The Trump Economy

[Chef Jim]

5 hours ago, Gary Busey said:

 

What thread would a lunch lady like yourself put information about the amount of Americans who applied for unemployment?

 

I've seen statistics on Trump's fantastic job numbers through the beginning of his presidency through 2019 in this thread countless times. 

 

Because many of those good job numbers are due to things that he actually did once in office.  So those can be attributed to the "Trump Economy"

 

The reasons for these high unemployment filings have NOTHING to do with Trump. 

 

But you knew these things right?

5 hours ago, Tiberius said:

I'm sorry I'm an idiot...

 

 

We know.  Funny you're the only one here that has a problem with that. 

[Buffalo_Gal]

Big chains poised to scoop up small business coronavirus aid

</snip>
 

The Paycheck Protection Program — part of the $2 trillion relief package signed into law last week — was billed as a way to help local businesses that often form the fabric of communities retain workers and pay bills. But an expansive definition of “small business” in the law means that it will be open to much more than just Main Street shops when lenders start processing applications Friday.
 

Operators of name-brand hotel, restaurant and service chains and franchises with thousands of employees at locations scattered across the US are eligible. Lobbyists are pushing the Small Business Administration to interpret the law generously to help sectors devastated by mandatory business closures and stay-at-home orders, possibly making the aid available to international fast food and lodging giants and allowing individual owners to get around a $10 million cap on loans.
 

</snip>

[Taro T]

29 minutes ago, Buffalo_Gal said:

Big chains poised to scoop up small business coronavirus aid

</snip>
 

The Paycheck Protection Program — part of the $2 trillion relief package signed into law last week — was billed as a way to help local businesses that often form the fabric of communities retain workers and pay bills. But an expansive definition of “small business” in the law means that it will be open to much more than just Main Street shops when lenders start processing applications Friday.
 

Operators of name-brand hotel, restaurant and service chains and franchises with thousands of employees at locations scattered across the US are eligible. Lobbyists are pushing the Small Business Administration to interpret the law generously to help sectors devastated by mandatory business closures and stay-at-home orders, possibly making the aid available to international fast food and lodging giants and allowing individual owners to get around a $10 million cap on loans.
 

</snip>

 

Sorry, the franchisors SHOULD be getting relief out of the "$500B slush fund," not out of the small business relief funds.  If they get the money aimed at the legit small employers this will NOT help the economy recover when America is finally "back in business."  But, the elected officials that supported the Kennedy Center grants and the like already knew that.

[ALF]

In March, the economy shed 701,000 jobs, according to the Bureau of Labor Statistics

 

The unemployment rate inched up to 4.4%, from a near 50-year low of 3.5%.

 

The labor market survey concludes in the middle of the month, so the March report didn't count the worst of the coronavirus effects on the economy, including many of the stay-at-home orders around the country.

In the second half of last month, nearly 10 million Americans filed for first time unemployment benefits as the outbreak forced businesses to close and people to stay home. This development will be reflected in the April jobs report, which is due on May 8.

 

https://www.cnn.com/2020/04/03/economy/march-jobs-report-coronavirus/index.html

[Buffalo_Gal]

This is the email my Key business email received today for the SBA loan/grants:
 

The Small Business Administration ("SBA") has released its updated guidance and application late this evening. We will incorporate the finalized application and rules into our platform and begin taking applications Friday, April 3. We will notify you when our system is available and ready to accept your application.
 

We recommend gathering the following documents and information:
 

•     Payroll records from the past twelve months including compensation for any individuals in excess of $100,000 or individuals whose principal residence is outside the United States.
•     Entity formation documents (e.g., articles/certificate of incorporation and bylaws; articles of organization and operating agreement; partnership agreement and filed partnership certificate; trustee certification; or trade name certificate (DBA))
 

We appreciate your patience and look forward to helping you during this challenging time.

[bbb]

4 hours ago, Buffalo_Gal said:

This is the email my Key business email received today for the SBA loan/grants:
 

The Small Business Administration ("SBA") has released its updated guidance and application late this evening. We will incorporate the finalized application and rules into our platform and begin taking applications Friday, April 3. We will notify you when our system is available and ready to accept your application.
 

We recommend gathering the following documents and information:
 

•     Payroll records from the past twelve months including compensation for any individuals in excess of $100,000 or individuals whose principal residence is outside the United States.
•     Entity formation documents (e.g., articles/certificate of incorporation and bylaws; articles of organization and operating agreement; partnership agreement and filed partnership certificate; trustee certification; or trade name certificate (DBA))
 

We appreciate your patience and look forward to helping you during this challenging time.

 

Of course, I stopped having payroll (one employee) 14 months ago.  But, I was told by somebody that if "I'm paying myself" that should count.  Any validity to that?  

[Buffalo_Gal]

4 minutes ago, bbb said:

 

Of course, I stopped having payroll (one employee) 14 months ago.  But, I was told by somebody that if "I'm paying myself" that should count.  Any validity to that?  

Mnuchin had something at the presser yesterday that sole proprietors and independent contractors would be eligible, but they would have to wait until next week. I missed a few words, but it was something about bringing in paperwork. If you can find his portion of yesterday’s presser (it was at the beginning), it is worth a listen.

[Foxx]

1 hour ago, bbb said:

 

Of course, I stopped having payroll (one employee) 14 months ago.  But, I was told by somebody that if "I'm paying myself" that should count.  Any validity to that?  

you would apply for the, Economic Injury Disaster Loan Emergency Advance. it is a, ' loan advance that will not have to be repaid'. you can be eligible for up to $10k.

[Buffalo_Gal]

His twitter account is updating every two hours or so:
 

 

[Buffalo_Gal]

6 hours ago, Buffalo_Gal said:

This is the email my Key business email received today for the SBA loan/grants:
 

The Small Business Administration ("SBA") has released its updated guidance and application late this evening. We will incorporate the finalized application and rules into our platform and begin taking applications Friday, April 3. We will notify you when our system is available and ready to accept your application.
 

We recommend gathering the following documents and information:
 

•     Payroll records from the past twelve months including compensation for any individuals in excess of $100,000 or individuals whose principal residence is outside the United States.
•     Entity formation documents (e.g., articles/certificate of incorporation and bylaws; articles of organization and operating agreement; partnership agreement and filed partnership certificate; trustee certification; or trade name certificate (DBA))
 

We appreciate your patience and look forward to helping you during this challenging time.

They sent an update:
 

Based upon the finalized guidance received last night from the SBA we are working to complete our electronic application today. We expect to be able to take loans over the weekend but will likely not fund until Monday. We will provide an update when the application is available.
 

As a reminder, we recommend gathering the following documents and information to expedite the application process:

•     Documentation to support the average monthly payroll costs. Acceptable supporting documentation includes payroll processor records, payroll tax filings, Form 1099-MISC (for independent contractor applicants), or income and expenses from a sole proprietorship. If you do not have any such documentation, you must provide other supporting documentation, such as bank records, sufficient to demonstrate the average monthly payroll amount.
•     Entity formation documents (e.g., articles/certificate of incorporation and bylaws; articles of organization and operating agreement; partnership agreement and filed partnership certificate; trustee certification; or trade name certificate (DBA)).
 

We are committed to you and delivering during this time of uncertainty.

 

[bbb]

7 minutes ago, Buffalo_Gal said:

They sent an update:
 

Based upon the finalized guidance received last night from the SBA we are working to complete our electronic application today. We expect to be able to take loans over the weekend but will likely not fund until Monday. We will provide an update when the application is available.
 

As a reminder, we recommend gathering the following documents and information to expedite the application process:

•     Documentation to support the average monthly payroll costs. Acceptable supporting documentation includes payroll processor records, payroll tax filings, Form 1099-MISC (for independent contractor applicants), or income and expenses from a sole proprietorship. If you do not have any such documentation, you must provide other supporting documentation, such as bank records, sufficient to demonstrate the average monthly payroll amount.
•     Entity formation documents (e.g., articles/certificate of incorporation and bylaws; articles of organization and operating agreement; partnership agreement and filed partnership certificate; trustee certification; or trade name certificate (DBA)).
 

We are committed to you and delivering during this time of uncertainty.

 

 

Is this for PPP, the disaster one, or both?  

[Buffalo_Gal]

10 minutes ago, bbb said:

 

Is this for PPP, the disaster one, or both?  

Paycheck Protection Program Application

[IDBillzFan]

 

2 hours ago, Buffalo_Gal said:

Mnuchin had something at the presser yesterday that sole proprietors and independent contractors would be eligible, but they would have to wait until next week. I missed a few words, but it was something about bringing in paperwork. If you can find his portion of yesterday’s presser (it was at the beginning), it is worth a listen.

 

Correct. Independent Contractors apply starting April 10th.

 

 

[billsfan1959]

 

After state governments across the country directed their citizens to shut down their businesses and just kinda hope things worked out, a new order has been issued: everyone is to jump off a bridge immediately.

 

Medical experts believe it's the best, most effective way to stop the virus. Assuming everyone follows through and obeys the order, coronavirus will be wiped out, according to officials. There are no bad side effects, as far as anyone can tell. A few people pointed out that it could kill everyone, but these people are anti-science and obviously hate their neighbors.

[Magox]

The unemployment rate will reach over 12 next month and close to 20% the following one. 

[Buffalo_Gal]

Kevin McCarthy: BofA had 10K loans today alone

[billsfan1959]

22 minutes ago, Magox said:

The unemployment rate will reach over 12 next month and close to 20% the following one. 

 

I know people that have been trying for two weeks to file unemployment insurance claims here in NC. Cannot process a claim online and cannot talk to a live person.

[Tiberius]

 

 

Stocks are set to jump, with Dow futures pointing to a more than 700-point gain

CNBC.com·14 hours ago

 

 

 

Moscow and Riyadh are 'very, very close' to an oil deal, says Russia's sovereign wealth fund chief

CNBC.com·7 hours ago

 

 

 

https://www.bloomberg.com/news/articles/2020-04-05/spanish-government-aims-to-roll-out-basic-income-soon

Quote

 

The Spanish government is working to roll out a universal basic income as soon as possible, as part of a battery of actions aimed at countering the impact of the coronavirus pandemic, according to Economy Minister Nadia Calvino.

 

 

Social Security Minister Jose Luis Escriva is coordinating the project and plans to put some sort of basic income “in place as soon as possible,” with the main focus on assisting families, Calvino, who also serves as deputy prime minister, said in an interview Sunday night with Spanish broadcaster La Sexta.

 

 

But the government’s broader ambition is that basic income becomes an instrument “that stays forever, that becomes a structural instrument, a permanent instrument,” she said.

 

 

[Tiberius]

This is a really interesting article on what is happening in the American oil market. It's pretty ugly. 

 

https://komonews.com/news/nation-world/chaos-and-scrambling-in-the-us-oil-patch-as-prices-plummet-04-05-2020

 

Quote

 

“It's just a nightmare down here,” said Lee Levinson, owner of LPD Energy, an oil and gas producer in Tulsa, Oklahoma. “Should these low oil prices last for any substantial period of time, it's going to be hard for anyone to survive."

Crude prices recovered some ground, trading at around $28 a barrel Friday, after a week in which President Donald Trump tweeted that he expects Saudi Arabia and Russia will end an oil war and dramatically cut production.

On Friday, he met with oil executives but there were no announcements, and prices remain well below what most U.S. producers need to stay afloat.

Among the latest casualties is Whiting Petroleum, an oil producer in the Bakken shale formation with about 500 employees that filed for bankruptcy protection Wednesday. Schlumberger, one of the largest oilfield services companies, slashed its capital spending by 30% and is expecting to cut staff and pay in North America. And Halliburton, another major oilfield services provider, furloughed 3,500 of its Houston employees, ordering workers into a one-week-on, one-week-off schedule.

“You will see a tremendous loss of jobs in this industry,” said Patrick Montalban, owner of Montalban Oil and Gas, based in Montana, who along with his son is slashing his salary in half and plans to cut the his remaining employees’ salaries by 25% and end their health insurance benefits.

Many American shale producers feel targeted by Saudi Arabia, which they suspect of trying to put them out of business. And it could be working.

“We’re just burning through money down here," said Levinson, LPD Energy’s owner. "And how long we can last is anyone’s guess.”

 

Trump's murderous buddy in Riyadh is sure taking advantage of the crisis __

[SoCal Deek]

8 minutes ago, Tiberius said:

This is a really interesting article on what is happening in the American oil market. It's pretty ugly. 

 

https://komonews.com/news/nation-world/chaos-and-scrambling-in-the-us-oil-patch-as-prices-plummet-04-05-2020

 

Trump's murderous buddy in Riyadh is sure taking advantage of the crisis __

Hey Tibs

The same story could be written about a thousand other industries that gutted American jobs over the last couple of decades through cheap overseas labor...but the Left doesn’t want him confronting any of those industries. 
Glad to read that your finally coming around!

MAGA