35 Burst results for "P. P. P. R. A"
Miami - Florida man charged with stealing from PPP funds
"Florida man is suspected today of stealing thousands of dollars from the U. S government program. Aim that helping small businesses impacted by the cove it 19 pandemic Evan Brown reports, The Paycheck protection program is supposed to be helping business owners continued to make payroll even if they were closed due to Corona virus. But now a 32 year old man from near Fort Lauderdale is charged with getting 60 grand in loans from the program just for himself. Prosecutor Seo Jeong. Do we falsified information on the application used stolen Social Security numbers. And had the money deposited in two accounts he controlled. They called him when he tried withdrawing cash at the bank. Louis was already awaiting trial for money laundering,
Trump pushes forward with executive action on economy despite legal questions
"Surrounding President Trump's multiple executive orders on Corona virus relief lawmakers raising legal questions about his authority to take actions on his own. What we are doing is entirely within the executive capacity of the president. That's White House press secretary Kayleigh Mcenany. Defending Trump's move. Nebraska Republican Senator Ben Sasse criticized the executive orders calling Trump's actions Unconstitutional slop. ABC is Katherine Walters joining us She's in Washington D. C. You're watching this unfold. Catherine Sass not alone in his criticism, but the president fired back at the senator. Yeah, he definitely fired back at him. Mary said that he has gone rogue, the president and the administration. They gave himself this self imposed deadline of last Friday to come to an agreement with Democrats and agreement that never came to fruition here. So the when Let alone signing. You Know one executive order a three memorandum over the weekend. And, frankly, is you mentioned that on and other Republicans. But, of course, all the Democrats raising concern about his authority to act unilaterally here since Congress handfuls of the power of the purse Now they also raise the fact that he's Cover. You know four different buckets. They cover extending on point and benefits covering the payroll tax, curbing evictions and deferring student loans. They don't address a number of of other items that need funding such a cool additional aid for testing in vaccine development support for that PPP of program for small businesses, So that is another thing that Democrats are worried about here. And the question is, Do you know what it'll get back to the negotiating table were so waiting to hear what Happens asleep between Democrats and White House negotiator debate for that extra 400 bucks and unemployment benefits. The president is taking that money from the Natural disaster fund, and that's right before what a lot of people expect to be a very active hurricane season, and the feds would pay 300 bucks states would have to pay $100. How do you force states to pay that money is on interesting issue because there's a lot of confusion among governors as to how this plan would be implemented to that 400 Dollars, 300 of which the federal government will agree to pay. Now it's a question of units and whether the state will pay $100. But as of right now, the way the order is written in the way that the Department of Labor has so far given guidance city states in order to even get that $300 from the federal government What it needs to make a commitment to pay that $100 so reading from the order is not entirely clear how this would be implemented states to be able to move around Suns that they've already allocated and other portions of their budget. But it's something that Republicans and Democratic governors have in a way Stern's about and where additional funding, for example, would come for schools and other items that may need to fund in the fall. Do the president's actions really have as much power as he's saying they do? Yeah, another question that debate as well. We'll see how the $400 program hands out here. It already seems like there's a great deal of confusion over at the other is the executive order on renters. The one with the curb. Eviction is unclear whether that really has much Keith because it doesn't say that it's going to stop affection, just orders the federal government and federal agencies to attempt to slow these down, so that's one thing we're hearing from Democrats on Capitol Hill over the weekend and today after the president sign, he's memoranda, and these orders is they don't really carry much weight, but they don't really have a Keith as some of the supporters of these orders. ABC is Katherine
'Unconstitutional slop': Pelosi slams Trump's executive actions on coronavirus relief
"He doesn't know what he's talking about. I'm ham puso. Fox News, House Speaker Nancy Pelosi says. That's the kind of thing she can say about the executive action taken by President Trump yesterday, action she calls unconstitutional. The executive orders a wide ranging, focusing on unemployment, student loan payments, payroll taxes and evictions, families at the risk of being evicted. The virus is moving like a freight train, even though the president Once has ignored and delayed and distorted. What that isthe. Treasury Secretary Steve Mnuchin was part of the White House team negotiating with the speaker. We agreed with the Democrats. We both want to send more checks to the American workers. We want to send more PPP to those hardest businesses. We've fed. Let's pass legislation on the things we agree on the speaker and the secretary, both on Fox News
How Are Employers Treating Workers During The Pandemic
"And we've been talking about how employers are treating their workers during the pandemic with Michael Sein Auto from The Guardian. Michael, what happens to workers? Now we're talking. We're looking at layoffs in a lot of different industries. Is that right? A lot of different industries are still laying off workers. Whether it's as the PPP loans are expiring businesses that have had to close again after reopening because a surge in Corona virus cases to just industries that have survived up until this point Without laying off workers either Cos announcing our warning that mass layoffs or imminent like some of the large airlines, United Airlines said By October 36,000 workers are possibly subjected toe beginning permanently lay it off for load. American Airlines has said that There's been a lot of university systems who are making decisions right now to caught a lot of workers. There was a study a few weeks ago by the Economic Policy Institute that ah, large portion of workers who have lost their jobs during the pandemic. Those jobs are not coming back. They those workers will not Have a job that they had before the pandemic to return Teo on and a lot of industries even if they have started to reopen, like hotels and things like that, they're not At seeing capacity or demand to the point where they're recalling all their workers and the ones that are getting recalled. They might only get a few shifts. You know a week they're not getting full schedules. Is there any silver lining in any of this? Michaela do work. Is there anything positive that we can say about workers in the United States right now? Because this is ah! A very serious and grim picture that we're painting with, obviously, which is necessary. But are there any bright spots? I'm wondering that not too not too many. I think some of the bright spots if there are any and all of Ben The workers who have organized protest strikes worker still organizing Tio form labor unions or organizing with their existing labor unions. Teo pushback on employers or bad practices within their industry. The urgency for for organizing has certainly intensified because of the working conditions caused by the by the pandemic. But there's AH, a report in the Economic Policy Institute in December 20 19 US employer spends around $340 million on union avoidance consultants about one in five union election campaigns involves a charge that an employer has illegally fired. Ah, worker. We've seen that during the pandemic with the Amazon protests. Ah lot of workers who led those protests. Have been fired, lost their jobs. A lot of workers are seeing the the benefits of collective organizing and having a collective voice. It's fan. Inspiring to see these workers on the front lines that are still working there in the pandemic to protest and risk their jobs to improve their their working conditions. And, you know, raise awareness of how workers in these industries are treated, you know, across the board around the country. Michael Sein
Expensive Miami private schools got millions in PPP loans. So did charter schools
"Maybe there's something that came out in the Herald and just really rankles me. Some of the most expensive private schools. In South Florida. Got loads in those PPP loans loads charter schools, too. Charter schools to Catholic schools. Two of my girls is one of them. This one. Let's see. He's talking about the ransom Everglades, which has a $40 million endowment, according to the tuition there. 7 $41,050 a year. My daughters went to Carrollton right next to poor and they follow them in lockstep General for tuition. Now they took A whole lot of money in these PPP loans. According to the Herald between two and $5 million. Now let me ask you this question What we had to keep our staff and our teachers and our cultures will let me ask you this. Did you give money back to the parents to pay for tuition last year? Cause I pay tuition in my school. I think any money back my girls didn't go to the school for the last half of the year. You pay tuition toe have them in the classroom. They're not learning computer and the computer stuff was Every once in a while, they'd have a class. I mean, it was kind of ridiculous. They didn't get to take the you know, they're I'd be in after back Laura Court o'clock test at the end of the year. Now, none of that either. Which would have helped them to avoid certain classes in college. No, but they're not gonna give money back. So wait a minute. You got all the tuition money. You didn't any more money to keep your staff and your teachers and your coaches. What are you talking about? I mean, this is outrageous, and they're not giving the money back. It's why oversight is important when you have these kinds of trillion dollar programs. ST Thomas, a quietness. Got a bunch of money. According to the Herald, the Archdiocese of Miami itself received between one or $2 million funds. Why one of the Archduke is most prestigious schools in Tom's. The quietest in Fort Lauderdale received the people own birth between two and $5 million. I mean, you know, there are actually people who needed this money, give the money back to the parents who pay the tuition if that's the case. Do they think they
Consumers Came Back in June, but for How Long?
"And once again new concerns about the job picture and how this economic recovery is played out. What's your current view on all that? Well, you know, I've got good exposure to it pretty well. Every sector the opening and re closing, really devastated the restaurant, Food service entertainment industry nor tell you why. In the restaurant, for example, I've got some investments in restaurants, eating and So you know, when we reopen we bought inventory. We bought food. We bought meat. We brought protein. We bought more booze. You got more beer. And then we are open for, like, 19 days and we shut down again. And that just is a killer. I mean, that is like, you know, Breach restaurant, maybe $25,000. Just gone. And then, of course, our staff that were you know some cases we're out of the PPP and others or not, but Telling people come back to work in the same home again. That's not cool, so we really need a federal mandate on this thing I could speak now is sort of an investor on that sector. Entertainment and restaurants. We really need a federal mandate. We gotta wear masks. I keep going back to that topic, but we've got to get this thing nipped in the bud. The thing is, we have the evidence everywhere that you work. So you basically social distance where Matthew do it for six weeks. And boom. You cut the curve in half, and we got to do that. Listen, they're crazy in New York. They're the craziest chickens in the world and they solved it And we can do it in Florida. We could do it in Texas. We could do in California. We gotta do it. Give
US Economy Faces Long Recovery From Coronavirus Effects
"Economy continues to recover from the challenges posed by covert 19 for the second month in a row. The jobs report vastly exceeded forecasts with a record of nearly five million jobs. This brings the two month gain to approximately eight million jobs. Well, unemployment rate is still historically high. We're seeing additional signs in conditions of improvement. The blue chip report is forecasting that our GDP will grow by 18% in the third quarter. The U. S Chamber of Commerce reports that 79% of small businesses are at least partially open. And half the remaining businesses will open soon. Retail sales rose by 18% in May and by 7.5% in June. But let me point out June was actually 1.1% higher than the same June 2019. This is a result of all of our programs working with Congress. Investors and businesses have historically high caste positions and are beginning to put them back to work. We're in a strong position to recover because the Trump Administration worked with Congress to pass legislation on an overwhelmingly bipartisan basis and provide liquidity to workers and markets and record time. In particular, the PPP is keeping tens of millions of employees in their jobs. Economic impact payments are helping millions of families. We're monitoring economic conditions closely certain industries such as construction and rework recovering quickly, while retail and travel are facing longer term prospects were sensitive to the fact that certain areas of the country are experiencing increased numbers of cases. The task force working with state and local officials is helping to ensure that people can work safely. In this environment. We look forward to continued conversations with this committee and other members of Congress to address these critical issues. Turning to the PPP, The espa and Treasury worked together to launch this unprecedented time We approved over five million loans for 517 billion to support the employment of over 50 million jobs. This is truly an extraordinary achievement, and we're pleased that the loans were broadly distributed. And made a cross diverse areas of the economy, with 27% of the fund's going to low and moderate income communities, which is consistent with the proportion of the percentage of the population as you might expect, with a program of this magnitude executed on a national scale rapidly, we initially experienced some complications. We resolved them quickly to implement the program. Our team's work with members of Congress on a bipartisan basis to issue rules and guidance to provide clarity by standing up the program quickly, we were able to support tens of millions of jobs. We have worked closely with members of Congress in both parties to pass three subsequent pieces of critical legislation. We also reached a second round of funding for over $300 billion. I look forward to these continued bipartisan efforts a next phase Relief should extend the PPP but on a more targeted basis for smaller companies and those that are especially hard head such as restaurants, hotels and other travel in hospitality business.
Mnuchin Calls for Forgiving PPP Loans to Smallest Businesses
"It's now possible that all small businesses might not have to pay back their P p p p loans that they got in the pandemic. That's what Treasury Secretary Steve Mnuchin told the House Small Business Committee today. Right now it's an onerous process to get a loan forgiven. The government has approved nearly five million PPP loans totaling more than half a trillion
Catholic Church Received At Least $1.4 Billion in PPP Loans
"So the Catholic Church got over a billion dollars in P P money. And there is outrage on the left that the Catholics got this money. So even David Graham. Who's a liberal writer at the He's liberal writer at the Atlantic is lamenting of people blasting P P. Because a group they don't like got money.
Retail Bankruptcy Filings Keep Coming
"These interviews as news is happening and crossing the Bloomberg terminal kind of fast and furiously. And that was true for the retail industry, Brooks brothers, and so the tabla filing bankruptcy bed Bath and beyond announcing plans to cut about 20% of its stores, So it's been very tough on the retail front just this week alone. Alan Ehlinger is someone who has worked with in the retail industry for some 40 years. He is co founder, senior managing partner of the investment bank MMG Advisors, and he says this time is unlike any other. As a firm. We've been working remotely, um, office closed on March 12th on and on in our office manager. Nobody's been back. We've managed to be in touch with every one of our clients. Right now We're handling three bankruptcies. In a matter of fact, we're missing three bankruptcies. So our world continues, but just continued remotely. I'm quite busy. I might have. Yeah, and so so busy. It sounds like on sort of bankruptcy restructuring side. But presumably and you know, this is what I hear. And I'm sure Carol here is from Investors that we know. I mean, these are the times when maybe there's some values to be had from a partnering up perspective from an acquisition perspective. What are you seeing, or is it too early to tell? But it's very It's a really good question. What we're seeing what we're experiencing. Or in an enormous amount of inbound phone calls. From opportunistic buyers. People who know that there's going to be bargains out there and they're just they've got a lot of dry powder. These are both both strategic as well as private equity. Who are sitting there sitting on the sidelines right now, just waiting to pounce on the right opportunities. I just wantto do a commercial banker this morning and the word that they used was the other shoe hasn't dropped yet. What was I saying? What? While there are a lot of bankruptcies in process at the moment, There are a lot of companies who really haven't um Acknowledge the fact that they're gonna have to make some pretty hard decision in the next couple of months. The PPP money has enabled companies to last a little longer. People wanted to see company owners who want to see what would happen when retail. We opened it. It would be a positive impact on this or not, but you know, we're living through a period of time at the moment where for the first time ever Both the supply side and the demand side have been impacted simultaneously. We've never seen him like that before. Part of which On top of which, when this happened, it happened suddenly. All of a sudden doors were locked and people could not shop in stores and consequent cash flow just dried up. We've never experienced that. You know, in the past when companies Skating, I use the word are skating on thin ice. And they're considering bankruptcy. You planet plant up sometimes weeks, sometimes months in advance, and you're able to come up with a plan of volume and because you kind of know what you're What you're proud of your sales were in the similar dates and you could come up with the financial plan all that fall apart. Because there's been there's been no traffic. So you don't know Del. Filed for Chapter 11 in March, I think was March 11th right? They couldn't. They couldn't even run and going out of business sale because the startled look They're just now reopening, so would be different. We've never experienced anything like this. We also experienced the volume of bankruptcy each that were that were living through right now. And I gotta tell you, I think it's just beginning. No, we're going to see a lot more bankruptcy his time that during the balance of this year, maybe early next year. I will also tell you that we're over stored the country. Yeah, we're over in wine also over inventoried as a country. So the fact that Retail organizations as an example, are using I'm using the term the cover of Cove. It They're using their using this period of time to clean up their balance sheets to get out of unproductive leases. You look like companies like J. C Penny or who had More stores across America. And, you know, a lot of those stores are unproductive. They're in C A D malls. So you know, they don't those air, not money making stores. This gives him an opportunity to clean up their balance sheet. Get up, get out of unproductive leases. And because it's under the under the cover of Kobe, they won't have the stigma. Once they come out of it, they were able to rebuild their
List of PPP recipients raises eyebrows after seemingly large businesses benefit from small business loans
"The federal government released a list of the companies and organizations that receive PPP loans designed to keep small businesses afloat and people employed during the lock down. It turns out many Well off lobbyists, Hedge funds, luxury hospitality chains and elite institutions were given government handout money. For example, Robert Veneers Nobu chain restaurants in New York City, Got p p P. Money. Whitney Museum of Art Carnegie Hall near Neil Barofsky was the special inspector general for TARP. In 2008 which was another government stimulus package. And he says some of the money in this first round of PPP loans wrongfully went to the big guys. And here's what he told Bloomberg markets and finance and are featured audio clip this hour. It looks at least from the list that put out At some of those those companies and at least technically may have looked to be ineligible got funds, and so that's that's a problem. But it's also supposed to go to companies that needed the money Now. I'm not talking about you know, they're on the on the bricks about to go to bankruptcy. But some of the recipients reading on this list and yet we don't know their internal finances. It really seems unlikely that you know, a law firm that pays its partners on the average of $234 million per partner. Really needed these funds on nonetheless took it. And so it's kind of hard to know what out the details, but it does look like it wasn't really as evenly played. A zit should have been
"ppp r. a" Discussed on The Scathing Atheist
"Based MIME show who. Why which he talks to her. My. Assistant Cross. Then there, so worries like fuck. You just talked to a guy here. Hey, Thomas, thanks to the. Research. We. Ended with his murder trial. What killing his girlfriend? What's it's? It's hard to rose someone when forty eight hours. But I will say this. I will say this about Brian Random his stations of the cross way more convincing than his testimony in court. Or. Why don't you take Erica's ex CO worker? She looks like she's about to ask you why. You're stenciling black lives, matter on your own house and. You explain that you can do whatever you want to your own house. She asked to speak to the manager of the help. All right and to round out special requests Tom. We have one for you. Domon blow would like a roast for their ex wife Rachel. Oh. I know people like Rachel Rachel, is the kind of person who makes everything about her, not because she is selfish or myopic, but because so long as everything is about her. She thinks she's in control and the thing is this works. She is in control when every person every action is evaluated not just by her, but eventually by everyone, afraid of her shit, and exclusively through her lens, her experience her reaction, she is fully in charge. That is fucking why she does it with. This is also why Rachel. Rachel will always and I mean this always ultimately be alone because Rachel's whole manipulation is based on the empathy of others, and no well is bottomless, and Rachel burn everyone that ever enters her orbit, and that burn and churn will happen faster and faster as people in her life become more mature and more aware until inevitably Rachel is left drunkenly thumbing through old pictures, tracing a single lonely finger across the smiling faces of those people. She never knew how to love and who can no longer remember her face. There should always be thunder at the end of your rose, okay? All right. It's time for another. Ning row. The category is a famous Fox so for this responding around I. Want you to tell me what these people should be famous for. Thanks to Daniel Barbara Hale and cody. We're GONNA START WITH NOEL. Fielding. yes, no fielding and the Great British bake off the big fat quiz of the year, and of course, the mighty Bouche, all great reasons to be famous. However, he should be famous for surviving motorcycle crash using nothing, but his hair's so. All right and heath. What should mark Zuckerberg be famous for? Oh, he should be famous for building a device for Cambridge Analytical got trump. A. Great one for you. What should Jenny McCarthy be famous for? She should get the first honorary degree from Google University. I. Stole made from an Ivax her teeth to. Nice arises nicely. Orage of the Devil Tom, what should Lucien Greaves from the Satanic Temple? Be Famous for Okay Guy with the least evil most? Because this is fucking. He's. You're up next. This one comes from J. Tell us why. Mr Rogers should really be famous Oh. That's easy for being the twentieth century's admirable Christian. That's that's true all right well. Don't all around a new round same category except this time. I want you to tell me why. This famous fucker refuses to wear a mask. Thanks to Kyle Martin Timid Donny and we're going to start with an easy one. So why won't Dave Ramsey wear a mask? We'll people call them up for financial advice and he responds like comcast Rep. Have you tried.
"ppp r. a" Discussed on The Scathing Atheist
"An ipad clip on his belt and He like clips, it and checks his voice mail on speaker on an IPAD. All Right Tom. How about a little SAS for daylight saving time for her steen fucking? Thank you. Hey, what you can fool by changing a name. No one nothing time doesn't change because use a different number. When you stagger out the fucking door in the morning, all daylight savings time does is remind you every fucking year as it gets harder and harder to adjust to a temporary, stupid meaningless rule. Rule that robs you of one more precious sleep. You're old and your body hurts, and it's morning, and it's going to be morning for hours, and there's nothing you can do, but grit your teeth and see that every stupid, cheerful asshole who springs out of bed, gleefully laughing at those of us who would sell your children without a second thought into a cobalt mine for fifteen minutes more of blessed unkind. She's already well done next up. We got around a special request I, we have one for heath. Emily would like a roast for her sister. CHARLOTTE, okay, well, first of all, nobody's fooled by your alias. You're not the taste sisters. Based on the picture we got. Charlotte is looking approximately Bronte on the melanoma scale it. Looks like she's in a Karen Detox programs. US clearly becoming Karen and she knew it, and then she moved to the Florida keys to find herself because she ran a little hemingway, but she found Karen and then became a white lady in middle, America. And Eli Charles would like arose for celebrity mime Brian Rangoon. Charles Charles thank you for this fucking crazy dark universe. Citation needed as saying I know I'm supposed to make a joke. Hey looks like this. Let me explain. The journey to this rose began began by me, watching Brian Rangoon's Shitty crucifixion.
"ppp r. a" Discussed on The Scathing Atheist
"On the menu. And question three which you'll be able to no, no. Here's how this works. You name things from this fucking list and I get him for you. You'd be able to do. Also you should probably leave now because you're definitely getting some items that are quote off menu! And four and four I have never actually looked in the back for anything. And they are until I. Done. And tip better. Every tip better assholes all right. No, this one's for you. Lucas would like a rose of his fiancee Sidney though honestly they are probably married by now between married, divorced and dead by now to. Watch. Yeah, the note even says we're young. fucking I'm like well. Would you wrote that? Luke Nineteen yes, city looks like the stuff that Eurythmics. Our Dreams are made of I. is trying to distance themselves from something that our mouths or noses negotiating a settlement. It's kind of. I. I feel like such an asshole. Do Your your lovely Sydney I didn't minute and Eli Hollywood like arose to HR departments. I give you guys such easy wants and took such on. Take. At the end like that though Tang. HR departments the last line of Defense against sexual harassment and racism in the workplace. Don't do any of that. Do? Not signing carols,.
"ppp r. a" Discussed on The Scathing Atheist
"Not from fucking churches. They were from religious schools, and as we've learned over the last few years. A goddamn theme park can be a ministry if it means. They don't have to hire gay people. As time we stopped talking about repairing the wall of separation. This point we're paying the salaries of clergy out of the public coffers. There's a separate set of fucking laws for religious and non-religious people. There is no wall left to repair. If there every is one again. It's going to be because we built a new one from scratch. They're talking about. Joining me for headlines. Tonight, our thou and scissors to my paper. He then right Eli Bosnich Fellas. Are you ready to shoot? Look paper covers rock is bullshit. Raucous fine, if anything, rock is no stronger because wearing paper. Okay, okay, walks like paperweight. That's like a thing. Rock covers paper as a thick. That weird. Okay well now. I need a second to recover from. You guys minimizing what I bring to the Rochambeau hope system gets fucked up if. Paper doesn't compete rock and we'll recover. We'll offer a word from this week. Sponsor, STAMPS DOT COM. Okay and now the stamp goes on the corner of the envelope. Which one though top right my writer yours? I'm looking idiot. I mean Look Dude Dude. Relax. Hey, hey, heard a bunch of screaming. What's what's going on? He tried to bathe ally again now ally and I are just working on his post office skills again. His post office skills. Yeah, you know fixing stamps went packages. It can be a little much for him. Last time I just walked in yelled. Send this to. Jerry spiked my package on the floor. Yes, you yeah, attracts. was US STAMPS DOT COM. WHAT STAMPS DOT COM? He. said that kind of weird yet. Just say the products normally no other pay at the.
"ppp r. a" Discussed on The Scathing Atheist
"Protective P for the trump supporter on the go the end ninety five k. k. k. mask complete with protective hood. The End Ninety five KKK mask now will you wear it? And now the skating atheist, hi, I'm Lisa, an co host of the new podcast. The Bard cast it Shakespeare you Dick, and this is dawn that tech and training specialist at the same university, the developed the polio vaccine and someone who has studied the work of one of history's pre eminent primates William Shakespeare, a suspected scathing atheists and the someone who works for years at a time getting to know individual non human primates. We can assure you that we did in fact evolve from filthy monkey, men and women. it's Thursday. It's July nine and it's been nice to Jersey, week. I like your industrial waste it's. Wrong. I no allusions. Bosnich he then right and from Aaron. BURR's New Jersey Cincinnati. Swing state and good husband Georgia. This is the scathing atheist. This week's episode. The government takes PPP. First Amendment. If you're rat has an erection that lasts more than four hours. It wasn't homeopathy it, was you? And Tom and see some guidance of dissonance will be here. The actors in salt loop, but I the diatribe. I honestly didn't think my when I was your age. Stories would be about the rights we used to have. But you know I was naively optimistic enough to think that this country couldn't possibly elect donald trump is president all the way up until election night. So what the fuck do I know. You'll look. Trump is not going to have much of a legacy as unbreakable as his hold on the Republican Party seems now it'll disintegrate the instant. He's out of power though start trying to sanitize him from the Party's memory that second, if not before the overwhelming majority of his reforms are going to be rescinded virtually all of his executive orders are going to be nullified is pathetic. Little Wall will. will be torn down and thrown into the Rio Grande. If it hasn't managed a fall in their of its own accord before we get to it, you know we're going to rejoin. The WHO will resign the Paris climate accord will salvage the Iran nuclear deal if we can. That Kinda Shit can more or less be repaired, but if the courts ever recover I will not live to see it. Odds are you won't either? You will never again living in America with as much freedom as had when you were born. And if you're one of our non US listeners, you can take some comfort in that, but you'll never live in a world with as much freedom, so it's not like the blankets all the way dry for you either. John Roberts and his court theocratic partisans have been way too much credit for the few bones. They've thrown to minorities like I. Don't get me wrong I. Don't want to minimize the truly historic gains the Lgbtq community as one under the Roberts Court, but the court doesn't deserve a hell of a lot of credit. You know the activists that spent the last several decades educating the rest of. Of Us. Put the court in a position. Where almost couldn't help but a firm, those hard earned rights I mean consider the recent decision that period, so many Christians about LGBTQ employment rights like this decision making illegal for employers to fire somebody for being gay or trans, and that's awesome, right? That is a long overdue right, but it's also a right that already existed for most Americans. Even, before that decision, most people lived in states that protected gay people from employment discrimination, and the overwhelming majority of national chains and national brands had at least policies in place against it, if for nothing, but pr purposes, so yes, it still matters that the Skoda's I and the rest of the country gets. It is still historic, but it was also culturally inevitable, and it was inevitable because of the work of activism and education. Like either ventured to say that most Americans probably thought it already was illegal to fire somebody for being gay. and. Let's not lose sight of the fact that even in that decision, gorsuch planted a poison pill that all, but guaranteed exemptions for religious employers. At the same time. They were affirming that right. They were undermining it. Hell one might even say that that was the chief effective this decision. Right, but he would. If I'm being overly critical here and they deserve a Goddamn parade for that one, it is still overshadowed by virtually every other decision they've made since corps should join the fucking court. The relentless effort expand the definition of religious freedom to include things like denying the freedom of others has been and will remain the chief contribution of Roberts. Court, to American law, this ridiculous hyper inflation that has made second-class citizens out of not only non-christians, but any minority that Christmas deigned to disfavor is what this court has given us or rather what it has taken away from us. The most recent middle finger secular government was an expansion of the ministerial exception. That's the legal doctrine I codified. If fide by John Roberts court in two, thousand, twelve and a decision, he wrote the majority opinion on that exempts churches from anti-discrimination laws when they hire ministers. It's why example a woman can't sue the Catholic Church for refusing to hire her for a predisposition just because she's woman. But when they conjured up this bullshit exemption, they declined to actually define minister right Clarence, Thomas, dumb ass argued that the court should quote defer to a religious organizations, good faith, understanding and quote. Of course like every other group ever trusted by the government to police itself, churches did not apply a rigid definition here and ultimately expanded out the definition of minister to any position. They cared to discriminate. Right, and and I love to use that as evidence by the way that the Skoda's fucked this all up in the first place, but this week they were faced with that fact, the the churches had obviously used this exception for positions that no reasonable person could define as minister, and they doubled right the fuck down on it according to Alito, it's up to churches to decide for themselves free from state interference matters of church government as well as those of faith and doctrine end quote in other words, and this is not remotely hyperbolic. Employment Law should not apply to religious institutions. That's what the fuck fucking words he meant, and if you think by the way that this is somehow going to be limited at churches, I should point out that the cases before the court that prompted this decision. We're.
"ppp r. a" Discussed on The Daily Beans
"Here with me. Today is Mandy Reader Helio. It's been one whole minute since we last spoke. Is it has and We got the intro right that time. Okay cool. Do you want to kick us off? Absolutely love love, my good news block and a treat to get to do it with you Jordan. Is, this is quite the treat. Yes, indeed, okay from Andy. He Him Commie Andy Please while I will India will call you, Andy, my day job is a graduate student doing research in New York City, but I have also been teaching science workshops to middle school kids in the Bronx they're an after school program, however with Cova, shutting down the city, everything ground to a halt and in-person lessons for canceled of course I was missing. Missing seeing people seeing the people. I've gotten to know their and worried about how the kids were doing second side. You're a good person to think of them. Luckily, the amazing organizers brought the operation online turning the entire after school program virtual. I did my part by digging up an old camera, rudimentary video editing and producing video versions of Oliver Workshops these video showed students how to do simple science experiments like extracting DNA and making blick. Jordan! Word I would fuck. Nice right? You've got fifty fifty shot on these ones. Using stuff, they could find it home. I also ran the lessons live over soom alongside other instructors who taught arts and crafts or how to produce rap music. Last week we celebrated the end of the semester in a big group zoom call and I felt so proud of this community that pulled it together despite the pandemic. We aren't the only ones who have made something awesome. Awesome happened over zoom you ladies, militia and have kept this amazing podcasts. Going and I'm so grateful for it. I don't know how I would get through the news without the anger insight, but jokes keep it coming. So glad. People are receptive of the buttocks. Good that is so awesome, thank you. Next up from anonymous permanent. He Hint, he says thanks Aga Jordan I've been listening to msw daily being since the beginning and have been on this ride since the beginning. You're my daily source of news. I used to listen to motto, and although I love her to death, I found myself depressed and really angry all the time. The lightness that you add and swearing makes hearing the news a little more bearable here in Ruby Red Utah. Vomit we. We recently had the Republican primary, since a Democrat hasn't been governor here since the eighties, the real race is the primary. The Republicans including one of the candidates changed the rules, so that only Republicans could vote, but left a loophole whereby Democrats and independents could temporarily switch their registration and vote over a hundred thousand of US Democrats and independents did this and help defeat the two most trumpy candidates including the dish canoe that changed the rules, yes. Although trump did not endorse either of these ask clans, both of these candidates openly campaigned is trump republicans and labeled the other two candidates never trumpers as if that's bad mail in ballots are still being counted. Yes, Utah, a Republican led state has used male, unbowed successfully and free of fraud. For here's Lieutenant Governor Scott Cox has a slight lead over former governor. Obama appointed ambassador to China and trump ambassador to Russia. Jon Huntsman, a very moderate Republican John Hunt Scott, I. I haven't thought about that manufacturer in a state full of trump worshippers. This is a great sign that things may be closer this fall. The two leaders collectively received about seventy five percent of the vote in the other guys only got twenty five percent of vote either way Utah will be in a better place with either of these candidates as governor, and neither is afraid of a mean tweet. I'm still working on my parents. Who Mainline Fox News and rush and. Nice sparks rush. Have made some progress with my like the band who me Fox News and rush. Limbaugh. Rush. So funny, that's so funny. I was thinking the ban rush like A. Gag. That's how they sound. That's so funny all right rush, Limbaugh! Progress with my dad, and that he will now listen and agrees trump sucks, but then quickly pivots to hillary or Pelosi Obama and how they are just as bad I'm hoping by November that we will see progress in maybe a blue state surprise. ooh So good very exciting. sweet. Thank you for saying that in anonymous in Utah. I'm really fascinated by a lot of things about Utah. I think because I grew up. My high school was next to this really like really. Beautiful Mormon Temple End. We don't really have people where I grew up in Nova, Scotia and we certainly or maybe we do it I. Don't know, but as far as I know. We don't have very many, but there's this really like. Surprisingly, beautiful temple given kind of water more like working area. It was like stuck out like a sore thumb and I went to high school, a couple of the Mormon people who went to that temple, and I became just like fascinated so I watch, these documentaries Utah I watched big lab, and I learned a lot about mormonism and also F.. D. LDS and anyway I'm also big big difference between F LDS, and the absolutely huge totally, but anyway I was like as a place and. I became fast. It also looks really beautiful there. It's so beautiful it is so so incredibly. Yeah, that part of the country is amazing sweet. Next, good news stray from a listener in Germany from Matt, he him, Hi, there I have no listener since the early days of Miller, she wrote I am from Cologne Germany I. Don't think I've been to. Cologne, but I've been to a lot of parts of Germany I fucking love Germany so much Joe and really grateful for your work. You are giving anyone living outside the US inside Info as to what's going on that you can't get by watching CNN international, so thank you for the good news. Fourteen days ago, the official German corona warning APP was made available for download. It only took those fourteen days for the APP.
"ppp r. a" Discussed on The Daily Beans
"I would gladly trade off the scenario in which Democrats lose right to seventy one to sixty eight right and try and get to trump electors to switch right than the reverse like an unlock. The electoral vote project illustrates that right like only to trump elector switched five Clinton electors switched right so I it it I think the structural advantage that you have to me, means it's it's much better to be enforcing it state by state. That the Newsweek article I you know is Click Bait like it's just a and again I know people aren't going to believe me, but like it it's not it's not going to happen. It's not I, get it. I understand I'm scared to, but you know like you've always said right. Let's vote in numbers too big for them to manipulate well. That's why that's why I went over that article. Avoid the narrow electoral college win in legislative states run by Earth states run by Republican legislation and and or legislators, and then then we don't have to worry about it, and also trump should be. Glad you know that. that it wasn't a landslide at, but you know. In hindsight is twenty twenty, I. Look at again since since I always lose patrons every time I do this on my show I'm GonNa. Do It on your show and see see if it happens here, too like it. Democrat I cannot tell you. It's probably about three quarters one quarters. Of A. Joel Stein voters I talked to in two thousand sixteen who were sort of genuinely repentant, but like it that behavior was patently irrational by Democrats in two thousand, sixteen where. They and Jill, Stein gave it was. It was votes for Jill? Stein exceeded the margin for trump over Clinton in the three states that decided the election right in Pennsylvania Wisconsin and Michigan. It totals up to about seventy thousand Stein votes in those three states, which exceeds the fifty thousand margin of victory, for trump in those three states and most of the Stein voters that I've talked to are like yeah, man, sorry I wasn't a big Clinton Fan I thought she had it in the bag. My bad and okay cool like if you're repentant great. Without up again, that's exactly right a handful I. still get hate mail right I. Still Get. People were like well. You know it's the DNC's fault for nominating a candidate Slake Arek. I must be nice to live in your world. Where the The candle with the consequence of that you can impose on the rest of the country, but did the DNC puts them on the scale, a little bit sure, but that's what they do, but then, but then you know you, basically you know you're just people who are like. Oh, they should you know the DNC puts Joe Biden No, the voters. Voters did he was way behind? He didn't have any campaign offices. He didn't have any money so it's. We're in a very different situation than than I. We were in two thousand sixteen, and and it just bums me out when people elect corrupt DNC. Put Joe Biden at the top. No, and and when you say that you are shitting all over the millions of people who voted for him yeah. Look you and I are ruefully. The same age I was a huge Howard Dean supporter in two thousand and. I. Don't know if you were right. I will tell you the DNC. Tanked Howard Dean intervened against our Dean so much more strongly than they did in in any of the past elections it it, if you, I the DNC distributed buttons that said Data Deem Mary airy right like it was an institutional position of like like. Liberals. That's really cute. All like but now it's time to come home and vote for John Kerry. That's who we want. The nominee to be weird button socialist in the streets. Moderate in the sheets, what the fuck is! That's exactly that's exactly right. That was the message they were trying to send. And look like it. I I wasn't happy about that, but like I got in line and I voted for John Kerry in two thousand and four. Anyway like if you can't get over, you know the the you know. The the politics ain't beanbag right like it's I. You know you're not going to be in politics for very. You know what the DMV sucks to. The driver's license. You gotta go stand in line. All right well. Now that we've gotten through that. Hoisting mediocrity up over our shoulders. I appreciate you coming on, and I just wanted to talk about possibly a little wager on when the tax cases are going to be decided before I let you go because I know a lot of your followers are coming at me, saying it's not going to happen till after the election. And and I'm saying it's GONNA. Happen. There's five decisions left. Two of them are the tax case and I think we'll get the three on Thursday or Friday and I. Think we'll get the to next week that the tax decisions next week, and not because of anything nefarious now because it was holding it off, it was the last thing argued, and arguments were put off by two weeks because cor, Corona, virus or three weeks they were arguing in May. which is rare, if ever, and so, that's what I. I think I think we're GONNA get those tax decisions. They might not go our way at least not all of them. I don't think they'll all go our way and we aren't going to get them. It's not like trump has to give them to the public. It's is giving them to a grand jury, which super-secret or Mazaar. Deutsche Bank capital on giving it to the House Dem's, which is a little more leaky, but still nonetheless, it's not being released to the public..
"ppp r. a" Discussed on The Daily Beans
"Two hundred seventy electoral votes than the top three electoral vote getters would go to the House of Representatives. You don't vote on a on an individual house member by house, member basis you, you vote by state delegations, and and so it's a little bit more complicated, but nevertheless Republican House and the idea was okay. The the bargain is we throw it into the house, and then the Republican house at least will vote for you. Know Jon, Huntsman, or you know whatever the moderate Republican that you've now given the third most amount of electoral votes to basically allowing thirty something people to pick the president of the United States right, and the again very clearly like horse-trading that to be like look. Okay, you, Republicans use the electoral college to win were not going to try and get you to to vote for Hillary Clinton. Rightly, that's clearly not going to happen. We're going to concede, but we're GONNA. Give you a Republican that you probably like better, and that will like better, and actually the the Republican in that project I was saying Jon Huntsman because I was just trying to think of the dwindling list of moderate Republicans it was it was John Casick. Right and we can talk about you know just. HOW MODERATE IS CASICK? But like look you know if you ask me, what would I do to have John Casick? Be President Right now like a la. Right, but not November. November retroactively yeah. And and look that didn't work. At all right it was, it was terrible. and poorly executed, and and I think it illustrates how you know. How hard it is to pull off something like this law puppy in the background again so. Folks. Social distancing can't. Can't can't get to the to. The studio can't keep a puppy down anyway. Look. You could imagine a very very close right two thousand style election in which you can actually nail down five people you know. But But they couldn't get thirty eight and some of those folks who participated in the electoral of project and switched their vote or announced that they were going to switch their vote prompted those states. These these were these were people switching away from Hillary. Clinton weirdly enough right because as part of the trait rightly so part of the sign of good faith is yeah well. Let's get up to a good number here. We're going to give you some Clinton. Electors doesn't matter right like at this point, Hillary. Hillary Clinton as long as she has. You know over you know. Forty or fifty is still going to be one of the top three candidates. She still probably not gonNA. Come out of the House of Representatives, so it doesn't really matter so so that was the idea. The idea was to overturn the election. get a more moderate Republican in sort of using this one weird trick. And the question was can states try and stop Larry Lessig from doing that? And what the supreme. Court US Guess, yes, we can. And and I think that's a good thing right I think it's a good thing for two reasons, right number one. It's a good thing, because now we know what the rules are, and we didn't before then and every time we have more understanding of what the rules are, and who makes the rules. It reduces the chance that we wind up in two thousand type scenario. Right where there's nothing that is going to have any legitimacy coming out of you know a per curium four Bush Bush v, Gore opinion that you know every way like you. You cannot find somebody with a straight face that says that that was an apolitical decision. Right like it was. That was the five conservative members of the supreme. Court where like I kinda like to have? George W Bush's president, so we're GONNA invent. New Rule that's not at all consistent with the statutory canons of interpretation. It's not at all consistent with our jurisprudence, and we're going to say that in the opinion, right like when you Bush, Gore, it basically says hi. This opinion is being written while we're standing on base in the floor is lava, and it doesn't count for anything else ever, and so don't try and site it I mean I'm exaggerating, but only slightly right so so anyway, so this helps in that trump you know regional apocalypse, scenario and and it gives states the power to say no. No, no, no, like we're not e. you can't go through and like by off a Joe Biden elector and like swing the balance of power here and right sense if the Democrats win the electoral college narrowly right that would imply afford a five percent win nationally right like that's. That's the kind of. Of that to me, that is the far bigger work rightly, if trump wins the electoral college, then we will have all not done our jobs over the next couple of months. Well, we said that in two thousand sixteen. Let me said that in two thousand sixteen he shouldn't have won the electoral college then and he definitely shouldn't win it now and but I think the the trump pacalypse that most people thought this would resolve would. would be the you know. Four key swing states Joe Biden narrow victory, but those are Republican legislatively held states, and so they hold on hold on hold until the deadline when they have to certify, and then it goes to the Supreme Court et Cetera, and and of course the emergency declaration of powers. That would probably be a nice. Oh, Elsie memo whipped up by bill. Barham surprised I would be surprised if it doesn't already exist, but. He's got it. Hold onto it, but but yeah. I mean it does prevent this. It does prevent this loophole. Scenario and look look. Here's here's what I would say..
Data: Congress created virus aid, then reaped the benefits
"At least a dozen lawmakers Democrats and Republicans have ties to organizations that receive some of the six hundred and fifty nine billion dollars from the paycheck protection program meant for federal coronavirus aid that's according to newly released government data under pressure from Congress and outside groups the trump administration disclosed some recipients car dealerships owned by Republican house members Roger Williams Vern Buchanan and Mike Kelly receive money so did a fast food franchise owned by Republican Kevin Hearn a law firm owned by the husband of democratic senator Jeanne Shaheen and the former law firm of democratic representative Matt Cartwright which employs his wife members of Congress and their families are not barred from receiving loans under the PPP and there is no evidence they receive special treatment I'm Julie Walker
"ppp r. a" Discussed on The Daily Beans
"Hey, everybody, welcome back so yesterday the Supreme, court handed down a unanimous decision and we'll talk about what I mean by basically unanimous in a second in the faithless electors, case and joining me today to discuss the implications is real life, lawyer and Co. host of the opening. Arguments podcast Andrew Torres Andrew. How are you? I am fantastic How are You I am good today? Thank you, thank you, so Monday I went through. Through, the nightmare scenario that's been in medium Newsweek all this week again about how trump could hold onto power even if he loses the election by both the popular and electoral vote this decision yesterday is about the state's popular vote, but does this have anything to do with the scenario where trump could retain the presidency? Even though this is really just their decision seems to me to just be maintaining the status quo. Yeah I I. Don't think this has anything to do. With the trump apocalypse scenarios, unless unless you want like bit and let me let's be clear on how we define. Those trump apocalypse is trump loses the popular vote which I think we all know he's going to lose that. He loses in the Electoral College, but through some mackin nation make some claim that some people think means he won't leave office now. You and I've already talked at some length that. The built in mechanisms in the constitution make that really really unlikely and I continue to hold on look like again. We've all been shocked by. You. Know beginning with Mitch McConnell. Stealing Supreme Court. See Great, it's. It's harder and I get I. Get our listeners. Who say things like? Yeah, well. You Know You told me that Mitch. McConnell wouldn't steal a supreme court seat and you know you told me that we would elect a criminally insane game. Show is president. President with looping National Treasury and so it get it right when I say Donald. Trump is not going to stay in power when he loses the election. You have the right to be a little bit skeptical about that this decision, so if you're if you're subscriber to trump apocalypse theory, this decision doesn't affect that in any way. Whatsoever got it does affect the trump? The mini apocalypse right like regional disaster scenario, which in my view would be the nation. Some some kind of supercharged version of two thousand sixteen right that there is a clear national popular mandate for the Democratic candidate, but due to like incredibly weird quirks and people, not being smart enough not to vote for Libertarians and other things like that like you wind up with Donald Trump squeaking by with the the built in Republican advantage in the electoral college and. So. You know, but you still you still have to win that right so that that's where that's where the the set of decisions that that came out yesterday. come into play and it I will say this right lead counsel for the plaintiffs in one of the cases in the Baca case. in Colorado was Larry, lessig I had a lesser on my show for like an hour and a half and we talked about all of this And It is rare in today's age to have a principle of law be unsettled and I'm about to define what that is and still have the court basically Kinda come out nine oh right. That's that that doesn't happen. And and here was the sole question that that was at issue and that was. Is it possible for states to pass rules requiring electoral college electors to vote in accordance with the rules of the state apportioning those electors right in other words are we stuck with the system that clearly the framers intended right in. Know Seventeen Ninety. Two of. These are these are just guys and I say guys because they were all white men at the time. Obviously but like electors, our guys, and they all kind of get together over a beer, in Philadelphia and figure out who the president is or Or is the power to control that at the state level. Can the state say hey Our popular vote went to Joe Biden you therefore are being sent as a Biden elector, and if you cast your vote for anybody else, we will find you. We will criminally prosecuted in one of the states that was again. It was a fourth degree. was fourth degree misdemeanor I believe, but nevertheless like you know I I'd like not to have criminal misdemeanor on my record ninety and so. At and and that was the question and surprisingly like. There wasn't an easy answer. Either in the history of the constitution or in you know in in case law or you know as a clarence. Thomas would have you believe you know obvious from the plain text of the twelfth amendment like none of those were the case rightly kept. It's it's. It was not clear until yesterday, so we're talking about the scenario here. Where for? I know some states have said we've decided whoever wins. The popular vote in our state gets all of our electoral votes. you know as opposed to splitting them That's what this involves a he he actually. Can apply in multiple different scenarios. Here's what actually happened right so. It's shocking to me that the court. Declined to describe this history because to me, this was the more fascinating. Case Right. Donald. Trump very narrowly won the electoral college and was widely perceived as a complete and total, lunatic and Maura right wrong. I won by landslide wrong. Yeah at so as as a result, right. So Larry! LESSIG got together and organized. The electoral vote, compact right and the idea was that are the electoral project I think it was called, and the the idea was right. Trump had three hundred six pledged electoral votes and if you could get. Then thirty six people thirty. We get. You gotta get down to sixty nine so thirty eight people to cast their vote for somebody else. That would throw the election to the House of Representatives right, and the idea was to pick a moderate Republican right, and to have all of those folks who were going to be faithless electors vote instead for a moderate Republican, and then if no candidate has..
Nicole Clowers on Oversight of COVID-19 Relief Funds
"From Washington Journal recorded on Tuesday morning, focusing on the oversight of covert 19 relief funds. We're going to talk next about the spending of the Copan 19 relief funds approved by Congress over the past couple of months. We're joined by Nicki Clowers Thie Health Care, health care team manager for the Government Accountability Office. Thanks for being with us this morning. Thanks for having me tell us why the G A o did this report The cares act that was passed in in March, require us to provide ongoing oversight of the funding and activities of the federal government. Specifically, it requires us to provide on point oversight of the government's efforts to prepare for respond to And recover from the 19 and it includes US requirement for us to assess the impacts of 19 on public health, as well as the economy as well is tracked the funding and the use of that funding. The act requires us to report every 60 days starting 90 days after Anakin it so Our Joon report was our first report and will be issuing additional reports every other month. So basically almost as soon as this legislation is signed and enacted and signed, the G A. O is monitoring its spending. Absolutely. We're providing real time oversight of the funds. We have experience doing this going back over a decade ago, for example, under the trouble as that released program will provide it. Assistance to the financial sector's After the global financial crisis. We were required to provide ongoing oversight every issue of quarter to 60 days. So we have experience in ways we built on that experience to hit the ground running, provide immediate oversight and help ensure accountability and transparency of how the funds or Viennese let's look at the overall number is 2.57 in Seven trillion in spending and the and the measures passed by Congress here, the figures on each of those packages the PPP, the Paycheck Protection Program, 670 billion. The Treasury Economic Stabilization Fund, 500 billion explain expanded unemployment. Suren insurance, 375 billion economic impact payments. 282 billion public health emergency funding funding, 232 billion and 150 billion from the Exact the relief for state and local governments. Of that 2.57 trillion Nicky Clowers. How much has been spent already about $677 billion. That's what we found in our in our work and collection of data. Unfortunately, Treasury and we have not released overall spending data. Yet under Allenby guidance agencies are to report On on there's care spending starting at the end of June. So we expect the overall spending data to be available starting probably at the end of July in all this time frame. Incident. In the absence of comprehensive data, We undertook our own efforts to collect what was known about spending until we collected spending information on the on the sixth largest areas that you just mentioned. A swell a some other federal agencies and we found about $677 billion has been expended, and about $1.3 billion has been obligated. That means that the government has committed to spending one's. We're talking about the oversight of those covered 19 relief funds. How that money is spent with the hose. Nicky Klauer. She is their healthcare team manager. Welcome your comments to 027 for 8 8000 Eastern and central time zones, too. 27 for 8001 Mountain and Pacific. I have to imagine that keeping track of 2.5 million is hard enough. What were the challenges of tracking $2.57 trillion worth of spending on you? As you mentioned? Not all spent yet and and how much staff does this entail? Well, it is challenging, providing a real time oversight. As you can imagine. A CZ agencies are standing up programs there figuring out how to 1000 programs, how to track their own spending on DH decisions, change programs of all and so that requires us to be Very agile and nimble on Dwork with the agency's Tio Keep up to date on the latest developments, and so in our horses were working around the clock and frankly, too Track the dollars. Make sure we have a good understanding so we can provide that information to policy makers and the public.
Kanye West? Tim McGraw? Girl Scouts? All got PPP loans
"Should companies run by celebrities have been able to take advantage of the federal government small business lending program needy or greedy depends on how you feel about some of those who have gotten loans under the paycheck protection program usually you wouldn't think of people who have hit record star in movies or on reality TV as those who would even dare apply for the PPP to help their businesses right out the corona virus pandemic but there they are on the list by the treasury department the company that runs the website for country singers Tim McGraw and Faith Hill got a loan of between two and five million dollars the fashion brand run by Kanye west Yeezy sell sneakers for two hundred and fifty dollars a pair but it to god alone in that two to five million dollar range his sister in law Khloe Kardashian scored alone between one and two million dollars and a clothing line run by Reese Witherspoon got between three hundred and fifty thousand and a million dollars under that same PPP Fonda I'm Oscar wells Gabriel
Treasury names small businesses receiving PPP loans
"Connected connected in Washington in Washington reportedly reportedly took took advantage advantage of the the of Koven Koven the the Koven Koven 19 19 19 19 payroll payroll payroll payroll protection protection protection protection program program program program that that that that gave gave gave gave loans loans loans loans to to businesses businesses to to businesses businesses who who pledged pledged who who pledged pledged to to keep keep to to keep keep workers workers workers workers on on on on the the job. job. the the job. job. The The The The average average average average loan loan loan loan for for a a for for program program a a program program targeting targeting targeting targeting small small small small business business business business was was was was $107,000. $107,000. $107,000. $107,000. Any Any company company that that received received more more than than 150,000 150,000 in the in payroll the payroll protection protection program program is is listed listed by by the Treasury the Treasury Department. Department. It includes It includes companies companies run run by President by President Son Son in law. in Jared law. Jared Kushner, Kushner, his family, his family, a nonprofit a nonprofit conservative conservative organization, organization, headed headed by by former former Trump Trump Campaign Campaign advisor advisor David David Bossie, Bossie, and the and Daily the Daily Caller, Caller, a conservative a conservative media media site. site. But But money money also also went went to keep to keep employees employees on the on payroll the payroll of private of private schools schools in in Washington, Washington, D D C C and and a number a number of businesses of businesses consulting consulting on lobbying on lobbying firms firms and nonprofits and nonprofits tied tied to Obama to Obama Administration Administration alumni. alumni. The larger The larger loans loans account account for just for just under under 15% 15% of all of all in the in the half half trillion trillion dollar dollar rescue rescue effort. effort.
Treasury names small businesses receiving PPP loans
"California and taxes got the lion's share of federal loans for small businesses hurt by the pandemic. Treasury Department says about $68 billion went to companies in California. Under the Paycheck protection program, while businesses in Texas got about 41 billion here in Colorado, more than 100,000 business has got loans. Most of the loans granted about 90% work for less than $150,000. More than 400 loans were for less than
Treasury names small businesses receiving PPP loans
"Loans loans continued continued to to be be in in the the news, news, Nick. Nick. Good Good morning. morning. They They have. have. Good Good morning, morning, The The US US small small Business Business Administration Administration on on Monday released the names of companies that received a paycheck protection program loans. Nearly 14,000 Minnesota companies received loans of $150,000 or more and 132 minutes of the company's got PPP loans north of $5 million. Redacted details of the $649 billion program were released Monday by the FDA or the FDA was under pressure by media organizations to release the data. American City business Journalist, A parent company of the Minneapolis ST Pulp is internal is among the parties that stood the FDA for the information. The The FBI FBI said said loan loan to to Minnesota Minnesota businesses businesses help help retain retain more more than than 700,000 700,000 jobs. jobs. Among Among the the well well known known companies companies getting getting loans loans of of five five million million or or more more are are famous famous Dave's Dave's Christopher Christopher and Banks and D'Amico restaurants
PPP Millions Went to Firm Identified in Ukraine Laundering Suit
"Company accused of helping launder millions of dollars from Ukraine a decade ago, is among the apparent recipients of the U. S virus relief funds. The company Optimus 7 77 received at least $2 million in loans from the Paycheck protection program.
"ppp r. a" Discussed on The EntreLeadership Podcast
"It's an entree leadership theme our. We're talking with small businesses. Ken Coleman Ramsey personality is one of my co host. The other on the panel of the Co host would be Daniel Tardy executive vice president of Entree Leadership. We talk with small businesses. All the time Kirk is with us in Florida. Hey Kirk are you. How about you better than I deserve? What's up I'm small business owner? Thank you Joe. A large part to you. I've been debt free for north of ten years now. Good and Part of the problem with being debt free is I also have the credit report to show for it meaning. I have no one credit card. It's yeah honor man. Thank me neither. Well anyhow Some small business owner and a my bank with the small regional bank and they ran out of the paycheck protection program. Money like about five minutes and they ran out before I had a chance to to Apply so I is you revenues down. Yes how much You're right now. I'm probably down for the for the three months about forty percent for the two months about doing business. What Business Julian Mound? Okay a pawn shop. That that specializes enjoy. Gotcha okay okay. So I saw the other alternatives to to to get the paycheck protection because everybody stayed on payroll even if far even though there. Are you know in our revenues and everything down? We've continued to pair staff are you are Actually losing money yet or are you revenues. Just down I mean loss of profit. A negative profit probably not quite negative far from it. So your you're break even okay have you. You're in Florida. So you started reopening right. Yeah Never Close Pawnshops in Florida. They deem as a financial services. Oh okay so you're essential. Okay okay. So that's why revenues off but it's not gone. Okay that makes sense but as has begun to reopen have has your customer base started to comeback. Yeah Right now. The the so. You're you're on the upswing not the bottom. I don't have were probably in the middle from at least the retail standpoint Lots of loan redemptions Because the government spraying around so much free money. Yeah Yup Yup my my loan ounce is way way down. Yeah you're imaging but that helps your position. I'd like to know a little bit about your your war chest what do you. What do you have in terms of retained earnings in the business or personally and your ability to not pay yourself for awhile I mean? Can you make a few more weeks? Yep easily don't take no Yeah I I don't need it okay. But I mean if you understand if you continue to pay your employees whether you need it or not It's still forgivable if they don't screw around with it it's a twenty three hundred page document and last time I checked. They promised to forgive student. Loans in certain scenarios to but they haven't and if you haven't dealt with the SBA there the DMV the federal government there are screwed up delayed incompetent bunch of characters and the last thing I want is alone. I've been advising people not to take these loans under any circumstances in your situation. It doesn't even hurt you to not take it. You're going to be just fine. You've got smacked in the face. But it's not gonNA cause you to close if you miss out on this loan I wouldn't do. I wouldn't step in the bear trap. Man The way you sit occur. I don't need it in the rest of that sentence. You want to the free money forgiven. But he doesn't need it and that's what we gotta make her decision by and it's not free money. There is no such thing as free money. Zach Lake Down. Down the road Y'All my taxes are GONNA go off my everything's GonNa go off on even if I don't need it now. In the future in his revenues contingent your taxes are going to go down. Because you've got some offs under the care. Act that you even found yet because you and go to your tax prepare. I spent two and a half hours looking at the increase right. Also we've got this morning It's incredible how much my tax bill went down this year because of the care. Act their stuff in there. I don't even know was in there. I've been with my tax guy all morning which is a Dad. Gum Joy but But it was a joy because I was actually making money. This conversation one of the few times I met with him. That was fun. Well here's the thing kirks competitive and I'm competitive and I respect you know you start the year with a goal and you WanNa do anything you can to continue to hit that. And it's okay if this isn't your best year ever you know it's it's Ok that you had a little disruption and you're getting back on your feet but don't do something stupid just to hit the goal no matter what because you want to compete. Make sure that you do. It's going to be a rough year and then next year is going to be better and you're going to be back on the trajectory that you were pretty soon when everything bounces back or you got out of debt and you don't have a credit score because you didn't like loans and now you're struggling twisting away on trying to figure out a way to get a loan. I understand it has forgiveness provisions But I gotTa tell you it's gotta be problems and there's already been articles in the Wall Street Journal about the problems. There's already been articles in Forbes on about the problems. They're starting to pop up. I was the only one out there saying t for people.
"ppp r. a" Discussed on Masters in Business
"Notes in these pools tobacco these securities. Because when you buy it out you have to buy it out at Park. There's a lot of money if you're talking about a couple of months. Interest Payments Given. How low rates are right? Now Berry that's manageable and in fact Regulator for free and Freddie just came out and said you guys have to advance for four months. And then we'll come and reimburse you so we're starting to get some clarity on this right but for private investors private mortgages commercial mortgages multifamily all of this stuff if it doesn't have a government guarantee then the bondholders will pay the services get reimbursed. I by the way if there's MIS payments they get their feet the bondholders. Basically have to wait. So that's that's how it will work back in the line the AAA in front and then the lower trashes and these steel sir tend to be several. Those are ones who will take the pain so Chris. Let's talk a little bit about the current state of the economy. I don't think many people would deny that. We are in a recession today. How bad is it? And how deep and long can this last four. I was on a call yesterday with a bunch of my mortgage buddies economists You know. Mark Same katter from Freddie Mac and people like cine really. Do Excellent Research on the demographics if you will have housing and then you look at banks. What were those provisions numbers from J. P. Morgan and Wells? Fargo telling us and it's telling you that the bankers expect a pretty large wave of losses in the next couple of quarters so when I look at GDP estimates of down thirty in the second quarter which is what I was hearing yesterday I kinda step back as a bank analyst and I think to myself this is going to be worse than two thousand eight To me I think we will have destroyed a lot of the small business service sector. That was so important as a source of March little employment in the United States. People look at New York Bury. The entire. Entertainment Industry has gone hospitality restaurants. All these areas that were important. Interactive brokers charges margin loan rates from his lowest point seven five percent to one point five percent our clients earn competitive interest on idol cash balances and can earn extra income by lending their fully paid shares of stock join interactive brokers clients from two hundred plus countries and territories to invest globally. Minimize your costs to maximize your returns rates. Subject to change restrictions apply learn more at IBKR.COM/ADVISORS. Ib for for that just for people generally thing needed to find a job or you know younger people who came to the city who were trying to get involved and you know some career. That was the first place they would look for a job. And the and these people have laughed. I I think it's GonNa be very interesting to see the numbers for New York. City the next couple of quarters because I suspect a lot of people went to live with mom and dad anecdotally. We're hearing a lot of people who have an op a second place to live either. Beach House or second property or if they're younger with their parents or siblings they've they've fled large parts of Brooklyn half the upper east side and upper west side or supposedly empty. I I haven't been back to the city since this started but from what I'm hearing from people who either live or lived in the city. They are sheltering outside of Manhattan. Are you implying that that might become a permanent situation because people talked about that post nine eleven but we really didn't see whoever left was very quickly replaced by a younger person? Do you think this changes the dynamics of urban density and people living in cities while I think it's going to change to business dynamics in New York for a while because in you know in two thousand eight and after nine eleven Yeah we had to hunker down but then the economy restarted. We didn't distance from physically. We didn't have to deal with all of the aspects that that implies so I think when you're still worried about vulnerable populations and you have to protect them. That means that you're GonNa try and let the economy restart to a degree but I don't think you regret these service businesses back overnight berry. They've been deep capitalized. And even if they were helping their employees with the federal money they still may not survive because they're going to be facing diminish revenue stream coming coming back. You know what what if we have to take half the tables out of the restaurants right right if people including Broadway theatre where shoulder to shoulder front and back. Are they going to Hamilton? Tickets with twenty five percent of the audience as a separate five. Were in missing. You know we just went through Passover and Easter right. These are typically times when European Slang Americans would all go to New York for a week with their families. They're not here now you know. There's there's only New Yorkers in central park right now and it's it's a different scene but I've been riding my bike around the city. I go all the way down south prairie back. Who SAYS NO TRAFFIC? How empty is the city compared to what it was like post nine eleven? It's more empty net very little tropical though it is slowly slowly starting to increase. You concede that this more people move out. I think this is going to be a profound economic shock to a lot of big cities that are used to trying to attract people come in. That's interesting so we've had this enormous monetary response from the Fed. They took rates to zero. They announced they were going to add two trillion dollars more in lawn furniture. Various high yield paper. Whatever whatever they can buy. They're going to put on the balance sheets. We've also had a at least not over the short term Two trillion dollar fiscal stimulus. How does this response compare to what we've seen from crises? In the past the Federal Response in the thirties was large. But it it didn't really do much in fact it faltered and then World War. Two kind of saved US In two thousand eight you had the financial response. Obviously to catch some of the banks But the industry more or less cleaned up its own mess and the economy healed itself. I mean the guy was remind people various effect that we still have a private bond market in this country and we have a market for different types of assets is so important because it restarted by itself the auto sector restarted by itself in two thousand nine because it was for fully secured deals but today given the hit to global auto has taken for example. And you look at sales volume estimates and everything else going forward you know. I think the whole credit of this industry has changed. Even the exemplars like the Toyotas. In the Daimler's they've taken a hit. I think you'll see consolidation by the way back to your point about Manet. Definitely 'CAUSE WE OUGHTA bakers. Yeah if we're doing. Eleven twelve million units next year. You're going to see him in a way down from the post-crisis peak of about seventeen cars in the US. Yeah it went down to eleven and it was goose by the Fed. You know we were talking before about different phases in the period after the awake crisis you had a lot of fringe products. You had autos you had you know marketplace loans all sorts of on bank lending to business individuals etc etc. All Gone put God. In fact subprime auto sector is going to go through the ringer now because again the bondholders are going to pay for the forbearance. So I think you know it's GonNa take some time to get people back in the game you're going to see spread stay kind of wide for a while on high yield securities compared to treasuries and it's just a matter of getting everybody focused but I'll tell you this berry. I think people are much better condition this time than they were in a way. I think people are coming back to the markets much faster than it did. Know eight nine when nothing was happening you remember. Do you mean what do you mean? Investors consumers are both institutional investors. Full others I mean we've got a you know M Bs Fund. We're getting ready to launch as soon as we have a little more clarity from Washington plain vanilla stuff right but still there's opportunities out there because the markets are disrupted people are looking to buy commercial real estate off distress sales. Don't listen by multifamily off distress sales though perhaps not New York because of the rent control laws But around the country. Yeah definitely. I'm thinking too small. I'm I'm looking to buy distress sheet metal off the auto sites between bring a trailer and classic cars. I've seen prices fall about ten fifteen percent over the past month and I love the idea of buying something at a discount. But that's just me so. Your First Book was inflated that looked at how debt helped build out the American dream especially houses. I was Kinda surprised by the topic of your recent book. Ford men from inspiration to enterprise. What motivated you to pivot from debt and housing to automobiles and fort. I had always been a student of Henry Ford like many Americans but particularly his role in the Great Depression and so one of the things I focused on. The book was How Henry Basically Started the banking crisis in Nineteen thirty-three before FDR took office and in March of that year. It's an extraordinary story. Because he was such a character and quay cranes you say. Did you say started the banking crisis? He initiated it yes he he said that he was going to take his money out of the. Detroit banks and win. The Governor of Michigan found out about this. He declared the bank holiday in Michigan in February of Nineteen thirty three this event then ripple through the rest of the country so by the time. Fdr takes office. Every bank in. The United States is closed and had been The Detroit banks are really important in those days was the biggest cash depositor in the country and he ran the whole company on cash out of his pocket. It was like a plantation so got into four first and foremost because I am a student that debt era and then I I had been a contributor to the Washington Times magazine Inside on the news and I had written a whole series of articles about the explorer role of which was quite a mess it was really the the beginnings of giving teeth to consumer regulation in the United States. If that happened today a lot of people at Ford have gone to jail for what happens vehicles. Oh Yeah well. This is the single vehicle rollovers with these. Yeah I recall that well ranger the you know the Bridgestone firestone tires it was quite a mess. Take take a a big big vehicle. Raise it Give it a short wheelbase and That is not a recipe for stability at high speeds. If you have to suddenly cut the wheel no. It didn't work in there. You know it was an interesting episode but what I tried to do with Ford men. Just in terms of the overall Book Berry was remind people of the rich literature around four people like John Kenneth Galbraith and many others who wrote about the family and they were such a remarkable family. It was really the first transformational business fortune in American history. More than steal more than these other types of Fortunes that have been made in the past made things they made cars but interestingly the first were built by the dodge brothers because they were the first great parts makers in the United States both of them died in nineteen twenty. One of the Spanish flu had the dodge brothers survived. The auto industry would have been dominated by them and not by General Motors and a number of other players who history would have been quite different so by the time we get to something like Ford versus Ferrari. That's thirty years later. We'll yeah Billy Henry. Henry Ford the second taken over and they they were still Also ran compared to GM. They were typically compared to the Chevrolet. That's how small Ford was But they still had a lot of staying power and as I've always said God clearly loves affords despite their many sins because somehow they avoided the fault right. Oh nine ten. They were the only. Us maker didn't need to be restructured. Well they couldn't be restructured as I as I talk about in the book. Goldman Sachs or help. The family take money out of the company and if they had been restructured than the special voting stock held by the family would have gone and they would have lost control. So there's all these little nuances and Goldman Sachs is a very important part of the Ford Story. It was their design of the Ford Foundation. When the Ford family gave most of the Economics Company to that entity and retain most of the vote in this ESA metrical share transaction at Sidney. One Bird created along with the lawyers for for edsel Ford That saved the.
"ppp r. a" Discussed on Inc. Uncensored
"It's also our final weekly episode. I will have you know that this was in the works long before corona virus hit and long before I took over as host. So don't feel bad for us and don't blame me. The good news is that ink is launching a brand new podcast called what I know on April twenty-seventh and joining us now is it's host. Someone Inc uncensored listeners. Know very well senior writer Christine Laguardia Askin. She's GonNa tell us a little bit about what we can expect Christine. What do we need to know about what I know? Hey Kevin How's it going good to be back on INC uncensored good to hear Your Voice Miss? You Miss You guys yes. I'm super excited about our new podcast. You know as as you said it's called what I know. And it is an exploration of entrepreneurship and Big Ideas and people who have done remarkable things in their life and how they have gotten to the place. They've gotten we're embarking upon this as long-form interviews with these folks who have deep expertise in a specific area. And I'm asking them not only how they got where they got but y which is an interesting question because it forces them to think about kind of the biggest lessons that they've learned along the way these big ideas and big things that they've come to know in thinking about the broader theme of Entrepreneurship. We were realizing that. There's no kind of one secret to success. There's no one thing that you know. Everyone needs to know to get where they WANNA go right. There's a million different success stories and just as many different kind of lessons or takeaways or big kind of concepts that we can all learn from in the end. It sounds great of definitely something. That's in our listeners. Wheelhouse I think. Who is some of those? I guess that we're going to be hearing from. Yeah we've got. We've got kind of a remarkable slate of individuals so far One that I'm really excited about is charity water's founder Scott Harrison He is someone who is a great storyteller and you know he he ought to be. He founded this non profit that raises just millions and millions of dollars to bring water to communities that otherwise have no access to it around the globe and he does it in this way. That is is so interesting. He tells the story of not only his company and the people whose lives he is changing through his charity but he also tells the story of himself and how he used to be this club promoter and he was a he had an alcohol prominent drug problem and he's turned his turned his life around sort of at the drop of a hat and started this gigantic organization that has changed millions of people's lives and in talking to him. We explore the power of storytelling in building our organization. Now there are other folks that we've spoken to as well Including Fashion Entrepreneur Rebecca minkoff. Who will tell us about? Not only her own journey but about the power of making quick decisions at the moment they are necessary. Don't wait to change when it apparent that you need to make a decision. Do it quickly back when we started producing what I know and started off with the idea of the corona virus had not really hit the US yet so we also have a few episodes right at the beginning of our very first season that will explore some of the challenges that business owners and folks even beyond the business world have identified and have gone through and some of the lessons that we can learn from from those very very new and fascinating experiences as well. It sounds great. You can be on the lookout for the first episode of what I know. This April twenty seventh and you can find links to it on apple podcasts and spotify in the show notes. Don't forget to subscribe wherever you get your podcast. Thank you very much for being here Christine. Thank you Kevin. Thank you as well to Cameron. Thanks Kevin and emily thanks Kevin. That's a wrap on INC UNCENSORED. It's been great five-year run and. I hope you've enjoyed it. And maybe learned a thing or two along the way on behalf of I want to let you all know how much we appreciate you listening to us week after week. We will be back occasionally with special episodes so you haven't gotten rid of us just yet are excellent producer on mute. But I'm sure is currently crying. Is Joshua Christian sin? I'm Kevin Ryan stay safe. Everyone and thank you for listening.
"ppp r. a" Discussed on Inc. Uncensored
"Jimmy Baxter really wanted to help the community of eighty two thousand workers that he built and is working to pivot the business. But you know it's facing some difficulty. This is a whole new arena. He's diving into short. And what is what is the scale of this thing you know is. Are they taking those same? Eighty two thousand workers and redistributing them or is it a whole new group of people. And how big is it rate? So there are eighty two thousand people signed up for Quick Service Right now and ideally. Jamie Baxter would love to be able to put those people to work but so far. The progress has been slow. He has to build connections with all new employers. So he's reaching out to grocery chains who don't know his business and he has to do it by cold calling since social distancing orders in place. He can't go to Grocers Association Events Network. He has to just call up these places and say hey I know you need people in this business but one of the things. He's struggling with. Is that a lot of grocery stores and hospitals are reluctant to use his service. Because they think that it's you know patting the wallet of Jimmy Baxter. As opposed to helping the people on the frontlines who need the job and he has to work really hard to tell them no. That's not the case. So he's dropped the fee for using his service by fifty percent and hops on the phone with these people to tell them. Look even if we can get five people. You know five hour shifts once a week. It'd be really really helpful. So far quick has been able to place seven hundred thirty six employees and jobs. But that's a real far cry from what the business was doing in January at the start of the year twenty two thousand of customers were working and so it's it's been a real struggle for Jamie. What is the revenue model under normal circumstances? And has it stayed the same? Are they getting money from the companies that they staff for the supermarkets that they staff revenue hasn't been great? Kevin last year quickbooks three point. Seven six million in revenue and before the pandemic it projected a sixteen point nine million dollars this year. Now Jamie believes the company will reach between ten and twenty percent of that goal. Kevin Jamie's also had to lay off fifty percent of his fifty four persons to after. Just keep the business afloat. And that's what he hopes. This pivot will do so even though he is dropping the fees by fifty percent for employers who basically pay to use the service and quick does all the tax work of the employees. So if you're a grocer and you sit down with someone and you're like I really liked that person. I like to hire them. Quick is going to take care of all the back end stuff for that so you can just put them on the floor. They're handling the W. twos and everything like that and then people also use quick to find jobs. So Jamie's really hoping that by doing this pivot. He can both employ the people who've signed up for his service but also keep his business alive and so does Jamie have any idea if this business model will be enough to keep him afloat and if so for how long he really doesn't Kevin. It's it's hard to predict how long we're going to be in the situation. And what else could come down the line but just five months ago quick accelerated the launch of its Miami branch in order to capitalize on the Super Bowl. So what would normally take six months? He accelerated to weeks and spent about ten grand to really build up the Miami branch of his business so he could get workers you know at the bars and the restaurants who were playing the game or doing any kind of events and today he has a whole new business model that he's hoping will pivot successfully so that he can bring back those employees he hired.
"ppp r. a" Discussed on Inc. Uncensored
"And just about anything else on the minds of the incredible people who write an edit for joining me today our staff writer Emily Canal. Hey Kevin and reporter Cameron Albert Dutch. Hey Kevin on this week's episode. We'll talk about a company in the restaurant and hospitality business. That's changing the way it operates to stay afloat and help other companies in the process and later in the show we'll talk to inks Christine legario chaff game about the New Inc. Podcast what I know but I. It's been two weeks. Businesses have been able to apply for loans under the PAYCHECK protection program. It was pretty chaotic to start and then for many things went distressingly quiet. Now there's some news that's not going to be welcome to business owners who are still waiting. Cameron what's the latest the latest is that on Thursday morning I received an email from the SBA saying the SBA is currently unable to accept new applications for the paycheck protection program based on available appropriations funding similarly. We are unable to enroll new. P P P lenders at this time and what that means is that they have exhausted three hundred and forty nine billion dollar cap that was given to them by Congress. They're out of money. That is not ideal for companies. Who are still waiting for money. So what does it actually mean if you're a company that if you haven't applied yet obviously you're in big trouble if you have applied and you either haven't gotten your money or have incurred yet? What does this actually mean for you? Well there are two categories if I should say there are three categories it business owners right now. There are business owners who have applied being approved and received their funds. And they're good at least for now at least for the time being. They have done what they can through this program and that's fantastic. The second category is people who have applied and have been approved but don't have their funds yet and they're in this weird little tricky. Almost purgatory like space. The most recent guidance from the Treasury Department says that lenders are required to disburse funds within ten days of loan approval. So if you got your load approved today your lender would be required to give you the money within the next ten days and for some lenders. That's actually happening very quickly. At the weird little silver lining around the delays and the uncertainty around. Timeline is that some lenders have been able to use that to their advantage to prepare for the disbursement of these loans so for some people the approval and the actual funding or coming through on the same day. That's definitely not the case at all banks. I would even hazard guests to say that. That's not the case that the majority of banks if you don't get your funds within ten days if your approval that is technically illegal though. I'm honestly a little bit unsure of any enforcement mechanism around that. I also don't think that anyone is intentionally trying to drag you through the mud on this. Everyone wants the funds to be disbursed. Everyone wants the money to go through. It's a really bad look for anyone. If they're trying to deny small businesses necessary funding to stay open so no one is intentionally trying to stand in the way. The third category is full of people who have applied but haven't actually received their loan approval yet and what that basically means is that the door has closed. The program is out of money and they're still in line waiting now. This doesn't necessarily mean that they will never get their money. If you're in this boat you should still have some health. But your time is extremely unclear. Congress has signaled Multiple Times. Not just over the past week but in weeks prior that they're really interested in adding more money to this program. The two hundred and fifty billion dollars has been thrown around a lot as what they're most likely to add in terms of a dollar figure. The hold up is because Senate Democrats and Senate Senate. Republicans are currently locked into disagreement over how to allocate those funds exactly Senate Republicans wants to just add the money straight onto the existing program Senate Democrats want to essentially make sure that some money also goes to hospitals and local governments which are also in crisis and not providing money for those entities could mean plenty of more people. Go out of work. The timeline for getting this money fed back into the program is really unclear the SBA themselves. They don't seem to know the US Treasury doesn't seem to know and earlier this week. House MAJORITY LEADER. Steny hoyer basically said that it's GonNa happen but it's not going to happen this weekend. He doesn't know when it will happen. The exact quote that he told reporters on Wednesday was. I can't guarantee that we get to an agreements that we can pass by Friday. So what about the companies that are kind of in that limbo stage you know? The the the rule is ten days. They're supposed to get their money. Is that actually happening? And it seems like there's so many people waiting right now. I find it hard to believe that. They're actually all getting their money within ten days. We've seen some companies get funded this week. Which has been a a nice little breath of fresh air? It's been a little piece of good news. It's certainly not a lot. We're not seeing a sudden deluge of funding Kevin you actually wrote about a website called Kovic loan tracker Dot Com. And if I get anything wrong about it I will defer to you. Because you're the expert here. It's basically a website that these two business owners in Florida put together to on their own with you know relatively small sample size track. How many small businesses have actually received funding from these loans? As of Wednesday morning the website had collected data from more than nine thousand small businesses which is a small sample size for short compared to the well over a million loan approvals. According to this website around five percents of those nine thousand small businesses have actually received their loan funding to date. That's a pretty small number but we're not passed the ten day mark yet. I have heard from lenders. I have heard from lenders through small business owners. I've heard from small business owners themselves that Next week is really expected to be the opening of the floodgates. And either we're going to see a lot of folks get their money next week and suddenly people are going to feel just a little bit safer at least for covering payroll for the next two and a half months or nothing is going to happen. And there's GonNa be a whole lot of consternation as to why and that's an answer. I can't really give you yet but I can pretty much guarantee that from the reporting side of things I will be on that. You've talked to a few companies who have actually gotten their money already right. What did they have to say about how the process went? And how that's going for them. Basically everyone is saying that nothing is happening. Nothing is happening. Nothing's happening until everything is happening. Once it goes it goes fast and I don't think that's uncharacteristic. I think that's pretty much how you have to expect these programs to work in a time of crisis once the wheel start moving once the gears start turning. Everything should work the way that it's supposed to again. Everyone wants this program to work. Everyone wants small businesses to get the funds that they need to keep the lights on. The question is just a matter of of. I mean it's a Herculean effort here really genuinely is because I don't mean to drag the banks through the mud on any of this I don't mean to indict the SBA by any means. There's a statements that were given by the US Treasury Secretary. Steve mnuchin ends the Small Business Administration Administrator Jovita Carranza on Wednesday night in advance of the program running out of money that said the SBA has processed more than fourteen years worth of loans in less than fourteen days. And I think it's important when we're talking about this to keep that kind of scale in mind. This is unprecedented. No one has ever seen any type of lending system slices on this scale or scope before so the fact that there have been delays. The fact that the rollout was chaotic. The fact that the timeline around a lot of this is still uncertain. None of it is really surprising to me but when it does work when it finally starts to click. I think that's when you're going to see relief. I know one of the fears. Was that the bigger of the small businesses would be prioritized and all this and they would get their money first and then those mom and pop shops who aren't necessarily the biggest customer for the banks are the ones at the end of the line. Have we seen any trends with that? As to what kinds of companies are actually getting their money. I or what kind of banks are paying their money. I sure yeah. I think that it's not necessarily about the size of the company. In terms of headcount or in terms of revenue. It is more in terms of how close you are with your lender though what your relationship is like with your bank or with your nonbank lender because they are by and large prioritizing their extant customers. They're prioritizing the people who they already know who already work with and and it's hard to blame them for that because they need some way of prioritizing because the interest in this program has been just so incredibly massive and for good reason it does leave folks out in the cold who are not necessarily setup to have those kinds of regular relationships. A lot of those people do happen to be mom and pop shops because those are the types of companies that traditionally have to have consistent reliable communications with banks on a regular basis. It's a weird little quirk of the program. I it's absolutely not had the program I think was intentionally designed but it does seem like some mom and pop shops and other types of small businesses. That don't necessarily have great relationships already with their banks high dry and so the program covers people for currently. I believe it's ten weeks worth of of payroll expenses and you know. Obviously we have no idea when the end of this will be but those people who are actually getting their money do they feel like this is going to last them or are they going to re up at some point. I think that question. It's really uncertain because no one still has any idea how long this crisis is going to last Both from a public health standpoint and from an economic standpoint I think Congress has stated that they'll check in again and see whether more funds needs to be added down the road I think it's likely to be honest with you but let's also keep in mind that there are plenty of entrepreneurs out there are plenty of founders. There plenty of small businesses that are GONNA struggle regardless of what happens with the paycheck protection program. There folks out. There who employ primarily ten ninety nine contractors or solo printers people who are the only employee of their venture for them payroll cost isn't really something they worry about in the first place because it's just them and maybe they don't even take a salary maybe they have a full-time job that they get paid through. And it's the thing that they've been trying to launch on the side for maybe years. I talked to one such person not a solar printer but a founder who've employees primarily ten ninety nine contractors. Who said that that the paycheck protection loan really isn't going to affect her all that much although she did still apply for it and you know she does still want those funds. Her name is Melinda. Travis she's the founder and CEO of a creative agency in Los Angeles called Mile. Forty four and I wanNA close with this quote from her. Because I think it's really powerful. She told me for a lot of entrepreneurs. We don't want free money. We just want access to working capital the government and the SBA are spending so much money and giving everyone a drop and that's not going to be enough to solve the problem. A lot of businesses are not going to be able to weather the storm. Yeah it's a story that's changing daily and I'm sure that these entrepreneurs are just kind of taking it day by day at the time right now so You've been saying on top of it. We appreciate you doing that We'll be right back..
"ppp r. a" Discussed on The EntreLeadership Podcast
"And you don't have to do this alone. And that's why our team created entreleadership dot com slash. Hope you see. We exist to help the small business owner win. And that's why for this season. Our team rally. They worked extra hours to put together some resources. Exactly designed to help you. The small business owner navigate. This turbulent time. So you'RE GONNA get free access to our weekly report tool designed to maximize team communication. You're also going to be able to get free access to some of our top guides and checklists and even a video training that will help you understand how to lead effectively during this time. So if you want to take advantage of all of these free resources just go to entreleadership dot com slash. Hope or text the phrase get hope two three three four four again. That's get hope all one word. No spaces two three three four four. You don't have to do this alone. Keep moving forward. Keep serving and let us come alongside you to help. Hey thanks for listening into this bonus episode. I WanNa let you know that we are creating these episodes for you. The small business owner and so we really really value your feedback. That's why we're launching a bonus episode survey now you can take this survey by texting daily bonus two three three four four four again as daily bonus all one word no spaces two three three four four four. Tell us what you liked. Tell us what you didn't like tell us what you'd like to see more of in the future. We'd really love to know how we can better help. Serve you the small business owner right where you are..
"ppp r. a" Discussed on The EntreLeadership Podcast
"A small business owner to tackle this whole corona virus situation so today. We've got a special episode for you. It's taken from the Dave Ramsey. Show where they did a small business theme our Dave Ramsey Daniel Tardy and Ken Coleman answered questions from small business owners around the country about how to lead during this wild time. So here is today's bonus episode. Small Business theme our. I'm Dave Ramsey. Your host Daniel. Tardy joins me our entreleadership executive vice president and also sits on our operating board. Ken Coleman joins me Ramsey personality. The Ken Coleman Show Linda's with us in Kansas. Hi Linda How's it going out there? It's going wow thank you. How CAN WE HELP TODAY MR MD? I'm so blessed to be able to talk to you. I'm the owner of small business. I've been in business for over twenty years. I don't have any debts. I never took out a loan on the business and We you know we've been profitable and I have three employees now. I was advised by my landlords that I rent the space from and by my financial planner to apply for this paycheck protection. Plan and Right before the coronal violinist you really hustled and we got a lot of business in so it would be okay. I mean I could get through this without taking out the loan but I was told that it was free. Money and So what do you find? Do I take out the loan or do I lay off to other people that works for me about you said you could make it through it? I can make it through it only if I'm by myself because I'm the third person kind of businesses it. It's it's a service industry specialized okay and so how long before you run out of money if you don't take the loan I would say three months. So why can you not make it three months? I can make it three months. I'll lay anybody off if I don't I would say a month and a half. Okay all right. So why do you have to make the decision? Now lay someone off or take medicine loans to four different thanks I mean if you didn't take the loan okay and you want a month and a half out assuming the loans are still available. They may not be but you could take it then right well. That's a good idea. I hadn't thought it because after a month and a half. I think you could be turned around. What service do you provide? Well it's an. It's an art service. Okay all right cool. Well the thing is what we told our folks here is. Are you and your husband in good shape financially? We're you don't have to take an income from the business for awhile. Lightsaber okay. For few months. Yelich for like if you didn't take an income for one month you can keep your people. Yes yeah I would look at you not taking an income before I laid people off and I would look at laying people off before I took out a loan. The problem with the P P P loan is it is a loan it has a term with an interest rate it is not a grant it has provisions and you can pull the law up and read it. It's available on the Internet. It has provisions for forgiveness of the loan. And that's why you're advisors are acting like it's money if you made those provisions exactly and if they don't change the game in the middle of it and you're dealing with the SBA and the federal government and frankly I don't trust their competence and I don't trust Congress to not change the game so I am never going to borrow money. I can tell you at Ramsey. The first thing that will happen is is. Our leadership team will go without pay. The second thing will happen is is that another layer of our leaders would volunteer likely to go without pay. The third thing that would happen is we would go. Everybody else skips a paycheck so that nobody loses a job and way after that would be and layoffs. And I think you're a ways away from this and I think these guys are just going free money and I don't think it's free money. This ain't monopoly. This is real life. Those are real dollars and they're going to want them back if you don't meet the guidelines. I disagree vehemently with the advice. You've been given a void the P. avoid the federal loans. You'RE GONNA regret it America if you don't. I'm just telling you avoid the stinking debt. Please guys please and you can be mad at me and you can make fun of me some dinosaur if you want. But I'm sitting here freaking open too. So shut up. Ken Coleman Daniel Tardy joining me for an entree leadership theme our. This is the Dave Ramsey. Show lot of people right now are feeling scared and lonely and a little bit panicked and one of the things that I've noticed. Is that a lot of times. Those emotions are just magnified if you're in a leadership position but here's what I want you to hear. You don't have to feel scared.
"ppp r. a" Discussed on The Dentalpreneur Podcast with Dr. Mark Costes
"Library of continuing education and discounts off of live continuing education. Seminars wants those are back up and running okay guys. I hope you guys enjoyed this episode. I hope that it answers many of your questions. Regarding the P and how this loan will be dispersed and once again time code. Four fourteen twenty. I can't tell you how long this information will be accurate but this is the best that we know of right now. Have Right Day talk to you soon. Mike You for inviting me and I really appreciate the opportunity to speak with you and everybody on the yet called this afternoon. I got on the point. You know Like with your last sentence shared Just because I really see that there is light at the end of the tunnel so You know I I think the From the moment that this was announced as part of the care that to You know the SBA and the Treasury Not really seeing eye on how this program with the executed. To the point and information and disseminates banks and then getting the banks to get on board and having them get all their ducks in a row to get this curve. I'm now it's chilly monumental effort By everybody involved and Know it's kind of funny not plays the my hero. You know one of the biggest issues at the Michigan had in the beginning when this whole TV thing was being deployed was that the SBA issues was called an authorization number for every sp. That's how the government and the SBA keeps track of every single loan that they guarantee otherwise if it was out of control and they wouldn't have system to manage all those obligations then tracked them whether they're being Balanced cheated on a banks Acids in liability statement or balance. Sheet it on an investor's portfolio but the SP authorization number is something that Every P P P has to have and preeminence and to give you guys a little expectation the SBA traditionally only fifty thousand loans a year across the whole nation. And now they're being forced to do you know I think there's about thirty thirty million small businesses across the country. So you can imagine you know you know everybody. Here on a call In addition to your peers and other industries entrepreneurs who are being impacted adversity by this shelter in place dacoven nineteen People are frantic. People are scared and people are definitely out there looking for P. Funds and it's been a huge surge on our system. I mean you can probably imagine if your dental office was packed. And they'll sit down and people are lining up the door and around the neighborhood to the freeway that right. I mean. That's Kinda like the analogy. I've been sharing what People becoming so our website and looking for assistance. And that's why I feel like a really great job of open up the doors to other lender as well so before I dive into it. I have to have this famer. Because we pay payroll lawyers view so sure lender is not a bank. You're another lender We're providing webinars educational resource and the details around the FDA paycheck protection program as well as other they'll probably sorry bombing daily So as as a as a reference. It's always good to go to. Sba DOT GOP. He most concrete information. That's out there In the last I checked the interim final ruling issue back on I believe April second as for Thursday I can date but that was one of the ruling was issued so that would be the best documents referencing. I believe there's been additional guidance about Expectations in the coming weeks so Like voltron new and ESE DOT COM We Are you. Strive to be a commercial loan marketplace We kinda came on live a little early to help out with this because we thought that there will be a lot of business owners like yourself that would be really need some guidance from some direction during the During the Israeli confusing times about how this program works and getting capital allocation so Our purpose now is really just kind of be out there and help out and and have that conversation with business owners and and and your Financial decision-makers that are part of that conversation. So that you have someone talk to you because the the the common theme that we're hearing is I can't get a call back from my bank. My bankers too busy or my Baker does not answer or Only people I could talk to you in the teller and it's all it doesn't really know what's going on with the people that's one of the reasons why we started shooting dot com early but And if you coming in the coming weeks and months we're going to be going out on marketplace hopefully When things get a little bitty crack visit us and use us for your commercial finance and So making mentioned we have agenda today but I don't you know seems like from my conversation with Mike. It's everybody here is pretty well versed with chief and what the program entails qualifications and all that stuff so we can use some of these. Talking points I really I got my chemo. Doesn't really have me off. Okay I can bounce back and forth between the slide shirts and talk to certain points So we we think it'd be best because we have You know probably a handful of questions that could answer some of these more immediate Pressing question and if you slide as talking points that's all we can be effective and maximize our our time on on on this call and if you guys have any additional questions after the fact shoot me in a bowl Tran. Choose UNDER DOT COM. That's boy allow Tran or like it's called Voltron with the in a you know. We'll have a whole of their revenue.