Careers Thread

[roguetoaster]

Of the six or so small businesses I know of that have applied no one has had any results so far. Would be great to see how much was/will actually be given to each entity in the recent/near future programs.

[MrBurgundy]

I applied for an SBA loan and have received nothing and heard nothing

It's been about two weeks now

[phillipj]

I guess we can all have a chance again if they open up more funding. And I guess companies like Potbelly's, Ruth Chris' Steakhouse and Shake Shack got the maximum amount. How are the heck are these "Small Businesses" ???

The tiny construction company I was working for tried and didn't get it. My gf's auto shop did not get it. I listen to "Planet Money" (Which is a great economics podcast show), they are saying less than 4% of people they've talked to got assistance.

[Staszek]

My mom has a small business and all of her banking is Wells Fargo and I dont think she was able to even get any assistance.

Interesting to see some larger companies getting called out for taking the funds. Shake Shack returned the $10m they received.

[varg]

How are the heck are these "Small Businesses" ???

I heard a rumor that it was due to the limit being 500 people per location not total size. Without going too far into what belongs on the politics board, that's about the kind of stupidity and corruption I'd expect from politicians.

[bradmer]

I guess we can all have a chance again if they open up more funding. And I guess companies like Potbelly's, Ruth Chris' Steakhouse and Shake Shack got the maximum amount. How are the heck are these "Small Businesses" ???

The tiny construction company I was working for tried and didn't get it. My gf's auto shop did not get it. I listen to "Planet Money" (Which is a great economics podcast show), they are saying less than 4% of people they've talked to got assistance.

Yes, more fed money opened up. Be interesting to see if anyone has good fortune with the lottery or whatever criteria it is that they are using. 1st in line maybe?

$10M? Good lord. They had to have paid people to go forth and plunder that $10M. So they paid twice to look good in the court of public opinion for not thinking it through. Good for them and good to see them develop a conscience if that is what happened.

If they are using 500 people per property as a ruler then places like The Hilton would qualify and were all screwed. Hope that is not the case and admit that I have not read up on it.

Sorry, couldn't figure out how to quote more than one comment.
Good luck

[phillipj]

I heard a rumor that it was due to the limit being 500 people per location not total size. Without going too far into what belongs on the politics board, that's about the kind of stupidity and corruption I'd expect from politicians.

If they are using 500 people per property as a ruler then places like The Hilton would qualify and were all screwed. Hope that is not the case and admit that I have not read up on it.

Yes, it's 500 people per location. A bunch of companies which have $100 Million Dollar plus valuations and traded on the market got the bulk of the money. They have the connections and armies of lawyers to be first in line. The basic idea of the PPP is good but it has little regulation and the administration overseeing this is corrupt. They definitely need some stricter rules if they are to do this again, otherwise they shouldn't.

[phillipj]

For example, Ruth’s Chris steakhouse chain got double—$20 million—by applying under multiple subsidiaries. They have 5,740 employees.



This was the best synopsis I read on it: Not-So-Small Companies Are Getting Small Business Loans Under PPP

[midnight_marauder]

Software development engineer I at FAANG. Hit me up if you need any help applying for software development jobs. I can take a look at your resume and give feedback.

Really beginning to find my footing in my work and I can really say I enjoy what I'm doing. However between my faith, work, and my girlfriend, I'm being kept away from working on my e30 :)

[bradmer]

For example, Ruth’s Chris steakhouse chain got double—$20 million—by applying under multiple subsidiaries. They have 5,740 employees.



This was the best synopsis I read on it: Not-So-Small Companies Are Getting Small Business Loans Under PPP

Yes, it's 500 people per location. A bunch of companies which have $100 Million Dollar plus valuations and traded on the market got the bulk of the money. They have the connections and armies of lawyers to be first in line. The basic idea of the PPP is good but it has little regulation and the administration overseeing this is corrupt. They definitely need some stricter rules if they are to do this again, otherwise they shouldn't.


Agreed on your last point regarding oversight, and thank you for posting those links phillipj. One of them states that 27/40 companies are operating in the red to the tune of hundreds of millions, over -$1B on that net income total column. Unless I'm missing something they gave @ $160M to those companies in the red.

It does appear to be a first in line method of handing out the cash, very simplistic.

[phillipj]

Well, it looks like they want to pass a round 2 of this. Really people should be screaming out for some stricter regulations. It seems like it's a lot of money going to waste.

I still don't have a clear answer if my gf's car shop is still in line for this second round of funding, as we already put in the paperwork, or if we need to apply again. The bank hasn't responded. Does anyone know if you have to reapply if you have already applied? I have seen things that say both. We are only applying for less than $20k only to pay workers to keep things running.

[ForcedFirebird]

So corrupt. Couple of my close friends got some relief. One with 20+ employees got the $10k grant, the other got $4k for his 4 employees. Stake Shack was another big one that got $10m in funds, but surprisingly returned it.

[bradmer]

Well, it looks like they want to pass a round 2 of this. Really people should be screaming out for some stricter regulations. It seems like it's a lot of money going to waste.

I still don't have a clear answer if my gf's car shop is still in line for this second round of funding, as we already put in the paperwork, or if we need to apply again. The bank hasn't responded. Does anyone know if you have to reapply if you have already applied? I have seen things that say both. We are only applying for less than $20k only to pay workers to keep things running.

We have been told that if you submitted paperwork before the deadline that is all you need to do, but I would keep hounding your bank. However, they probably know already and don't want to deliver the bad news. Told that chances of getting any funding are slim to none by our banking institution, just not enough to go around even with the second infusion of capital. Grin and bear it.

^That is good to hear funds are getting down to 'real' small businesses. Keeps hope alive!

[phillipj]

So corrupt. Couple of my close friends got some relief. One with 20+ employees got the $10k grant, the other got $4k for his 4 employees. Stake Shack was another big one that got $10m in funds, but surprisingly returned it.

I'm surprised they were relatively small & got it, good for them. Been reading about 3-4% had success. The loans were supposed to be first come, first serve, but I know there's a lawsuit alleging a lot of these banks shuffled applications in order to make the most money with the least amount of work. In any case, we're now told the original app is still good, and don't have to submit anything extra if there is a second round. Not holding our breath, to say the least.

***edit: No email, no call, no nothing, just the loan amount deposited into my gf's business account last night. Quite the surprise!

[bradmer]

Certainly encouraging to hear that the trickle down of funds to small businesses is happening in a timely fashion, it really is no easy feat what the feds are doing. Many owners need all the help they can get right now and most can squeeze a dime as if it's a dollar. Very happy to hear your gf scored phillipj, I'm sure that makes it a bit easier for her to breath.

As mentioned above it smacks of impropriety with no oversight going on.