loan program after the first-come, first-served pot bled dry.
Are they also closing the loopholes and exemptions (they created) that allowed this to happen?
More public companies that bled the pot dry to add to the wall of shame:
Luxury hotel group Ashford, Inc. (i.e., Marriott, Ritz, Braemar Resorts, etc.) with 7,000-plus workforce used loopholes and exemptions in the loan program to spread claims over multiple subsidiaries and received $59M. Ashford has also furloughed 95 percent of its staff.
The PPP was set up by the government to help small businesses pay workers and bills but many large firms have claimed millions through loopholes. The program has a $10million and 500-staff limit.
And the banks that helped them:
The Paycheck Protection Program offering $349billion in emergency loans to small businesses was advertised as first come, first served
A New York Times report claims banks including JPMorgan Chase, Citibank and US Bank prioritized their richest customers before turning to other loan seekers
Bank employees and executives told the Times big clients were given 'concierge treatment' as their loan applications were pushed to the front of the line
Thousands of small businesses struggled to submit applications through overcrowded online portals while bank reps were told to ignore their calls
Contact your doctor who has your complete medical history. We don't know any of that on here. You are clearly worried about it <modsnip> so please call.
Thanks for summarizing the various loan programs promoted by the government.
We know Congress has been behind closed doors for more than a week replenishing the PPP loan program after the first-come, first-served pot bled dry.
Are they also closing the loopholes and exemptions (they created) that allowed this to happen?
The PPP was set up by the government to help small businesses pay workers and bills but many large firms have claimed millions through loopholes. The program has a $10million and 500-staff limit.
More public companies that bled the pot dry to add to the wall of shame:
Luxury hotel group Ashford, Inc. (i.e., Marriott, Ritz, Braemar Resorts, etc.) with 7,000-plus workforce used loopholes and exemptions in the loan program to spread claims over multiple subsidiaries and received $59M. Ashford has also furloughed 95 percent of its staff.
And the banks that helped them:
The Paycheck Protection Program offering $349billion in emergency loans to small businesses was advertised as first come, first served
A New York Times report claims banks including JPMorgan Chase, Citibank and US Bank prioritized their richest customers before turning to other loan seekers
Bank employees and executives told the Times big clients were given 'concierge treatment' as their loan applications were pushed to the front of the line
Thousands of small businesses struggled to submit applications through overcrowded online portals while bank reps were told to ignore their calls
There are problems with both the live virus and the antibody tests. There hasn't be adequate random sampling vs a known control group to know how well those tests work. There are both false positives and false negatives on both tests.
No one knows how many false results. Some people have tested positive, then negative, then positive - using the same person and the same test.
Tricky virus. I suspect that antibody levels need to be high enough for it to register, and that one's antibody production can vary for all kinds of reasons, perhaps even day to day.
OR, of course, it can be test sensitivity that's too low. I'm hearing that all the commercially available tests have many problems, ranging from user error to sensitivity of test.
“Epidemiologists Britta L. Jewell and Nicholas P. Jewell Tuesday wrote in an op-edin The New York Times that 90 percent of coronavirus deaths in the U.S. could have possibly been avoided if social distancing began March 2, when there were only 11 deaths recorded in the nation. If such policies would have been put in place one week earlier, on March 9, the epidemiologists say there could have been a 60 percent reduction in fatalities.
“Whatever the final death toll is in the United States, the cost of waiting will be enormous, a tragic consequence of the exponential spread of the virus early in the epidemic,” the experts wrote.”
Watching the President Press conference right now. Really interesting information today.
Apparently the Coronavirus doesn't like warm environments. This is interesting. Because hospitals are usually kept cooler, to reduce bacteria and viruses.
Nice, the sun will kill the virus, UV rays. Like on playground equipment. Yay! Kids can play again at the park.
Watching the President Press conference right now. Really interesting information today.
Apparently the Coronavirus doesn't like warm environments. This is interesting. Because hospitals are usually kept cooler, to reduce bacteria and viruses.
Nice, the sun will kill the virus, UV rays. Like on playground equipment. Yay! Kids can play again at the park.
This bit is really interesting to me as it explains the care home cases, the aircraft carrier cases and the cruise ship cases. Captive victims. It also explains high number of cases with mass transit systems. You have no chance of tracing your contacts from a train or bus.
Watching the President Press conference right now. Really interesting information today.
Apparently the Coronavirus doesn't like warm environments. This is interesting. Because hospitals are usually kept cooler, to reduce bacteria and viruses.
Nice, the sun will kill the virus, UV rays. Like on playground equipment. Yay! Kids can play again at the park.
Watching the President Press conference right now. Really interesting information today.
Apparently the Coronavirus doesn't like warm environments. This is interesting. Because hospitals are usually kept cooler, to reduce bacteria and viruses.
Nice, the sun will kill the virus, UV rays. Like on playground equipment. Yay! Kids can play again at the park.
Yet, Cruiselines were absolutely contaminated with it.
Indoors only I guess.
Perhaps I'll frequent my tanning bad 5 - 10 min after I have to venture out. Lol
Heat may be good, but people will retreat to where it's cool and it will continue to spread.
I feel like this is more nonsense, that will change in a week or 2.
It's frustrating!
Moo
This is going to be simplistic. When you SCUBA dive, the pressure on your body increases every 33 1/3 feet of depth. This is one Atmosphere.
The deeper you go, the more pressure on your body, and the slower your blood gasses are off-gassed. The gasses stay in your blood longer. That's why SCUBA divers can only go so deep, and for so long. You will be poisoned by nitrogen if you don't follow the rules.
A hyperbaric chamber mimics this effect. It acts as if you are going deep into the ocean, putting pressure on your body. You can't feel it. This keeps blood gasses in your body longer ~ in this case, beneficial oxygen is forced into your tissues. It is used for wound healing, co2 poisoning, and decompression sickness.
Unfortunately, there are relatively few chambers in the US.
Yet, Cruiselines were absolutely contaminated with it.
Indoors only I guess.
Perhaps I'll frequent my tanning bad 5 - 10 min after I have to venture out. Lol
Heat may be good, but people will retreat to where it's cool and it will continue to spread.
I feel like this is more nonsense, that will change in a week or 2.
It's frustrating!
Moo
The new coronavirus' impact on China is so stark that it can be seen from space — as a dramatic drop in air pollution, according to data from U.S. and European satellites
Another map (see article) shows the sharp decline in emissions over Wuhan, the city that was the epicenter of the viral outbreak. (Image credit: NASA Earth Observatory)
Thanks for caring. Yikes, red toe, red eye...who knows...this virus takes on many forms. I hope your eye is just a little red from seasonal allergies. Hope it's going away now.
I sometimes write health symptoms on my calendar. I see some other people going back in their memories to consider if they had some symptoms that could have actually been Covid-19. I'm convinced it was on the West Coast earlier than we initially thought.
they just can't get a good poke into one to draw blood - hands are easier than arms but they hurt more
I have the same issue & I've been poked lots over the last few years - they say to drink lots of water but that never helped me any
The new coronavirus' impact on China is so stark that it can be seen from space — as a dramatic drop in air pollution, according to data from U.S. and European satellites
Another map (see article) shows the sharp decline in emissions over Wuhan, the city that was the epicenter of the viral outbreak. (Image credit: NASA Earth Observatory)
Phew, good thing nobody owns the sun, or has exclusive rights to it, and it can't be hoarded or effected by price gouging. That said, it wouldn't surprise me if Pharmaceutical companies are working on a way to "bottle" it and sell it to us in an "improved" form, LOL IMO
Canada will send thousands of soldiers to help in long-term care homes
[...]
Nearly half of those that have died in Canada from Covid-19 are linked to residents in long-term care centers throughout the country. In Ontario, where there are well over 100 senior residences with outbreaks, more than 70% of those who have died of the virus are residents of care centers.
“We’re seeing terrible tragedies in long-term care facilities across the country, this is unacceptable. If you’re angry, frustrated, scared, you’re right to feel this way, we can do better, we need to do better. Because we are failing our parents, our grandparents, our elders, the greatest generation who built this country,” Trudeau said.
[...]
About a third of the world’s population now under coronavirus movement restrictions
[...]
At least 2.7 billion people worldwide – just over a third of the world’s population – are affected by partial or total lockdowns, curfews or other restrictions on their movements due to the coronavirus pandemic, CNN calculates.
UK capacity for coronavirus testing is more than 50,000 people per day
[...]
That means “essential workers will be able to book tests themselves on Gov.UK,” Hancock said, adding that the process will be free, and that people who live with essential workers will also be able to get tested.
Results will come by text message, Hancock said.
The British government aims to test 100,000 people per day by the end of the month.
[...]
Almost half of coronavirus deaths in Europe were in care homes, World Health Organization says
[...]
As many as half of the people who have died from Covid-19 in Europe were residents in long-term care facilities, according to estimates from the World Health Organization.
[...]
“This pandemic has shone a spotlight on the overlooked and undervalued corners of our society. Across the European Region, long-term care has often been notoriously neglected. But it should not be this way,” said Kluge, calling the workers employed in these facilities as “the unsung heroes of this pandemic.”
"Nearly half of those that have died in Canada from Covid-19 are linked to residents in long-term care centers throughout the country. In Ontario, where there are well over 100 senior residences with outbreaks, more than 70% of those who have died of the virus are residents of care centers.
“We’re seeing terrible tragedies in long-term care facilities across the country, this is unacceptable. If you’re angry, frustrated, scared, you’re right to feel this way, we can do better, we need to do better. Because we are failing our parents, our grandparents, our elders, the greatest generation who built this country,” Trudeau said.
[...]
So Canada is similar to Europe also? Will it be the same for the US deaths too?
Possibly half the deaths in care homes?
This is terrible news and could have been prevented with PPE surely?
Phew, good thing nobody owns the sun, or has exclusive rights to it, and it can't be hoarded or effected by price gouging. That said, it wouldn't surprise me if Pharmaceutical companies are working on a way to "bottle" it and sell it to us in an "improved" form, LOL IMO
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