Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
It seems like small lenders were far more aggressive in terms of getting applications submitted right away.
With the number of candidates compared to the total of available funds, it's no surprise that the money ran out.
Hopefully the program is funded again or another, better alternative is made available soon.
Good luck to you!
Chase intentionally slowed the process. Well documented on Youtube. Now Jamie Dimon has egg all over his face.
I don't remember annual revenue as a criteria in the application process at all? It was all about payroll.
From the FAQ.. so it's tangible net worth. I knew it wasn't about payroll only because my company only has 120 people and we are not eligible. You have to qualify under the SBA definition:
Question: Are small business concerns (as defined in section 3 of the Small Business
Act, 15 U.S.C. 632) required to have 500 or fewer employees to be eligible borrowers in
the PPP?
Answer: No. Small business concerns can be eligible borrowers even if they have more
than 500 employees, as long as they satisfy the existing statutory and regulatory
definition of a “small business concern” under section 3 of the Small Business Act, 15
U.S.C. 632. A business can qualify if it meets the SBA employee-based or revenue- based size standard corresponding to its primary industry. Go to www.sba.gov/size for
the industry size standards.
Additionally, a business can qualify for the Paycheck Protection Program as a small
business concern if it met both tests in SBA’s “alternative size standard” as of March 27,
2020: (1) maximum tangible net worth of the business is not more than $15 million; and
(2) the average net income after Federal income taxes (excluding any carry-over losses)
of the business for the two full fiscal years before the date of the application is not more
than $5 million.
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
It seems like small lenders were far more aggressive in terms of getting applications submitted right away.
With the number of candidates compared to the total of available funds, it's no surprise that the money ran out.
Hopefully the program is funded again or another, better alternative is made available soon.
Good luck to you!
Chase intentionally slowed the process. Well documented on Youtube. Now Jamie Dimon has egg all over his face.
All the big banks slowed down because they didn't have the answers or the systems to support something so massive in such a short period of time. Why or what do you think they did to intentionally slow it down for nefarious reasons?
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
It seems like small lenders were far more aggressive in terms of getting applications submitted right away.
With the number of candidates compared to the total of available funds, it's no surprise that the money ran out.
Hopefully the program is funded again or another, better alternative is made available soon.
Good luck to you!
Chase intentionally slowed the process. Well documented on Youtube. Now Jamie Dimon has egg all over his face.
All the big banks slowed down because they didn't have the answers or the systems to support something so massive in such a short period of time. Why or what do you think they did to intentionally slow it down for nefarious reasons?
A good friend of mine is a business banker with a smaller bank. He prepared a bunch of various applications and worksheets in the weeks leading to the start of PPP. He said they did it that way so they would have a better chance of having an application ready to go when the government released their criteria.
It seems to have worked for them. He put in a lot of long hours and barely slept during that time. He also explained that it was a risk for him and his bank to do that much leg work without having the final details of the loans.
Ultimately, they were able to secure loans for some of the businesses in the community and that will hopefully keep them afloat.
They knew from the beginning that the money would run out so they jumped right in. As explained above, large banks are much slower moving and less likely to take the risks that smaller, independent lenders can.
Post edited by dudeman on
If hope can grow from dirt like me, it can be done. - EV
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
It seems like small lenders were far more aggressive in terms of getting applications submitted right away.
With the number of candidates compared to the total of available funds, it's no surprise that the money ran out.
Hopefully the program is funded again or another, better alternative is made available soon.
Good luck to you!
Chase intentionally slowed the process. Well documented on Youtube. Now Jamie Dimon has egg all over his face.
All the big banks slowed down because they didn't have the answers or the systems to support something so massive in such a short period of time. Why or what do you think they did to intentionally slow it down for nefarious reasons?
it wasn't nefarious, but they certainly were not ready to go to bat for their clients the way small banks were.
Yeah this thing is fucked, not because of the design, but because people are greedy fucking losers. It had to have few impediments in order to roll out fast and smooth enough to be effective, but those few impediments left the door open for people that deserve fates I'll not utter aloud. If you didn't have to close or lay anyone off and you applied for this loan because it's free money or just because it's such a low interest loan, you are a bag of shit and I hope you choke on a bag of dicks.
The biggest recipient in our area is an owner of 6 fast food restaurants that are still busy as fuck. Nobody, or almost nobody, is laid off on unemployment, but now payroll is covered for 2 months. Awesome.
Yes, they put no fucking restrictions on the program. Sounds like you are in the majority of honest businesses that were truly affected by this that didn't get funded.
We got 1 out of 3 of our loans approved. So, we are covering 2/3 of our employees on our own dime. The biggest shit show of my lifetime.
Were the other two denied or are you waiting for new funding?
We are waiting new funding. Made the mistake of going with our main bank, Chase.
It seems like small lenders were far more aggressive in terms of getting applications submitted right away.
With the number of candidates compared to the total of available funds, it's no surprise that the money ran out.
Hopefully the program is funded again or another, better alternative is made available soon.
Good luck to you!
Chase intentionally slowed the process. Well documented on Youtube. Now Jamie Dimon has egg all over his face.
All the big banks slowed down because they didn't have the answers or the systems to support something so massive in such a short period of time. Why or what do you think they did to intentionally slow it down for nefarious reasons?
it wasn't nefarious, but they certainly were not ready to go to bat for their clients the way small banks were.
Shake Shack is being untruthful here. The 500 employee rule was very clear. They saw an opportunity for free money and they took it. They and others got caught.
Shake Shack is being untruthful here. The 500 employee rule was very clear. They saw an opportunity for free money and they took it. They and others got caught.
Shake Shack is being untruthful here. The 500 employee rule was very clear. They saw an opportunity for free money and they took it. They and others got caught.
It’s easy to do the right thing after you get caught
Did they get 'caught'? The article doesn't read that way. It reads like they were proactive about it.
The program definitely wasn't made for corporate businesses like that. But I bet a franchise model would appropriately receive the funds. For midsize companies like mine, there is a new fed program that is rolling out that allows borrowing at basically the discount rate, with no P&I until next year. None can be forgiven, but at that rate, businesses will take it all day. It's basically free money compared to the coupon on normal business loans which are usually around 10%.
Shake Shack is being untruthful here. The 500 employee rule was very clear. They saw an opportunity for free money and they took it. They and others got caught.
It’s easy to do the right thing after you get caught
Did they get 'caught'? The article doesn't read that way. It reads like they were proactive about it.
The program definitely wasn't made for corporate businesses like that. But I bet a franchise model would appropriately receive the funds. For midsize companies like mine, there is a new fed program that is rolling out that allows borrowing at basically the discount rate, with no P&I until next year. None can be forgiven, but at that rate, businesses will take it all day. It's basically free money compared to the coupon on normal business loans which are usually around 10%.
I’m sure the bad publicity about their own firm and many other chain restaurants receiving millions in funding while actual small businesses failed to secure any money had nothing to do with their altruistic decision. 🙄
The anger about Ruth's Chris was already going on before Shit Shack decided to give back what they had no right to take. Shame on them. Ruths Chris can burn in hell - I'll never go there again and I used to eat there occasionally. Fuck them in the steak hole.
Shake Shack is being untruthful here. The 500 employee rule was very clear. They saw an opportunity for free money and they took it. They and others got caught.
It’s easy to do the right thing after you get caught
Did they get 'caught'? The article doesn't read that way. It reads like they were proactive about it.
The program definitely wasn't made for corporate businesses like that. But I bet a franchise model would appropriately receive the funds. For midsize companies like mine, there is a new fed program that is rolling out that allows borrowing at basically the discount rate, with no P&I until next year. None can be forgiven, but at that rate, businesses will take it all day. It's basically free money compared to the coupon on normal business loans which are usually around 10%.
I’m sure the bad publicity about their own firm and many other chain restaurants receiving millions in funding while actual small businesses failed to secure any money had nothing to do with their altruistic decision. 🙄
I agree, it was in poor taste, but they also did not do anything illegal. This is one of those ethical dilemmas and obviously when money is involved, people often make poor choices that when they come to light, do not look good. So they then go, oh well, we're going to do the right thing now because we don't need it. I guess we can be thankful they are giving it back. Let's face it, there's plenty of people out there who wouldn't and would double down on why they need it just as much.
Shake Shack is being untruthful here. The 500 employee rule was very clear. They saw an opportunity for free money and they took it. They and others got caught.
It’s easy to do the right thing after you get caught
Did they get 'caught'? The article doesn't read that way. It reads like they were proactive about it.
The program definitely wasn't made for corporate businesses like that. But I bet a franchise model would appropriately receive the funds. For midsize companies like mine, there is a new fed program that is rolling out that allows borrowing at basically the discount rate, with no P&I until next year. None can be forgiven, but at that rate, businesses will take it all day. It's basically free money compared to the coupon on normal business loans which are usually around 10%.
I’m sure the bad publicity about their own firm and many other chain restaurants receiving millions in funding while actual small businesses failed to secure any money had nothing to do with their altruistic decision. 🙄
Okay so the order of events was that Ruth's was getting bad PR and so Shake Shack decided to give it back before they got sucked up into it? I did even hear about Ruth's until I got F'd in the Brain with that information.
Yeah, on Friday evening I saw posts on LinkedIn from small business owners pissed off about this happening and RC was the main call out. I didn't know of Shake Shack until the story this AM. I'm glad they gave it back but I feel it is a publicity stunt.
Shake Shack is being untruthful here. The 500 employee rule was very clear. They saw an opportunity for free money and they took it. They and others got caught.
It’s easy to do the right thing after you get caught
Did they get 'caught'? The article doesn't read that way. It reads like they were proactive about it.
The program definitely wasn't made for corporate businesses like that. But I bet a franchise model would appropriately receive the funds. For midsize companies like mine, there is a new fed program that is rolling out that allows borrowing at basically the discount rate, with no P&I until next year. None can be forgiven, but at that rate, businesses will take it all day. It's basically free money compared to the coupon on normal business loans which are usually around 10%.
I’m sure the bad publicity about their own firm and many other chain restaurants receiving millions in funding while actual small businesses failed to secure any money had nothing to do with their altruistic decision. 🙄
I agree, it was in poor taste, but they also did not do anything illegal. This is one of those ethical dilemmas and obviously when money is involved, people often make poor choices that when they come to light, do not look good. So they then go, oh well, we're going to do the right thing now because we don't need it. I guess we can be thankful they are giving it back. Let's face it, there's plenty of people out there who wouldn't and would double down on why they need it just as much.
I agree it was definitely an ill defined program that was ripe for abuse, and easy to be confused by. I do not believe for a second that if no negative press existed about mega restaurants receiving small business funds that shake shack would be lining up to show how great they are by giving the money back. It seems like a PR move.
The anger about Ruth's Chris was already going on before Shit Shack decided to give back what they had no right to take. Shame on them. Ruths Chris can burn in hell - I'll never go there again and I used to eat there occasionally. Fuck them in the steak hole.
For me the anger at Ruth’s Chris started with the name. The confusing grammar made it a foregone conclusion that it was never going to be a place I would eat
The anger about Ruth's Chris was already going on before Shit Shack decided to give back what they had no right to take. Shame on them. Ruths Chris can burn in hell - I'll never go there again and I used to eat there occasionally. Fuck them in the steak hole.
For me the anger at Ruth’s Chris started with the name. The confusing grammar made it a foregone conclusion that it was never going to be a place I would eat
No doubt. Also, no steak is worth $60. Fuck, I could raise and butcher my own steer for cheaper, better steaks than that.
The anger about Ruth's Chris was already going on before Shit Shack decided to give back what they had no right to take. Shame on them. Ruths Chris can burn in hell - I'll never go there again and I used to eat there occasionally. Fuck them in the steak hole.
For me the anger at Ruth’s Chris started with the name. The confusing grammar made it a foregone conclusion that it was never going to be a place I would eat
No doubt. Also, no steak is worth $60. Fuck, I could raise and butcher my own steer for cheaper, better steaks than that.
Undoubtedly... but do you have the equipment to cook them properly? That's the trick for steak and why home steak is never as good as at a quality steakhouse. I can't get a grill hot enough and even enough to do it perfectly. I do agree that Ruth's is massively over priced. There are worthwhile $60 steaks, but not there. And the name is stupid.
I don't know...that place makes a great fucking steak. That plate is like 500 degrees and keeps everything nice and warm while you eat.
For a chain, I prefer a Morton's. STK is pretty good too. But yes, the 500 degree plate is so important since steak cools so fast. Same with Mexican food!
The anger about Ruth's Chris was already going on before Shit Shack decided to give back what they had no right to take. Shame on them. Ruths Chris can burn in hell - I'll never go there again and I used to eat there occasionally. Fuck them in the steak hole.
For me the anger at Ruth’s Chris started with the name. The confusing grammar made it a foregone conclusion that it was never going to be a place I would eat
No doubt. Also, no steak is worth $60. Fuck, I could raise and butcher my own steer for cheaper, better steaks than that.
Undoubtedly... but do you have the equipment to cook them properly? That's the trick for steak and why home steak is never as good as at a quality steakhouse. I can't get a grill hot enough and even enough to do it perfectly. I do agree that Ruth's is massively over priced. There are worthwhile $60 steaks, but not there. And the name is stupid.
Cast Iron Pan always works for me. If I try any other way, grill, a regular pan etc it never works, but 9 out of ten times I can get a great steak on a cast iron pan. Maybe next time I will preheat the plate in the oven so I can keep the steak from cooling rapidly. Since we are a vegetarian household and I only cook meat when I am on the road for work it looks like that may be months away.
The anger about Ruth's Chris was already going on before Shit Shack decided to give back what they had no right to take. Shame on them. Ruths Chris can burn in hell - I'll never go there again and I used to eat there occasionally. Fuck them in the steak hole.
For me the anger at Ruth’s Chris started with the name. The confusing grammar made it a foregone conclusion that it was never going to be a place I would eat
No doubt. Also, no steak is worth $60. Fuck, I could raise and butcher my own steer for cheaper, better steaks than that.
Undoubtedly... but do you have the equipment to cook them properly? That's the trick for steak and why home steak is never as good as at a quality steakhouse. I can't get a grill hot enough and even enough to do it perfectly. I do agree that Ruth's is massively over priced. There are worthwhile $60 steaks, but not there. And the name is stupid.
Cast Iron Pan always works for me. If I try any other way, grill, a regular pan etc it never works, but 9 out of ten times I can get a great steak on a cast iron pan. Maybe next time I will preheat the plate in the oven so I can keep the steak from cooling rapidly. Since we are a vegetarian household and I only cook meat when I am on the road for work it looks like that may be months away.
That's a good idea. I may try that. I have gas so we can get the stove very hot.
What a colossal failure for true small businesses. This was obviously never really meant for them based on the open ended availability to apply and receive aid. Big businesses win again. Maybe if those crafting the bill spent more time and thought on the language needed for smaller businesses to get the aid instead of irrelevant add-ons for things unrelated this could have been more effective.
What a colossal failure for true small businesses. This was obviously never really meant for them based on the open ended availability to apply and receive aid. Big businesses win again. Maybe if those crafting the bill spent more time and thought on the language needed for smaller businesses to get the aid instead of irrelevant add-ons for things unrelated this could have been more effective.
... and watch as my wife and her business partner worry like crazy about the survival of their bookstore of 36 years and get ZERO dollars, I just want to fucking puke.
“The fear of death follows from the fear of life. A man [or woman] who lives fully is prepared to die at any time.”
I'm very happy seeing some members getting a little help.. Congrats... !
With that in mind... Now go back to some of your own posts and read your comments about how awful Social programs are or how we can't afford things like Medicare 4 All or Higher Education? We obviously can... it's a matter of priorities..
Maybe the good that can come out of this is more empathy for those that are less fortunate or those taken advantage of in our society. (Like those working without healthcare or not making enough to afford overpriced healthcare insurance )
"The heart and mind are the true lens of the camera." - Yusuf Karsh
Comments
Question: Are small business concerns (as defined in section 3 of the Small Business Act, 15 U.S.C. 632) required to have 500 or fewer employees to be eligible borrowers in the PPP?
Answer: No. Small business concerns can be eligible borrowers even if they have more than 500 employees, as long as they satisfy the existing statutory and regulatory definition of a “small business concern” under section 3 of the Small Business Act, 15 U.S.C. 632. A business can qualify if it meets the SBA employee-based or revenue- based size standard corresponding to its primary industry. Go to www.sba.gov/size for the industry size standards. Additionally, a business can qualify for the Paycheck Protection Program as a small business concern if it met both tests in SBA’s “alternative size standard” as of March 27, 2020: (1) maximum tangible net worth of the business is not more than $15 million; and (2) the average net income after Federal income taxes (excluding any carry-over losses) of the business for the two full fiscal years before the date of the application is not more than $5 million.
It seems to have worked for them. He put in a lot of long hours and barely slept during that time. He also explained that it was a risk for him and his bank to do that much leg work without having the final details of the loans.
Ultimately, they were able to secure loans for some of the businesses in the community and that will hopefully keep them afloat.
They knew from the beginning that the money would run out so they jumped right in. As explained above, large banks are much slower moving and less likely to take the risks that smaller, independent lenders can.
https://www.nbcnews.com/news/us-news/shake-shack-returning-10-million-government-loan-meant-small-businesses-n1187541?cid=sm_npd_ms_fb_ma&fbclid=IwAR3YFcfdNIgH4U-73lab0wGqZg7o68ODiiyr1-kuJpHouRMRutjLvflel2g
There are no kings inside the gates of eden
The program definitely wasn't made for corporate businesses like that. But I bet a franchise model would appropriately receive the funds. For midsize companies like mine, there is a new fed program that is rolling out that allows borrowing at basically the discount rate, with no P&I until next year. None can be forgiven, but at that rate, businesses will take it all day. It's basically free money compared to the coupon on normal business loans which are usually around 10%.
There are no kings inside the gates of eden
Shame on them. Ruths Chris can burn in hell - I'll never go there again and I used to eat there occasionally. Fuck them in the steak hole.
I didn't know of Shake Shack until the story this AM.
I'm glad they gave it back but I feel it is a publicity stunt.
There are no kings inside the gates of eden
There are no kings inside the gates of eden
The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana
Fuck them and their pile of available cash
Now I want a steak
The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana
There are no kings inside the gates of eden
https://www.cnbc.com/2020/04/21/large-public-companies-are-taking-small-businesses-payroll-loans.html
https://apple.news/Aq1srnQepT7W3PxBk8ln0Ww
Libtardaplorable©. And proud of it.
Brilliantati©
With that in mind... Now go back to some of your own posts and read your comments about how awful Social programs are or how we can't afford things like Medicare 4 All or Higher Education? We obviously can... it's a matter of priorities..
Maybe the good that can come out of this is more empathy for those that are less fortunate or those taken advantage of in our society. (Like those working without healthcare or not making enough to afford overpriced healthcare insurance )