4 ms·

The whole hospitality / entertainment industry is going to be hurting. I know pretty much all conventions in mini-convention center attached to my building ar

The whole hospitality / entertainment industry is going to be hurting. I know pretty much all conventions in mini-convention center attached to my building are canceled. Lay-offs seem inevitable and you are right most people have no safety net. Plus lack of sick leave... Now Andrew Yangs universal basic income would be useful.

pstuart 7y ago
And Bernie's M4A as well.
- selectodude 7y ago
  Medicare for all doesn’t pay the rent.
  - saidajigumi 7y ago
    True; rent should be suspended due to the crisis. The mechanics are tricky, and much worse, I have no hope of the actual policy leadership required to see this through here in the US. We're like an off-road vehicle with a suspension system built of cheap glass.
    - novok 7y ago
      It will be a cascade. Rents is often backing a mortgage, so mortgages need to be suspended, mortgages backed by bonds and deposits, so interest repayments in people's retirement accounts need to be suspended and so on.
  - zimpenfish 7y ago
    Wouldn't it mean you don't have to forego the rent in order to get tested and/or treated though?
unlinked_dll 7y ago
Layoffs have already started. More useful than UBI are low interest loans provided by the SBA. If anyone here is being impacted by the downturn there's info here: https://www.businessnewsdaily.com/15639-trump-covid-19-sba-loans.html https://www.businessnewsdaily.com/15639-trump-covid-19-sba-l... Congress also really needs to pass legislation for government secured loans for small businesses in particular sectors immediately, then expand it out as needed.
- servercobra 7y ago
  I don't fully understand how these loans are going to help. If I'm a business owner and all the sudden my revenue drops to 0 or close to it, getting a loan to keep my employees around is still not a great option because I'm going to have to pay it back later. Like the other poster said they were having their employees do maintenance, deep cleaning, etc, but how long can you do that before you have to send people home? And how long can you afford to keep paying them without bringing in revenue? I guess if we're hoping this crisis only lasts a couple of weeks, loans should bridge the gap. And options are never a bad thing!
- gregmac 7y ago
  Can someone explain the rationale of how this works? I don't get it. Does the small business take a loan (at 3.75%) to continue paying payroll, despite not having any income or any work for the employees to do? Or are all the laid-off hospitality/entertainment industry workers going to go get a loan to start their own businesses (not hospitality-related, obviously)? What am I missing?
ksec 7y ago
>Lay-offs seem inevitable and you are right most people have no safety net. Not only that, looking at post crisis, all the Wages Gain that happened ( or not, with respect to inflation ) are going to reset, at a time where All developed countries have the highest inequalities and lowest working class will be struggling ever more. And I have repeatedly pointing out, no UBI, Negative Income Tax will have any impact or changes without fixing first and foremost the most important issues; Housing.

pstuart 7y ago

And Bernie's M4A as well.

selectodude 7y ago
Medicare for all doesn’t pay the rent.
- saidajigumi 7y ago
  True; rent should be suspended due to the crisis. The mechanics are tricky, and much worse, I have no hope of the actual policy leadership required to see this through here in the US. We're like an off-road vehicle with a suspension system built of cheap glass.
  - novok 7y ago
    It will be a cascade. Rents is often backing a mortgage, so mortgages need to be suspended, mortgages backed by bonds and deposits, so interest repayments in people's retirement accounts need to be suspended and so on.
- zimpenfish 7y ago
  Wouldn't it mean you don't have to forego the rent in order to get tested and/or treated though?

unlinked_dll 7y ago

Layoffs have already started. More useful than UBI are low interest loans provided by the SBA. If anyone here is being impacted by the downturn there's info here: https://www.businessnewsdaily.com/15639-trump-covid-19-sba-loans.html https://www.businessnewsdaily.com/15639-trump-covid-19-sba-l... Congress also really needs to pass legislation for government secured loans for small businesses in particular sectors immediately, then expand it out as needed.

servercobra 7y ago
I don't fully understand how these loans are going to help. If I'm a business owner and all the sudden my revenue drops to 0 or close to it, getting a loan to keep my employees around is still not a great option because I'm going to have to pay it back later. Like the other poster said they were having their employees do maintenance, deep cleaning, etc, but how long can you do that before you have to send people home? And how long can you afford to keep paying them without bringing in revenue? I guess if we're hoping this crisis only lasts a couple of weeks, loans should bridge the gap. And options are never a bad thing!
gregmac 7y ago
Can someone explain the rationale of how this works? I don't get it. Does the small business take a loan (at 3.75%) to continue paying payroll, despite not having any income or any work for the employees to do? Or are all the laid-off hospitality/entertainment industry workers going to go get a loan to start their own businesses (not hospitality-related, obviously)? What am I missing?

ksec 7y ago

>Lay-offs seem inevitable and you are right most people have no safety net. Not only that, looking at post crisis, all the Wages Gain that happened ( or not, with respect to inflation ) are going to reset, at a time where All developed countries have the highest inequalities and lowest working class will be struggling ever more. And I have repeatedly pointing out, no UBI, Negative Income Tax will have any impact or changes without fixing first and foremost the most important issues; Housing.